Bogotá, Colombia

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News Release - Minutes of the Board of Director’s meeting held on March 21, 2014

11th Seminar of the ESPE Journal: Changes on Monetary Policy and Central Banking over the last two decades

The Journal Essays on Economic Policy (EEP) from Banco de la República summons the academic community and all interested to the seminar about Changes on Monetary Policy and Central Banking over the last two decades, which will take place on October 23 and 24 of 2014 at the...


The Banco de la República (Central Bank of Colombia) offers to the public this document, where all the details concerning the foreign reserve management are explained.

The Colombian Constitution and Law 31 of 1992, Article 14, assign the administration of international reserves to...

269 Evidence of Demand for Index Insurance: Experimental Games and Commercial Transactions in Ethiopia

Presentado por: Daniel Osgood (Lead Scientist, Financial Instruments Sector Team, Research Scientist International Research Institute for Climate and Society (IRI) The Earth Institute at Columbia University)

271 Reconciling Views on Banking Competition and Stability: The Role of Leverage

Presentado por: Xavier Freixas (Profesor, Departamento de Economía, Universitat Pompeu Fabra, Barcelona)

A Consumption-based Approach to Exchange Rate Predictability

A framework for estimating structural models of mortgage debtors´ behavior

A Leading Index for the Colombian Economic Activity

In this paper, we propose a methodology for calculating a leading index of the economic activity based on a modification of Stock and Watson’s (1989, 1991, 1992) approach. We use Kalman filter techniques for estimating the state space representation of the leading index model. The methodology is...


A Model of the Nominal and Real Exchange Rates in Colombia

A Model of the Nominal and Real Exchange in Colombia

A Model of the Nominal and Real Exchange in Colombia   Javier Gómez*

A New Era of Cross-Border Flows: A Return of Financial Repression?

Participation notes for the seminar entitled “From the Breakdown of the Bretton Woods System to a New Era of Macro Prudential Oversight”. Cuzco, Peru. 

A Nonlinear Specification of Demand for Narrow Money in Colombia

A nonlinear specification of demand for cash in Colombia

A nonlinear specification of demand for cash in Colombia   By
Luis E. Arango and Andrés González(1)

A Proposal on Macro-prudential Regulation

This paper assesses the choice of different regulatory policy instruments for crisis management and prevention.

A Search and Learning Model of Export Dynamics

A Signal of Imperfect Portfolio Capital Adjustments from the Relationship Between Yields of Domestic and Foreign Colombian Debt

In this paper we check the relationship between the yields of the Colombian bonds traded in the (secondary) internal market and the yields of the sovereign global securities for the sample period 1999-2001. The hypothesis we maintain is that, under the assumption of capital mobility, it should...

A Simple Test of Momentum in Foreign Exchange Markets

A Smithian Analysis of the Colombian Economic Growth

Presentación realizada durante el seminario de la revista Ensayos sobre Política Económica (ESPE) "Crecimiento desbalanceado, transformaciones estructurales y difusión tecnológica" del Banco de la República en el Auditorio del...

A theoretical approach to volatility surfaces in the Colombian market using the jump-diffusion model

A Tropical Success Story: A Century of Improvements in the Biological Standard of Living, Colombia 1910-2002

In this paper the evolution in the average height of Colombians from 1910 to 1984 is analyzed. The anthropometric evidence reveals a sustained increase in the standard of biological welfare during this period.  A database with more than 8.000.000 observations from the national citizenship card...

About a Coincident Index for the State of the Economy

The construction of coincident indexes for the economic activity of a country is a common practice since the fifties. The methodologies vary from heuristic methods to probabilistic or statistical ones. In this paper, we present a new procedure for estimating a coincident index of the state of...


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