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Designing an expert knowledge-based Systemic Importance Index for financial institutions
Léon, Carlos; Machado, Clara - BANCO DE LA REPÚBLICA - 2011
Defining whether a financial institution is systemically important (or not) is challenging due to (i) the inevitability of combining complex importance criteria such as institutions´ size, connectedness and substitutability; (ii) the ambiguity of what an appropriate threshold for those criteria...
Persistent link: https://www.econbiz.de/10009293901
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Systemic Importance Index for financial institutions: A Principal Component Analysis approach
León, Carlos Eduardo; Murcia, Andrés - BANCO DE LA REPÚBLICA - 2012
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...
Persistent link: https://www.econbiz.de/10010763659
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Choques internacionales reales y financieros y su impacto sobre la economía colombiana
Echavarría, Juan José; gonzález, Andrés; López, Enrique - BANCO DE LA REPÚBLICA - 2012
En este documento se utiliza la metodología FAVAR (factor augmented VAR) para evaluar el impacto de variaciones no esperadas en cuatro variables internacionales: las tasas de interés de corto plazo, el riesgo, el precio real del petróleo, el café y el carbón, y la actividad económica...
Persistent link: https://www.econbiz.de/10010763674
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Financial Frictions and Optimal Monetary Policy in a Small Open Economy
Bejarano, Jesús A.; Charry, Luisa F. - BANCO DE LA REPÚBLICA - 2014
In this paper we set up a small open economy model with financial frictions, following Curdia and Woodford (2010)’s model. Unlike other results in the literature such as Curdia and Woodford (2010), McCulley and Ramin (2008) and Taylor (2008), we find that optimal monetary policy should not...
Persistent link: https://www.econbiz.de/10010961645
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La elasticidad de Frisch y la transmisión de la política monetaria en Colombia
Sarmiento, Juan David Prada; Dueñas, Luis Eduardo Rojas - BANCO DE LA REPÚBLICA - 2009
Este artículo estudia el mecanismo de transmisión de la política monetaria a través delos salarios reales y la oferta de trabajo. El trade-off inflación producto depende de lacalificación de los trabajadores y de la elasticidad de la oferta de trabajo al salario real.Se plantea un modelo...
Persistent link: https://www.econbiz.de/10005597598
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Staff, Functions, and Staff Costs at Central Banks: An International Comparison with a Labor-demand Model
Camacho, Jorge Galán; Sarmiento, Miguel - BANCO DE LA REPÚBLICA - 2006
During the period 2000-2004 central banks sustained a generalized reduction in their staff, which was accompanied, in … most cases, with significant increases in staff costs. This could obey to an enhanced interest of central banks in focusing … on their core functions. In fact, central banks have changed the ways they perform their operative functions (e …
Persistent link: https://www.econbiz.de/10005597608
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BANKNOTE PRINTING AT MODERN CENTRAL BANKING:TRENDS, COSTS, AND EFFICIENCY
Camacho, Jorge Eduardo Galán; Paipilla, Miguel Sarmiento - BANCO DE LA REPÚBLICA - 2007
This paper examines trends in banknote printing during the period 2000-2005 for a crosssectionof 56 central banks …. Because of the high increase in the demand for currency inrecent years, central banks have implemented new strategies to … by central banks have a significant impact onproduction costs. Government printing was found to be the most costly method …
Persistent link: https://www.econbiz.de/10005464411
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Método numérico para la calibración de un modelo DSGE
Bonaldi, Pietro; González, Andrés; Prada, Juan David; … - BANCO DE LA REPÚBLICA - 2009
En este artículo se propone un método numérico para la calibración de un modelode equilibrio general dinámico y estocástico (DSGE). Esencialmente, éste consisteen utilizar un algoritmo híbrido de optimización, primero para encontrar un estadoestacionario del modelo, y luego para...
Persistent link: https://www.econbiz.de/10005262678
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Capital Flows and Financial Assets in Colombia: Recent Behavior, Consequences and Challenges for the Central Bank
Herrera, Hernando Vargas; Varela, Carlos - BANCO DE LA REPÚBLICA - 2008
This paper analyzes the evolution and impact of capital flows in Colombia over the pastfive years. An examination of the nature and composition of the capital flows indicatesthat to large extent they have originated in foreign direct investment, especially in theoil and mining sectors. The...
Persistent link: https://www.econbiz.de/10005196680
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Too-connected-to-fail Institutions and Payments System´s Stability: Assessing Challenges for Financial Authorities
León, Carlos; Machado, Clara; cepeda, Freddy; … - BANCO DE LA REPÚBLICA - 2011
The most recent episode of market turmoil exposed the limitations resulting from the traditional focus on too-big-to-fail institutions within an increasingly systemic-crisis-prone financial system, and encouraged the appearance of the too-connected-to-fail (TCTF) concept. The TCTF concept...
Persistent link: https://www.econbiz.de/10008865920