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AbstractThe consequences of the most generalized lockdowns in the recent history promptly brought the deepest falls in consumption, production and employment, and the consequent increase in poverty. So far, almost all literature has focused on the effects of the lockdowns in the private sector…

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.

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.

AbstractDuring the last two decades, the use of fiscal rules has increased significantly around the world. Although international evidence has highlighted some benefits from its implementation, the experiences of Latin America in the  mplementation and the results have been…

In this paper, I estimate the demand for housing in Bogotá, modeling electricity consumption explicitly to take into account the crossed subsidies included in Colombian utility rates. I use household level data on housing prices, observable dwelling attributes, and demographic variables to recover…

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.  

Near the end of 2002, Colombia’s Congress approved Law 789, better known as the labor market reform. Regardless of the fact that the reform has not yet completed two years of operation, and many of the changes in the labor legislation are expected to have long term effects, this study intends to…

Abstract Banks in emerging market economies rely on cross-border interbank lending to financing firms in the real sector. By matching cross-border bank-to-bank loan level data with domestic bank-to-firm loan level data, and firm-level data, this paper shows that sudden yield reversal observed…

Below is the description provided by the technical staff of the Central Bank on macroeconomic conditions, their projections, and risks for the meeting of the Board of Directors on 21 June 2019.

This piece was part of a research on the colombian inflationary experience published as: The Rise and Perpetuation of a Moderate Inflation, Colombia 1970-1991. It collects together the summaries of the response of Colombian policy-makers to the shocks identified in that paper. Since 1963 the…

This Appendix provides a more detailed discussion of the technical results, including proofs of theorems reported in the main paper. For ease of reference notation and definitions are repeated from the main paper.  

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.  

As a result of the most recent global financial crisis literature has embraced size, connectedness and substitutability as key indicators for financial institutions’ systemic importance. Despite the intuitiveness of these concepts, identifying systemic important institutions remain a non-trivial…

The paper presents a global model for analysis and projections. The model features a handful of elements that make it suitable for analyzing three broad sets of topics; first, systemic risk and its transmission to country risk premiums; second, the transmission from country risk premiums to demand-…

Abstract An event study is used to assess whether there are significant impacts on the Colombian abnormal returns of the stock market from the takeover bids (OPAs) made on the companies Nutresa and Sura. Defining the event as January 17, 2022, which is related to the award of the first OPAs and…

Socio-economic strata are categories assigned to subdivisions of Colombian cities according to housing and environmental characteristics. They were established in 1994 to aid to cross-subsidize the price of utilities. At the time, they were considered an effective targeting alternative due to their…

This document aims to evaluate the impact of tax incentives granted to companies on regional development by studying the Páez Law in Colombia. This law was promulgated to attract firms to the region affected by the earthquake and the avalanche of the Páez River in 1994. This is a particularly…

TAX EXPORTING: AN ANALYSIS USING A MULTIREGIONAL CGE MODEL   Tax Exporting: An Analysis Using a Multiregional CGE Model Ana María Iregui * Estudios Económicos Banco de la República

Abstract Developing countries have a vast informal sector generally associated with low productivity levels. The response of informal employment to tax policies might depend on labor market  rigidities. This paper proposes a theoretical framework consisting of a search and…

We use occupations descriptions for Brazil, Colombia and Mexico, to build computer-use related tasks intensities, and link then to series of cross sections of data of each country in order to empirically assess to what extent the observed empirical regularities, and the reallocation of workers…

This technical document presents Banco de la República’s analysis of the relevance and risks of issuing a Central Bank Digital Currency (CBDC) in Colombia.