"This volume traces the history of the 1991 reorganization of Colombia's central bank, resulting from constitutional changes. Perspectives from then Finance Minister R. Hommes, key constitution framers, and central bank technocrats make evident the different interests at stake in the process,...

This study examines how depositors choose among different banks and over time in Colombia, focusing on whether they discipline bank behavior. By controlling for a more comprehensive set of risk/return factors, the study improves upon conventional market discipline tests. Panel data estimations...

This Working Paper assesses the impact on investment of a reduction in corporate taxes and the impact on employment, labor formality, and growth of a reduction in non-wage labor costs in Colombia. First, and following Hall and Jorgensen (1967), we estimate an investment function, which depends...