Servicios
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Exploiting spatial and temporal variations in the number of seizures from criminal organizations, I estimate regional fixed effects models of the increase in the number of properties confiscated on the main crime rates. From 2002 security strategies changed, and as a result, the effects on crime…
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Presented at the Government Borrowers Forum.
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Abstract
We investigate the impact of fiscal expansions on firm investment by exploiting firms that have multiple banking relationships. Further, we conduct a localized RDD approach and compare the lending behavior of banks that barely met and missed the criteria of being a primary dealer, as…
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Colombian Central Bank Governor Juan José Echavarría informed the Bank's board of directors today of his intention to resign upon completion of his four-year term at the end of 2020.Though current statutes allow Central Bank governors to offer their names for re-election for up to two additional…
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In this document we use the Expectations Survey conducted monthly by the Central Bank of Colombia during the period of October 2003 – August 2012. We find that exchange rate revaluations were generally followed by expectations of further revaluation in the short run (1 month), but by expectations…
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The purpose of this paper is to estimate a model for gross capital flows for a sample of developing economies and assess their long-term determinants by using a panel co-integration approach. Results indicate that there is a co-integration relationship between key push and pull factors and gross…
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Abstract
The objective of the study is to evaluate the main determinants of the Colombian gross portfolio inflows and outflows from non-resident and resident investors and to study the role of the interest rate of the domestic monetary policy. The conceptual framework is the standard portfolio…
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There is large body of empirical literature devoted to study the relationship between inflation and long-run growth. Recently, levine and Renelt (1992) encouraged by new developments in growth theory investigated, within a unified framework, the effet of a number of variables on per capita growth.…
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Guidance material on the new Foreign Exchange Information System is available to explain how the system operates, major changes introduced and resolve any doubts regarding access, accreditation and navigation. There is also a quick tutorial on the new Foreign Exchange Information System’s…
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This guide summarizes the criteria that should help financial institutions, securities transportation companies, and users to identify the type of banknotes and coins that are unfit for circulation and should therefore be delivered to Banco de la República (the Central Bank of Colombia) to be…
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This paper uses the first wave of the Colombian Longitudinal Survey (ELCA) to analyze the relationship between individual health status and labor force participation. The empirical modeling strategy accounts for the presence of potential endogeneity between these two variables.
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The World Bank has proposed an alternative hedging instrument to be offered by the FRECH, instead of the collar-swap currently available. The suggested derivative corresponds to a European Cap option for the real interest rate, which could give greater flexibility to the hedging mechanism, allowing…
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Profession:Economist
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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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Abstract
Small family farms account for 72 percent of the farms in the world. Most of these farms, in developing countries, face labor productivity gaps. One of the strategies to increase agricultural productivity focuses on implementing technical assistance programs. Using agriculture…
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Abstract
This paper estimates the marginal treatment effect of informality on wages for Brazil at the individual level using regional data on labor inspectors for identification. The results show that there is significant essential heterogeneity among otherwise identical workers that lead them to…
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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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1. Important Developments in 2006Mr. José Darío Uribe highlighted three important developments with respect to the Colombian economy during 2006:
Annual consumer inflation was 4.48% at December, which is on target with the objective set by the Board of Directors of Banco de la República.
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Inflation
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In this essay, the Colombian experience with internal and external debt since the end of the war up to 1970, is discussed. Following a common thread of previous essays, that experience is commented in the international context. The document highlights important similarities and contrasts…
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Although Colombia was not directly involved, the economic consequences of World War II had a clear influence on the macroeconomic policies applied in the country during the international conflict, and in the first few years that followed. This essay attempts to explore the role of internal public…
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This database was built as part of the celebration of the 100th anniversary of Banco de la República (the Central Bank of Colombia). It compiles historical information from various Colombian economic series, based on the compilation published by the Bank in 1997, complemented with data from sources…
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HPI - For the three major colombian cities - Index 1990 =100, Annual Data Series and Quarterly Data Series
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This paper investigates the possible responses of an inflation-targeting monetary policy in the face of asset price deviations from fundamental values.
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