Las Tasas de Interés,Sus Determinantes y Estructura(2)

Las tasas de interés, sus determinantes y estructura

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Las tasas de interés 



Las tasas de interés son una de las variables económicas más importantes. Afectan a las decisiones personales de ahorro y consumo. Comprar un carro, una casa, comprar bonos o poner los fondos en una cuenta bancaria son

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Las tasas de interés 

Instrumentos de deuda diferentes tienen trayectorias de paos diferentes diferentes en momentos diferentes. !ara poder compararlos necesitamos una medida aplicable a cualquier instrumento" el valor presente.

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$tras medidas de tasas de interés 



A veces, cuando el rendimiento a vencimiento es dif%cil de calcular se utili&an otras medidas. #endimiento corriente" apro'imación del rendimiento a vencimiento. (e de)ne como el cupón anual dividido por el

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*istinción entre tasas de interés y rendimientos 



+ucha ente piensa que la tasa de interés de un bono es lo nico que es necesario saber para evaluar un bono. -" bono cuponado de valor nominal /000, con una tasa de cupón de /01 que es comprado a /000, mantenido durante

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*istinción entre tasas de interés y rendimientos 

-l rendimiento de este bono cuponado es de 401, mientras que el rendimiento a vencimiento es de /01. r  =

C  +  P t  1 −  P t  +

 P t  C 

 P 

 P 

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 5asas de interés  5asas interés y rendimientos 

6n crecimiento en las tasas de interés

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 5asas de interés  5asas interés y rendimientos 

Los precios de los bonos de laro pla&o responden más dramáticamente a

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#endimientos anuales sobre bonos con diferentes vencimientos, tasa de cupón del /01, cuando los intereses crecen del /01 al 301  Años current yield

30

10

Precio inicial

1000

Precio año prox

503

ganancia capital tasa de rendimiento

49 7

39 7

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-l comportamiento de las tasas de interés 

Los ahorradores pre)eren tasas de interés altas y los inversionistas y

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-l comportamiento de las tasas de interés 

 5eor%a  5 eor%a de preferencia por liquide&

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 5eor%a  5 eor%a de la demanda y oferta de

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La demanda de activos

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La oferta de activos 8demanda

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Inación y tasas de interés 



La inación actual puede no ser una buena apro'imación de la inación esperada. Las tasas reales de interés e' post pueden serr positivas o neativas. i π   *

=

−

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

(i la inación fue correctamente predicha, las tasas de interés reales e' ante no se mantuvieron constantes. Las tasas reales e' post ser%an neativas cuando hubo

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Las tasas de interés y los ciclos económicos 



Las tasas de interés suelen crecer cuando el !I; real aumenta 8 cuando las empresas incrementan incrementan sus inventarios y astos de capital, las e'portaciones crecen, las familias aumentan su asto9. -'iste presión sobre los precios cuando la demanda de bienes se incrementa más que

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Las tasas de interés y los ciclos económicos 



-n un esfuer&o por contener la inación el ;anco Central suele restrinir los fondos disponibles para los bancos y las tasas de interés interés suben un poco más. (e entra en la l a fase de contracción. Las familias reducen su consumo, las empresas empresas reducen inventarios y posponen sus planes de inversión. La inación se frena y el

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

 5area" buscar las series de inación,  5area" ina ción, tasas de interés, tasas de crecimiento de !I; real para +é'ico y en el periodo /??7B30// y hacer los siuientes rá)cos" 

A9 inación y tasas de interés.

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-structura temporal de las tasas de interés 

La diferencia en rendimientos entre entre diferentes t%tulos de deuda se

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-structura temporal de las tasas de interés 

(e construye con deuda pblica que no presenta rieso de insolvencia.

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-structura temporal de las tasas de interés 

(irve como referencia referencia para la valoración de activos de renta )a y de derivados

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;onos cupón cero 

 (e pueden crear bonos básicos a través de bonos con cupón neociables

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;onos cupón cero 

Conocemos el tipo de interés asociado a un bono cupón cero con un a2o al

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Curva de bonos cupón

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