La acentuada preferencia de la población por efectivo para realizar sus compras ha motivado diversos estudios con el propósito de establecer cuáles son los principales determinantes de las decisiones de los agentes sobre los instrumentos de pago que usan en sus transacciones. Este documento...

We apply a pair-wise approach to test the law of one price for deposit (lending) rates in Colombia. We find that when banks are of different size deposit rates adjust quickly, suggesting a competitive environment. By contrast, lending rates adjust rapidly when banks are of similar size,...

Este documento investiga la importancia del canal del crédito bancario de la política monetaria en una economía abierta y pequeña como la colombiana. Usando el modelo de panel dinámico Método de Momentos Generalizados (MMG), propuesto por Arellano y Bover (1995), se estima una función de...

We investigate whether lenders employ sustainability pricing provisions to manage borrowers’ environmental risk. Using unexpected negative environmental incidents of borrowers as exogenous shocks that reveal information on environmental risk, we find that lenders manage borrowers’...

Offering health coverage to informal workers and their families is an ongoing and major challenge in most Sub-Saharan countries. As anchoring insurance to employment contracts is not possible and the demand for insurance is too low to deploy voluntarily sustainable schemes, alternative...

Offering health coverage to informal workers and their families is an ongoing and major challenge in most Sub-Saharan countries. As anchoring insurance to employment contracts is not possible and the demand for insurance is too low to deploy voluntarily sustainable schemes, alternative...

We investigate whether lenders employ sustainability pricing provisions to manage borrowers' environmental risk. Using unexpected negative environmental incidents of borrowers as exogenous shocks that reveal information on environmental risk, we find that lenders manage borrowers' environmental...

We use the term structure of bank CD rates to examine whether maturity-transformation risk is priced into the rates banks offer customers. We find that depositors pay a significant cost for the liquidity provided by bank deposits. This cost is strongly related to the amount of...

Interest paid by U.S. state and local bonds is tax-exempt, making these bonds attractive to investors - though a tax rule limits arbitrage opportunities by restricting associated interest expense deductions. Prior to 1986, U.S. banks were not subject to the interest deduction limitation, making...

We analyze gender bias in entrepreneurship finance. Access to finance is crucial for entrepreneurial success, yet women are particularly constrained. We structurally unpack whether loan officers evaluate business ideas and implementation constraints differently for male and female entrepreneurs,...