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This essay aims to review the main economic writings by Rafael Núñez and analyze his economic thought. Thus, it aims to focus on the historic role of Núñez as an economist rather than a statesman or as the leader of the period known as "Regeneración." By way of introduction and as a frame of…
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“El Estado General de todo el Virreynato de Santafé de Bogotá de 1794" (Overview of the Viceroyalty of Santafé de Bogotá, 1794) is a map of a land far away in time, the viceroyalty of the Nueva Granada at the end of the 18th century. In this contemporary compendium, historians and curious readers…
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This compilation contains a sample of the types of proposals and reflections on monetary issues that occurred in the country during the first republican century. It includes projects to establish public and private banks, diagnoses of the country's monetary problems, considerations about the…
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In this digital book, Banco de la República (the Central Bank of Colombia) makes available to researchers and libraries of the country all the Colombian memoirs of taxes and treasury published in the 19th century. It is a bibliographic tool that we hope will be extremely useful for analysts,…
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This book is the reissue of the report by the Book Misión de Empleo (Employment Mission, in English), convened in 1985-1986 by the administration of President Belisario Betancur. The Mission understood its task as the comprehensive analysis of all the problems affecting Colombia's working…
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Editors’ noteIt is with particular satisfaction that Banco de la República presents to economic scholars and to the public this research paper, which constitutes what we believe to be the history of this institution, starting from its near and remote antecedents. It studies its creation, the…
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In 2023, Banco de la República (the Central Bank of Colombia) celebrates a century of existence.
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IntroductionBanco de la República is pleased to present the first of a two-volume series that is part of the commemoration of the twentieth anniversary of the issuance of Decree Law 444 of 1967. This book has gathered the main writings on the subject, emphasizing the background and immediate events…
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IntroductionFor four years we served on the Board of Directors of Banco de la República, as appointed by the Colombian Government. In the exercise of our duties, we realized that many people were unaware of the importance of the functioning of this institution for the national economy and of the…
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IntroductionFour long years have elapsed since the founding of Banco de la República. During this time, the Bank has followed a regular course, and yet relatively few people are aware of its functions, the purposes for which it was created, and the results obtained through the transformation of the…
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ForewordBanco de la República was founded on 23 July 1923. Its design followed the recommendations of the mission led by Edwin Kemmerer, the North American advisor who, at the same time, led the establishment of central banks with similar characteristics in all the Andean countries of South America…
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This volume gathers several texts on the economic situation of the Nueva Granada in the final years of the colonial period. Economics was not yet an independent discipline, and these documents were written, as well as those by other Spanish or American financial experts at the time, to comply with…
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IntroductionThe study of currency, which includes its origin, characters, and functions, as well as the phenomena it causes (a subject recognized as the vastest and complex in political economy), forces us to go back to primitive times to establish the beginning of the slow evolution of all the…
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ForewordThe literature on Banco de la República reflecting the historical events surrounding its formation and subsequent development is contained mainly and admirably in the writings of José Arturo Andrade (1927) and Gustavo Otero Muñoz (1948). More recently, the analysis of monetary issues has…
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Foreword to the second edition (expanded version)On the occasion of the centenary of the issuance of Law 25 of 1923, through which Banco de la República was created, the Bank has decided to complement and update the institutional history originally published in 2015, a volume that remains an…
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Introduction to Chapter 1: “Autobiografía y trabajo consultivo económico de Edwin Walter Kemmerer” (Autobiography and Economic Advisory Work by Edwin Walter Kemmerer)This chapter publishes the autobiography written in 1944 by Professor Edwin Walter Kemmerer, i.e., the year following his retirement…
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Editors’ noteA central bank fulfills three essential functions: it issues the circulating currency, it is the bank of banks, and it acts as the Government's fiscal agent. In fulfilling these functions, it regulates the payments system, manages foreign reserves, is an essential participant in the…
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PresentationThis work was written in 1980 and published in 1987 under the auspices of the Office of the Comptroller General of Colombia. On this occasion, it is published under the sponsorship of Banco de la República (the Central Bank of Colombia). Salomón Kalmanovitz, who was a member of its…
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ForewordGender equality implies that men and women exercise the same rights and have equal opportunities in health, education, employment, and, in general, in all areas of life. Gender inequalities often affect women and reflect a failure to uphold their human rights, which, in turn, hinders…
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Since: 1967
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AbstractWe evaluate the returns to signaling occupation-specific skills using unique administrative data from a nationwide certification program in Colombia. The program certifies skills and issues three certificates: basic, intermediate, and advanced. We use regression discontinuity…
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AbstractWe 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 response to these…
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Abstract
This document presents a Gaussian Affine Term Structure Model (GATSM) of the zero-coupon public debt curve issued locally by the Colombian Government, adopting the methodological approach of Hamilton and Wu (2012) to solve the problems of identification and instability in the estimation…
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For 2017, it was found that most imports were destined for intermediate consumption, especially for the manufacturing and trade sectors, and that these sectors, therefore, may be the most affected by changes in non-tariff measures and the value of imported goods.
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