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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

Multiple policymakers and the social value of public information

Prada-Sarmiento, Juan David - Banco de la Republica de Colombia

In most economies, macroeconomic policy is conducted by two or more independent authorities. In general, each policymaker has a different piece of information about the state of the economy, and this information is different from the one held by the private sector. We extend the model of James...

Persistent link: https://www.econbiz.de/10009294780

The Impact of Pre-announced Day-to-day Interventions on the Colombian Exchange Rate

Echavarría, Juan José; velandia, Luis Fernando Melo; … - Banco de la Republica de Colombia - 2013

The adoption of a managed regime assumes that interventions are relatively successful. However, while some authors consider that foreign exchange interventions are ineffective, arguing that domestic and foreign assets are close substitutes, others advocate their use and maintain that their...

Persistent link: https://www.econbiz.de/10010862650

The Impact of Different Types of Foreign Exchange Intervention: An Event Study Approach

Echavarría, Juan José; Velandia, Luis Fernando Melo; … - Banco de la Republica de Colombia - 2013

To date, there is still great controversy as to which exchange rate model should be used or which monetary channel should be considered, when measuring the effects of monetary policy. Since most of the literature relies on structural models to address identification problems, the validity of...

Persistent link: https://www.econbiz.de/10010862655

Macro-prudential assessment of Colombian financial institutions’ systemic importance

León, Carlos; Machado, Clara; Murcia, Andrés - Banco de la Republica de Colombia - 2013

This document presents an enhanced and condensed version of preceding proposals for identifying systemically important financial institutions in Colombia. Three systemic importance metrics are implemented: (i) money market net exposures network hub centrality; (ii) large-value payment system...

Persistent link: https://www.econbiz.de/10010906046

Assessing Reserve Adequacy: The Colombian Case

Restrepo, Javier Gómez; Bohórquez, Juan Sebastián Rojas - Banco de la Republica de Colombia - 2013

International reserves are very important for emerging economies, as they allow to buffer possible liquidity vulnerabilities within a countries' balance of payments. Consequently, the issue of how many reserves should each country hold is a relevant issue for economic policy. The literature has...

Persistent link: https://www.econbiz.de/10010906064

¿Cómo caracterizar entidades sistémicas?: Medidas de impacto sistémico para el sistema financiero colombiano

Laverde, Mariana; Rueda, Javier Gutiérrez - Banco de la Republica de Colombia

Este trabajo hace una contribución a la caracterización de las entidades sistémicas así como las vías mediante las cuales este riesgo se presenta en el sistema. Inicialmente, siguiendo la metodología propuesta por Zhou (2010), se estiman y analizan indicadores de riesgo sistémico para los...

Persistent link: https://www.econbiz.de/10010906103

A Historical Analysis of Central Bank Independence in Latin America: The Colombian Experience, 1923-2008

Meisel, Adolfo; Barón, Juan D. - Banco de la Republica de Colombia

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...

Persistent link: https://www.econbiz.de/10005014560

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

Demanda laboral en la Banca Central: análisis de tendencias 2000-2009

Castro, Freddy H.; Monroy, Ingrid - Banco de la Republica de Colombia

Este documento presenta las principales tendencias en las plantas de personal, salarios y funciones de 63 bancos centrales, para el período 2000-2009. Se profundiza en el análisis de algunas funciones que realizan los bancos centrales como la supervisión del sistema financiero, la operación...

Persistent link: https://www.econbiz.de/10009228633