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This paper investigates the impact of sovereign risk on the stochastic rational expectations equilibrium of a pure exchange small open economy. International borrowing and lending arise from the interaction between a risk averse sovereign representative agent in a small open economy trying to self…

This paper investigates the effect of sovereign risk on the stochastic rational expectations equilibrium of a real business cycle small open economy. The market is imperfect because the sovereign cannot commit to repay its outstanding debt and chooses to default when it is optimal to do so. The…

We estimate a model of real exchange rate determination which is based on interest rate, term structure and purchasing power parities. This model takes into account sovereign risk as a key determinant with possibly non-linear effects. Estimations are performed for five Latin-American economies:…

What is a sovereign wealth fund?A sovereign wealth fund is a state-owned investment fund through which assets are managed by investing them. Its resources generally come from surplus revenues from natural resources or commodities, the accumulation of foreign reserves, and savings from fiscal rules…

This paper offers some preliminary steps in the marriage of some of the theoretical foundations of the new economic geography with spatial computable general equilibrium models.  Modeling the spatial economy of Colombia using the traditional assumptions of CGE models makes little sense when…

The empirical literature about economic growth has usually ignored spatial interdependence among countries. This paper uses spatial econometrics to estimate a growth model that includes cross-country interdependence, in which a country’s economic growth depends on the growth rate of its neighbors.…

Speech "Colombian Economic Outlook" at the Colombian American Association, presented on Thursday February 19th 2009, New York.

I must begin by saying something that you know very well. The policy interest rate of Banco de la República (the Central Bank of Colombia) has drastically increased over the past year and a half, completing an increase of 11 pp since the beginning of the current cycle of increases in September 2021…

As I have done in some recent presentations, I would like to begin this presentation with a general reflection. Specifically, I would like to reiterate something that may seem obvious to you but is nonetheless important. I am referring to the fact that the main objective assigned to Banco de la…

Cartagena,

Speech by the Governor during the debate on the draft Government Budget for 2023 held on 30 August 2022.

From: 2022

This paper contributes an estimation framework to measure both technological and linkage externalities from foreign direct investment (FDI). Empirical research dealt mainly with intra-industry spillovers from FDI with restrictive treatment of inter-industry effects until recently. However, as…

Since: 2004

   

Abstract One of the lessons we learned from the 2008 financial crisis was the importance of monitoring the systemic risk in the stability of financial systems. In this regard, lines of research have been developed with the aim to provide reliable and timely metrics on this risk, taking as much…

Charting a Path to a More Sustainable, Equitable, and Greener Economy

 

Starting in July 2025, the way in which transfers and instant payments are made in the Colombian financial system will be transformed thanks to the launch of Bre-B. This system will enable full interoperability in the country by allowing transactions to be conducted to and from any financial…

Abstract We investigate the effect of domestic armed violence brought about by political instability on the geography of distance frictions in freight mobility and the resulting differential access of regions to global markets. The Colombian transportation system has been found to be impeded by…

Florez-Jimenez and Parra-Polania (2016) show that unconditional forward guidance (FG) performs poorly except in the most extreme zero lower-bound (ZLB) events and that for any ZLB situation it is better to resort to state-dependent (threshold-based) FG. The model of that paper is solved under the…

On March 22, the Executive Board of the International Monetary Fund (IMF) met to finalize the Article IV annual consultation with Colombia. On March 23, the IMF published the staff report discussed at that meeting, as well as a press release illustrating the discussion held at the IMF board and the…

In a letter sent to the Honorable Representative to the House of Delegates Martha Alfonso Jurado, the bill’s rapporteur coordinator, the Central Bank pointed out the matters on which more precision is required to ensure an efficient and transparent management of the public resources for social…

In the light of recent complaints and publications by some citizens regarding a modality of banknote counterfeiting, Banco de la República informs that: