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Volatilidad cambiaria en Colombia: cuantificación y determinantes
(2009-11)
"Existe cierta percepción en el país de que el peso colombiano es excesivamente volátil y de que ello en parte es consecuencia de la activa participación de los Fondos de Pensiones Obligatorias (FPOs) en el mercado cambiario. En este documento realizamos dos ejercicios. En primer lugar, estimamos diferentes medidas que nos permiten comparar, a diversas frecuencias, la volatilidad del peso con la de otras monedas y con ...
Institutional reforms in Colombia
(2000-11)
"This document is organized around "political" and "economic" institutions. We begin with the former, with a discussion of the role of the judicial system and of the separation of power followed by the electoral law and structure of parliament, and a discussion of crime prevention and criminal justice system. We then move to economic institutions, we focus on those that have to do with the bureaucracy and provision of ...
The Central Bank in Colombia
(2000-08)
"In the last decade the issue of the optimal degree of central bank independence has been at the center of attention of academics and policymakers in many countries. The direction of institutional reform has almost universally been toward making central banks more independent from political pressure. The motivation of this move is linked to an increased emphasis on price stability as the main or only goal of monetary ...