Our study analyzes the impact of debt moratorium policies, possibly the oldest approach to addressing repayment problems. Using Colombian administrative data, we compare firms that narrowly met the criteria for moratoria (eligible firms could not exceed 60 days overdue…
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- Publicación |Abstract
- Publicación |Abstract
Using a computable general equilibrium model calibrated for 2019, shocks of various characteristics to the minimum wage are simulated to establish the effects on the nation's fiscal accounts. This document is a pioneer in that analysis. The evidence suggests adverse effects of…
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This paper shows that the Colombian sovereign risk (EMBI‑Colombia) is mainly determined by international investors’ risk appetite, whose response is non‑linear and depends on the government fiscal stance. It is also shown that the relationship between these variables experienced an important…
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This document analyzes the macroeconomic effects of a boom in a small-open economy’s natural-resource sector. We study the effects of this shock on the most important macroeconomic variables, the resource reallocation across sectors and on welfare under alternative fiscal rules. We employ a DSGE…
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We develop a small open economy model with sectorial balance sheets that are exchange rate exposed and with sectorial stock and flow consistency. The model is perturbed by a shock to investor sentiment and a sudden stop to capital inflow. It is used to evaluate the claims that usually back the…
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The hypothesis that the internal public debt has played the role of shock absorber in Colombia since 1923 is modelled. 1923 was an important landmark in the history of Fiscal and monetary reforms in Colombia during the twentieth century. The econometric results offer a strong support for…
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Capital inflows and outflows often remind policymakers of the monetary policy trilemma and the several associated dilemmas. To tackle these dilemmas, an equilibrium model of capital flows is proposed. The model captures bouts of capital inflows and outflows with shocks to the emerging-market…
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his paper surveys some facts relevant for the understanding of the Colombian experience with public finance and debt since 1923. The stylized facts are classified in three groups as follows: first, facts associated with the dependence of the economy on the external sector; second, facts which…
