This paper is concerned with interest rate setting by commercial banks and how the transmission of monetary policy is re°ected in these rates. For this purpose we study the case of the Colombian banking industry for the period 1996-2004. Using microdata, the Certi¯cate of Deposit(CD) market...

Pension funds and annuity providers need to effectively manage the longevity risk they are exposed to. Individuals receiving a lifetime income may live longer than expected or accounted for in the actuarial calculations to provision for these liabilities. Mismanaged longevity risk can...

From the increasing incidence of environmental pollution and soil contamination, to recurring natural disasters, the risks posed by the constant interaction between human activities and the environment are diverse, manifold and often catastrophic in their consequences. Therefore, the elaboration...

Insurance data include: all gross insurance premiums and those relating only to direct insurance; spending on insurance per capita; and the market share of national insurance by country, relative to the OECD market total.

Este documento presenta las principales tendencias en las plantas de personal, salarios y funciones de 63 bancos centrales, para el período 2000-2009. Se profundiza en el análisis de algunas funciones que realizan los bancos centrales como la supervisión del sistema financiero, la operación...

En este trabajo se calcula un nivel de equilibrio para los Activos Externos Netos de Colombia (AEN), y se estudian sus implicaciones sobre el Tipo de Cambio Real (TCR). Para determinar el nivel de equilibrio de AEN, se estima un vector de cointegración con un panel de efectos fijos ajustado por...

En este artículo estudiamos la estimación de un nivel de equilibrio de la cuenta corriente de la balanza de pagos de Colombia y sus posibles implicaciones para el desalineamiento de la tasa de cambio real. Se siguen dos metodologías alternativas para la estimación. Primero, se realiza una...

This paper extends the asymptotic results of the dynamic ordinary least squares (DOLS) cointegration vector estimator of Mark and Sul (2003) to a three-dimensional panel. We use a balanced panel of N and M lengths observed over T time periods. The cointegration vector is homogenous across...

During the period 2000-2004 central banks sustained a generalized reduction in their staff, which was accompanied, in most cases, with significant increases in staff costs. This could obey to an enhanced interest of central banks in focusing on their core functions. In fact, central banks have...