Servicios
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Banco de la República announces the release of a commemorative coin marking the 500th anniversary of the founding of the city of Santa Marta.The obverse of the coin features the image of the Casa de la Aduana alongside the El Morro islet and its lighthouse, framed by a geometric-patterned border.
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During the 1920s, the Colombian economy experienced the highest rate of growth in its history. The economic reforms of 1923 (the central bank, gold standard, banking legislation, fiscal reorganization), the coffee boom, and the unprecedented influx of foreign capital were the driving forces behind…
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Infrastructure, Society, Economics and Culture: Lessons from the History of Large Technological Systems, Universidad de los Andes, December 5, 2017
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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 fear…
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Banco de la República (the Central Bank of Colombia) provides virtual training for the public in general, and to blind or deaf people, giving them the necessary support. These trainings aim to teach how to properly identify and check the security features of the new family of Colombian banknotes.…
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Banco de la República (the Central Bank of Colombia) is constituted as a legal person of public law, with constitutional status and administrative, equity, and technical autonomy, subject to its own legal framework as established in Articles 371 to 373 of the Political Constitution, Law 31 of 1992…
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This paper evaluates the impact of Resolution CREG 051 on the performance of the electricity markets in Colombia. We found out that productive efficiency has improved since the introduction of the Resolution, that is, the total costs of producing electricity have been reduced. This shows a positive…
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Transmission mechanisms and inflation targeting: the case of Colombias desinflation
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To evaluate whether transparency is beneficial, it is usual to assume that the central bank may choose one of two options, opacity versus truthful communication. However, the monetary policymaker may have incentives to misrepresent private information so as to reduce economic volatility by…
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AbstractIn this paper, a global production frontier is estimated using stochastic frontier models to assess the contribution of transport infrastructure to countries’ performance. We find that the role of infrastructure is underestimated under the exogeneity assumption indicating that handling…
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A threefold analysis of commodity prices is carried out to observe their long-run behaviour, their short-run properties and the main determinants. According to the evidence, the Prebisch-Singer hypothesis does not seem to be a property of most prices. The cycles of commodity prices are asymmetric…
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Address: Cr. 8a. No. 23-08, Claustro de San Agustín - Tunja
Phone: (098) 742 2311
Fax: (098) 742 3149
Email: abelloda@banrep.gov.co
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The 2019 Manuel Ramírez Gómez National Academic Competition in Economics (CANE) and the National Forum on Economics and Finance for 2019 and 2020, organized by the Universidad del Rosario, awarded prizes to 24 students from various universities for their initiatives to promote an exchange of…
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AbstractThe objectives of this paper are to analyze for Colombia if there is a relationship between the public saving-investment imbalance and the external imbalance with annual data from 1970 to 2019 and, if there is one, evaluate what causes what and estimate the impact of a disturbance of the…
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The opinions contained in this document are the sole responsibility of the authors and do not commit Banco de la Republica or its Board of Directors.
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In this paper we study exchange rate effects due to shifts in the portfolio composition of the Colombian financial sector during 2003-2014. We first provide a theoretical understanding of the channel's transmission mechanism by modeling how the banking sector optimally allocates its portfolio…
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We study the relation between oil prices and stock market returns for a set of six countries, including important oil consumers and demanders. We study interconnectedness between oil and stock markets and characterize the dynamics of transmission and reception between them. We test for Granger…
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The opinions contained in this document are the sole responsibility of the author and do not commit Banco de la República or its Board of Directors.
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One of the principal issues of Colombian macroeconomic policy in the 1990s has been the deterioration of private savings (Figure 1). The decline in the private saving rate was usually related to consumers real expenditure, which grew by an average of 3.9% in the period 1991-1993, compared to 1.9%…
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‘Analisis del Indice de Confianza del Consumidor en Colombia: Un FAVAR estructural’Enfoque: el Índice de Confianza del Consumidor (ICC) es un instrumento ampliamente usado en el análisis económico debido a su mayor oportunidad de publicación respecto a los indicadores económicos observados, y a su…
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The opinions contained in this document are the sole responsibility of the author and do not commit Banco de la República or its Board of Directors.
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