Servicios
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How far is the US social insurance system from an e±cient system? We answer this question within a model where agents receive idiosyncratic, labor-productivity shocks that are privately observed. When social security and income taxation comprise the social insurance system, the maximum possible e±…
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This document provides an update on the main risks faced by the local financial system. It assesses the quarterly evolution of vulnerabilities identified in the Financial Stability Report for the first half of 2024: i) sudden changes in global financial conditions; ii) materialization of credit…
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During her visit to Colombia, Queen Maxima of the Netherlands, in her capacity as United Nations Secretary-General's Special Advocate for Inclusive Finance for Development (UNSGSA), held a meeting with Mr. Leonardo Villar, Governor of Banco de la República and its technical teams, to discuss the…
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1. Questions related to coin exchangeWhere can the public acquire the Guarniel / “Carriel Antioqueño” commemorative coin?The commemorative coin will be available to the public as of Friday, 15 November 2024, and may be purchased at the twenty-nine (29) branches of Banco de la República (the Central…
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1. What are foreign reserves and what are their current levels?
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1. Questions related to the coin exchangeWhere can the public purchase the commemorative coin of the 100th anniversary of Banco de la República?The commemorative coin will be available to the public as of Monday, 27 November 2023 and may be purchased at the twenty-nine (29) Banco de la República’s…
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Questions related to the coin exchange
Where can the public purchase the commemorative coin of the Battle of Lake Maracaibo and the Declaration of 24 July as the Colombian Navy Day?
The commemorative coin of the Battle of Lake Maracaibo and the Declaration of 24 July as the Colombian Navy Day…
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On February 14, 1903, R. G. Fay, a gunpowder expert from the United States sailed for Cartagena, Colombia aboard the Allegheny, a steamer that belonged to Hamburg Amerika Linie. Fay described the ship as a "fruit boat". All along his trip to South America and back, he wrote a journal. He also took…
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R&D intensity for small firms is high and persistent over time. At the same time, small firms are often financially constrained. This paper proposes a theoretical model that explains the coexistence of these two stylized facts. It is shown that self-financed R&D investment can distort the…
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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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Economic recovery has consistently outperformed the technical staff’s expectations following a steep decline in activity in the second quarter of 2020. At the same time, total and core inflation rates have fallen and remain at low levels, suggesting that a significant element of the reactivation of…
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With the Payment Systems Report, every year, the Central Bank of Colombia provides a thorough overview of the local financial market infrastructure.
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Bogotá
(Bogotá D.C., Cundinamarca)
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Abstract
Behavioral Equilibrium Exchange Rate (BEER) models suggest many variables as potential drivers of equilibrium real exchange rates (ERER). This gives rise to model uncertainty issues, as ERER depends and varies, often drastically, on a particular set of chosen variables. We address this…
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Por Ricardo Ffrench-Davis y Leonardo Villar”, en Ricardo Ffrench Davis (ed.), Seeking Growth under Financial Volatility, Palgrave-Macmillan, New York, 2006.
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In 1995, when contagion from the tequila crisis was spreading in Latin America, both Chile and Colombia were exempt from contagion and presented high rates of economic growth. Several analysts attribute this positive performance to the fact that both had undertaken prudential measures to avoid…
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CPI Monthly Percentage Change, Real Value Unit
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At the end of the last decade, the real activity in Colombia underwent the sharpest recession of the last fifty years. We postulate a non-triangular structural VAR model (Amisano and Giannini, 1997) to describe the dynamics of output, prices, unemployment and wages during the last two decades. The…
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