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Authority Centrality and Hub Centrality as Metrics of Systemic Importance of Financial Market Infrastructures

Network analysis has been applied to identify systemically important financial institutions after the 2008 financial crisis. Such applications have stressed the importance of centrality within the too-connected-to-fail concept.

Bear Stearns 2007 Colombia Conference Presentation

Intervención del doctor José Darío Uribe Escobar, Gerente General del Banco de la República, ante un grupo de inversionistas internacionales reunidos en la ciudad de Cartagena que asisten al Seminario ofrecido por Bear Sterns.

10 years of Flexible Inflation Targeting in Colombia

Presented at the Seminar on Inflation Targeting organized by the Centre for Central Banking Studies of the Bank of England at Columbia University.


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...

50 Years of Job Vacancies in Colombia: The Case of Bogota, 1960-2010

This paper presents a novel monthly dataset of job vacancies in Bogota between 1960 and 2010. The dataset was constructed by counting the number of help-wanted announcements published in the most important newspaper with national circulation—namely, El Tiempo. We describe the methodology used to...

A Composite Indicator of Systemic Stress (CISS) for Colombia

The most recent global financial crisis (2008-2009) highlighted the importance of systemic risk and promoted academic interest to develop a wide set of warning indicators, which are mechanisms to identify systemically important institutions and global systemic risk indexes. Using the methodology...

A Consumption-Based Approach to Exchange Rate Predictability

This paper provides evidence of short-run predictability for the real exchange rate by performing out-of-sample tests of a forecasting equation which is derived from a consumption-based asset pricing model. In this model, the real exchange rate is predictable as a result of the implications of...

A dynamic approach to intraday liquidity needs

This paper presents a methodology to estimate the intraday liquidity that systemically important entities (SIE) need to fulfill all its obligations in a timely fashion, when a simulated failure-to-pay from its main liquidity supplier by discretionary concepts of payment occurs. Using the Bank of...

A Framework for Managing Credit Risk in Central Banks

Artículo publicado en: Robert Pringle y Nick Carver (eds.), RBS Reserve Management Trends 2013, Central Banking Publications, 2013.


Con posterioridad a la crisis financiera internacional, el desempeño de las agencias calificadoras de riesgo ha sido cuestionado. Este artículo...

A general equilibrium approach to analyzing financial stability in Colombia

Central banks have achieved positive results for inflation during the last two decades. At the same time, their concern for financial stability has increased, particularly after the late nineties, when they experienced the high costs that come with financial crisis.1 Moreover, it now seems clear...

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 Macro CGE Model for the Colombian Economy

This paper presents the construction of a tailor-made Macro Computable General Equilibrium Model for the Colombian economy that satisfies Banco de la República's macroeconomic programming and forecasting interests. Using information on the national accounts divulged by the National Statistics...


A market-risk approach to liquidity risk analysis

A financial crisis usually is due to the emergence of one or more risks to the financial system at a particular point in time. The costs to the economy affected by a crisis are high, which is why financial system stability is of constant concern to economic authorities, including the central...

A Model of Rule-of-Thumb Consumers With Nominal Price and Wage Rigidities

This document presents a dynamic stochastic general equilibrium model with rule of thumb (Non-Ricardian) agents and both nominal price and wage rigidities. The model follows closely that of Galí et al. (2004) and expands it to include a second way form of heterogeneity (besides the Non-Ricardian...

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 Multi-Layer Network Of the Sovereign Securities Market

We study the network of Colombian sovereign securities settlements. With data from the settlement market infrastructure we study financial institutions’ transactions from three different trading and registering individual networks that we combine into a multi-layer network.

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.


This document has been translated into English for informational purposes. Upon any query regarding its interpretation or enforceability, the Spanish version shall be deemed official, and will prevail over the English version.

Este documento ha sido traducido al inglés para fines informativos. En caso de cualquier duda sobre su interpretación y aplicación, se entenderá que la versión en español es la versión oficial y prevalecerá sobre aquella escrita en inglés.

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