Servicios
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The output gap is the difference between the observed level of gross domestic product (GDP) and the estimated level of an economy's potential GDP, i.e., the difference between what the economy is producing and what it would produce if it were operating at full capacity.
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In this paper two new measures of the Colombian output gap and the real neutral interest rate are proposed. Instead of relying only on statistical filters, the proposed measures use semi-structural New-Keynesian models, adapted for a small open economy. The output gap measures presented are in line…
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Output Gap Estimation, Estimation Uncertainty and its Effect on Policy Rules Output Gap Estimation, Estimation Uncertainty and its Effect on Policy Rules
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Format
Outstanding OMO (Daily Monetary Expansion and Contraction)
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The Overnight Interbank Rate (IBR in Spanish) is a short-term reference interest rate for the Colombian peso that reflects the price at which the agents participating in its formation scheme (banking entities) are willing to offer or raise funds in the money market (interbank). In other words, its…
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We study the separation of ownership and control for an average of 140 listed non-financial Corporations in Colombia during the 1996-2002 period. Breaking the sample according to their listing status and economic activity, voting rights are greater than cash flow rights because of the presence of…
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Some remarks by Jose Dario Uribe, Governor of the Banco de la Republica, Colombia, at the 11th BIS Annual Conference on "The Future of Financial Globalization"Panel discussion: "Will Financial Globalization Survive?"
Lucerne – Suiza
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Presented on October 15 of 2016, during the "High-level policy seminar on Open and orderly capital movements: does global co-operation matter?".
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Here you will find information on the spaces, mechanisms, and actions implemented by Banco de la República (the Central Bank of Colombia) in compliance with citizen participation, with the purpose of strengthening the link with citizens and stakeholders as per its own legal Framework. This menu has…
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The CONPES 4005 document of 2020 established the National Policy on Economic and Financial Inclusion and Education, which aims to integrate financial services into the daily activities of citizens and micro, small, and medium-sized enterprises (MSMEs), addressing their needs and creating economic…
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By virtue of its administrative and financial autonomy, Banco de la República (the Central Bank of Colombia) has its own independent equity and is subject to its legal framework, contemplated in Articles 371 to 373 of the Political Constitution, Law 31 of 1992 and its Bylaws (only in Spanish),…
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Determining the exchange rate pass-through on inflation is a necessity for central banks as well as for firms and households. This is an apparently easy and intuitive task, but it faces high complexity and uncertainty. This paper examines the nature of the pass-through and quantifies historically…
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AbstractHow much of the changes in the exchange rate is passed through to inflation is a question of main interest to the monetary authority, investors, the real sector, and the government itself.
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The pass-through of the VAT rate change is much less than proportional and highly heterogeneous.
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Banco de la República (the Central Bank of Colombia) contributes to the safe and efficient operation of payment systems by providing various services to the financial system that are essential for the country's economic activity and the citizens' well-being. The services provided by the Bank…
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In this seventh edition of the Payment Systems Report, the boxes focus on three topics of interest to the industry that renders payments clearing and settlement services as well as to those taking part in them. First, the international debate revolving around the optimal capital level of Central…
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With its annual Payment Systems Report, Banco de la República offers a complete overview of the infrastructure of Colombia’s financial market.
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Documento presentado en el Seminario Semanal de Economóía 130 "El Efecto de los pares en una decisión de fertilidad: Una aplicación para Medellín"
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This paper addresses the estimation of peer group effects on a fertility decision. The peer group is composed of neighbors with similar socio-demographic characteristics. In order to deal with the endogeneity problem associated to the estimation of neighborhood effects, an instrumental variables…
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The effects of the Pension Fund Managers (PFMs) behavior on the foreign exchange market may be important, given the increasing size of their portfolio and their possible market power. Some authors argue that when big investors like PFMs trade large volumes in the foreign exchange market, they may…
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AbstractWe analyze the effects of population aging in the next decades on the Colombian pension system and on several macroeconomic variables. We also consider the impact of several reforms that are gradually implemented in the economy (increasing the retirement age, reducing the replacement rate,…
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Presentación realizada en el Banco de la República, Sucursal Cartagena.
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In this paper I explore the potential link between Plan Colombia and violence with a new perspective. I focus the analysis only on the first three running years of the program (2000-2002) in order to avoid the overlapping effect with a security policy started in 2002/2003. This paper exploits the…
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