Publications
Below are the contents available on the site related to the query.
- Publicación |AbstractDuring 1997-2003, after the strengthening of decentralization, a set of subnational fiscal rules were implemented and in the years 2011 and 2021 national fiscal rules were established in Colombia. This document evaluates compliance with these rules at the different levels of government in…
- Noticias |Bogotá
(Bogotá D.C., Cundinamarca)
- Publicación |Abstract Do oral FX interventions (i.e. announcements made by central bank officials and economic authorities) influence the exchange rate behavior in emerging economies? Following an event study approach, we evaluate whether this type of interventions in the Colombian FX market have an…
- Noticias |
At the end of 2021, the labor market showed signs of a sluggish recovery, at a notably slower pace than economic activity. With seasonally adjusted figures from the household survey, job creation in the national aggregate saw a pause in October and November, due largely to a downturn in…
- Publicación |Abstract
We combine two modifications to the standard (current and total income) collateral constraint that has been commonly used in models that analyze financial crisis interventions. Specifically, we consider an alternative constraint stated in terms of future and disposable income. We find…
- Publicación |Abstract Although a sizable number of studies have been exploring the migration development nexus in international settings, there is still a reduced number on internal contexts in recent years. This research aims to estimate the causal effect of origin economic conditions on internal…
- Publicación |
The purpose of this report is to measure the volatility transmission among the stock and the public and private debt markets to identify whether a market was a generator or receiver of volatility at a given point in time. Subsequently, the three markets’ overnight value-at-risk (VaR) is…
- Publicación |
This report analyzes the main financial indicators for Central America, Panama, the Dominican Republic, and some South American countries, along with Mexico. The report assesses the behavior of the gross portfolio, risk management, efficiency, ex-post net interest margin, and ROA between June…
- Publicación |
This special report analyzes the combined dynamics of the real estate market in Colombia and its credit portfolio to identify potential sources of risk that could affect economic and financial stability. In particular, the behavior of variables associated with the price of real estate, its…
- Publicación |
This report analyzes the level of concentration in the credit and deposit markets, given the importance of this aspect in credit and liquidity risks. Likewise, it presents an additional analysis to determine the degree of competition among financial intermediaries in the credit market.
- Publicación |
This report analyzes the credit risk exposure and performance of credit institutions as of September 2021. After nearly two years of the health emergency, in which a high materialization of credit risk and reductions in the profitability of establishments were recorded, the Financial Stability…
- Publicación |Abstract This paper presents a new real exchange rate index that includes weights accounting for both direct trade links and third-market competition effects. We use trade data at 3 digit Standard International Trade Classification (SITC) level for a set of 39 countries annually updated. We…
- Publicación |Abstract We investigate the effect of domestic armed violence brought about by political instability on the geography of distance frictions in freight mobility and the resulting differential access of regions to global markets. The Colombian transportation system has been found to be impeded by…
- Publicación |
A relevant part of the liquidity management of financial institutions in Colombia is made through transactions in the money market, both collateralized and uncollateralized. The collateralized market includes transactions such as repo, simultaneous, temporary transfer of securities (TTV in…
- Publicación |AbstractIn this paper, a global production frontier is estimated using stochastic frontier models to assess the contribution of transport infrastructure to countries’ performance. We find that the role of infrastructure is underestimated under the exogeneity assumption indicating that handling…
- Publicación |AbstractThe objectives of this paper are to analyze for Colombia if there is a relationship between the public saving-investment imbalance and the external imbalance with annual data from 1970 to 2019 and, if there is one, evaluate what causes what and estimate the impact of a…
- Publicación |Abstract
The objective of this paper is to study the evolution of liquidity in the spot foreign exchange market in Colombia and its main determinants from 2006 and 2020. First, we analyze different dimensions of liquidity such as transaction costs and resilience. We achieve…
- Publicación |Abstract Modern macroeconomics focuses on the identification of the primitive exogenous forces generating business cycles. This is at odds with macroeconomic forecasts collected through surveys, which are about endogenous variables. To address this divorce, our paper uses a…
- Noticias |Bogotá
(Bogotá D.C., Cundinamarca)
- Publicación |AbstractI propose a general equilibrium model with a quasi-hyperbolic discounting government that optimally decides upon using creative accounting in order to evaluate a balanced budget rule and a debt rule.
