Servicios
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On February 14, 1903, R. G. Fay, a gunpowder expert from the United States sailed for Cartagena, Colombia aboard the Allegheny, a steamer that belonged to Hamburg Amerika Linie. Fay described the ship as a "fruit boat". All along his trip to South America and back, he wrote a journal. He also took…
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R&D intensity for small firms is high and persistent over time. At the same time, small firms are often financially constrained. This paper proposes a theoretical model that explains the coexistence of these two stylized facts. It is shown that self-financed R&D investment can distort the…
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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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Large value payment flows can be disrupted by several types of failures such as operational incidents, problems experienced by the administrator of the payments settlement system, outages in the communications networks and the inability of a participant to submit payments due to insufficient…
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Economic recovery has consistently outperformed the technical staff’s expectations following a steep decline in activity in the second quarter of 2020. At the same time, total and core inflation rates have fallen and remain at low levels, suggesting that a significant element of the reactivation of…
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With the Payment Systems Report, every year, the Central Bank of Colombia provides a thorough overview of the local financial market infrastructure.
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Bogotá
(Bogotá D.C., Cundinamarca)
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Abstract
Behavioral Equilibrium Exchange Rate (BEER) models suggest many variables as potential drivers of equilibrium real exchange rates (ERER). This gives rise to model uncertainty issues, as ERER depends and varies, often drastically, on a particular set of chosen variables. We address this…
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Por Ricardo Ffrench-Davis y Leonardo Villar”, en Ricardo Ffrench Davis (ed.), Seeking Growth under Financial Volatility, Palgrave-Macmillan, New York, 2006.
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In 1995, when contagion from the tequila crisis was spreading in Latin America, both Chile and Colombia were exempt from contagion and presented high rates of economic growth. Several analysts attribute this positive performance to the fact that both had undertaken prudential measures to avoid…
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CPI Monthly Percentage Change, Real Value Unit
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CPI Monthly Percentage Change, Real Value Unit
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At the end of the last decade, the real activity in Colombia underwent the sharpest recession of the last fifty years. We postulate a non-triangular structural VAR model (Amisano and Giannini, 1997) to describe the dynamics of output, prices, unemployment and wages during the last two decades. The…
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Recently, the National Administrative Department of Statistics (DANE in Spanish) published updated vital statistics data for the country, exhibiting a 14.6% decrease in births during the first four months of 2024 compared to the same months in 2023. This decline is more pronounced than the 11%…
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In recent years, remittance inflows from workers to Colombia have been increasing at rates that exceed the figures for economic activity growth. As a result, their share of GDP reached an all-time high of 2.8% in 2024, up from just 1.1% a decade ago.
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Since 2009, Banco de la República's Financial Stability Department has been doing a quarterly survey on the credit situation in Colombia, which is geared towards transactions (banks, financing companies, and financial cooperatives). The purpose of the survey is to analyze the institutions'…
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Abstract
The concept of centrality has been widely used to monitor systems with a network structure because it allows identifying their most influential participants.This monitoring task can be difficult if the number of system participants is considerably large or if the wide variety of…
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Banco de la República (the Central Bank of Colombia) is responsible for ensuring the supply of banknotes and coins in its different denominations, which it does by distributing payments to the different credit institutions, commercial establishments and to the general public. For their part,…
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Abstract
The studies aiming to answer if wealthier areas in Colombia are growing at a slower pace than poorer areas have yielded mixed results. This chapter updates such estimates of unconditional beta convergence of the GDP per capita for the first years of the 21st century, when substantial…
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