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We extend the framework of Diebold and Yilmaz [2009] and Diebold and Yilmaz [2012] and construct volatility spillover indexes using a DCC-GARCH framework to model the multivariate relationships of volatility among assets. We compute spillover indexes directly from the series of asset returns…

The COLCAP index reflects the price changes for the 20 most liquid stocks at the Bolsa de Valores de Colombia (Colombia’s stock exchange), where the Adjusted Market Capitalization for each stock determines its participation in the index. The COLCAP’s initial value is 1000 points at the 15th of…

Letter from the GovernorI am pleased to present to you the 2022 - 2025 Strategic Plan approved by Banco de la República’s (the Central Bank of Colombia) Board of Directors in November 2021, which defines the strategic objectives of the Bank for the coming years, embedded within mission of "…

Since: 2006 | Periodicity: Quadrennial

Domiciliary public utility services in Colombia have a cross subsidy system which charges subsidized rates to the households who live in houses located in strata associated to low wealth levels, and taxed rates to the better off. We assesses the hypothesis that the flow of subsidies that…

The Financial Stability Department at Banco de la República (the Central Bank of Colombia) regularly conducts stress tests on Credit Institutions (CI) as a component of the analysis of financial stability vulnerabilities. These tests, known in the international literature as stress tests, involve a…

This paper advances on the analysis of the structural interdependence among Colombian departments. The results show that Bogotá has a large influence in the other regional economies through its purchasing power. Additionally, it can be observed a center-periphery pattern in the spatial…

 The Diagram showing the Structure of the Banco de la República can be accessed from the attached PDF file.

Abstract The consequences of the most generalized lockdowns in the recent history promptly brought the deepest falls in consumption, production and employment, and the consequent increase in poverty. So far, almost all literature has focused on the effects of the lockdowns in the private…

The opinions expressed in this document are those of the authors and do not necessarily reflect the views of Banco de la República or its Board of Directors.

The opinions expressed in this document are those of the authors and do not necessarily reflect the views of Banco de la República or its Board of Directors.

Abstract During the last two decades, the use of fiscal rules has increased significantly around the world. Although international evidence has highlighted some benefits from its implementation, the experiences of Latin America in the  mplementation and the results have been…

In this paper, I estimate the demand for housing in Bogotá, modeling electricity consumption explicitly to take into account the crossed subsidies included in Colombian utility rates. I use household level data on housing prices, observable dwelling attributes, and demographic variables to recover…

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.  

Near the end of 2002, Colombia’s Congress approved Law 789, better known as the labor market reform. Regardless of the fact that the reform has not yet completed two years of operation, and many of the changes in the labor legislation are expected to have long term effects, this study intends to…

Abstract Banks in emerging market economies rely on cross-border interbank lending to financing firms in the real sector. By matching cross-border bank-to-bank loan level data with domestic bank-to-firm loan level data, and firm-level data, this paper shows that sudden yield reversal observed…

Below is the description provided by the technical staff of the Central Bank on macroeconomic conditions, their projections, and risks for the meeting of the Board of Directors on 21 June 2019.

This piece was part of a research on the colombian inflationary experience published as: The Rise and Perpetuation of a Moderate Inflation, Colombia 1970-1991. It collects together the summaries of the response of Colombian policy-makers to the shocks identified in that paper. Since 1963 the…

This Appendix provides a more detailed discussion of the technical results, including proofs of theorems reported in the main paper. For ease of reference notation and definitions are repeated from the main paper.  

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.  

As a result of the most recent global financial crisis literature has embraced size, connectedness and substitutability as key indicators for financial institutions’ systemic importance. Despite the intuitiveness of these concepts, identifying systemic important institutions remain a non-trivial…