Working Papers on Economics
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- Publicación |This paper analyzes whether the policy of VAT exemption days, implemented in Colombia between 2020 and 2022 for some products and merchandise lines, had a positive effect on the consumption of such exempted goods.
- Publicación |Abstract
In this paper, we study the coexistence of cash and electronic payments introducing some distortions in the payments markets to understand the widespread use of cash, specially in emerging countries. Following Lagos and Wright (2005) we model explicitly some frictions in…
- Publicación |In Colombia, 50% of labor income is lower than the legal MW level. It is in this context that we analyze the effect of increasing MW on labor income distribution and its inequality, household income distribution and its inequality, and on monetary poverty prevalence.
- Publicación |Healthcare expenditure in Colombia is expected to increase by 35% over the next eight years, due to population aging, rising costs, and domestic policies. These trends, in a context of high levels of informality and affiliation to the subsidized regime, add significant pressure to public finances.
- Publicación |This paper examines the relationship between three government support measures (debt moratorium, credit guarantee programs, and payroll subsidies) and the firm’s payment behavior on loans in Colombia
- Publicación |Using monthly information on retail trade, we study the short-term dynamics of household consumption variations in Colombia. Based on a sample of retail trade excluding fuels and vehicles, we find that the growth of household consumption can be explained by lags in the Economy Monitoring Indicator…
- Publicación |We evaluate the effectiveness of consumer debt moratoria, one of the earliest policy interventions aimed at alleviating debt burdens. Using administrative data from Colombia, our study compares households that narrowly qualified for the moratorium (eligible up to 60 days overdue on their mortgages…
- Publicación |Abstract
After a protracted period of financial deepening following a financial crisis at the end of the 20th century, the ratio of corporate bank loans to GDP in Colombia stagnated between 2016 and 2019. In this paper, we explore if firms have substituted bank loans…
- Publicación |This paper empirically examines the effects of international remittances on local house prices. International remittances are one of the main drivers of capital inflows in emerging economies. We consider the salient case of Colombia.
- Publicación |This document describes the Colombian healthcare system and its main responsibilities, highlighting the roles of insurance and financing, and compares it with other healthcare systems globally.
- Publicación |Abstract
This document presents projections on the fiscal expenditure associated with Colpensiones and the special regimes that make up Colombia's pension system under the rules in force in 2024. Under conventional assumptions about longevity, formality, and a long-run…
- Publicación |Models with an occasionally binding credit constraint have been used to analyze financial crises and previous literature has highlighted that the specific form of this constraint is decisive for policymaking conclusions.
- Publicación |Identifying the impact of physicians on health outcomes is a challenging task due to the nonrandom sorting between physicians, hospitals, and patients. We overcome this challenge by exploiting a Colombian government program that randomly assigned 2,126 physicians to 618 small hospitals.
- Publicación |Nuestros resultados muestran que la existencia de subsidios implícitos ocasiona que los individuos prefieran estar en el actual sistema privado mientras se cotiza, pero en el público para pensionarse.
- Publicación |Gran parte de la población carece de las herramientas fundamentales para tomar decisiones económicas y financieras adecuadas, lo cual es crucial para mejorar su bienestar y protegerse frente a choques económicos o inflacionarios.
- Publicación |El efecto del fenómeno El Niño sobre los precios minoristas corre a través de su efecto sobre los costos mayoristas, exclusivamente, y no a través de cambios en la estructura del mercado minorista.
- Publicación |Abstract
We examine the adjustment of a small, open, emerging market economy (SOEME) to an unexpected increase in the minimum wage using an extended New-Keynesian SOE model that incorporates heterogeneous households, a flexible production structure, and a minimum wage rule.…
- Publicación |Abstract
We investigate the entry and exit of short-cycle higher education programs (SCPs), which last two or three years and can address local skill needs. Exploiting administrative data from Colombia, we study markets defined by geographic location and field of…
- Publicación |Abstract
We study the effect of macroeconomic announcements surprises on Colombian treasury bond spot rates in the medium term. For this, we employ a two-step regression approach proposed by Altavilla, Giannone and Modugno (2017), which takes into account the high frequency…
- Publicación |Abstract
We study the behaviour of three quantitative sample surveys and a non sample inflation expectation report for Colombia. We found that expectations in Colombia; (i) are not strongly, i.e.
