En este documento se construye un Indice de Percepción de Riesgo de los inversionistas institucionales en los mercados industrializados. Este índice se estima con base en un modelo de análisis factorial dinámico, que explora las tendencias comunes de las volatilidades de los retornos de una...

I build a general equilibrium financial accelerator model that incorporates an explicit technology for the intermediary sector. A credit multiplier emerges because of a borrowing constraint that is a function of asset prices, internal funds and lending rates. With this financial friction I show...

En este trabajo analizaremos el monto del llamado "impuesto puro" que se genera en las contribuciones destinadas a pensiones y salud en Colombia. Hemos calculado que este impuesto asciende en la actualidad a cerca del 17% para las empresas, por cada peso pagado a través de la nómina. Siendo...

Entre 1984 y 2000 se registraron variaciones importantes en la relación entre salarios de los trabajadores de mayor y menor nivel educativo. Entre 1992 y 1998 se presentó un incremento de esta relación que muy probablemente contribuyó a explicar la reversión de la tendencia previa a la...

Many developing countries are adopting inflation targeting regimes to guide monetary policy decisions. In such countries the share of food in the consumption basket is high and policy makers often employ total inflation (as opposed to core inflation) to set inflationary targets. Therefore,...

We use data from Bogotá and Medellín to describe key quality of life indicators of each city and illustrate their spatial segregation at the census sector level and present evidence that the main two Colombian cities are highly spatially segregated according to their education levels and...

Operational Risk (OR) results from endogenous and exogenous risk factors, as diverse and complex to assess as human resources and technology, which may not be properly measured using traditional quantitative approaches. Engineering has faced the same challenges when designing practical solutions...

This paper analyses a comprehensive dataset on migration using robust econometric methodologies to assess a range of economic and social impacts of migration on individuals and households left behind. Our findings indicate that there is no significant impact on labour force participation in...

We study the effect of relationship lending on small firms failure probability using a uniquely rich data set comprised of information on individual loans of a large number of small firms in Colombia. We control for firm-specific variables and find that small firms involved in long-term liaisons...

Utilizando información del sistema de ahorro individual entre 1998 y 2005, se encuentra evidencia de que la tasa de retorno real de los fondos y la población ocupada son los determinantes principales del número de cotizantes a las distintas AFP. El valor promedio del fondo, utilizado como...