Servicios
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This paper studies foreign and domestic firms in Colombia and, in particular, whether these firms behave differently. The study uses a dataset containing the 2003 balance sheets and income statements for some 7,001 firms. The dataset was obtained from the Superintendencia de Sociedades.
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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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Banco de la República reports that it did not perform any purchase or sale of foreign currency in December 2016. In 2016, the Central Bank performed net foreign exchange sales for a total value of US$255.6 million.
In December, the Central Bank did not perform any purchases or sales of TES B…
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Banco de la República reports that it did not perform any purchase or sale of foreign exchange currency in January 2017.
During the same month, the Central Bank did not perform any purchases or sales of TES B. At the end of January, the balance of the bonds in its possession was $8,985…
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Banco de la República’s FX intervention policy is described, with a focus on its objectives and main features. Then, based on a survey of the effectiveness of sterilized intervention in Colombia, it is argued that this tool is not useful to cope with the challenges posed by medium term external…
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Most of the literature on the effectiveness of foreign exchange intervention has yet to reach a general consensus. In part, this is due to the different estimation methods in which exogenous variation is identified. In this sense, the use of heavily-dependent parametric models can sometimes…
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Note: The "20 Day Moving Average" data calculated and published on the 2nd of January 2019 was re-calculated and republished on the 3rd of January because in its calculation the value of the Colombian exchange rate (known as the TRM) of December 31st 2018 was omitted. This correction was made on…
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Formats
20 Day Moving Average Data
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The translations made by Banco de la República with respect to the contents of its websites are for information purposes. Therefore, when there is an inconsistency between the Spanish language version and the English language version, the native version shall prevail, that is to say, in the…
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Se evidencia que los bancos con alta exposición a inversionistas pasivos muestran una mayor sensibilidad a factores globales y tienden a ajustar más sus balances cuando se acercan a límites regulatorios de exposición extranjera.
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Presented during the XXII RIDGE FORUM - Financial Stability Workshop. Montevideo, Uruguay december 11th-12th.
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The Colombian Constitution and Law 31/1992 (Article 14) assigned Banco de la República a mandate to manage Colombia’s foreign reserves. Likewise, they also stipulate that the criteria to manage foreign reserves are safety, liquidity, and return. The purpose of this report is to explain how…
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The Colombian Constitution and Law 31/1992 (Article 14) give Banco de la República a mandate to manage Colombia’s foreign reserves, in addition to stipulating the criteria on managing these reserves, which are safety, liquidity and return. The purpose of this report is to explain how Colombia’s…
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Translation available since: 2019 | Periodicity: Biennial
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The Political Constitution of Colombia1,Law 31 of 1992 and Decree 2520 of 1993(Bylaws of Banco de la República (the Central Bank of Colombia) establish the regulations to which the Bank must adhere to comply with its central banking functions, including the management of foreign reserves.
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The Colombian Constitution and Law 31/1992 (Article 14) assign Banco de la República a mandate to manage Colombia’s foreign reserves. Likewise, they also stipulate that the criteria to manage foreign reserves are safety, liquidity and return, in that order. The purpose of this publication is to…
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The Banco de la República (Central Bank of Colombia) offers to the public this document, where all the details concerning the foreign reserve management are explained.The Colombian Constitution and Law 31 of 1992, Article 14, assign the administration of international reserves to Banco de la…
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The opinions contained in this document are the sole responsibility of the authors and do not commit Banco de la República or its Board of Directors.
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After a rigorous admission exam and selection process, Banco de la República and the Economics Researchers Network announced the list of 40 economics students from various universities throughout the country, who were chosen to participate in the Central Banking Course to be held on July 14-23,…
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Using a three-equation New Keynesian model we find that incorporating an escape clause (EC) into Forward Guidance (FG) is welfare improving as it allows the monetary authority to avoid cases in which the cost of reduced flexibility is too high. The EC provides the central bank with another…
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The opinions contained in this document are the sole responsibility of the author and do not commit Banco de la República or its Board of Directors.
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CEMLA Governor’s Meeting, Washington,UntiedStates.
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The aim of this paper is to identify a set of early warning indicators that effectively discriminate between firms that are more prone to default on their financial obligations from those that are less prone to do so. To fulfill this objective, we use the Discriminant Analysis methodology. We find…
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Place of birth: Bogotá, ColombiaProfession: Systems Engineer
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