Portfolio flows are an important source of funding for both private and public agents in emerging market economies. In this paper, we study the influence of changes in domestic and US monetary policy rates on portfolio inflows in an emerging market economy and discriminate among fixed…
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Assessing the dynamics of risk premium measures and its relationship with macroeconomic fundamentals is important for both macroeconomic policymakers and market practitioners. This paper analyzes the main determinants of CDS in Latin-America at different tenures, focusing on their…
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This paper reviews the studies on corruption in Colombia, the main definitions,some stylized factsand their typeof measurements. Likewise, it presents the series of the main corruption measures available in the countrybased on data from entities such as the Contraloría General de la…
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The covid-19 pandemic distorted the pattern of household consumption. Consequently, the official fixed basket CPI could be measuring inaccurately the evolution of inflation. The exercise presented in this document, was to update the weighting structure of the basket with alternative…
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This paper analyzes empirically the relationship between monetary policy interventions and the net interest margin of Colombian credit institutions for the 2003 - 2019 period.
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This paper aims to provide evidence on the relationship between fiscal and monetarypolicy in Colombia through an empirical exploration of the credit risk channel. Underthis approach, fiscal policy plays an important explanatory role in the sovereign riskpremium, which, in turn, could…
- Publicación |Abstract An event study is used to assess whether there are significant impacts on the Colombian abnormal returns of the stock market from the takeover bids (OPAs) made on the companies Nutresa and Sura. Defining the event as January 17, 2022, which is related to the award of the first OPAs and…
- Publicación |AbstractThe consequences of the most generalized lockdowns in the recent history promptly brought the deepest falls in consumption, production and employment, and the consequent increase in poverty. So far, almost all literature has focused on the effects of the lockdowns in the private sector…
- 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…
- 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…
- Publicación |AbstractThis document analyses recent developments in digital credit and payments platforms in Colombia. It explores digital financial services characteristics, and the potential risks faced by users, providers, and the central bank. We compiled information obtained by simulated products requests…
- Publicación |AbstractMore than 60 countries in the world have already implemented instant payment systems (IPS). However, in many cases they have been operational mainly for person-to-person transactions. This study looks at the challenges IPS may face in developing economies like Colombia as they advance…
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This article studies the effect of gender identity social norms on relative income and time use in Colombia’s households. I find a discontinuity in women’s relative income distribution, precisely in the point when they exceed men’s income. This phenomenon has been observed in other…
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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 |Abstract Given the importance of climate change and the increase of its severity under extreme weather events, we analyze the main drivers of high food prices in Colombia between 1985 and 2020 focusing on extreme weather shocks like a strong El Niño.We estimate a non-stationary extreme value…
- 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…
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This work analyzes the evolution of economic and social indicators of the department of Sucre, to highlight the most important changes, advances, and challenges after 50 years of existence. The economic structure of the department shows substantial changes. Although the primary sector…
- 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…
