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AbstractThis work contributes to the reconstruction of the demographic and economic data of the department of Córdoba for a long period of time, which allows to a great extent to cover the seventy years of existence of this territory. We foundthat the population growth of Córdoba washigher than…
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This paper studies the provision of deposit insurance without commitment. We ask whether a government has an ex post incentive to provide deposit insurance in the face of a bank-run. We find that deposit insurance will not be provided if it requires a (socially) undesirable redistribution of…
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In this paper, we modeled the Colombian long run economic growth (1925-2003) using a two- regime first order Markov switching model. We found evidence of non-linearity in the annual rate of economic growth. The results show that changes between regimes are sudden and sporadic. The Colombian economy…
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Derivatives are contingent claims that complete financial markets. Their use allow agents and firms to ameliorate the impact over con-sumption, production and investment given a change in relative prices induced by an active monetary policy. In this sense, derivatives generate in some cases a loss…
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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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Las opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva. Los autores son los únicos responsables por errores de contenido.
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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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Determinants of consumer credit are estimated by using information from a Credit Union located in Medellín-Colombia. To the best of our knowledge, this is the first investigation using this kind of data in Colombia. We find that life cycle-permanent income hypothesis (LC-PIH) related variables are…
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This paper analyzes the determinants of interest margins in the Colombian Financial System. Based on the model by Ho and Saunders (1981), interest margins are modelled as a function of the pure spread and bank-specific institutional imperfections using quarterly data for the period 1994:IV-2005:III…
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The understanding of foreign investment flows is important for emerging market policy makers, since such flows make up a considerable part of the balance of payments, and since such flows tend to be very volatile. Sudden stops or reversals of investment flows have, indeed, played an important…
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This study uses a panel-data framework to identify the determinants of the spread over US Treasuries of emerging market sovereign issues as well as of the creditworthiness of the issuers, where the latter is represented by the Institutional Investor’s creditworthiness index. We use a sample of 16…
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The study presented here is a follow-up study to Rowland and Torres (2004), who used a panel data framework together with data from 16 emerging market issuers to identify the determinants of the spread and the creditworthiness. Since many new issuers of emerging market sovereign debt have emerged…
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Banco de la República (the Central Bank of Colombia) permanently does a proactive exercise to anticipate the possible consequences of regulation and the needs arising from the national and international context. To this end, the Bank carries out continuous analyses to identify, diagnose, and…
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Abstract
One explanation for the increasing number of hectares with coca cultivation is that eradication strategies displace coca crops but fail to completely clear affected areas. In the drug policy literature, that dynamic shifting is commonly known as the balloon effect. This study integrates…
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Article 371 of the Colombian Constitution establishes that Banco de la República (the Central Bank of Colombia) performs central banking functions and is organized as a legal entity of public law with administrative, financial, and technical autonomy, subject to its own legal framework. Likewise,…
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Since: 1997
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Since 1991, inflation in Colombia was reduced from 25% on average to about 6% more recently. Although this performance is in line with a long run inflation target of 3%, some analysts ask whether the Central Bank should continue disinflating. In this paper we present a dynamic stochastic general…
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In this survey, economic analysts are consulted about their expectations for specific time horizons. This survey is part of a set of tools for analyzing the transmission channels of monetary policy, which allows studying the degree of anchoring of inflation expectations, with the particularity that…
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This policy proposes to establish and encourage in a transversal and coordinated manner a culture in Banco de la República (the Central Bank in Colombia) focused on diversity, equity, and inclusion, under the following commitments:
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Abstract
We revisit an old question but with a new identification strategy, namely the difference in exchange rate effects between announced (“vocal”) and secret (“dirty”) foreign exchange intervention. Using a Regression Discontinuity Design, we exploit a rule-based intervention mechanism enacted…
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Do Local Governments Engage in Strategic Property-Tax Competition? Do Local Governments Engage in Strategic Property-Tax Competition? by Jan K. Brueckner Department of Economics and Institute of Government and Public Affairs University of Illinois at Urbana-Champaign Champaign, IL…
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Banco de la República (the Central Bank of Colombia) informs citizens that it has no interference in private transactions and, therefore, no relationship with the platform that calls itself ZK Bank.Banco de la República exercises central banking functions and, in accordance with the Constitution,…
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Medellín seminario de economía 113
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We examine the effect of single‐sex classes on the pass rates, grades, and course choices of students in a coeducational university. We randomly assign students to all‐female, all‐male, and coed classes and, therefore, get around the selection issues present in other studies on single‐sex education…
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The international crisis by the end of the previous decade brought very important changes in terms of degree, size, and volatility of capital flows to emerging markets. These became a challenge for their economic authorities because the negative effects likely to affect macroeconomic variables of…
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