Servicios
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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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In this document we lay out the microeconomic foundations of a dynamic stochastic general equilibrium model designed to forecast and to advice monetary policy authorities in Colombia. The model is called Policy Analysis Tool Applied to Colombian Needs (PATACON). In companion documents we present…
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Presented at Emerging Markets in the Spring Lecture Series.
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Emerging and Frontier Markets: Capital Flows, Resiliency, Risks, and Growth - Supported by the National Bureau of Economic Research (NBER), the Latin American Reserve Fund (FLAR), and Banco de la República (The Central Bank of Colombia)
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Abstract: This paper explores the effect of alignment between local and national politics in a context of weak parties. Based on a regression discontinuity design in close elections, we find that, in absence of strong parties, presidential coalitions become the focal point of political alignment…
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Presentación de Javier Pérez en el 53rd North American Meeting
Toronto, Ontario, Canada
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This paper develops a political economy model that provides an explanation as for why ruling Elites in oligarquic societies may rely on income redistribution to the poor (the masses) in order to prevent them from attempting a revolution. We refer to this kind of redistribution as populist…
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Whilst emphasis has been given to short-term dependence of financial returns, long-term dependence remains overlooked. Despite financial literature provides evidence of long-term´s memory existence, serial-independence assumption prevails. This document´s long-term dependence assessment…
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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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