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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 Latin…
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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 deposits…
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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) and…
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Essays on Economic Policy (ESPE in Spanish) - The Balassa-Samuelson Hypothesis and Elderly MigrationAbstract
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Presentation titled "Has Monetary Policy Changed? How the Crisis Shifted the Ground under Central Banks", 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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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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Presentation titled "On the Design of Public Institutions: Evidence from Financial Supervision", 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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The price of Brent crude oil remained relatively stable between early 2011 and the first half of 2014, averaging USD 110 per barrel (bl).
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For central banks that have adopted an inflation targeting strategy, measuring and understanding inflation expectations are important tasks when designing monetary policy, because they influence the dynamics of price increases in a number of ways.
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Presentación del Informe de Política Monetaria realizada en Bogotá, a cargo de José Darío Uribe.
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OBJECTIVESMonetary policy in Colombia is based on inflation targeting, which is intended primarily to keep inflation low and to ensure stable growth in output near its long-term trend. Accordingly, the objectives of monetary policy combine the goal
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In recent years, the country has supplemented its shortage of savings with different sources of external funding, with foreign direct investment (FDI) being one of the most important.
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Presentación del Informe de Política Monetaria realizada en Bogotá, a cargo de José Darío Uribe.
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The Inflation Targeting Scheme in Colombia OBJECTIVES
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Foreign direct investment (FDI) becomes a major source of long-term financing in economies with technological and capital constraints. Countries with limited savings capacity or underdeveloped financial markets do not have enough resources to expand their production frontier (…
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Loans awarded by lending institutions for consumption and the purchase of housing, hereinafter referred to as bank loans, constitute the current measurement of household indebtedness. The indicator presented below expands the coverage of sources and types of financing.
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During the second semester of 2013, the international environment was characterized by the gradual recovery in the Eurozone and the U.S. economy, as well as by an upturn in the Chinese economy. Although overall uncertainty regarding the moderation of the United States monetary policy impacted the…
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The Inflation Targeting Scheme in Colombia
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