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With its annual Payment Systems Report, Banco de la República offers a complete overview of the infrastructure of Colombia’s financial market.

Documento presentado en el Seminario Semanal de Economóía 130 "El Efecto de los pares en una decisión de fertilidad: Una aplicación para Medellín"

This paper addresses the estimation of peer group effects on a fertility decision. The peer group is composed of neighbors with similar socio-demographic characteristics. In order to deal with the endogeneity problem associated to the estimation of neighborhood effects, an instrumental variables…

The effects of the Pension Fund Managers (PFMs) behavior on the foreign exchange market may be important, given the increasing size of their portfolio and their possible market power. Some authors argue that when big investors like PFMs trade large volumes in the foreign exchange market, they may…

AbstractWe analyze the effects of population aging in the next decades on the Colombian pension system and on several macroeconomic variables. We also consider the impact of several reforms that are gradually implemented in the economy (increasing the retirement age, reducing the replacement rate,…

Presentación realizada en el Banco de la República, Sucursal Cartagena. 

In this paper I explore the potential link between Plan Colombia and violence with a new perspective. I focus the analysis only on the first three running years of the program (2000-2002) in order to avoid the overlapping effect with a security policy started in 2002/2003. This paper exploits the…

In this document we lay out the microeconomic foundations of a dynamic stochastic general equilibrium model designed to forecast and to advice monetary policy authorities in Colombia. The model is called Policy Analysis Tool Applied to Colombian Needs (PATACON). In companion documents we present…

Presented at Emerging Markets in the Spring Lecture Series.

Emerging and Frontier Markets: Capital Flows, Resiliency, Risks, and Growth - Supported by the National Bureau of Economic Research (NBER), the Latin American Reserve Fund (FLAR), and Banco de la República (The Central Bank of Colombia)

Abstract: This paper explores the effect of alignment between local and national politics in a context of weak parties. Based on a regression discontinuity design in close elections, we find that, in absence of strong parties, presidential coalitions become the focal point of political alignment…

  Presentación de Javier Pérez en el 53rd North American Meeting Toronto, Ontario, Canada  

This paper develops a political economy model that provides an explanation as for why ruling Elites in oligarquic societies may rely on income redistribution to the poor (the masses) in order to prevent them from attempting a revolution. We refer to this kind of redistribution as populist…

Whilst emphasis has been given to short-term dependence of financial returns, long-term dependence remains overlooked. Despite financial literature provides evidence of long-term´s memory existence, serial-independence assumption prevails.   This document´s long-term dependence assessment…

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.  

Poverty rate in Colombia dropped heterogeneously among capital cities during the last four decades. Despite a decline in monetary poverty, Florencia remains far below national average and main capital cities. The state capital of Caquetá had 32,8% of the  population under the…

This paper explores the theoretical linkages between poverty traps, economic inequality in a two sector overlapping generations model under perfect competition in which barriers to skilled educational attainment and delinquent incentives interact. We find that the existence of a poverty trap under…

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.  

  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.  

AbstractI propose a general equilibrium model with a quasi-hyperbolic discounting government that optimally decides upon using creative accounting in order to evaluate a balanced budget rule and a debt rule.

Junio de 2008

Presentation made in 10th Annual Conference: Is inflation back, and in which form?, Swiss Geneva