Examinando por Materia "POLÍTICA MONETARIA - COLOMBIA"
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Publicación Boom de commodities y enfermedad holandesa en Colombia ¿importa la cuenta de capitales?(Universidad EAFIT, 2015) Gaviria Agudelo, Natalia; Torres Garcia, AlejandroEste trabajo analiza el impacto de los precios internacionales de commodities y la apertura financiera sobre el proceso de industrialización en Colombia durante el periodo 1960 – 2013, extendiendo el concepto de enfermedad holandesa para incluir un posible efecto de “sobrevaloración” de la TCR ligada a una entrada de capitales paralela a este fenómeno -- Los resultados encontrados refuerzan la idea que Colombia ha vivido un proceso de recomposición sectorial persistente producto de las bonanzas cafeteras y petroleras, y que efectivamente la mayor entrada de capitales desde la apertura financiera de 1991 ha jugado un rol importante, reforzando la apreciación de la tasa de cambio y restándole competitividad al sector industrialPublicación Determinantes de la tasa de cambio real en Colombia en las últimas dos décadas: un análisis de regresión(Universidad EAFIT, 2015) Gómez Jiménez, AlejandraEste documento tiene como objetivo validar y analizar los determinantes de la tasa de cambio real en Colombia durante los años 1995 – 2014 -- Empleando una estimación por Mínimos Cuadrados Ordinarios (MCO), se encontró que la política fiscal, la política comercial, los activos financieros internacionales, el progreso técnico, la depreciación nominal y el nivel de precios en los términos relativos de intercambio son significativos a la hora de explicar el comportamiento de la tasa de cambio real en Colombia durante el periodo de estudioPublicación Effectiveness of Unconventional Monetary Policy on Economic Activity in Colombia During the COVID-19 Crisis(Universidad EAFIT, 2023) Suárez Ramírez, María Antonia; Ballesteros Ruiz, Carlos AndrésPublicación La moneda, oro, plata y billete / Antonio José Restrepo(Bogotá : Imprenta Nacional, 1917) Restrepo, Antonio José, 1855-1933Publicación Los criptoactivos en Colombia : fundamentos para su regulación y la protección de los usuarios(Universidad EAFIT, 2025-10-17) Cote Ramírez, Miguel; Agudelo Morales, SebastiánThe purpose of this paper is to analyze the importance and relevance of establishing regulation for crypto assets in Colombia, starting from a technical and legal analysis to determine whether crypto assets — specifically cryptocurrencies — are considered, under Colombian regulation, as foreign currency, financial assets, or commodities. Once the legal nature of these assets is established, the applicable type of regulation and its appropriate scope will be examined. The question of whether crypto assets should be regulated becomes increasingly relevant as the cryptocurrency market continues to develop and innovate to offer more products and services to individuals and businesses. It is estimated that more than 6.17 million people in Colombia, own cryptocurrencies (Statista). Given the high number of users — representing nearly 12% of the population —, it is essential to adopt responsible regulation to protect them. One of the key factors that make this analysis timely is that Colombia is the ninth country with the highest cryptocurrencies in the world, based on number of users and transaction volume. For instance, on the Buda.com platform, one of the most popular in Latin America, transaction volume in Colombia increased by 350% between 2019 and 2020, and the number of users rose by 125% in the same period. Additionally, the number of Colombian companies offering FinTech services related to crypto assets increased to 394 by June 2024. (Finnovista Fintech Radar Colombia). As adoption and usage grows, the discussion about regulating cryptocurrencies becomes more pressing. Such regulation should have a broad scope to address the diverse characteristics of cryptocurrencies, the services they offer, and the types of transactions users may carry out with them. Why regulate them? Regulation is necessary not only due to increased usage, transaction volume, related companies, and wide adoption among Colombians, but also because the underlying technology has proven efficient and resilient. After 16 years of existence and exponential growth in blockchain-based services, it is reasonable to assert that cryptocurrencies will continue to expand, much like the internet did two decades ago. Furthermore, for a country like Colombia, which seeks to attract foreign investment, enacting responsible regulation would be highly advantageous. It would not only provide legal security and guarantees for users but also foster an attractive environment for companies, encouraging the growth of this sector and the development of related technologies. In conclusion, the aim of this undergraduate thesis is to assess the viability of, and propose, a responsible regulatory framework that ensures certainty and protection for both users and companies engaging with cryptocurrencies.Publicación Maf Challenge - Retornos de equilibrio para multiactivos(Universidad EAFIT, 2025-11-27) Giraldo García, María Alejandra; Aristizábal Arango, Daniel; Giraldo Restrepo, María Alejandra; Mejía Escobar, Juan Camilo; Grajales Correa, Carlos Alexander; Durango Gutiérrez, María PatriciaThis study develops a quantitative model to estimate equilibrium returns in multi-asset portfolios by integrating the Arbitrage Pricing Theory (APT) with the machine learning algorithm Extreme Gradient Boosting (XGBoost). The model incorporates monetary, real, financial, and expectation-based macroeconomic factors—such as inflation, employment, monetary policy, liquidity, credit spreads, and consumer sentiment—classified as leading, coincident, or lagging. The inclusion of lag structures captures the gradual transmission of macroeconomic shocks, while XGBoost identifies nonlinear patterns and complex interactions among variables. This hybrid framework allows for the estimation of factor sensitivities (betas) and risk premia (λ), producing return estimates consistent with a multifactor equilibrium. The methodology is applied to liquidity instruments, sovereign bonds, high-yield credit, emerging market debt, REITs, and global equities. Results show that both macroeconomic fundamentals and investors’ expectations play a central role in determining expected returns, highlighting the relevance of combining economic theory with modern machine learning techniques.Publicación Regla de Taylor para Colombia 2000-2015(Universidad EAFIT, 2016) Gaez Pizarro, Juan David; Ochoa García, Emilio; Agudelo, David EstivenPublicación Transmission of monetary policy and bank heterogeneity in Colombia(Universidad EAFIT, 2018) Ortega Londoño, Carolina; Restrepo Tobón, Diego AlexanderThis study provides evidence of bank heterogeneity in Colombia for the period 2002-2014 and analyzes how bank-specific characteristics determine the bank-lending channel for monetary policy -- To analyze bank heterogeneity, this study estimates technical (cost) efficiency using Stochastic Frontier Analysis, which also allows for the measurement of Returns to Scale and a Lerner Index to proxy market power in the loans market -- This study also provides measures of capitalization, liquidity, and the commonly used ratios of financial and operational efficiency with bank’s balance-sheet data -- Furthermore, using a long and unbalanced panel, this study finds evidence of the existence of a bank-lending channel and finds that this transmission mechanism is determined by bank-specific characteristics -- The results suggest higher technical and operational efficiency, capitalization,liquidity and market power, increase the sensitivity of loans disbursements to monetary policy shocks, while higher returns to scale lowers this sensitivity