Servicios
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The Political Constitution of Colombia of 1991 (Constitución Política de Colombia de 1991 in Spanish) assigns Banco de la República (the Central Bank of Colombia) the role of lender of last resort, subject to the following restrictions (Articles 371 and 373):
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Leonardo Villar is the current Governor of the Colombian central bank, Banco de la República, since January 2021. Previously, Villar was Executive Director at the International Monetary Fund (IMF) for Spain, Mexico, Colombia, Venezuela and four Central American countries--Guatemala, Costa Rica,…
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"Returning to this entity is one of the things that I find very exciting," said the new Governor, who was a member of the Board of Directors from 1997 to 2009.This Monday, January 4, Leonardo Villar Gómez took office as the new Governor of Banco de la República. Upon taking office, the economist…
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Today the Board of Directors of the Banco de la Republica chose the economist, Leonardo Villar Gómez, to be the new Governor of the Bank to replace Dr. Juan José Echavarría, who will be in office until January 3, 2021.
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El pasado jueves 20 de mayo de 2021, Leonardo Villar, gerente general del Banco de la República, fue nombrado presidente de la Junta de Gobierno del Centro de Estudios Monetarios Latinoamericanos (CEMLA) para el periodo 2021-2023. Este es el segundo periodo consecutivo en el que el Banco…
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SEACEN – CEMLA Conference “The Implementation of Monetary Policy: Lessons from the Crisis and Challenges for Coming Years”.
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The recent financial crisis has renewed the interest of economists, both at the theoretical and empirical level, in developing a better understanding of credit and its mechanisms. A rapidly growing strand of the literature views banks as facing funding restrictions that condition their borrowing to…
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This study provides new evidence on the relationship between abnormal loan growth and banks’ risk taking behavior, using data from a rich panel of Colombian financial institutions. We show that abnormal credit growth during a prolonged period of time leads to an increase in banks’ riskiness,…
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Abstract
Although a sizable number of studies have been exploring the migration development nexus in international settings, there is still a reduced number on internal contexts in recent years. This research aims to estimate the causal effect of origin economic conditions on internal…
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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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AbstractConditional Cash transfer (CCT) programs have been shown to have positive effects on a variety of outcomes including education, consumption and health visits, amongst others. We estimate the long-run impacts of the urban version of Familias en Acción, the Colombian CCT program on crime,…
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We use experimental data of a training program in 2005 in Colombia. We find that even up to ten years ahead, the JeA program had a positive and significant effect on the probability to work in the formal sector, and to work for a large firm. Applicants in the treatment group also contributed more…
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This is the fourth edition of a publication by the Governor of the Central Bank of Colombia, addressed to citizens, analysts, and domestic and foreign investors interested in learning about the most recent events in the Colombian economy and their implications for monetary policy decision-making.…
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Luisa Fernanda is an economist with an undergraduate degree from the Universidad de los Andes and a master's degree in economic policy from Boston University (United States). She has worked in the public sector, particularly in the field of macroeconomics. Prior to her appointment as Financial…
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This paper presents a DSGE model with banks that face moral hazard in management. Banks receive demand deposits and fund investment projects. Banks are subject to potential withdrawals by depositors which may force them into early liquidation of their investments. The likelihood of this happening…
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Presented during the 2021 Spring Meetings of the International Monetary Fund and the World Bank Group:
HSBC - IMF Spring Sessions (April 6th)
Goldman Sachs Emerging Markets Conference Spring 2021 (April 9th)
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In the past decade the Colombian Economic Authorities undertook a series of measures that reduced the structural fiscal deficit, decreased the Government currency mismatch and deepened the local fixed-rate public bond market. This paper presents some evidence suggesting that these improvements had…
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AbstractThe objectives of the study are, first, to build homogeneous and consistent series of macroeconomic savings and investment and their balances for the economy and institutional sectors of Colombia for the period 1975-2021. Second, describe the economic context in which they were observed,…
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Presentation made at the XP Investimentos 13th Summit in parallel with the IMF/World Bank Spring Meetings. April 19th 2022.
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Expositor:
Klaus Schmidt-Hebbel
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Abstract
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Banco de la República (the Central Bank of Colombia) and the Network of Researchers in Economics of the Central Bank provide a Macroeconomics and Central Banking Online Course focused on transmitting and strengthening Colombian people’s knowledge of these subjects. It is a virtual program of open…
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AbstractWhen agents' information is imperfect and dispersed, existing measures of macroeconomic uncertainty based on the forecast error variance have two distinct drivers: the variance of the economic shock and the variance of the information dispersion. The former driver increases uncertainty and…
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AbstractPortfolio diversification is as important to debt management as it is to asset management. In this paper, we focus on diversification of sovereign debt issuance through greater reliance on inflation-indexed bonds for a representative emerging economy, Colombia. Using an arbitrage-free…
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