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“Despite the advances in the pursuit of macro-fiscal sustainability aimed at providing greater well-being to the population, tax systems in Latin America are still far from achieving their goals of equity and efficiency.”

El comercio internacional tiene el potencial de compensar las consecuencias negativas de los desastres naturales. Los países parecen beneficiarse de los choques climáticos extremos en las economías competidoras.

AbstractInternational and national literature provides evidence indicating that investment in infrastructure is one of the key elements to achieve economic and social development.

AbstractThis document analyzes the evolution of the main labor market indicators and poverty indicators of Barranquilla between 2008 and 2022. On the one hand, it seeks to understand the evolution of employment generation and labor income during the last decade, and on the other hand…

AbstractAsymmetric decentralization has become relevant in developing countries like Colombia, where capabilities between subnational governments differ dramatically. Although these discussions have been present since the 1960s, the success of decentralization is still a relevant…

Corruption is generally understood as taking advantage of public power for private benefit. This paper evaluates the relationship between emergency declarations for natural disasters and corruption.

“Political stability or continuity can shape fiscal outcomes at the regional level, a topic that has received little attention in the political economy literature."

Hard discount stores (HDS) have changed the dynamics of the traditional retail sector by selling a basket of products at very low prices. This business model has gained significant market share in many countries, but little is known about its impact on the labor market.

Since: 1997

“The existence of closures on the Vía al Llano increases transportation costs by 41.1%, while one more day of closure increases freight costs on average by 3.7%. When examining the effect of blockages on the Vía al Llano caused by natural disasters, by breaking down the goods by sector, it is…

It is estimated that more than 50 % of the labor force in Colombia belongs to the informal sector, a persistent phenomenon over the last three decades. Despite extensive literature on informality and its determinants at the national level or in the main urban areas, municiapl informality rates…

This document describes the state and evolution of the public hospital portfolio in Colombia and how it relates to some quality indicators in the provision of health services at the regional level. 

 The Banco de la República is the central bank of Colombia, legally constituted under public law and with autonomy as regards administrative and technical organisation and heritage. The Bank is subject to its own legal regulation as expressed in the 1991 Political Constitution of Colombia.…

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.  

In this paper, we empirically examine the effect of inflation targeting on the exchange rate pass-through to prices in emerging countries. We use a panel VAR that allows us to use the larger data set on twenty-seven emergingcountries (fifteen inflation targeters and twelve inflation nontargeters).…

Abstract This paper analyzes empirically the relationship between monetary policy interventions and the net interest margin of Colombian credit institutions for the 2003 - 2019 period.

In order to asses the credibility of their targets and policies, inflation targeting central banks always keep an eye on market expectations of the future inflation rates and short maturity interest rates. In economies with developed financial markets the prices of financial assets are a prime…

Classic financial theory relies on the absolute perfection of capital markets, which results in one of the milestones of theoretical corporate finance: the firm’s value is invariant to the choice of capital structure. As an extension to the aforementioned proposition by Modigliani and Miller (1958…

Banco de la República (the Central Bank of Colombia) is constantly engaged in campaigns on how to recognize the authenticity of the new family of banknotes that include the latest technology to strengthen their security and maintain public confidence in cash. These elements are highly effective in…

Some accounts in social networks publish information about a possible counterfeit of the COP100,000 banknote, identified with the series AA42661883. However, Banco de la República (the Central Bank of Colombia) informs that, within the framework of its processes with cash nationwide, no counterfeit…

This paper uses a wage setting survey of 1,305 Colombian firms to explore the nature and sources of wage rigidities. This is the first study of a non-European emerging economy that uses evidence from a survey of firms to analyse this topic. The survey was carried out during the first half of 2009,…

Dutch disease and banana exports in the Dutch disease and banana exports in the Colombian caribbean, 1910 - 1950      Resumen In 1994, the seven departaments of the Colombian Caribbean had a population of about 7.2 million, representing 21% of the conuntry's…

In this paper we formulate a dynamic multi-unit auction model to characterize bidding behavior in hydro power dominated electricity markets. Our model implies that, in order to maximize expected profits, hydro producers will submit bid prices above its marginal production costs that account for the…

We study connectedness and causality between oil prices and exchange rates dynamically. Using data on the WTI and exchange rate returns for six countries in which oil production is a major production activity, we show that oil prices are net receptors of spillovers from excahnge rate markets.…

  The opinions contained in this document are the sole responsibility of the authors and do not commit Banco de la República or its Board of Directors.