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Following the enactment of the 1991 Constitution, which increased the fiscal autonomy of subnational governments, there was a growing deterioration of territorial finances, which, in turn, threatened to jeopardize the fiscal position of the Central Government. In response, fiscal rules for…

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)

See additional information in  "The Board of Directors of Banco de la República notifies updates to some of its calendar of monthly meetings and monetary policy announcements"

See additional information in  "The Board of Directors of Banco de la República notifies updates to some of its calendar of monthly meetings and monetary policy announcements"

See additional information in  "The Board of Directors of Banco de la República notifies updates to some of its calendar of monthly meetings and monetary policy announcements"

This paper quantifies the welfare effects of decentralisation in Colombia, using a multiregional CGE model. We investigate to what extent will the Colombian population be better off when goods such as health and education, are delivered locally as against centrally. A provision scheme based on the…

Banco de la República establishes the benchmark interest rate based on an analysis of the current state of the economy, its outlook, and developments in the inflation forecast with respect to the target.  If this assessment indicates there are risks of inflation persistently being above…

Banco de la República establishes the benchmark interest rate based on an analysis of the current state of the economy, its outlook, and developments in the inflation forecast with respect to the target.  If this assessment indicates there are risks of inflation persistently being above target…

Abstract This work contributes to the reconstruction of the demographic and economic data of the department of Córdoba for a long period of time, which allows to a great extent to cover the seventy years of existence of this territory. We foundthat the population growth of Córdoba washigher than…

This paper studies the provision of deposit insurance without commitment. We ask whether a government has an ex post incentive to provide deposit insurance in the face of a bank-run. We find that deposit insurance will not be provided if it requires a (socially) undesirable redistribution of…

The Depósito Central de Valores (DCV in Spanish, Central Securities Depository) of Banco de la República (the Central Bank of Colombia) is a system designed for asset servicing and the deposit and custody of securities in the form of electronic records (dematerialized). 

In this paper, we modeled the Colombian long run economic growth (1925-2003) using a two- regime first order Markov switching model. We found evidence of non-linearity in the annual rate of economic growth. The results show that changes between regimes are sudden and sporadic. The Colombian economy…

Derivatives are contingent claims that complete financial markets. Their use allow agents and firms to ameliorate the impact over con-sumption, production and investment given a change in relative prices induced by an active monetary policy. In this sense, derivatives generate in some cases a loss…

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.  

  Las opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva. Los autores son los únicos responsables por errores de contenido.    

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.