In this paper we find empirical evidence of bank lending channel for Colombia, using a balanced panel data of about four thousand non-financial firms. We find that increases in the interest rate, proxiing for the monetary policy instrument, lead to a reduction in the proportion of bank loans,...

We study the existence of a monetary policy transmission mechanism through banks in Colombia, using monthly banks’ balance sheet data for the period 1996:4 – 2012:12. We obtain results which are consistent with the basic postulates of the bank lending channel (and the risk-taking channel)...

Under the view that the market is a weighted and directed network (Barabási, 2003), this document is a first attempt to model the Colombian money market within a spatial econometrics framework. By estimating two standard spatial econometric models, we study the cost of collateralized borrowing...

Using a panel of Colombian banks and quarterly data between 1996:1 and 2010:3, we study the relationship between short-run adjustments in bank capital buffers and the business cycle. We follow a partial adjustment framework and control for several variables that have been identified as important...

This paper explores the relationship between central bank independence and inflation in Latin America, using as a case study the experience of Colombia (1923-2008). Since its creation, in 1923, Colombia´s central bank has undergone several reforms that have changed its objectives and degree of...

La historia de las instituciones laborales colombianas gira alrededor del Código Sustantivo del Trabajo expedido en 1950. Aunque con antecedentes memorables en la legislación indiana, las primeras leyes laborales vieron la luz en las dos décadas de apertura del siglo XX; su florecimiento...

Evidence suggests that the Colombian interbank funds market is an inhomogeneous and hierarchical network in which a few financial institutions fulfill the role of “super-spreaders” of central bank liquidity among market participants. Results concur with evidence from other interbank markets...

In this paper we find empirical evidence of bank lending channel for Colombia and Argentina. As for Argentina, we do not find evidence that changes in the interbank interest rate affect the growth rate of total loans directly. However, it does indirectly through interactions: the interbank...

La mayoría de los primeros bancos centrales que surgieron en el planeta ejercíaciertas formas incipientes de regulación y supervisión de los bancos comerciales.Posteriormente, algunos países optaron por depositar esa responsabilidad enagencias gubernamentales especializadas, entre ellos...

El presente trabajo estudia un modelo sustentado en los fundamentos de la regla de Taylor para evaluar la previsibilidad de la tasa de cambio nominal de seis divisas latinoamericanas - el peso argentino, el peso chileno, el peso colombiano, el peso mexicano, el peso uruguayo y el real brasileño...