Servicios
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Classic financial theory relies on the absolute perfection of capital markets, which results in one of the milestones of theoretical corporate finance: the firms value is invariant to the choice of capital structure. As an extension to the aforementioned proposition by Modigliani and Miller (1958…
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Banco de la República (the Central Bank of Colombia) is constantly engaged in campaigns on how to recognize the authenticity of the new family of banknotes that include the latest technology to strengthen their security and maintain public confidence in cash. These elements are highly effective in…
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Banco de la República informs that fake news is circulating through various channels, such as social networks, websites, WhatsApp messages, text messages, and others. These messages impersonate well-known media outlets, such as Caracol Noticias and El Tiempo newspaper, among others, and feature…
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Some accounts in social networks publish information about a possible counterfeit of the COP100,000 banknote, identified with the series AA42661883. However, Banco de la República (the Central Bank of Colombia) informs that, within the framework of its processes with cash nationwide, no counterfeit…
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This paper uses a wage setting survey of 1,305 Colombian firms to explore the nature and sources of wage rigidities. This is the first study of a non-European emerging economy that uses evidence from a survey of firms to analyse this topic. The survey was carried out during the first half of 2009,…
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Dutch disease and banana exports in the Dutch disease and banana exports in the Colombian caribbean, 1910 - 1950 Resumen In 1994, the seven departaments of the Colombian Caribbean had a population of about 7.2 million, representing 21% of the conuntry's…
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In this paper we formulate a dynamic multi-unit auction model to characterize bidding behavior in hydro power dominated electricity markets. Our model implies that, in order to maximize expected profits, hydro producers will submit bid prices above its marginal production costs that account for the…
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We study connectedness and causality between oil prices and exchange rates dynamically. Using data on the WTI and exchange rate returns for six countries in which oil production is a major production activity, we show that oil prices are net receptors of spillovers from excahnge rate markets.…
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The opinions contained in this document are the sole responsibility of the authors and do not commit Banco de la República or its Board of Directors.
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This paper studies the dynamic response of a few key macroeconomic variables to each one of three exogenous shocks: monetary, government spending and technological shocks. By using a cash in advance model with two market frictions, one in the intermediation of loanable funds, and one in the labor…
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Abstract
This paper analyses the behavior of household consumption in Colombia during Covid-19 post pandemic. Initially, it introduces a regional comparison emphasizing in the severity of lockdown and the government fiscal responses. Then, it describes the dynamics of the main consumption baskets…
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AbstractDuring 1997-2003, after the strengthening of decentralization, a set of subnational fiscal rules were implemented and in the years 2011 and 2021 national fiscal rules were established in Colombia. This document evaluates compliance with these rules at the different levels of government in…
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We explore the performance of a set of early warning indicators for a group of Latin American economies under the endogenous cycle perspective. For this group of countries, the paper confirms the results of work on industrialized countries that a combination of asset prices and credit provides…
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The opinions contained in this document are the sole responsibility of the authors and do not commit Banco de la República or its Board of Directors
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This paper presents evidence of the effect of the recent phases of the business cycle in Spain and United States, proxied by their respective unemployment rates, on the labor market of Colombian cities with high migration tradition. These countries are the main destination for labor Colombian…
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Presentation at the macroeconomic and sector seminar ANIF and Fedesarrollo
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What is Banrep Educa?Banrep Educa is the economic education program of Banco de la República (the Central Bank of Colombia. It was created over a decade ago and its primary goal is to provide information about the importance of the Central Bank of Colombia in our economy and society. Through…
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The video of Banrep Educa informs about the economic education program of Banco de la República (the Central Bank of Colombia). This program seeks to improve your understanding of basic economic topics and, particularly, those related to Central Banking. Because what happens in the economy…is…
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Counterparty risk is an important determinant of corporate credit spreads. However, there are only a few techniques available to isolate it from other factors. In this paper we describe a model of nancial networks that is suitable for the construction of proxies for counterparty risk. Using data…
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Bogotá
(Bogotá D.C., Cundinamarca)
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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 main tool of the Board of Directors to guide the country’s monetary policy is the benchmark interest rate, also known as the Reference rate or policy interest rate. It is known as the “Benchmark” rate because it is the actual rate at which the Central Bank directly intervenes in the money…
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In previous Economic-knowledge editions, we learned that the current monetary policy scheme adopted by the monetary authority in Colombia since the end of the nineties is the one of inflation targeting1, This is aimed at meeting an inflation target and to ensure that the economy can grow at the…
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Although this concept is known or familiar to some of us, the truth is that it is not for a high percentage of the population. Most people have a general idea of its meaning, but some interpretations could be far from reality.Therefore, the objective of this and the following two Economic-knowledge…
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