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...

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...

This paper is an attempt at constructing a simple and effective macroprudential tool for policymakers. By integrating the joint occurrences of the main financialmarkets in Colombia into a single Financial Conditions Index (FCI), we hope to synthesize the information embedded in them regarding...