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To date, there is still great controversy as to which exchange rate model should be used or which monetary channel should be considered, when measuring the effects of monetary policy. Since most of the literature relies on structural models to address identification problems, the validity of…
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The adoption of a managed regime assumes that interventions are relatively successful. However, while some authors consider that foreign exchange interventions are ineffective, arguing that domestic and foreign assets are close substitutes, others advocate their use and maintain that their effects…
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AbstractExtreme rainfall events are expected to become more frequent and more intense in the future. Because their mitigation is a challenge and their cost to human life is large, this paper studies the impact of preemptive investment against natural disasters on the future occurrence of landslides…
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The Impact of Transportation Infrastructure on the Colombian Economy 1905-1990: An Historical and Econometric Approach. The Impact of Transportation Infrastructure on the Colombian Economy 1905-1990: An Historical and Econometric Approach
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The new Foreign Exchange Information System is to be gradually implemented in three stages. The first one, scheduled to begin in September 2021, will include innovations in the procedure to record investment transactions and operations without currency movements.
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Abstract
Numerous studies exist about exports at the firm level in Colombia, but only a few exist about the market for imports and the importing firms. This study seeks to fill that gap by looking at the dynamics of imports, the market for imports and the role of importing firms in Colombia…
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Using data from Medellín, second largest city in Colombia, we asses in this paper how a set of neighborhood characteristics determines wages and labor supply for workers in the city. We use GIS data to construct measures of the quality of environments where workers live. This paper focuses in the…
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We present a stochastic frontier model with random inefficiency parameters which is able to capture the influence of risk-taking on bank efficiency and that distingues those effects among banks with different characteristics. Cost and profit efficiency are found to be over- and underestimated when…
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The Institutional Repository was created to collect, preserve, and disseminate Banco de la República's documentary production on academic, economic, and regional issues, among others, with the purpose of making this information accessible to researchers and professionals, as well as to the general…
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We study the interdependence between real commodity prices and world real GDP using long-term annual data since 1870, by performing two empirical exercises. First, we compute long-term and medium-term cycles and measure their degree of synchronization for different leads and lags. Second, we…
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In this document we estimate credit and GDP cycles for three Latin-American economies and study their relation in the time and frequency domains. Cycles are estimated in order to analyze their medium and short-term frequencies. We find that short-term cycles are usually more volatile than medium-…
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Abstract
We study the interdependence of FX and Treasury Bonds (TES) markets in Colombia. To do this, we estimate a heteroskedasticity identified VAR model on the returns of the COP/USD exchange rate (TRM) and bond prices, as well as event-analysis models for return volatilities, number of…
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The objective of this paper is to analyze how international cycles affect the real GDP cycle and so monetary policy decisions in Colombia. We estimate that cycles in world GDP, export prices and capital inflows are strongly associated with the Colombian business cycle both on impact and even during…
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On April 29, 2022, the Executive Board of the International Monetary Fund (IMF) approved a successor two-year arrangement under the Flexible Credit Line (FCL) for 7,155.7 million Special Drawing Rights (SDR) (i.e., 350% of the country’s quota at the Fund), equivalent to about USD $9.8 billion.
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On March 25, the Executive Board of the International Monetary Fund (IMF) met to finalize the Article IV annual consultation with Colombia and published the staff report discussed at that meeting, as well as a press release illustrating the discussion held at the IMF board and the statement made by…
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The IMF highlights the proper management by the Colombian authorities, which allowed to consolidate the economic adjustment and continue advancing on inclusive growth during 2017.
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We study the effect of shocks to the United States government bonds term premium on Latin American government bonds term premia. For doing so, we compute dynamic multipliers. Our main findings indicate that Latin American countries’ term premia respond permanently to changes in United States term…
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Abstract
How does the expansion of domestic banks in international markets affect the bank lending channel of monetary policy? Using bank-firm loan-level data, we find that loan growth and loan rates from international banks respond less to monetary policy changes than domestic banks and that…
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In March of 1923, President Pedro Nel Ospina commissioned a group of experts, headed by Prof. Edwin Walter Kemmerer. This commission later became known as the Kemmerer Commission.
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Abstract
In 2014, Colombia implemented a policy that added flexibilization to labor contracts for part-time workers that reduced the quasi-fixed costs of employing formal workers. We find that the reform increased the probability of entering the formal sector within the targeted population: low-…
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We provide an overview of the primary structural features of the labor market in Colombia and survey the margins of adjustment of the market during the pandemic. Given the decline of real wages amid the post-pandemic inflationary surge, mainly due to the formal wage rigidity in the short…
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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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Abstract
This paper studies the impact of the Covid-19 pandemic on corporate credit in Colombia. We first exploit the geographic and temporal variation in the disease spread to estimate the effect of local exposure to the virus on credit. Our estimates indicate that neither local exposure to the…
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Macroprudential policy in Colombia is described along with a discussion of the main challenges faced by the authorities in implementing it and a review of episodes in which macroprudential measures were taken. An overview and some estimates of their effectiveness in preventing the buildup of…
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