This study consists of two parts: I. ) Does Independence Matter? The Case of the Colombian Central Bank, andII. ) Does Independence Improve Performance? The Colombian Superintendency of Banks. Why has Colombia been a case of low output variability and moderate-to-high inflation? This paper...

Este trabajo presenta evidencia según la cual la crisis reciente del sector hipotecario en Colombia fue consecuencia del incremento en la relación entre el saldo de los créditos y el valor de las garantías (LTV o loan-to-value ratio) que aumentó la vulnerabilidad de los hogares al ciclo...

The dynamic commons problem arises when different groups in society engage in intense redistributive activity as a result of an export boom. This paper analyzes the role that institutions play in ameliorating that problem in the case of coffee and oil in Colombia. The paper presents a model that...

(Document Available in Spanish) Fiscal deficits on average only 1. 4% of GDP; debt coefficients on the decline; early debt repayments to the International Monetary Fund and massive repurchases of Brady bonds that 15 years ago were the last salvation for overly endebted governments. This doesn`t...

The 1991 Colombian Constitution strengthened the checks and balances of the political system by enhancing the role of Congress and the Constitutional Court, while somewhat limiting the powers of the President (who nonetheless remains extremely powerful even by Latin American standards). As a...

Déficits fiscales que en promedio son apenas 1,4% del PIB, coeficientes de endeudamiento a la baja, cancelaciones anticipadas de las deudas con el Fondo Monetario Internacional y recompras masivas de los títulos Brady, que hace quince años fueron la última tabla de salvación para los...

Este estudio de la economía política del proceso presupuestal presenta el caso de Colombia. El documento brinda una descripción de los actores principales involucrados en el proceso presupuestario y de sus interacciones. Describe los principales determinantes políticos y económicos del...

This paper analyzes various dimensions of the quality of life in Montevideo. The paper finds that satisfaction with various public goods and services at the neighborhood level play a minor role in the overall reported well-being of individuals and in the satisfaction of life domains, such as...

This paper studies the effects of water sector privatization on consumers’ welfare in 46 municipalities in Colombia. First, the privatization process is described. Second, the paper evaluates the impact of privatization on access, price, and quality of water as well as health outcomes using...

This paper proposes an extension of the Blinder-Oaxaca decomposition from two to a continuum of comparison groups. The proposed decomposition is then estimated for the case of racial wage differences in urban Peru, exploiting a novel data set that allows the capturing of mestizaje (racial mixtures).