Abstract
We investigate the impact of fiscal expansions on firm investment by exploiting firms that have multiple banking relationships. Further, we conduct a localized RDD approach and compare the lending behavior of banks that barely met and missed the criteria of being a…
Publications
Below are the contents available on the site related to the query.
- Publicación |
- Publicación |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…
- Noticias |
After being stagnant for the first half of the year, employment grew again in July and August. This upturn in employment has been particularly marked in the intermediate municipalities and rural areas. Going by segments of national employment, non-wage employment—which had slowed down in…
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This paper describes the recent behavior of some indicators of the Colombian educational system considering the effect of the pandemic. In addition, the impact of a pilot alternation plan, executed between September and December 2020, on the results of the Saber 11…
- Publicación |Abstract
Since July 2021, Banco de la República strengthened its forecasting process and communication instruments, by involving predictive densities in the projections of its models, PATACON and 4GM. This paper presents the main theoretical and empirical elements of the predictive density…
- Publicación |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:…
- Publicación |Abstract
Fiscal sustainability in five of the largest Latin American economies is examined before and after the COVID-19 pandemic. For this purpose, the DSGE model in Bi (2012) and Hürtgen (2020) is used to estimate the Fiscal Limits and Fiscal Spaces for Peru, Chile, Mexico…
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This paper assesses whether the expansion of online job vacancies leads to a more efficient labor market. We provide compelling evidence that the increase in online job vacancy penetration in Colombia has had an enhancing effect on the labor market's…
- Publicación |AbstractWe analyze the effects of population aging in the next decades on the Colombian pension system and on several macroeconomic variables. We also consider the impact of several reforms that are gradually implemented in the economy (increasing the retirement age, reducing the replacement rate,…
- Publicación |Abstract This document offers an exercise that quantifies on the Colombia CPI the maximum possible impact in accounting terms of some price reliefs decreed by the national government. This impact would not necessarily coincide with the official CPI figures, due to the presence of multiple…
- Publicación |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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During the last two decades, the use of fiscal rules has increased significantly around the world. Although international evidence has highlighted some benefits from its implementation, the experiences of Latin America in the mplementation and the results have been…
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Conditional Cash transfer (CCT) programs have been shown to have positive effects on a variety of outcomes including education, consumption and health visits, amongst others. We estimate the long-run impacts of the urban version of Familias en Acción, the Colombian CCT program on crime,…
- Publicación |Abstract
Rural schools are usually behind in terms of learning, and part of this could be related to geographical isolation. We explore this hypothesis, assessing the effect of distance between rural schools and local governments on learning in Colombia. We use spatial discontinuous regression…
- Publicación |Abstract
Economic policy decision-making requires constantly assessing the state of economic activity. However, this is not an easy task: offcial figures have significant lags, and the timely information is usually partial and has different frequencies.
- Publicación |Abstract This document describes the evolution of the liquidity conditions of the Colombian public debt market, using a set of tools that capture several liquidity characteristics or dimensions. An indicator is proposed, which combines all these tools incorporating a broad set of information…
- Publicación |Abstract In this article, we study the impact of exchange rate depreciation and volatility on the sovereignyield curve during the 2008 - 2020 timeframe. We do this by estimating univariate and multivariatetime series models and a threshold vector autoregressive model.
- Publicación |Abstract
This paper studies the impact of extreme weather events on the local tax revenue across Colombian municipalities. We follow a two-step approach to evaluate to what extent a municipality’s tax revenue depends on natural disasters taking place both locally and in its trade…
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Financial inclusion is the process of integrating financial services into the daily economic activities of the population, which can contribute to economic growth to the extent that it reduces financing and transaction costs and offers secure and efficient management of resources, both for…
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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 as repo, simultaneous, temporary transfer of securities (TTV in Spanish),…
