We investigate the effects of a change in the regulation of the spot market for electricity in Colombia that took place in 2009. Specifically, the regulation switched from an auction mechanism with simple bids to one with complex bids to allow generators to separately bid on variable…
Working Papers on Economics
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Banks in emerging market economies rely on cross-border interbank lending to financing firms in the real sector. By matching cross-border bank-to-bank loan level data with domestic bank-to-firm loan level data, and firm-level data, this paper shows that sudden yield reversal observed…
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This paper assesses whether the Covid-19 pandemic accelerated automation in developing countries. We studied the case of Colombia, a country with low R&D and productivity and with high labor informality and unemployment. We estimated event-study models to assess the differential…
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Numerous studies exist about exports at the firm level in Colombia, but only a few exist about the market for imports and the importing firms. This study seeks to fill that gap by looking at the dynamics of imports, the market for imports and the role of importing firms in Colombia…
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One of the lessons we learned from the 2008 financial crisis was the importance of monitoring the systemic risk in the stability of financial systems. In this regard, lines of research have been developed with the aim to provide reliable and timely metrics on this risk, taking as much…
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The concept of centrality has been widely used to monitor systems with a network structure because it allows identifying their most influential participants.This monitoring task can be difficult if the number of system participants is considerably large or if the wide variety of…
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This paper studies the impact of the Covid-19 pandemic on corporate credit in Colombia. We first exploit the geographic and temporal variation in the disease spread to estimate the effect of local exposure to the virus on credit. Our estimates indicate that neither local exposure to…
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We investigate whether central banks are able to attract or redirect capital flows, by bringing together the entire empirical literature into the first quantitative meta-analysis on the subject. We dissect policy effects by the type of flow and by the origin of the monetary shock.…
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This study characterizes the microstructure of the spot and forward peso-dollar exchange markets in Colombia, with the objective of studying the main dynamics and interactions of all the sectors which are participating in these markets. Additionally, it seeks to identify the economic…
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In this paper we evaluate the contribution of business expectations from surveys of Banco de la República and Fedesarrollo, to the forecasts of the main macroeconomic variables: inflation, unemployment, employment and economic growth. We make this assessment by comparing one to four…
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This paper proposes comprehensive measures of the Latin American business cycle that help to infer the expected deepness of recessions, and strength of expansions, as they unfold in real time. These measures are based on the largest country economies in the region by accounting for…
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Portfolio flows are an important source of funding for both private and public agents in emerging market economies. In this paper, we study the influence of changes in domestic and US monetary policy rates on portfolio inflows in an emerging market economy and discriminate among fixed…
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Assessing the dynamics of risk premium measures and its relationship with macroeconomic fundamentals is important for both macroeconomic policymakers and market practitioners. This paper analyzes the main determinants of CDS in Latin-America at different tenures, focusing on their…
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This paper analyzes empirically the relationship between monetary policy interventions and the net interest margin of Colombian credit institutions for the 2003 - 2019 period.
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This paper aims to provide evidence on the relationship between fiscal and monetarypolicy in Colombia through an empirical exploration of the credit risk channel. Underthis approach, fiscal policy plays an important explanatory role in the sovereign riskpremium, which, in turn, could…
- Publicación |Abstract An event study is used to assess whether there are significant impacts on the Colombian abnormal returns of the stock market from the takeover bids (OPAs) made on the companies Nutresa and Sura. Defining the event as January 17, 2022, which is related to the award of the first OPAs and…
- Publicación |Abstract Do oral FX interventions (i.e. announcements made by central bank officials and economic authorities) influence the exchange rate behavior in emerging economies? Following an event study approach, we evaluate whether this type of interventions in the Colombian FX market have an…
- Publicación |Abstract This document analyses recent developments in digital credit and payments platforms in Colombia. It explores digital financial services characteristics, and the potential risks faced by users, providers, and the central bank.
- Publicación |Abstract More than 60 countries in the world have already implemented instant payment systems (IPS). However, in many cases they have been operational mainly for person-to-person transactions. This study looks at the challenges IPS may face in developing economies like Colombia as they …
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This article studies the effect of gender identity social norms on relative income and time use in Colombia’s households. I find a discontinuity in women’s relative income distribution, precisely in the point when they exceed men’s income. This phenomenon has been observed in other…
