Servicios
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Nuestros resultados muestran que los controles de capital reducen las entradas de deuda en moneda extranjera y que la reducción es relativamente más fuerte para las empresas con mayor endeudamiento en moneda extranjera ex ante.
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This paper analyzes efficiency in an economy with an informal sector that consists of unregulated self-employment, and where there are no costs of being informal, (Albrecht et al. (2009)). First, assuming workers in the formal sector are ex-ante heterogeneous, I show that this type of economy is…
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Documento presentado en la HSBC Annual Emerging Markets Conference 2012
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Las opiniones contenidas en este documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.
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Abstract
This study analyzes the expected effects of climate change on Colombia’s current account. To this end, we present a literature review that outlines how climate-related risks could impact the balance of payments, complemented with an analysis that illustrates how the 2014-2015 oil shock…
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Presentation at the IEA. World Congress: International Economic Association 2017.
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We present an investment process that: (i) decomposes securities into risk factors; (ii) allows for the construction of portfolios of assets that would selectively expose the manager to desired risk factors; (iii) perform a risk allocation between these portfolios, allowing for tracking error…
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This After 1991 Colombia witnessed a sharp fall in the national savings rate (see figure 1.1), and in particular that of the private sector. Two hypotheses have been advanced for explaining this behavior. The first one stresses consumption smoothing within the Perrnanent Income Hypothesis framework…
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Our current implementation of the Fan Chart follows the original Britton Fisher and Whitley [2] and Blix and Sellin [1] proposal in which the inputs enter at the fourth and ninth quarters and are distributed within the forecasting horizon according to pre established weights. This procedure does…
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Del 9 al 13 de septiembre de 2024 se elegirá el mejor video de cada categoría. Visite nuestra cuenta en Instagram y vote por el mejor video de “BanRep desde el Lente”.Visite nuestra cuenta en Instagram y vote por el mejor video para cada categoría hasta el viernes 13 de septiembre de 2024 hasta las…
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The opinions expressed in this document are those of the authors and do not necessarily reflect the views of Banco de la República or its Board of Directors.
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Abstract
In this paper, we analyze the tail-dependence structure of credit default swaps (CDS) and the global financial cycle for a group of eleven emerging markets. Using a Copula-CoVaR model, we provide evidence that there is a significant taildependence between variables related with the…
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AbstractAssessing the effects of U.S. monetary policies on portfolio flows is important for policymakers as they could pose risks to the effectiveness of domestic monetary policy. This paper analyzes the effects of the Global Financial Cycle (GFC) and Federal Reserve (Fed) unconventional monetary…
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What is it?
The Global Money Week (GMW) is a global celebration that promotes efforts to improve the financial education of children and young people around the world. The goal is to ensure that this target audience has access to high-quality economic and financial education while learning about…
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The opening event, led by the Office of the Financial Superintendent of Colombia with the participation of seven public and private entities, was held at the branch office of Banco de la República (the Central Bank of Colombia) in Buenaventura, in the department of Valle del Cauca.Buenaventura (…
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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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1. Economic growth
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1. INFLATION
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The Governor of the Banco de la República, Juan José Echavarría, participated in the XXXVIII meeting of the South American Central Banks Governors held on November 20 and which, on this occasion, was organized by the Central Reserve Bank of Peru. This meeting is held yearly and constitutes an…
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In the framework of the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB) in Washington DC, the Governor of Banco de la República, Juan José Echavarría, held a bilateral meeting with the new Managing Director and Chairwoman of the IMF, Kristalina Georgieva.
In the…
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This paper analyzes the role of the Great Depression and protectionism in the Colombian industrialization of the early 1930s as well as the role of other determinants in the rapid industrialization that took place during the period 1934-1953. We conclude that the market pushed industrialization by…
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Abstract
We provide evidence of the negative effect of the minimum wage on labor market flows, such as job creation, job destruction, hiring, and separations in Colombia. Depicting firms' minimum wage (MW) compliance cost, we find evidence of an adverse effect of increases on MW compliance cost on…
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Abstract
We study the labor market effects of the Venezuelan migration shock on female labor market outcomes in Colombia using a Bartik-instrument approach.For our identification strategy we leverage regional variation from pull factors and time variation from push factors. Our findings show that…
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The Executive Board of the International Monetary Fund (IMF) approved a new Flexible Credit Line for Colombia for about US $ 11,400 million with a two-year term.
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The Executive Board of the International Monetary Fund (IMF) concluded on 26 April 2023, its midterm review of Colombia's qualification for the arrangement under the Flexible Credit Line (FCL) and reaffirmed Colombia’s continued qualification to access FCL resources.The IMF’s press release…
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