The implementation of the subnational fiscal rules in Colombia that occurred between 1997 and 2003 was aimed at the recovery of local governments’ fiscal sustainability put at risk with the increase in spending, debt and deficit, events related with the…
Rodríguez-Niño, Norberto
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- Publicación |This document examines the evolution and determinants of portfolio flows in the Colombian economy, which comprises investments on public debt bonds, shares, and private bonds. Structural changes along the last few years owed to either regulatory or market shocks are identified. The international…
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In the last two decades, the Banco de la República de Colombia has assiduously intervened in the foreign exchange market, except in the last 5 years. The objectives are to accumulate international reserves, reduce excess of exchange rate volatility and moderate deviations of the…
- Publicación |Abstract An analysis of the current account’s revenues of the balance of payments is undertaken. Those revenues comprise the exports of goods and services, the return from Colombian investments abroad, and current transfers that include workers remittances. It is found that Colombian foreign…
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Taxes on financial transactions have been especially controversial because of their potential effects on banking disintermediation. A modality of such taxes (Bank Debit Tax, BDT) was introduced in Colombia since the late nineties. Using monthly panel data from 1996 to 2014 for the major…
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Abrupt and sudden movements in the exchange rate are a cause for concern among monetary authorities, because they can jeopardize compliance with the inflation target as a result of higher import and other prices in the economy, and given their impact on inflation …
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The importance of the banking sector as a key player in interest rate passthrough has been recognized recently in literature concerning monetary policy transmission mechanisms. The interest rate channel, which operates when banks pass on changes in the monetary policy rate to interest rates for…
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