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According to Large (2005)2 , there are at least three things central banks must do to encourage financial stability. They first must assess the threats to the financial system. Secondly, they must monitor stability of the payment system and take actions to reduce any risk on this front. Finally, as…

The assessment of inflationary pressures in Colombia has faced two important challenges in the present decade. The first one occurred in 2006 and consisted of detecting an overheating economy in the midst of fast growing investment and increasing measured productivity. The second challenge took…

International reserves are very important for emerging economies, as they allow to buffer possible liquidity vulnerabilities within a countries' balance of payments. Consequently, the issue of how many reserves should each country hold is a relevant issue for economic policy. The literature has…

In 2013 Colombia implemented a tax reform which, among other things, reduced payroll taxes by a total of 13.5 percentage points of wages. In this paper we evaluate the effects of this component of the 2012 Colombian tax reform on firms’ formal employment and average wages. We construct a panel of…

We use data of neighborhoods of Bogotá to assess the causal relation between their adolescent fertility and their homicide rates. We find that neighborhoods with high adolescent fertility rates, and that have low secondary enrollment and high crime rates at the moment the children of their teen…

The focus of this paper is on the short-term macroeconomic effects of fiscal policy in Colombia in a structural vector autoregression context. Government spending shocks are found to have positive and significant effects on output, private consumption, employment, prices and short-term interest…

In this paper we expanded the closed economy model by Bernanke and Gertler (1999) in order to account for the macroeconomic effects of an asset price bubble in the context of a small open economy model. During the nineties emerging market economies opened their financial accounts to foreign…

In this paper we expanded the closed economy model by Bernanke and Gertler (1999) in order to account for the macroeconomic effects of an asset price bubble in the context of a small open economy model. During the nineties emerging market economies opened their financial accounts to foreign…

This paper attempts to explain the decrease and reversal of the education gap between males and females. Given a continuum of agents, the education decisions are modelled as an assignment game with endogenous types. In the first stage agents choose their education level and in the second they…

  The opinions contained in this document are the sole responsibility of the authors and do not commit Banco de la República or its Board of Directors.  

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. 

  The opinions contained in this document are the sole responsibility of the authors and do not commit Banco de la Republica or its Board of Directors.    

1.      A marginal reserve ratio was imposed on each type of local currency liability in amounts that exceed the level registered on May 7. The following percentages apply:

El Banco de la República invita a estudiantes de últimos semestres de diversas carreras profesionales a inscribirse en la convocatoria de práctica universitaria para el segundo semestre de 2022. Las personas interesadas deben diligenciar el siguiente formulario hasta el 17 de marzo de 2022:

See additional information in  "The Board of Directors of Banco de la República notifies updates to some of its calendar of monthly meetings and monetary policy announcements"

See additional information in  "The Board of Directors of Banco de la República notifies updates to some of its calendar of monthly meetings and monetary policy announcements"

Banco de la República opens its new Cultural Center in Manizales, with spaces for everyone’s delight: the library, an exhibition hall, an auditorium, a creative room, the children's room, and a bookstore. It is a place to listen to music, visit art exhibits, experiment with technology, research,…

After several attempts, in June of 1880, the Government created the Banco Nacional to act as its banker and to promote public credit.

The Balance of Payments of Colombia registers all real and financial transactions with other world economies. It has two major accounts: current and financial accounts. The current account registers Colombia’s exports and imports of goods and services, primary income and current transfers (…

The Balance of Payments of Colombia registers all real and financial transactions with other world economies. It has two major accounts: current and financial accounts. The current account registers Colombia’s exports and imports of goods and services, primary income and current transfers (…

  The opinions contained in this document are the sole responsibility of the authors and do not commit Banco de la República or its Board of Directors.