Presentación realizada durante el seminario de la revista Ensayos sobre Política Económica (ESPE) "Crecimiento desbalanceado, transformaciones estructurales y difusión tecnológica" del Banco de la República en el Auditorio del…
Journal Essays on Economic Policy (ESPE)
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Presented during the Seminar "Crecimiento desbalanceado, transformaciones estructurales y difusión tecnológica" of ESPE Jorunal.
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In this paper, we study the empirical relationship between credit funding sources and the financial vulnerability of the Colombian banking system. We propose a statistical model to measure and predict banking fragility episodes associated with credit funding sources classified into retail…
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Using a stylized model in which output is measured with error, we derive the optimal policy response to the demand shock signal and to changes in the measurement error volatility from two different perspectives: the minimization of the expected loss (from which we derive the ‘standard’ policy)…
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Presentation titled "How does macroprudential regulation change bank credit supply?", delivered during the Seminar of the EEP Journal (Essays on Economic Policy), organized by Banco de la República at the Events Center of Biblioteca Luis Ángel Arango in Bogotá, Colombia.
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We set a dynamic stochastic model for the interbank daily market for funds in Colombia. The framework features exogenous reserve requirements and requirement period, competitive trading among heterogeneous commercial banks, daily open market operations held by the Central Bank (auctions and…
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Essays on Economic Policy (ESPE in Spanish) - The Balassa-Samuelson Hypothesis and Elderly Migration
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The recent financial crisis has renewed the interest of economists, both at the theoretical and empirical level, in developing a better understanding of credit and its mechanisms. A rapidly growing strand of the literature views banks as facing funding restrictions that…
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This paper provides evidence of positive externalities in human capital that help to explain divergences in development worldwide. We estimate the supply and demand for human capital using a five-year panel involving 60 countries, covering the period 1980-2000, and found that there exists…
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This paper looks at the question of central bank mandate and design in a larger historical context with the goal of understanding the rationale for the design of the European Central Bank (ECB), and also of developing a better understanding of how central banks will evolve over the next few…
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Canadian financial institutions played an important role in the development of financial markets within Colombia’s urban centers. Specifically, insurance companies such as Manufacturers Life Insurance Company and Life Assurance Company of Canada were crucial in the expansion of the insurance…
