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La Política Fiscal en el Siglo XX en Colombia
Junguito, Roberto; Rincón, Hernán - Banco de la Republica de Colombia
El documento analiza la política fiscal a lo largo del Siglo XX en Colombia, con énfasis en los factores económicos y de economía política que determinaron los aciertos y las dificultades fiscales que experimentó el país. Desde el punto de vista de las estadísticas, se construyen series...
Persistent link: https://www.econbiz.de/10010571642
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Crisis Fiscal Actual: Diagnóstico y Recomendaciones
Rincón, Hernán; Ramos, Jorge; Lozano, Ignacio - Banco de la Republica de Colombia
Después de la ejecución del programa de ajuste fiscal y macroeconómico aplicado entre 1999 y 2002, y de las medidas económicas tomadas por la actual administración, se conoce que el país no se encuentra aún sobre una senda fiscal sostenible. Este documento recapitula integralmente el...
Persistent link: https://www.econbiz.de/10005113955
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Macroeconomic Effects of Structural Fiscal Policy Changes in Colombia
Vargas, Hernando; González, Andrés; Lozano, Ignacio - Banco de la Republica de Colombia - 2012
In the past decade the Colombian Economic Authorities undertook a series of measures that reduced the structural fiscal deficit, decreased the Government currency mismatch and deepened the local fixed-rate public bond market. This paper presents some evidence suggesting that these improvements...
Persistent link: https://www.econbiz.de/10010543170
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El financiamiento externo de Colombia en el siglo XIX 1820-1920
Gómez, Mauricio Avella - Banco de la Republica de Colombia
En los años veinte del siglo XIX, Colombia, entonces Gran Colombia, fue el mayor deudor internacional. En los siguientes cien años su acceso al mercado internacional de capitales fue mínimo, y su historia financiera estuvo marcada por sucesivas renegociaciones con sus antiguos acreedores....
Persistent link: https://www.econbiz.de/10005783911
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Determinants of Investment Flows into Emerging Markets
Amaya, Carlos Andrés; Rowland, Peter - Banco de la Republica de Colombia
The understanding of foreign investment flows is important for emerging market policy makers, since such flows make up a considerable part of the balance of payments, and since such flows tend to be very volatile. Sudden stops or reversals of investment flows have, indeed, played an important...
Persistent link: https://www.econbiz.de/10005113945
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The Cyclical Behavior of External Indebtedness: The Case of Foreign and Domestic Banks in Colombia
Rodíguez, Daniel Esteban Osorio; Gómez, Mauricio Avella - Banco de la Republica de Colombia
In this paper we try to elucidate the relationship between foreign and domestic banks external indebtedness and the business cycle in Colombia. After a brief review of related literature, we characterize the historical behavior of banking external indebtedness in Colombia, and perform...
Persistent link: https://www.econbiz.de/10005113963
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Transparency: can central banks commit to truthful communication?
POlanía, Julian A. Parra - Banco de la Republica de Colombia - 2012
To evaluate whether transparency is beneficial, it is usual to assume that the central bank may choose one of two … inflation announcements. Therefore, even if transparency is preferred over secrecy the central bank cannot credibly commit to … truth-telling, in contrast to what is commonly assumed in the literature on transparency. …
Persistent link: https://www.econbiz.de/10010862644
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Forecasting Latin-American yield curves: An artificial neural network approach
Vela, Daniel - Banco de la Republica de Colombia - 2013
This document explores the predictive power of the yield curves in Latin America (Colombia, Mexico, Peru and Chile) taking into account the factors set by the specifications of Nelson & Siegel and Svensson. Several forecasting methodologies are contrasted: an autoregressive model, a vector...
Persistent link: https://www.econbiz.de/10010906071
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Mercado interbancario colombiano y manejo de liquidez del Banco de la República
Ortiz, Pamela cardozo; Campos, carlos A. Huertas; … - Banco de la Republica de Colombia - 2011
El documento tiene como objetivo describir algunos de los elementos fundamentales del mercado interbancario colombiano y del manejo de liquidez por parte del Banco de la República (BR). El documento explica las diferencias entre las principales operaciones en este mercado y describe los...
Persistent link: https://www.econbiz.de/10009325851
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Estimations of the natural rate of interest in Colombia
González, Eliana; Melo, Luis F.; Rojas, Luis E.; … - Banco de la Republica de Colombia
Three methodologies to estimate the natural interest rate, NIR, are implemented for the Colombian economy. Two methods are statistical filters and the third involves some economic theory. The first method is based on unobserved components decomposition of the real interest rate and explores the...
Persistent link: https://www.econbiz.de/10008692094