Servicios
|
The paper assesses the role of taxes on investment in Colombian firms. The analysis is carried out at the firm level for the period 2003-2014. During this period, the national government set five different tax reforms, including changes in the statutory tax rates, tax credits and incentives for…
|
|
In this paper we study the effect of monetary policy shocks on commodity prices. While most of the literature has found that expansionary shocks have a positive effect on aggregate price indices, we study the effect on individual prices of a sample of four commodities. This set of commodity prices…
|
|
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 purpose of this study is to determine whether companies privatized in Colombia during the 1990s had a substantial increase in productivity and profitability as a result of management changes that must have occurred or, on the contrary, these companies continued to have similar performance…
|
|
Abstract
We investigate the effects of a change in the regulation of the spot market for electricity in Colombia that took place in 2009. Specifically, the regulation switched from an auction mechanism with simple bids to one with complex bids to allow generators to separately bid on variable and…
|
|
In financial theory, the optimal allocation of assets and its relationship with profitability has been one of the main concerns; the question has always been if banks should focus or diversify their assets. In our case, we would like to answer this question focusing in diversification of the loan…
|
|
Abstract
In this article, we study the impact of exchange rate depreciation and volatility on the sovereignyield curve during the 2008 - 2020 timeframe. We do this by estimating univariate and multivariatetime series models and a threshold vector autoregressive model.
|
|
Abstract: We investigate the effectiveness of foreign exchange interventions using the Colombian experience as a case study. Recent theoretical work emphasizes the importance of financial sector balance sheets and capital flows in determining the effects of currency interventions. We use a unique…
|
|
Abstract
Assessing the composition of sovereign debt holders is important because investors’ behavior varies according to distinctive components, including shareholders’ preferences, regulatory constraints, and profitability mandates. To study this issue, we examine the determinants of…
|
|
This paper studies the effects of an in utero program on birth outcomes addressed to vulnerable pregnant women. We use information from the Buen Comienzo program, an initiative run by the local government of Medellin, the second largest city of Colombia. In order to identify the effects we obtain…
|
|
This paper analyses the effects of sterilised, intraday foreign exchange market operations (non-discretionary and discretionary) on foreign exchange returns and volatility in four inflation targeting economies in Latin America. The distribution of exchange rates during intervention and non-…
|
|
Abstract
We investigate whether central banks are able to attract or redirect capital flows, by bringing together the entire empirical literature into the first quantitative meta-analysis on the subject. We dissect policy effects by the type of flow and by the origin of the monetary shock. Further…
|
|
In 2014, Decree 2616 introduced a change in regulation that lowered payroll taxes for low-income, part-time workers in Colombia. The reform made the mandatory contributions to social security proportional to the time worked when the monthly wage was lower than the minimum wage.
|
|
Based on individual data on the population of those arrested in Medellín, we assess whether the change in punishment at age 18, mandated by law, has a deterrent effect on arrests. No deterrent effect was found on index, violent or property crimes, but a deterrence effect was found on non-index…
|
|
Nuestros resultados muestran que los controles de capital reducen las entradas de deuda en moneda extranjera y que la reducción es relativamente más fuerte para las empresas con mayor endeudamiento en moneda extranjera ex ante.
|
|
This paper analyzes efficiency in an economy with an informal sector that consists of unregulated self-employment, and where there are no costs of being informal, (Albrecht et al. (2009)). First, assuming workers in the formal sector are ex-ante heterogeneous, I show that this type of economy is…
|
|
Documento presentado en la HSBC Annual Emerging Markets Conference 2012
|
|
Las opiniones contenidas en este documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.
|
|
Abstract
This study analyzes the expected effects of climate change on Colombia’s current account. To this end, we present a literature review that outlines how climate-related risks could impact the balance of payments, complemented with an analysis that illustrates how the 2014-2015 oil shock…
|
|
Presentation at the IEA. World Congress: International Economic Association 2017.
|
|
We present an investment process that: (i) decomposes securities into risk factors; (ii) allows for the construction of portfolios of assets that would selectively expose the manager to desired risk factors; (iii) perform a risk allocation between these portfolios, allowing for tracking error…
|
|
This After 1991 Colombia witnessed a sharp fall in the national savings rate (see figure 1.1), and in particular that of the private sector. Two hypotheses have been advanced for explaining this behavior. The first one stresses consumption smoothing within the Perrnanent Income Hypothesis framework…
|
|
Our current implementation of the Fan Chart follows the original Britton Fisher and Whitley [2] and Blix and Sellin [1] proposal in which the inputs enter at the fourth and ninth quarters and are distributed within the forecasting horizon according to pre established weights. This procedure does…
|
|
Del 9 al 13 de septiembre de 2024 se elegirá el mejor video de cada categoría. Visite nuestra cuenta en Instagram y vote por el mejor video de “BanRep desde el Lente”.Visite nuestra cuenta en Instagram y vote por el mejor video para cada categoría hasta el viernes 13 de septiembre de 2024 hasta las…
|
|
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.
|
