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In recent years, the practice of considering environmental, social, and corporate governance (ESG) factors in investment decision-making has become more widespread. While the term ESG is used interchangeably with sustainable or responsible investing, it denotes an investment approach in which the…
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The effect of the Global Financial Crisis (GFC) has been substantial across markets and countries worldwide. We examine how the GFC has changed the way equity markets group together based on the similarity of stock indices’ daily returns. Our examination is based on agglomerative clustering methods…
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ApproachThe Global Financial Cycle (GFC) is a common movement of financial variables transmitted to emerging economies through various channels. During periods of GFC expansion, emerging economies tend to exhibit higher capital inflows, increased asset prices, and better conditions for accessing…
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Summary
The country’s foreign revenues studied in this document include the current account component of the balance of payments, which are made up by exports of goods and services, income from investment and other Colombian assets abroad, and current transfers, which include workers' remittances…
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The Colombian pension system is composed mainly of two alternative schemes: a public pay-as-you-go (PAYG) system administered by Colpensiones, and an individual savings system, which includes several private managers. There are also special regimes, some fully in force and others gradually…
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Enfoque
Este artículo responde la pregunta: ¿ha sido el atraso en la provisión de infraestructura de transporte en Colombia, ocasionado en parte por niveles históricamente bajos de inversión, un obstáculo importante para su crecimiento económico, integración regional e internacional? La pregunta…
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La revista Ensayos Sobre Política Económica (ESPE) del Banco de la República de Colombia proporciona, en un lenguaje accesible, información y análisis rigurosos y actualizados sobre temas relevantes para Colombia y la región, relacionados principalmente con la macroeconomía y el desarrollo…
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Since: 1982 | Frequency: Bimestral
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Abstract
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Presentation at the IEA. World Congress: International Economic Association 2017
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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
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Estimating credibility in Colombia's exchange rate target zone Estimating credibility in Colombia´s exchange rate target zone
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We estimate a dynamic model of mortgage default for a cohort of Colombian debtors between 1997 and 2004. We use the estimated model to study the effects on default of a class of policies that affected the evolution of mortgage balances in Colombia during the 1990's. We propose a framework for…
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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.
ABSTRACT
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We evaluate the impacts of attending a public university in Colombia on the academic achievement of graduates from higher education. Our measurement of academic achievement represents the progress made between the college entrance and graduation standardized test scores. We find that public Higher…
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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.
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Abstract
We use the stochastic frontier approach to estimate the reservation wage across different city groups in Colombia. We use the information of GEIH from 2008-2019 of 23 urban cities. We find empirical evidence in favour of the search theory predictions that suggest a positive relation of…
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Vacancies are the center of any job creation process. In this paper, we study firms’ hiring behavior in a way that is directly related to vacancies. To understand the dynamic relationship between hires and vacancies, we estimate what we called a hiring function. Even though we cannot observe…
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Abstract
We develop a methodology that recovers an estimate of the average stock of vacancies using the information on aggregated hires. We show that our prediction of the vacancy stock is unbiased, and it captures well the level and the dynamics of the United States job opening positions reported…
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The form of the Engel curve has long been a subject of discussion in applied econometrics and until now there has no been definitive conclusion about its form. In this paper an additive partially linear model is used to estimate semiparametrically the effect of total expenditure in the context of…
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This paper presents an estimation of credit quality transition matrices for commercial banks in Colombia, using a duration hazard function model, and following the methodology proposed by Gómez-González et al (2009). Using a test developed by Weißbach et al (2005), we test for the time-homogeneity…
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Three methodologies to estimate the natural interest rate, NIR, are implemented for the Colombian economy. Two methods are statistical filters and the third involves some economic theory. The first method is based on unobserved components decomposition of the real interest rate and explores the…
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