The Board of Directors of Banco de la República, in accordance with the provisions of article 5° of Act [“Law”] 31/1992, submits to the Congress of the Republic of Colombia a Report on the macroeconomic performance of years 2014 and 2015 to date. Similarly, targets adopted for the current year…
Bogotá, Colombia
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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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Essays on Economic Policy (ESPE in Spanish) - The Balassa-Samuelson Hypothesis and Elderly Migration
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Global economy continued to recover in the fourth quarter of 2013, thanks to the added momentum in the developed economies, especially the United States. In the euro area, the economic indicators pointed to low, but positive economic growth. Growth in the major emerging countries of Asia and…
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In 2011, the international economic environment was characterized by a high degree of uncertainty brought about by the problems of public or private debt in many of the industrialized countries. The financial conditions in the euro zone deteriorated significantly in the last quarter of the year…
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Despite various payment innovations, today, cash is still heavily used to pay for low-value purchases. This paper develops a simulation model to test whether standard implications of the theory on cash management and payment choices can explain the use of payment instruments by transaction size…
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Under the view that the market is a weighted and directed network (Barabási, 2003), this document is a first attempt to model the Colombian money market within a spatial econometrics framework. By estimating two standard spatial econometric models, we study the cost of collateralized borrowing (…
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