Central Bank of Colombia (Banrep)
BIS papers probe LatAm currency interventions
Working papers written by economists from each of five Latin American central banks and published by the BIS investigate the efficacy of various currency intervention strategies
Crisis altered ‘traditional factor' impact on EM capital flows, new paper finds
According to the authors, the crisis ‘brought very important changes in terms of degree, size and volatility of capital flows to emerging markets'
Colombian paper explains monetary policy transmission divergence across banks
Working paper says banks' size and capitalisation affects their sensitivity to monetary policy shocks and their ability to access alternative funding when core deposits in economy shrink
Colombian paper draws policy lessons from credit- and business-cycle links
Researchers find lagged response of growth to the credit cycle, making it challenging for policy-makers to target both financial and real variables with a single instrument
Colombian governor warns Latin America could be hit hard by end of US QE
José Darío Uribe says past instances of monetary policy tightening in the US have caused crises in Latin America, but argues the region is better prepared this time around
Colombian paper trumpets transparent forex intervention
Research says ‘pre-announced and transparent’ interventions had a greater impact on the Colombian exchange rate than more discretionary or ‘dirty’ purchases
Colombian paper flags danger from abnormal credit growth
Credit expansion does not always imply excessive risk-taking, but abnormal credit growth causes greater risk-taking and contributed to Colombia’s financial crisis in the late 1990s, paper finds
Colombian paper recommends using neural networks in yield curve forecasts
Neural networks, which process information in a similar manner to the human brain, are tested for their ability to improve yield curve forecasts in Latin America
People: ADB chief named BoJ front-runner; Bulgarian governor ‘cannot' run for PM
Haruhiko Kuroda widely expected to succeed governor Shirakawa next month; Bulgarian governor ineligible to lead interim government
Colombian paper finds flaws in inflation forecasting
Research by the Central Bank of Colombia says many central banks have scope to improve the accuracy of their inflation forecasts
New paper finds Colombia could be in the midst of a housing bubble
'New-fangled method' of detecting bubbles finds Colombian housing could be in a bubble right now, though findings may not be robust
LatAm countries play down talk of burgeoning currency war
Peruvian and Colombian central banks say dollar purchases are being made to build reserves and reduce volatility; Latin America faces wide range of currency challenges
Central Bank of Colombia faces presidential call to cut rates
Colombian central bank under pressure from lawmakers and bankers to lower interest rates as growth falters and inflation dips below target
Colombian paper proposes measure of systemic importance
Central Bank of Colombia study identifies important characteristics related to size, connectedness and substitutability that determine the systemic importance of financial institutions
Colombian paper probes predictive power of expectations
Central Bank of Colombia study investigates the accuracy of exchange rate expectations during the past nine years; finds discrepancy between short and long term
Uribe given third and final term as Colombian governor
José Darío Uribe is reappointed by the Board of the Central Bank of Colombia for a third term as governor; will retire from the post in 2017
Colombian governor warns of low-rate risks
José Darío Uribe says low interest rates pose medium-term risks to emerging markets; advises that unsustainable credit growth should be hedged
Central Bank of Colombia minutes reveal divide over interest rates
Minutes from the central bank board’s July meeting gives details of reasons for members’ difference of opinion over interest rate decision; board committed to maximising employment
Central Bank of Colombia paper finds delayed monetary policy responses
Working paper develops new models of output gap and neutral interest rate; argues interest rate changes by central bank lag behind movements in output
Central Bank of Colombia paper develops early warning model of credit booms
Working paper tests model of credit booms that includes macroeconomic indicators in addition to credit growth; finds the model performs well across a number of Latin American countries
Central Bank of Colombia paper analyses sovereign default risk
Working paper assesses main factors determining risk of Colombian government defaulting on its debt; finds different factors are important at different debt maturities
Central Bank of Colombia paper models transparency incentives
Working paper evaluates central bank incentives to misrepresent private information; finds central banks cannot credibly commit to truth-telling
Nalm Americas: Reserves panel split on euro
Some central banks in the Americas are reducing allocation to euro – but not necessarily as a result of the eurozone debt crisis
Central Bank of Colombia paper evaluates CrashMetrics risk estimation
Researchers examine CrashMetrics risk estimation methodology; find it makes better predictions during crises than traditional stress tests