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What does it mean that the financial system faces vulnerabilities and risks? Financial activity consists of the intermediation of resources between different individuals or sectors of the economy. In this way, the financial system directs economic resources from those individuals who have…
Base Prices for the Settlement of Taxes or Royalties on the Exploitation of Gold, Silver and Platinum
This paper examines the long-term trends observed in the standard of living of the Colombian population during the past one hundred years, with special attention on health. We construct a historical index of human development for Colombia (HIHDC) for the 19th and 20th centuries by gender. We find…
This paper presents a multimarket spatial competition oligopoly model for the Colombian deposit market, in line with the New Empirical Industrial Organization (NEIO) approach. In this framework, banks use price and non-price strategies to compete in the market, which allows us to analyze the…
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.  
  Las opiniones contenidas en el presente documento son responsabilidad exclusiva del autor y no comprometen al Banco de la República ni a su Junta Directiva.    
Profundizar en los artistas, las técnicas y/o las influencias internas o externas en su creación ayudarían a entender la historia del arte de la ciudad. Esto podría contribuir a desarrollar la oferta cultural que la ciudad necesita para que los museos, y la actividad…
Translation available since: 2024 | Frequency: Quarterly
Saving-investment flows for the first quarter of 20241. By institutional sectorAccording to the Financial Accounts calculated by Banco de la República (the Central Bank of Colombia), in the first quarter of 2024, the current account deficit of the Colombian economy reached 1.4% of quarterly GDP…
Saving-Investment Flows for the fourth quarter of 20231. By institutional sectorAccording to the financial accounts calculated by Banco de la República (the Central Bank of Colombia), in the fourth quarter of 2023, the current account deficit of the Colombian economy reached 1.6% of quarterly GDP,…
Financial Flows for the Fourth Quarter of 20241. By Institutional SectorAccording to the Financial Accounts calculated by Banco de la República (the Central Bank of Colombia), in the fourth quarter of 2024, the current account deficit of the Colombian economy reached 1.7% of quarterly gross…
Financial flows for the second quarter of 20241. By institutional sectorAccording to the financial accounts calculated by Banco de la República (the Central Bank of Colombia, Banrep), in the second quarter of 2024, the current account deficit of the Colombian economy reached 1.0% of quarterly Gross…
Financial flows for the third quarter of 20241. By institutional sectorAccording to the Financial Accounts calculated by Banco de la República (the Central Bank of Colombia, Banrep), in the third quarter of 2024, the current account deficit of the Colombian economy reached 0.9% of quarterly gross…
Financial Flows for the First Quarter of 20251. By Institutional SectorAccording to the Financial Accounts calculated by Banco de la República (the Central Bank of Colombia), in the first quarter of 2025, the current account deficit of the Colombian economy reached 1.7% of quarterly Gross Domestic…
Financial Flows for the second quarter of 20251. By institutional sectorAccording to the financial accounts calculated by Banco de la República (the Central Bank of Colombia), in the second quarter of 2025, the current account deficit of the Colombian economy reached 1.8% of quarterly Gross…
The National Interbank Electronic Clearing System (CENIT in Spanish) is an Automated Clearing House (ACH) managed by Banco de la República (the Central Bank of Colombia), which provides the following services:
The National Congress of Economics Students, annually organized by the National Federation of Students of Economics (Fenadeco in Spanish), has more than thirty years of history. Its goal is to strengthen and diversify academic spaces that contribute to comprehensive training of future economists of…
Abstract We study the impact of natural resource royalties on educational outcomes in Colombia. We analyze a reform enacted in 2012 that made the distribution of these royalties more equitable. Before the reform, most royalties were assigned to the regions where the natural resources…
This document analyzes the macroeconomic effects of a boom in a small-open economy’s natural-resource sector. We study the effects of this shock on the most important macroeconomic variables, the resource reallocation across sectors and on welfare under alternative fiscal rules. We employ a DSGE…
Note: Please be advised that the Brazilian Real's exchange rate published on october 15th of 2014 at 10:00 a.m. was modified at 12:00 m. (Colombian time) due to a change informed by the provider, The World Markets Company PLC (WM).
Place of birthGarzón, Huila, ColombiaProfessionSystems Engineer
AbstractThis paper proposes an update of the CPI disaggregations that Banco de la República implements and analyzes regularly. This new classification contributes to the timely identification of different inflationary pressures, it stands in accordance with international practices, it is…