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In an open-economy model with financial constraint, Schmitt-Grohé and Uribe (2017) propose an expression for a capital control policy. From this expression, they argue that the optimal tax, i.e. the one that solves the overborrowing problem, is indeterminate when crises occur (i.e. when the…

The unfolding of the 2007 world financial and economic crisis has highlighted the vulnerability of real economic activity to strong fluctuations in asset prices. Which is the optimal monetary policy in an economy like the Colombian that is exposed to swings in asset prices? What is the implication…

This report concludes my mission in the Banco de la República de Colombia (BR). This mission took place in Bogotá on December 9-13, 2019.  It had three main objectives:

This paper analyzes the effect of social security and lump sum layoff payment in an economy with an informal sector and savings, where the search effort is unobserved. I characterize the optimal consumption/search/non-participant strategy assuming that workers are risk averse and that formal jobs…

When managing international reserves, central banks generally face the problem of determining what their optimum or adequate level is.  A critical review of some methodologies for calculating the optimum amount of reserves is presented in this document.

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…

This page contains a general description of the structure of Banco de la República and its divisions, sections and departments.

Since: 1990

 

The output gap is the difference between the observed level of gross domestic product (GDP) and the estimated level of an economy's potential GDP, i.e., the difference between what the economy is producing and what it would produce if it were operating at full capacity.

In this paper two new measures of the Colombian output gap and the real neutral interest rate are proposed. Instead of relying only on statistical filters, the proposed measures use semi-structural New-Keynesian models, adapted for a small open economy. The output gap measures presented are in line…

Output Gap Estimation, Estimation Uncertainty and its Effect on Policy Rules Output Gap Estimation, Estimation Uncertainty and its Effect on Policy Rules

    Format Outstanding OMO (Daily Monetary Expansion and Contraction)

The Overnight Interbank Rate (IBR in Spanish) is a short-term reference interest rate for the Colombian peso that reflects the price at which the agents participating in its formation scheme (banking entities) are willing to offer or raise funds in the money market (interbank). In other words, its…

We study the separation of ownership and control for an average of 140 listed non-financial Corporations in Colombia during the 1996-2002 period. Breaking the sample according to their listing status and economic activity, voting rights are greater than cash flow rights because of the presence of…

Some remarks by Jose Dario Uribe, Governor of the Banco de la Republica, Colombia, at the 11th BIS Annual Conference on "The Future of Financial Globalization"Panel discussion: "Will Financial Globalization Survive?" Lucerne – Suiza

Presented on October 15 of 2016, during the "High-level policy seminar on  Open and orderly capital movements: does global co-operation matter?".

Here you will find information on the spaces, mechanisms, and actions implemented by Banco de la República (the Central Bank of Colombia) in compliance with citizen participation, with the purpose of strengthening the link with citizens and stakeholders as per its own legal Framework. This menu has…

The CONPES 4005 document of 2020 established the National Policy on Economic and Financial Inclusion and Education, which aims to integrate financial services into the daily activities of citizens and micro, small, and medium-sized enterprises (MSMEs), addressing their needs and creating economic…

By virtue of its administrative and financial autonomy, Banco de la República (the Central Bank of Colombia) has its own independent equity and is subject to its legal framework, contemplated in Articles 371 to 373 of the Political Constitution, Law 31 of 1992 and its Bylaws (only in Spanish),…

Determining the exchange rate pass-through on inflation is a necessity for central banks as well as for firms and households. This is an apparently easy and intuitive task, but it faces high complexity and uncertainty. This paper examines the nature of the pass-through and quantifies historically…

AbstractHow much of the changes in the exchange rate is passed through to inflation is a question of main interest to the monetary authority, investors, the real sector, and the government itself.

The pass-through of the VAT rate change is much less than proportional and highly heterogeneous.

Banco de la República (the Central Bank of Colombia) contributes to the safe and efficient operation of payment systems by providing various services to the financial system that are essential for the country's economic activity and the citizens' well-being. The services provided by the Bank…

In this seventh edition of the Payment Systems Report, the boxes focus on three topics of interest to the industry that renders payments clearing and settlement services as well as to those taking part in them. First, the international debate revolving around the optimal capital level of Central…