The objective of this article is analyze the effects and relationships of three variables of the international economy expressed in elasticities such as the Exchange Terms Index (TDI), the Real Exchange Rate Index as an estimator of the Producer Price Index (ITCR IPP) and the Total Colombian Debt Index in dollars (TDPYP), which are susceptible to external and internal monetary, exchange and scal policy shocks, evaluated through a multivariate time series model known as VEC for periods from January 2009 to December 2018, where a direct relationship between the TDI and TDPYP variables and an inverse relationship between TDI and ITCR IPP was found.