En este trabajo se brindan elementos adicionales en la comprensión de la dinámica de la tasa de cambio en Colombia. Por una parte, se presentan los principales hallazgos de una encuesta dirigida a los agentes del mercado cambiario; en ella se resalta la diferencia en la percepción que exhiben...

We present a model with two Overlapping Generations (young and old) and two final goods: a) a tradable good that is produced using capital and labor, and b) a non-tradable good that is produced using labor as unique input. We maintain the fundamental assumption of perfect factor mobility between...

En este documento realizamos un estudio de eventos para estudiar los efectos del anuncio de problemas de liquidez y toma de posesión por parte de la Superintendencia Financiera de Colombia de la firma comisionista de bolsa Interbolsa S.A. en noviembre de 2012 sobre el rendimiento de las...

We introduce imperfect monetary policy transparency and strategic wage setting into a macro model where the central bank provides lender of last resort (LOLR) services to banks on top of its standard stabilisation policy. We study how, in the presence of adverse exogenous financial developments,...

The recent financial crisis has renewed the interest of economists, both at the theoretical and empirical level, in developing a better understanding of credit and its mechanisms. A rapidly growing strand of the literature views banks as facing funding restrictions that condition their borrowing...

El presente artículo examina las relaciones de causalidad entre el crédito privado, el crédito bancario y el producto interno bruto en 4 economías suramericanas: Argentina, Brasil, Colombia y Perú. Se emplea el test de descomposición de Geweke para estimar el grado de causalidad entre las...

We set a dynamic stochastic model for the interbank daily market for funds in Colombia. The framework features exogenous reserve requirements and requirement period, competitive trading among heterogeneous commercial banks, daily open market operations he ld by the Central Bank (auctions and...

As has been documented in different studies, there is a close relationship between capital flows and domestic credit. This relationship emerges from different channels, which are usually not directly identified. In this paper, a principal-agent approach is proposed in order to disentangle the...

En este trabajo se proponen dos tipos de contratos para los préstamos interbancarios con el fin de que los bancos suavicen sus choques de liquidez a través del mercado interbancario (MI). En particular, se estudia la situación en la que los bancos con faltantes de liquidez que tienen bajo...

In this paper, we propose an alternative methodology to determine the existence of credit booms, which is a complex and crucial issue for policymakers. In particular, we exploit the Mendoza and Terrones's (2008) idea that macroeconomic aggregates contain valuable information to predict lending...