Servicios
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The purpose of this paper is to analyze the links between central bank independence and foreing exchange policies, in the light of the recent experience of the major Latin American countries. To that end, the paper starts with a brief review of the literature on the subject. The second section of…
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Formats
Intervention Rate
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General ObjectiveBanco de la República (the Central Bank of Colombia) and the Network of Researchers in Economics provide the Central Banking course. It is a free course to study in depth topics related to macroeconomics and monetary policy, along with a significant component of analysis and…
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Central Banking is an international media outlet based in London that specializes in the coverage of central banking, monetary policy, financial stability, and related topics.In a recent article, it highlighted the intervention of Governor Leonardo Villar, who defended the importance of the Central…
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Abstract A central counterparty (CCP) interposes itself between buyers and sellers of financial contracts to extinguish their bilateral exposures and –thus- to reduce counterparty risk. Therefore, this interposition should affect the way market participants engage in financial markets.
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This section presents information about central national government operations under two methodologies, summarized below:
The first set corresponds to a measurement of cash operations. This series includes historical information from the National Department of Planning and the latest official data…
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This section presents information about central national government debt, summarized in the next tables:
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This section presents information about central national government debt, summarized in the next tables:
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This section presents information about central national government debt, summarized in the next four tables:
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The first step towards dematerializing securities in Colombia began when Law 27 was adopted in 1990, authorizing the creation of central securities depository management companies.
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Certificate of submission of the fiscal account to the Office of the Comptroller General of ColombiaThis document contains the information submitted annually by Banco de la República (the Central Bank of Colombia) through the Electronic Submitting System of the Account and Reports (SIRECI by its acronym Spanish) of the Office of the Comptroller General of Colombia, corresponding to the modality “…
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EducationPhD in EconomicsUniversity of Paris. 2007Masters in EconomicsUniversidad Nacional de Colombia. 1995Economist (B.S. in Economics)Universidad de los Andes. 1981Abbreviated Work ExperienceJuly 2024-PresentExpert member of the Committee Autonomous Fiscal Rule (GARF)November 2022 to April…
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Place of Birth: Pereira, Risaralda
Date of Birth: August 3, 1942
Profession: Graduate in Philosophy and Letters
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The Steering Committee of the Benchmark Banking Indicator (IBR in Spanish) modified the schedule for the presentation of the IBR formation scheme quotes for overnight and 1-, 3-, 6- and 12-month terms, for the timeframe between 10:45 a. m. to 11:00 a. m. The results will be published by Banco de la…
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The Board of Directors of Banco de la República informs that it will continue to meet 12 times a year, but that, in principle, decisions regarding the benchmark interest rate will only be made in 8 of them. The Board will continue to consider other topics of its competence in all of the meetings.
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Using a stylized model in which output is measured with error, we derive the optimal policy response to the demand shock signal and to changes in the measurement error volatility from two different perspectives: the minimization of the expected loss (from which we derive the ‘standard’ policy) and…
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Banco de la República reports that, following the amendment of the External Regulatory Letter DCIN 83 on 16 January 2020 regarding the exchange reports of foreign portfolio investment, the exchange reports shall not discriminate henceforth between cash flows due to liquidation of capital from…
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Starting June 2019, the information disclosed after each session of the Board of Directors of the Central Bank in which decisions are taken on the benchmark interest rate will be modified. This change is intended to improve the information related to the monetary policy decision-making process…
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Chapter IntroductionOne of my mentors in economics taught me early in my career that the three pillars of macroeconomic stability are price stability, financial stability, and fiscal sustainability. To illustrate the concept, he used the analogy of a tripod: if one of its legs fails (any of the…
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Este documento caracteriza la inversión extranjera directa en Colombia en los sectores distintos a la explotación petrolera y de minas y canteras, así como de las empresas receptoras de este tipo de inversión.
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Abstract
Since July 2021, Banco de la República strengthened its forecasting process and communication instruments, by involving predictive densities in the projections of its models, PATACON and 4GM. This paper presents the main theoretical and empirical elements of the predictive density…
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