Análisis de la transmisión de la tasa de interés de política monetaria en la tasa de interés de microcréditos en Colombia: discusiones de independencia
Documento de trabajo
Context: The microcredit interest rate is important to the extent that it represents a significant cost under which microentrepreneurs, entrepreneurs and informal workers access financing. Therefore, the relationship between the monetary policy intervention rate and this has a fundamental role in the growth and socioeconomic development of this group. However, the interest rates of this credit product exhibit a certain independence from the monetary policy strategy implemented by Banco de la República, and a greater relationship with the demand, the associated risk, the solvency, and cost structure of icrofinance institutions, among others. Objective: This paper seeks to answer what is the relationship between the monetary policy intervention rate and the microcredit rate, and what are the possible reasons for their behavior. Methodology: Based on data from the Superintendencia Financiera de Colombia and Banco de la República, a trend and relational analysis is made between the monetary policy intervention rate and the interest rate of microcredits and other financial credit products. For this purpose, the following hypothesis has been explored: market interest rates fluctuate according to the strategy implemented by the monetary authority, through the intervention rate and its transmission mechanisms. Results: The findings of the analysis of microcredit rates and other financial credit products suggest that, in the case of microcredits, there is no transmission between the intervention rate and market rates, contrary to the effect observed in the short term for all other credit products, suggesting that the determination of these rates should be a function of other factors associated with the characteristics and behavior of consumers, as well as the characteristics and expansion strategies of credit institutions.
