C23

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Banking fragility in Colombia: An empirical analysis based on balance sheets

In this paper, we study the empirical relationship between credit funding sources and the financial vulnerability of the Colombian banking system. We propose a statistical model to measure and predict banking fragility episodes associated with credit funding sources classified into retail...

Banknote Printing at Modern Central Banking: Trends, Costs, and Efficiency

This paper examines trends in banknote printing during the period 2000-2005 for a crosssection of 56 central banks. It was identified that central banks have implemented new strategies to increase efficiency in the production of banknotes, primarily due to the increase in the demand for currency...

Credit Supply Determinants in the Colombian Financial Sector

Elements of both supply and demand interact during a financial crisis, which explains the precarious growth in credit. Nonetheless, it is important that demand-side incentives be generated ex post. These also help to reactivate loans by fueling the supply of credit. The latter usually remains...

Effects of Financial Capital on Colombian Banking Efficiency

In this paper we discuss cost and profit efficiency for a sample of financial institutions on the Colombian financial market in the period 1989-2003, using stochastic frontier efficiency analysis. During the period, the cost efficient frontier deteriorates, but profit efficient frontier is...

Efficiency of Public Education in a Multiproduct Context: The Case of Colombian Municipalities

This paper estimates the local efficiency of the public provision of education in Colombia between 2007 and 2014. The empirical analysis relies on a multiproduct function that assesses public performance considering two types of education products: quality and enrolment. Results for Colombian...

Evaluating the Impact of Macroprudential Policies in Colombia's Credit Growth

Macroprudential tools have been used around the world as a mechanism to control potential risks and imbalances in the financial sector. Colombia is a good example of a country that has employed different regulatory measures to manage systemic risks in the economy. The purpose of this paper is to...

Free-riding on Liquidity in the Colombian LVPS

The functioning of large-value payment systems (LVPSs) can be affected when some of its participants voluntarily decide to delay their payments until they can totally fund them with the payments received from other participants. This behaviour, known as the free-rider problem, can cause an under...

Great Expectations? Evidence from Colombia’s Exchange Rate Survey

In this document we use the Expectations Survey conducted monthly by the Central Bank of Colombia during the period of October 2003 – August 2012. We find that exchange rate revaluations were generally followed by expectations of further revaluation in the short run (1 month), but by...

Hedging Alternatives for the Mortgage Stabilization Fund (FRECH): European Cap Options for the Real Interest Rate

The World Bank has proposed an alternative hedging instrument to be offered by the FRECH, instead of the collar-swap currently available. The suggested derivative corresponds to a European Cap option for the real interest rate, which could give greater flexibility to the hedging mechanism,...

Labor Participation of Married Women in Colombia

A pseudo-panel was built to estimate the determinants of the labor participation decision of married women between 1984 and 2000. Past participation decisions, education level, labor income taxes, children between 1 and 2 years of age, and the presence of other people unemployed at home are the...

The effect of corporate taxes on investment: Evidence from the Colombian firms

The paper assesses the role of taxes on investment in Colombian firms. The analysis is carried out at the firm level for the period 2003-2014. During this period, the national government set five different tax reforms, including changes in the statutory tax rates, tax credits and incentives for...

The Impact of Transportation Infrastructure on the Colombian Economy

The Impact of Transportation Infrastructure on the Colombian Economy 1905-1990: An Historical and Econometric Approach. The Impact of Transportation Infrastructure on the Colombian
Economy 1905-1990: An Historical and Econometric Approach


The Influence of Risk-Taking on Bank Efficiency: Evidence from Colombia

We present a stochastic frontier model with random inefficiency parameters which is able to capture the influence of risk-taking on bank efficiency and that distingues those effects among banks with different characteristics. Cost and profit efficiency are found to be over- and underestimated...

The Returns from Training in Colombia: Evidence from a Longitudinal Survey

 

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