Servicios
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Abstract
How does the expansion of domestic banks in international markets affect the bank lending channel of monetary policy? Using bank-firm loan-level data, we find that loan growth and loan rates from international banks respond less to monetary policy changes than domestic banks and that…
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In March of 1923, President Pedro Nel Ospina commissioned a group of experts, headed by Prof. Edwin Walter Kemmerer. This commission later became known as the Kemmerer Commission.
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Abstract
In 2014, Colombia implemented a policy that added flexibilization to labor contracts for part-time workers that reduced the quasi-fixed costs of employing formal workers. We find that the reform increased the probability of entering the formal sector within the targeted population: low…
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Abstract
We provide an overview of the primary structural features of the labor market in Colombia and survey the margins of adjustment of the market during the pandemic. Given the decline of real wages amid the post-pandemic inflationary surge, mainly due to the formal wage rigidity in the short…
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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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Macroprudential policy in Colombia is described along with a discussion of the main challenges faced by the authorities in implementing it and a review of episodes in which macroprudential measures were taken. An overview and some estimates of their effectiveness in preventing the buildup of…
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The Magic Coin is an animated pedagogical game that is part of the economic education program BanRep Educa. It aims to promote children’s understanding of basic economic concepts in a simple and didactic way. Through this game, participants will:
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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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The analysis of the impacts of coffee bonanzas and crisis on the Colombian economy, given its importance, has been one of the favorite topics of research both by Colombian and foreing economists, Cárdenas (1991); Carkovic (1992); Cuddington (1986); Ocampo (1994); Posada (1992); Urrutia and Suescún…
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This study reports evidence of the existence of house price bubbles in several Canadian provinces around the recent global financial crisis. Using a wealth of monthly data for about a thirty-year period we find evidence supporting the hypothesis that the bubble in Quebec transmitted to four other…
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Abstract
Over the past 30 years, monetary and macroprudential policy in Colombia evolved towards the pursuit of a low and credible inflation target and a stable financial system. The protracted inflation that began in the early seventies was defeated at the turn of the century with the help of the…
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During the transition from a moderately high level of inflation to an internationally accepted level, the target, the inflation rate, the nominal interest rate and the nominal equilibrium interest rate may be difference stationary. Policy rules estimation, however, is usually performed under…
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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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Twenty thousand banknote:
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Presented in New York.
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The system’s first phase has been launched with innovations in the procedures to record international investment operations and transactions. It is safe, agile, and easy to access at: https://www.banrep.gov.co/es/operaciones-cambiarias (only available in Spanish) selecting the "New Foreign…
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The Foreign Exchange Affairs and Settlements Department will launch the new Foreign Exchange Information System in September 2021 to gradually replace the Foreign Exchange Statistical System (SEC) used to transmit foreign exchange transactions. The new system will be available in three phases and…
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The new information system that will support the services of the Central Securities Depository (DCV), a financial market infrastructure essential for the custody, clearing, and settlement of transactions on public debt securities, the fiduciary management of Colombian securities, and the execution…
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The June meeting of the BDBR (#JuntaBanrep) started today at 8:30 a.m. This is their ninth meeting this year.
Monetary policy decisions will be made at today's meeting.
Until August, the benchmark interest rate completed 16 months unaltered at 4.25%. The last time this rate was lowered was on 30…
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