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Designing an expert knowledge-based Systemic Importance Index for financial institutions

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

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...

Persistent link: https://www.econbiz.de/10009293921

Systemic Importance Index for financial institutions: A Principal Component Analysis approach

León, Carlos; Murcia, Andrés - Banco de la Republica de Colombia - 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/10010584171

La elasticidad de Frisch y la transmisión de la política monetaria en Colombia

Sarmiento, Juan David Prada; Luis Eduardo Rojas Dueñas … - Banco de la Republica de Colombia

Este artículo estudia el mecanismo de transmisión de la política monetaria a través de los salarios reales y la oferta de trabajo. El trade-off inflación producto depende de la calificación de los trabajadores y de la elasticidad de la oferta de trabajo al salario real. Se plantea un...

Persistent link: https://www.econbiz.de/10005035874

Método numérico para la calibración de un modelo DSGE

Bonaldi, Pietro; González, . Andrés; Prada, Juan David; … - Banco de la Republica de Colombia

En este artículo se propone un método numérico para la calibración de un modelo de equilibrio general dinámico y estocástico (DSGE). Esencialmente, éste consiste en utilizar un algoritmo híbrido de optimización, primero para encontrar un estado estacionario del modelo, y luego para...

Persistent link: https://www.econbiz.de/10005035879

Staff, Functions, and Staff Costs at Central Banks: An International Comparison with a Labor-demand Model

Camacho, Jorge Galán; Paipilla, Miguel Sarmiento - Banco de la Republica de Colombia

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/10005489394

Capital Flows and Financial Assets in Colombia: Recent Behavior, Consequences and Challenges for the Central Bank

Vargas, Hernando; Varela, Carlos - Banco de la Republica de Colombia

This paper analyzes the evolution and impact of capital flows in Colombia over the past five years. An examination of the nature and composition of the capital flows indicates that to large extent they have originated in foreign direct investment, especially in the oil and mining sectors. The...

Persistent link: https://www.econbiz.de/10005650607

BANKNOTE PRINTING AT MODERN CENTRAL BANKING: TRENDS, COSTS, AND EFFICIENCY

Camacho, Jorge Eduardo Galán; Paipilla, Miguel Sarmiento - Banco de la Republica de Colombia

This paper examines trends in banknote printing during the period 2000-2005 for a crosssection of 56 central banks …. Because of the high increase in the demand for currency in recent years, central banks have implemented new strategies to … method used by central banks have a significant impact on production costs. Government printing was found to be the most …

Persistent link: https://www.econbiz.de/10005274421

Choques internacionales reales y financieros y su impacto sobre la economía colombiana

Echavarría, Juan José; González, Andrés; López, Enrique - Banco de la Republica de Colombia - 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/10010563805

Too-connected-to-fail Institutions and Payments System’s Stability: Assessing Challenges for Financial Authorities

Léon, Carlos; Machado, Clara; Cepeda, Freddy; … - Banco de la Republica de Colombia

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/10008854671

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