Servicios

This paper identifies the main bank specific determinants of time to failure during the financial crisis in Colombia using duration analysis. Using partial likelihood estimation, it shows that the process of failure of financial institutions during that period was not a merely random process;…

The international financial crisis of 2007-2009 strongly affected asset prices, risk and growth in the advanced economies, leading to large capital movements between these economies and the emerging countries. The capital movements were reflected in sharp fluctuations in the emerging countries’…

AbstractThis paper studies the impact of extreme weather events on the local tax revenue across Colombian municipalities. We follow a two-step approach to evaluate to what extent a municipality’s tax revenue depends on natural disasters taking place both locally and in its trade partners…

Since correlation may be interpreted as a measure of the influence across time-series, it may be conveniently mapped into a distance and into a weighted adjacency matrix. Based on such matrix, network theory has attempted to filter out the noise in correlation matrices by extracting the dominant…

Abstract Given the importance of climate change and the increase of its severity under extreme weather events, we analyze the main drivers of high food prices in Colombia between 1985 and 2020 focusing on extreme weather shocks like a strong El Niño.We estimate a non-stationary extreme value…

This paper studies the determinants of individual bank failures and M&A processes in Colombia during the financial crisis of the late 1990s. Using bank-specific data we estimate competing risk hazards models and find that while profitability and capitalization are the most important…

Banco de la República informs that fake news are circulating on the Internet stating that the Governor of the Central Bank would be planning to invest and would have inaugurated and endorsed the use of digital platforms such as ‘Bitcoin Time’ and ‘Bitcoin Loophople,’ through which participation in…

Inglés: We propose a maximal covering location problem with a budget constraint to determine the optimal location of facilities that provide fast police assistance to homicide hot spots, to mitigate criminal activity in Medellín (Colombia). We use the Google Maps Application Programming…

See additional information in  "Banco de la República transforms its Communication Scheme for Monetary Policy Decisions"

See additional information in  "The Board of Directors of Banco de la República notifies updates to some of its calendar of monthly meetings and monetary policy announcements"

See additional information in  "The Board of Directors of Banco de la República notifies updates to some of its calendar of monthly meetings and monetary policy announcements"

See additional information in  "The Board of Directors of Banco de la República notifies updates to some of its calendar of monthly meetings and monetary policy announcements"

AbstractThis work analyzes the evolution of economic and social indicators of the department of Sucre, to highlight the most important changes, advances, and challenges after 50 years of existence. The economic structure of the department shows substantial changes. Although the primary sector has…

In this paper output gaps that include financial cycle information are evaluated against models used in policy analysis by the Colombian central bank. Employing this dataset is no trivial matter, since policy related models are the only relevant yardstick, and emerging economies (such as Colombia)…

Using Bayesian estimation techniques, we estimate a small open economy DSGE model with credit-market imperfections for the Colombian economy. Using the estimated model we investigate what are the sources of business cycle fluctuations. We show that balance-sheet effects play an important role in…

Colombia experienced a deep recession in 1999-2003. Growth slowed by 4.2%, and investment by 34.6%. Was the severity of the recession due to a financial accelerator mechanism á la Bernanke, Gertler, and Gilchrist (1999)? To answer this question, this paper estimates a dynamic stochastic general…

This study uses a Dynamic Conditional Correlation multivariate GARCH approach for testing for contagion among Latin American financial markets to shocks originated in the United States and Europe. Using daily data on stock market returns for the period comprised between July 4th, 2001 and December…

We study …nancial crises in a small open production economy subject to credit constraint and uncertainty on the value of debt repayments. We …nd that the possibility of reducing the severity of future crises encourages the central planner (CP) to increase both the crisis frequency and current debt…

Abstract This paper estimates the effect of financial development on the transmission of monetary policy. To do so, the paper employs a panel data set containing financial development indicators, policy rates, lending rates, and deposit rates for 43 countries for the period 2000-2019 and applies…

In this paper we set up a small open economy model with financial frictions, following Curdia and Woodford (2010)’s model. Unlike other results in the literature such as Curdia and Woodford (2010), McCulley and Ramin (2008) and Taylor (2008), we find that optimal monetary policy should not respond…

 

Financial Inefficiency and Real Business Cycle in Colombia Financial Inefficiency and Real Business Cycle in Colombia      Camilo Zea*

Abstract: An audit study was conducted in Colombia following the protocols in Giné and Mazer (2017). Trained auditors visited multiple financial institutions, seeking credit and savings products. Consistent with Gabaix and Laibson (2006) and similar to Giné and Mazer (2017), the staff only provides…