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This paper evaluates the effects of capital account controls adopted in the past years by the FLAR’s member countries (Bolivia, Colombia, Costa Rica, Ecuador, Perú and Venezuela) on the efficiency of the banking sector, the economic growth and the volatility of output, consumption, and investment.…
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Abstract
We show that capital controls (CC), by slowing-down firm debt-growth in the boom, improve firm performance during crises. Exploiting a tax on foreign-currency (FX) debt inflows in Colombia before the Global Financial Crisis (GFC) and multiple firm-level and loan-level…
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Abstract
We study how capital controls and domestic macroprudential policy tame credit supply booms, respectively targeting foreign and domestic bank debt. For identification, we exploit the simultaneous introduction of capital controls on foreign exchange (FX) debt inflows and an increase of…
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The effects of capital destruction are endogenized in a neoclassical growth model where the economy can optimally allocate part of its labor force to defend capital from being destroyed. The purpose is to explain the optimal allocation of the labor force between productive and deterrence activities…
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This paper analyzes the evolution and impact of capital flows in Colombia over the past five years. An examination of the nature and composition of the capital flows indicates that to large extent they have originated in foreign direct investment, especially in the oil and mining sectors. The…
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Published in "Critical Issues in International Financial Reform", Albert Berry & Gustavo Indart (editors) Transaction Publishers, New Brunswick, NJ & London, UK 2003.
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Capital inflows and outflows often remind policymakers of the monetary policy trilemma and the several associated dilemmas. To tackle these dilemmas, an equilibrium model of capital flows is proposed. The model captures bouts of capital inflows and outflows with shocks to the emerging-market…
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SEACEN – CEMLA Conference “The Implementation of Monetary Policy: Lessons from the Crisis and Challenges for Coming Years”Kuala Lumpur. Malaysia
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Under the Political Constitution of Colombia, Banco de la República, as the Central Bank of Colombia, has exclusive power to issue Colombian legal tender within the terms established by the law.Colombian banknotes, in addition to fulfilling the essential function of facilitating the daily…
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Place of Birth: Ibagué, Tolima
Date of Birth: Septiembre 5 de 1946
Profession: Economist
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Article published on BIS Review, Bankers’ Speeches Section.
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The opinions expressed in this document are those of the authors and do not necessarily reflect the views of Banco de la República or its Board of Directors.
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The opinions expressed in this document are those of the authors and do not necessarily reflect the views of Banco de la República or its Board of Directors..
ABSTRACT
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The COVID-19 pandemic significantly altered the way merchants do business. Preventive confinement, health restrictions and fear of contagion forced businesses to look for other ways of operating through home-based services, online commerce and the acceptance of different electronic payment…
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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. In…
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Retail payment instruments play a crucial role in economic and financial stability and in the functioning of trade. These include cash, debit and credit cards, checks, and wire transfers.
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IMF Statistics Department Seminar. Washington, United States
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Since: 1969
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We assess the causes and implications of the greater nancial participation in commodity markets post-2003. Focusing on crude oil, we build a calibrated macro- nance model of oil prices and quantities that also determines consumer welfare. We show that shifts in the preferences and constraints of …
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High-altitude climbers know very well that the descent from the top can be as dangerous as the ascent, so they advance cautiously in this second stage of the journey to ensure a healthy return home. Something similar could be said of monetary policy. Risks do not disappear in the decline period of…
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This year, Banco de la República (the Central Bank of Colombia) hosted the 114th Meeting of Central Bank Governors of the Center for Latin American Monetary Studies (CEMLA in Spanish). This meeting was held within the framework of the 100th anniversary of Banco de la República.
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The economic research of 30 central banks in OECD and Latin America countries from 2000 to 2007 is evaluated in this study. An international comparison based on four indexes that measure central bank research output, demand, productivity and relevance is included. From this view, the European…
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The purpose of this paper is to analyze the links between central bank independence and foreing exchange policies, in the light of the recent experience of the major Latin American countries. To that end, the paper starts with a brief review of the literature on the subject. The second section of…
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Central bank transparency refers to the clear and open communication of key information to the public by monetary policymakers. This includes the dissemination of data, forecasts, and decision-making processes that affect the economy. Transparency reduces the information gap between what monetary…
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