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General Objective  The objective of this course is to provide the attendees with a high-level academic space, to study in depth advanced topics in macroeconomics, microeconomics, and econometrics. Moreover, it aims to promote the transmission of knowledge from those attending the course to…

The system has accumulated more than 670 million transactions, totaling over COP 105 trillion and more than 103 million registered aliases.Bre-B continues to evolve with the incorporation and standardization of QR codes, which will facilitate payments at commercial establishments.

The new member of the Board of Directors studied economics at Universidad de los Andes and holds a PhD in Economy from the University of Illinois Urbana-Champaign. Between 1993 and 1997, Mr. Carrasquilla was the Deputy Technical Governor at Banco de la República. Alberto Carrasquilla has…

On August 2, 2021, the Board of Governors of the International Monetary Fund (IMF) approved a general allocation of Special Drawing Rights (SDR) for SDR 456 billion (equivalent to USD 650 billion).  This allocation strengthens the international liquidity of the Fund’s 190 member countries by…

This study presents an alternative way of estimating credit transition matrices using a hazard function model. The model is useful both for testing the validity of the Markovian assumption, frequently made in credit rating applications, and also for estimating transition matrices conditioning on…

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. 

El crimen en Medellín es un crimen organizado, en lucha de un control territorial.Un problema fundamental de la incidencia del crimen en Medellín es el uso de armas de fuego. Gaviria et al. (2010), argumenta que un problema del crimen en Colombia es el fácil acceso a un arma de fuego. Krug et al.

We assess the effect of the homicide rate, individual´s perception of security in their neighborhood of residence, and of the effect of their having been victimized, on life satisfaction. We find a negative effect of the homicide rate on life satisfaction for the subsample of individuals living in…

This document explores an alternative strategic asset allocation framework for foreign exchange reserves, whose main purpose is to maximize the risk-adjusted returns maintaining the objectives of liquidity and safety of a foreign reserves’ portfolio.   The overall portfolio can be fragmented…

  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.   ABSTRACT

In this paper, we propose an alternative methodology to determine the existence of credit booms, which is a complex and crucial issue for policymakers. In particular, we exploit the Mendoza and Terrones (2008)’s idea that macroeconomic aggregates other than the credit growth rate contain valuable…

We study the relationship between US and Colombian sovereign debt interest rates. We also evaluate the response of the Colombian long-term bond yield and other asset prices to shocks to the US long-term Treasury rate. Two empirical exercises are performed. First, we use a moving window linear…

This paper examines the relationship between mortgage default decisions and relevant observable variables under the light of a random utility model. The focus of the study is the Colombian mortgage market between 1997 and 2004 using two separate data sets that are matched using simulation…

An Estimation Of the Nonlinear Phillips Curve in Colombia An Estimation Of the Neonlinear Phillips Curve in Colombia Javier Gómez and Juan Manuel Julio  */

Graph 1 shows a conventional PPP measure of the real exchange rate in Colombia and an index of the relative price of tradable goods in terms of non tradeable. The common conclusion is that, since 1990-92 there has been a medium term process by which the RER has appreciated by as much as 26%. The…

We set a dynamic stochastic model for the interbank daily market for funds in Colombia. The framework features exogenous reserve requirements and requirement period, competitive trading among heterogeneous commercial banks, daily open market operations held by the Central Bank (auctions and window…

In this paper we study the structural determinants of differentials in unemployment rates and labour markets’ performance for colombian cities.

This paper presents two versions of a spatial competition model for the banking sector. The first version, describes a framework that follows closely Salop´s spatial competition model. This version is modified in the second part by introducing the loan market and default risk probabilities for…

This document presents how to estimate and implement a structural VAR-X model under long run and impact identification restrictions. Estimation by bayesian and maximum likelihood methods is presented. Applications of the structural VAR-X for impulse response functions to structural shocks,…

Some authors have worked on the relationship between macroeconomic variables and the term structure of interest rates. In particular, theory says that the shape of the curve reveals valuable insights regarding the behavior of the macro variables such as inflation and growth expectations.…

He has been Chief Officer for Monetary Operations and International Investments since July 2022. This area is responsible for supporting the design and implementation of the monetary, foreign exchange, and credit policy of Banco de la República (the Central Bank of Colombia). He has a degree in…

Presentación realizada en el Seminario Anif – Fedesarrollo, Club El Nogal.

Central banks in emerging countries frequently build-up (diminish) reserves while attempting to depreciate (appreciate) their domestic currencies. Even if these interventions are effective, they often entail various costs. Basu (2012), nonetheless, proposes a model in which the sole announcement of…

Abstract We introduce a methodology for generating alerts of potential anti-competitive practices in the Colombian wholesale electricity market.