Servicios
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The paper presents a global model for analysis and projections. The model features a handful of elements that make it suitable for analyzing three broad sets of topics; first, systemic risk and its transmission to country risk premiums; second, the transmission from country risk premiums to demand-…
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Abstract
An event study is used to assess whether there are significant impacts on the Colombian abnormal returns of the stock market from the takeover bids (OPAs) made on the companies Nutresa and Sura. Defining the event as January 17, 2022, which is related to the award of the first OPAs and…
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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
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TAX EXPORTING: AN ANALYSIS USING A MULTIREGIONAL CGE MODEL Tax Exporting: An Analysis Using a Multiregional CGE Model Ana María Iregui * Estudios Económicos Banco de la República
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Abstract
Developing countries have a vast informal sector generally associated with low productivity levels. The response of informal employment to tax policies might depend on labor market rigidities. This paper proposes a theoretical framework consisting of a search and…
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We use occupations descriptions for Brazil, Colombia and Mexico, to build computer-use related tasks intensities, and link then to series of cross sections of data of each country in order to empirically assess to what extent the observed empirical regularities, and the reallocation of workers…
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This technical document presents Banco de la República’s analysis of the relevance and risks of issuing a Central Bank Digital Currency (CBDC) in Colombia.
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This paper assesses the efficiency of crop and livestock production in Colombia by using a sample of 1,565 households. The study considers households located in different production systems which differ in geography, climate and soil types. These conditions affect technical efficiency and thus…
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Since: 2003 | Until: 2016 | Periodicity: Semesterly
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Structural time series models, frequency domain analysis, the HP-filter, and the Blanchard-Quah decomposition, are used to observe, some peculiarities of the business cycle. Such properties are those related to the volatility of the temporary component and the duration of the business cycle during…
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In response to a request from the Ministry of Finance and Public Credit, on 2 October 2018, Banco de la República (the Central Bank of Colombia, hereinafter BR) sold part of its monetary portfolio to that entity, amounting $5,054.3 thousands of millions pesos. This operation allows the Government…
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General equilibrium theory was criticized for its apparent irrefutability, as seemingly implied by the Sonnenschein-Mantel-Debreu theorem. This view was challenged by Brown and Matzkin (1996), who showed the existence of testable restrictions on the equilibrium manifold. Brown and Matzkin,…
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There is now an impetus to apply dynamic stochastic general equilibrium models to forecasting. But these models typically rely on purpose-built data, for example on tradable and nontradable sector outputs. How then do we know that the model will forecast well, in advance? We develop an early…
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In the context of financial crises influenced by the development and burst of housing price bubbles, the detection of exuberant behaviors in the financial market and the implementation of early warning diagnosis tests are of vital importance. This paper applies the new method developed by Phillips…
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A new methodology for testing and dating economic bubbles based on a sign test with recursive median adjustment is presented. The methodology, originally proposed by Soo and Shin (2001) to detect random walks, is well-suited, theoretically, to deal with the many features of high-frequency financial…
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We apply a pair-wise approach to test the law of one price for deposit (lending) rates in Colombia. We find that when banks are of different size deposit rates adjust quickly, suggesting a competitive environment. By contrast, lending rates adjust rapidly when banks are of similar size, supporting…
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This paper examines the role of exchange rates in determining the short-and-long-run trade balance behavior for Colombia. Conventional wisdom says that a nominal devaluation improves the trade balance. This conjecture is rooted in the Bickerdike- Robinson-Metzler (BRM) and Marshall-Lerner (ML)…
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Banco de la República (the Central Bank of Colombia (the Central Bank of Colombia), in compliance with Law 2139 of 06 August 2021, will put into circulation the Guarniel / “Carriel Antioqueño” commemorative coin.
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THE ADJUSTMENT OF THE COLOMBIAN ECONOMY AND THE DYNAMICS OF THE EXTERNAL SECTORThis is the second edition of a publication by the Governor of the Central Bank of Colombia, addressed to citizens, analysts, and domestic and foreign investors interested in learning about the most recent events in the…
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