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In the context of financial crises influenced by the development and burst of housing price bubbles, the detection of exuberant behaviors in the financial market and the implementation of early warning diagnosis tests are of vital importance. This paper applies the new method developed by Phillips…

A new methodology for testing and dating economic bubbles based on a sign test with recursive median adjustment is presented. The methodology, originally proposed by Soo and Shin (2001) to detect random walks, is well-suited, theoretically, to deal with the many features of high-frequency financial…

We apply a pair-wise approach to test the law of one price for deposit (lending) rates in Colombia. We find that when banks are of different size deposit rates adjust quickly, suggesting a competitive environment. By contrast, lending rates adjust rapidly when banks are of similar size, supporting…

This paper examines the role of exchange rates in determining the short-and-long-run trade balance behavior for Colombia. Conventional wisdom says that a nominal devaluation improves the trade balance. This conjecture is rooted in the Bickerdike- Robinson-Metzler (BRM) and Marshall-Lerner (ML)…

Banco de la República (the Central Bank of Colombia (the Central Bank of Colombia), in compliance with Law 2139 of 06 August 2021, will put into circulation the Guarniel / “Carriel Antioqueño” commemorative coin.

THE ADJUSTMENT OF THE COLOMBIAN ECONOMY AND THE DYNAMICS OF THE EXTERNAL SECTORThis is the second edition of a publication by the Governor of the Central Bank of Colombia, addressed to citizens, analysts, and domestic and foreign investors interested in learning about the most recent events in the…

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  The 1991 Constitution drawn up by the Constituent National Assembly introduced various reforms to the previously existing central banking system in Colombia.   The principal reforms were aimed at the replacement of the Monetary Board by the current Board of Directors to act as the…

In their meeting today, the Board of Directors of the Banco de la República agreed that the inflation target for 2010 would be that of the long term target. Consequently, the inflation target will be the 2% to 4% range with 3% as the precise target for legal purposes. The Board thinks that for the…

At today’s session, the Board of Directors of the Banco de la Republica decided to keep the benchmark interest rate at 3.25%.  In making this decision, the Board took the following aspects into consideration:

At its meeting today the Board of Directors of the Banco de la República (Colombia´s central bank), decided, by a majority vote, to keep its intervention rate unchanged. In this way, the base rate for expansion auctions will continue at 4.5%. The decision reflected the following considerations:

In their session today, the Board of Directors of the Banco de la Republica decided to raise the benchmark interest rate 25 basis points.  Consequently, the base rate for the liquidity-expansion auctions will be 4.0%.  The decision was made with the following in mind:

At today´s meeting the Board of Directors of the Banco de la República reduced its intervention interest rate by 100 basic points.  Thus, the base rate for expansion auctions will be 5%.

At today´s meeting the Board of Directors of the Banco de la República reduced its intervention interest rate by 100 basic points.  Thus, the base rate for expansion auctions will be 6%.

At today´s meeting the Board of Directors of the Banco de la República reduced its intervention interest rate by 100 basic points.  Thus, the base rate for expansion auctions will be 7%.The annual inflation rate for the consumer in February was 6.47%, the fourth consecutive monthly fall.…

At today´s meeting the Board of Directors of the Banco de la República reduced its intervention interest rate by 100 basic points.  Thus, the base rate for expansion auctions will be 8%.

In its meeting today, the Board of Directors of the Banco de la República decided to reduce its intervention interest rate by 50 basic points. In this way, the base rate for expansion auctions will be 4%. The decision resulted from the following considerations:

At today´s meeting the Board of Directors of the Banco de la República reduced its intervention interest rate by 50 basic points.  Thus, the base rate for expansion auctions will be 9%. This decision was made despite the call for a greater reduction by some Directors.

The Bank for International Settlements (BIS) recently published a report on capital flows, exchange rates, and monetary policy frameworks in Latin American and other economies. The report explores the main drivers of swings in exchange rates and capital flows in recent years, the transmission…

The paper provides a model of the banking firm in the macroeconomy intended to explain what determines the interest rate spread. A key factor explaining the spread in our model is the resource cost of capital. A statistical result confirms the prediction of the model, that is, the bank's spread is…