Servicios
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Abstract
Banks in emerging market economies rely on cross-border interbank lending to financing firms in the real sector. By matching cross-border bank-to-bank loan level data with domestic bank-to-firm loan level data, and firm-level data, this paper shows that sudden yield reversal observed…
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Below is the description provided by the technical staff of the Central Bank on macroeconomic conditions, their projections, and risks for the meeting of the Board of Directors on 21 June 2019.
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This piece was part of a research on the colombian inflationary experience published as: The Rise and Perpetuation of a Moderate Inflation, Colombia 1970-1991. It collects together the summaries of the response of Colombian policy-makers to the shocks identified in that paper. Since 1963 the…
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This Appendix provides a more detailed discussion of the technical results, including proofs of theorems reported in the main paper. For ease of reference notation and definitions are repeated from the main paper.
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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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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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As a result of the most recent global financial crisis literature has embraced size, connectedness and substitutability as key indicators for financial institutions’ systemic importance. Despite the intuitiveness of these concepts, identifying systemic important institutions remain a non-trivial…
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The paper presents a global model for analysis and projections. The model features a handful of elements that make it suitable for analyzing three broad sets of topics; first, systemic risk and its transmission to country risk premiums; second, the transmission from country risk premiums to demand-…
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Abstract
An event study is used to assess whether there are significant impacts on the Colombian abnormal returns of the stock market from the takeover bids (OPAs) made on the companies Nutresa and Sura. Defining the event as January 17, 2022, which is related to the award of the first OPAs and…
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This document aims to evaluate the impact of tax incentives granted to companies on regional development by studying the Páez Law in Colombia. This law was promulgated to attract firms to the region affected by the earthquake and the avalanche of the Páez River in 1994. This is a particularly…
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TAX EXPORTING: AN ANALYSIS USING A MULTIREGIONAL CGE MODEL Tax Exporting: An Analysis Using a Multiregional CGE Model Ana María Iregui * Estudios Económicos Banco de la República
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Abstract
Developing countries have a vast informal sector generally associated with low productivity levels. The response of informal employment to tax policies might depend on labor market rigidities. This paper proposes a theoretical framework consisting of a search and…
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We use occupations descriptions for Brazil, Colombia and Mexico, to build computer-use related tasks intensities, and link then to series of cross sections of data of each country in order to empirically assess to what extent the observed empirical regularities, and the reallocation of workers…
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This technical document presents Banco de la República’s analysis of the relevance and risks of issuing a Central Bank Digital Currency (CBDC) in Colombia.
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This paper assesses the efficiency of crop and livestock production in Colombia by using a sample of 1,565 households. The study considers households located in different production systems which differ in geography, climate and soil types. These conditions affect technical efficiency and thus…
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Since: 2003 | Until: 2016 | Periodicity: Semesterly
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Structural time series models, frequency domain analysis, the HP-filter, and the Blanchard-Quah decomposition, are used to observe, some peculiarities of the business cycle. Such properties are those related to the volatility of the temporary component and the duration of the business cycle during…
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In response to a request from the Ministry of Finance and Public Credit, on 2 October 2018, Banco de la República (the Central Bank of Colombia, hereinafter BR) sold part of its monetary portfolio to that entity, amounting $5,054.3 thousands of millions pesos. This operation allows the Government…
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General equilibrium theory was criticized for its apparent irrefutability, as seemingly implied by the Sonnenschein-Mantel-Debreu theorem. This view was challenged by Brown and Matzkin (1996), who showed the existence of testable restrictions on the equilibrium manifold. Brown and Matzkin,…
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There is now an impetus to apply dynamic stochastic general equilibrium models to forecasting. But these models typically rely on purpose-built data, for example on tradable and nontradable sector outputs. How then do we know that the model will forecast well, in advance? We develop an early…
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In the context of financial crises influenced by the development and burst of housing price bubbles, the detection of exuberant behaviors in the financial market and the implementation of early warning diagnosis tests are of vital importance. This paper applies the new method developed by Phillips…
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A new methodology for testing and dating economic bubbles based on a sign test with recursive median adjustment is presented. The methodology, originally proposed by Soo and Shin (2001) to detect random walks, is well-suited, theoretically, to deal with the many features of high-frequency financial…
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We apply a pair-wise approach to test the law of one price for deposit (lending) rates in Colombia. We find that when banks are of different size deposit rates adjust quickly, suggesting a competitive environment. By contrast, lending rates adjust rapidly when banks are of similar size, supporting…
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This paper examines the role of exchange rates in determining the short-and-long-run trade balance behavior for Colombia. Conventional wisdom says that a nominal devaluation improves the trade balance. This conjecture is rooted in the Bickerdike- Robinson-Metzler (BRM) and Marshall-Lerner (ML)…
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