Villamizar-Villegas, Mauricio
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- Publicación |Se evidencia que los bancos con alta exposición a inversionistas pasivos muestran una mayor sensibilidad a factores globales y tienden a ajustar más sus balances cuando se acercan a límites regulatorios de exposición extranjera.
- Publicación |Macroeconomic environmentThe International Monetary Fund (IMF) and the World Bank estimate that the global economy grew by 3.2% in 2024, a rate similar to that observed in 2023 (3.3%). This occurred in a context of moderating inflation and declining monetary policy interest rates in most countries.…
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Con la historia de los Habitantes de la Isla de Yap, hacemos una analogía al patrón oro del siglo XIX. En ese entonces había un “banco de la moneda” que inventariaba y guardaba las monedas más pesadas. De la misma forma que el oro tenía una representación en billetes, las monedas de piedra…
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Los tres canales principales por los que se transmite la política monetaria, según la literatura económica, son: la tasa de interés, el crédito y el tipo de cambio; reconocemos que la importancia relativa y la efectividad de estos canales pueden variar según el contexto económico y las…
- Publicación |International macroeconomic environmentThe global economy would continue to grow in 2024 at a rate slightly higher than 3.0%, according to forecasts from the International Monetary Fund (3.2%) and the Organization for Economic Cooperation and Development (3.1%).This dynamic is lower than the pre-…
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International Macroeconomic Environment
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In compliance with Article 5, Act of Congress 31/1992, the Board of Directors of Banco de la República hereby submits to the Congress of the Republic of Colombia their Report to Congress on the macroeconomic results for the fi rst half of 2022 and the outlook for what remains of the year for its…
- Publicación |Introduction
Banco de la República is celebrating its 100th anniversary in 2023. This is a very significant anniversary and one that provides an opportunity to highlight the contribution the Bank has made to the country’s development. Its track record as guarantor of monetary stability has…
- Publicación |International Macroeconomic EnvironmentIMF measurements indicate that global gross domestic product (GDP) growth was reduced from 3.5% in 2022 to 3.1% in 2023, and according to World Bank estimates, from 3.3% to 3.0%.
- 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 compliance with Act of Congress 31/1992, Article 5, the Board of Directors of Banco de la República hereby submits to the Congress of the Republic of Colombia a detailed report on the measures that Banco de la República has taken in the emergency situation generated by Covid-19 and presents…
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In compliance with Act of Congress 31/1992, Article 5, the Board of Directors of Banco de la República hereby submits to the honorable Congress of the Republic of Colombia a detailed report on the measures that Banco de la República has taken in the emergency situation generated by Covid-19 and…
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- Publicación |Approach
Since the introduction of exchange rate flexibility and the inflation targeting regime in 1999, Banco de la República (BR), Colombia's monetary and exchange rate authority, has intervened assiduously in the foreign exchange market, except in the last five years.
- Publicación |ABSTRACT
Two FX policy issues are discussed based on the recent Colombian experience. First, the increased participation of foreign investors in local bond markets since 2014 induced a reassessment of international reserve adequacy. We present the resulting LCR-type methodology to evaluate…
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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.
ABSTRACT
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Most of the literature on the effectiveness of foreign exchange intervention has yet to reach a general consensus. In part, this is due to the different estimation methods in which exogenous variation is identified. In this sense, the use of heavily-dependent parametric models can sometimes…
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Central banks in emerging countries frequently build-up (diminish) reserves while attempting to depreciate (appreciate) their domestic currencies. Even if these interventions are effective, they often entail various costs. Basu (2012), nonetheless, proposes a model in which the sole announcement…
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Typically, central banks use a variety of individual models (or a combination of models) when forecasting inflation rates. Most of these require excessive amounts of data, time, and computational power; all of which are scarce when monetary authorities meet to decide over policy interventions.…
