As the globalization of the world economy proceeds apace, Colombia must cope with an increasingly competitive international economic environment. The need to compete for highly mobile international capital is an essential component of the fiscal landscape in all countries in today's global...

Colombia, como los demás países emergentes, enfrenta un ambiente económico internacional crecientemente competitivo, caracterizado por la mayor movilidad de capital tangible e intangible, de la fuerza laboral (especialmente la calificada) y por una vigorosa competencia en bienes y servicios...

As the globalization of the world economy proceeds apace, Colombia must cope with an increasingly competitive international economic environment. The need to compete for highly mobile international capital is an essential component of the fiscal landscape in all countries in today's global...

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...

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...

Este trabajo utiliza la metodología VAR-X estructural para explicar por qué creció el desempleo en Colombia desde niveles cercanos a 7% en 1995:1 hasta 19% en 2000:1, y por qué permaneció en niveles de dos dígitos durante la década siguiente. Se trató de una combinación desafortunada de...

Este trabajo evalúa los determinantes de las compras de divisas y su impacto sobre la tasa de cambio nominal en Colombia durante 2000-2008. Estimaciones Tobit muestran que el Banco Central compró divisas para compensar las reevaluaciones frente al día anterior y para corregir tendencias...

In this document we use the Expectations Survey conducted monthly by the Central Bank of Colombia during the period of October 2003 – August 2012. We find that exchange rate revaluations were generally followed by expectations of further revaluation in the short run (1 month), but by...

En este documento se estima un modelo econométrico que descompone la serie de inflación trimestral anualizada entre un componente transitorio y otro permanente, este último inducido probablemente por las variaciones en la meta del Banco Central. Se concluye que la persistencia inflacionaria...