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The Impact of Research and Development Tax Incentives on Colombia's Manufacturing Sector
Mercer-Blackman, Valerie - 2008
-2002 Survey of Manufacturers database in Colombia to analyze this question. We estimate the effect of the R&D tax deduction … instituted in Colombia using Zellner's Seemingly Unrelated Regressions method, and find that the elasticity of demand of R …&D investment in manufacturing is quite high in Colombia compared to other countries, particularly for smalle …
Persistent link: https://www.econbiz.de/10012677634
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Are Capital Controls Effective in the 21st Century? The Recent Experience of Colombia
Clements, Benedict J. - 2009
This paper assesses the effects of capital controls imposed in Colombia in 2007 on capital flows and exchange rate … the appreciation of Colombia's currency, or increased the degree of independence of monetary policy. We also find that …
Persistent link: https://www.econbiz.de/10012677725
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Social Security Reforms in Colombia
Clavijo, Sergio - 2009
of public health care in Colombia during 1993-2008. Parametric pension reforms have focused on increasing the retirement … security system in Colombia is roughly 160 percent of GDP for pensions and about 97 percent of GDP for the health system …
Persistent link: https://www.econbiz.de/10012677742
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Elasticity Optimism
Fund, International Monetary - 2009
In most macroeconomic models, the substitutability between domestic and foreign goods is calibrated using aggregated data. This imposes homogeneous elasticities across goods, and the calibration is only valid under this assumption. If elasticities are heterogeneous, the aggregate...
Persistent link: https://www.econbiz.de/10012677518
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International Trade Spillovers from Domestic COVID-19 Lockdowns
Aiyar, Shekhar - 2022
While standard demand factors perform well in predicting historical trade patterns, they fail conspicuously in 2020, when pandemic-specific factors played a key role above and beyond demand. Prediction errors from a multilateral import demand model in 2020 vary systematically with the health...
Persistent link: https://www.econbiz.de/10015060337
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Geopolitics and International Trade: The Democracy Advantage
Cevik, Serhan - 2024
Do political regimes determine how geopolitics influence international trade? This paper provides an empirical answer to the question by analyzing the joint impact of democracy and geopolitical distance between countries with an augmented gravity model of bilateral trade flows and an extensive...
Persistent link: https://www.econbiz.de/10015058709
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Central Banks as Dollar Lenders of Last Resort: Implications for Regulation and Reserve Holdings
Das, Mitali - 2023
This paper explores how non-U.S. central banks behave when firms in their economies engage in currency mismatch, borrowing more heavily in dollars than justified by their operating exposures. We begin by documenting that, in a panel of 53 countries, central bank holdings of dollar reserves are...
Persistent link: https://www.econbiz.de/10015059785
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Output Gap Uncertainty and Real-Time Monetary Policy
Grigoli, Francesco; Herman, Alexander; Swiston, Andrew; … - International Monetary Fund (IMF) - 2015
Output gap estimates are subject to a wide range of uncertainty owing to data revisions and the difficulty in distinguishing between cycle and trend in real time. This is important given the central role in monetary policy of assessments of economic activity relative to capacity. We show that...
Persistent link: https://www.econbiz.de/10011163120
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Nonfinancial Firms in Latin America; A Source of Vulnerability?
Gonzalez, Maria - International Monetary Fund (IMF) - 2012
We examine corporate sector vulnerabilities in Brazil, Chile, Colombia, Mexico and Peru. First, we identify stylized …
Persistent link: https://www.econbiz.de/10011242251
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Financial Inclusion, Growth and Inequality: A Model Application to Colombia
Karpowicz, Izabela - International Monetary Fund (IMF) - 2014
Financial inclusion has been one of the key pillars of Colombia’s development strategy for a number of years. Financial inclusion policies have aimed at channeling microcredit to poor, spreading formal banking system usage, fostering electronic payment acceptance, and making financial...
Persistent link: https://www.econbiz.de/10011142110