Bogotá, Colombia

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This paper looks at the effects of income from international migration on household behavior in the 

We use a yearly dataset of plant level investment in Colombian firms during the  period 1997 to 2007, to assess the impact of a tax incentive for firms that invest in fixed assets implemented in 2004. We find that there is a positive and statistically significant correlation between the…

Resumen:

We study the earnings gap against indigenous and afro-descendants, separately, and use the non-parametric decomposition approach proposed by Ñopo (2008) to understand the role of observable characteristics and historical legacies in explaining it. The earnings gap against indigenous workers is…

This paper considers an overlapping generations model in which capital investment is financed in a credit market with adverse selection. Lenders’ inability to commit ex-ante not to bailout ex-post, together with a wealthy position of entrepreneurs gives rise to the soft budget constraint…

This paper explores the theoretical linkages between poverty traps, economic inequality in a two sector overlapping generations model under perfect competition in which barriers to skilled educational attainment and delinquent incentives interact. We find that the existence of a poverty trap…

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Some authors have worked on the relationship between macroeconomic variables and the term structure of interest rates. In particular, theory says that the shape of the curve reveals valuable insights regarding the behavior of the macro variables such as inflation and growth expectations.…

In this paper, we empirically examine the effect of inflation targeting on the exchange rate pass-through to prices in emerging countries. We use a panel VAR that allows us to use the larger data set on twenty-seven emergingcountries (fifteen inflation targeters and twelve inflation nontargeters…

This paper studies the provision of deposit insurance without commitment. We ask whether a government has an ex post incentive to provide deposit insurance in the face of a bank-run. We find that deposit insurance will not be provided if it requires a (socially) undesirable redistribution of…

We estimate a dynamic model of mortgage default for a cohort of Colombian debtors between 1997 and 2004. We use the estimated model to study the effects on default of a class of policies that affected the evolution of mortgage balances in Colombia during the 1990's. We propose a framework for…

It is known that the Colombian economy as well as the most of the Latin American economies experienced a period of relative economic stability until the end of seventies. However, since the early eighties, a common fact in these economies but Colombia, was a debt repudiation process, economic…

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Since 1994 Banco de la República has been successfully running an External Management Program. The main objectives of the program are to: a) enhance the performance of Colombia’s Foreign Reserves Investment Portfolio; b) provide training and transfer knowledge to the Bank’s staff; and c) support…