Effects of foreign participation in the colombian local public debt market on domestic financial conditions
Author
Abstract
Suggested Citation
DOI: https://doi.org/10.32468/be.1115
Download full text from publisher
Other versions of this item:
- Vargas-Herrera, Hernando & Cardozo, Pamela & Romero, Jose Vicente & Murcia, Andrés, 2020. "Effects of foreign participation in the colombian local public debt market on domestic financial conditions," Working papers 44, Red Investigadores de Economía.
References listed on IDEAS
- Christina D. Romer & David H. Romer, 2004.
"A New Measure of Monetary Shocks: Derivation and Implications,"
American Economic Review, American Economic Association, vol. 94(4), pages 1055-1084, September.
- Christina D. Romer & David H. Romer, 2003. "A New Measure of Monetary Shocks: Derivation and Implications," NBER Working Papers 9866, National Bureau of Economic Research, Inc.
- Tomas Williams, 2018.
"Capital Inflows, Sovereign Debt and Bank Lending: Micro-Evidence from an Emerging Market,"
The Review of Financial Studies, Society for Financial Studies, vol. 31(12), pages 4958-4994.
- Tomas Williams, 2017. "Capital Inflows, Sovereign Debt and Bank Lending: Micro-Evidence from an Emerging Market," Working Papers 2017-12, The George Washington University, Institute for International Economic Policy.
- Jaromir Benes & Andrew Berg & Rafael Portillo & David Vavra, 2015.
"Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework,"
Open Economies Review, Springer, vol. 26(1), pages 81-108, February.
- Mr. Jaromir Benes & Mr. Andrew Berg & Mr. Rafael A Portillo & David Vávra, 2013. "Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework," IMF Working Papers 2013/011, International Monetary Fund.
- Marta Banbura & Domenico Giannone & Lucrezia Reichlin, 2010.
"Large Bayesian vector auto regressions,"
Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 25(1), pages 71-92.
- Reichlin, Lucrezia & Giannone, Domenico & Banbura, Marta, 2007. "Bayesian VARs with Large Panels," CEPR Discussion Papers 6326, C.E.P.R. Discussion Papers.
- Martha Banbura & Domenico Giannone & Lucrezia Reichlin, 2008. "Large Bayesian VARs," Working Papers ECARES 2008_033, ULB -- Universite Libre de Bruxelles.
- Giannone, Domenico & Reichlin, Lucrezia & Bańbura, Marta, 2008. "Large Bayesian VARs," Working Paper Series 966, European Central Bank.
- Marta Bańbura, 2008. "Large Bayesian VARs," 2008 Meeting Papers 334, Society for Economic Dynamics.
- Hernando Vargas & Andrés Gonzalez & Ignacio Lozano, 2012.
"Macroeconomic effects of structural fiscal policy changes in Colombia,"
BIS Papers chapters, in: Bank for International Settlements (ed.), Fiscal policy, public debt and monetary policy in emerging market economies, volume 67, pages 119-160,
Bank for International Settlements.
- Hernando Vargas & Andrés González & Ignacio Lozano, 2012. "Macroeconomic Effects of Structural Fiscal Policy Changes in Colombia," Borradores de Economia 9314, Banco de la Republica.
- Hernando Vargas & Andrés González & Ignacio Lozano, 2012. "Macroeconomic Effects of Structural Fiscal Policy Changes in Colombia," Borradores de Economia 691, Banco de la Republica de Colombia.
- Mr. Serkan Arslanalp & Mr. Takahiro Tsuda, 2014. "Tracking Global Demand for Emerging Market Sovereign Debt," IMF Working Papers 2014/039, International Monetary Fund.
- Silvia Miranda-Agrippino & Giovanni Ricco, 2021.
"The Transmission of Monetary Policy Shocks,"
American Economic Journal: Macroeconomics, American Economic Association, vol. 13(3), pages 74-107, July.
- Silvia Miranda-Agrippino & Giovanni Ricco, 2015. "The Transmission of Monetary Policy Shocks," Discussion Papers 1711, Centre for Macroeconomics (CFM), revised Feb 2017.
- Ricco, Giovanni & Miranda-Agrippino, Silvia, 2018. "The Transmission of Monetary Policy Shocks," CEPR Discussion Papers 13396, C.E.P.R. Discussion Papers.
- Miranda-Agrippino, Silvia & Ricco, Giovanni, 2017. "The Transmission of Monetary Policy Shocks," Economic Research Papers 269310, University of Warwick - Department of Economics.
- Silvia Miranda-Agrippino & Giovanni Ricco, 2017. "The transmission of monetary policy shocks," Documents de Travail de l'OFCE 2017-15, Observatoire Francais des Conjonctures Economiques (OFCE).
- Miranda-Agrippino, Silvia & Ricco, Giovanni, 2017. "The transmission of monetary policy shocks," LSE Research Online Documents on Economics 86163, London School of Economics and Political Science, LSE Library.
- Miranda-Agrippino, Silvia & Ricco, Giovanni, 2017. "The Transmission of Monetary Policy Shocks," The Warwick Economics Research Paper Series (TWERPS) 1136, University of Warwick, Department of Economics.
- Miranda-Agrippino, Silvia & Ricco, Giovanni, 2017. "The transmission of monetary policy shocks," Bank of England working papers 657, Bank of England.
- Albrizio, Silvia & Choi, Sangyup & Furceri, Davide & Yoon, Chansik, 2020.
"International bank lending channel of monetary policy,"
Journal of International Money and Finance, Elsevier, vol. 102(C).
- Silvia Albrizio & Sangyup Choi & Davide Furceri & Chansik Yoon, 2019. "International Bank Lending Channel of Monetary Policy," GRU Working Paper Series GRU_2019_017, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
- Silvia Albrizio & Sangyup Choi & Davide Furceri & Chansik Yoon, 2019. "International Bank Lending Channel of Monetary Policy," IMF Working Papers 2019/234, International Monetary Fund.
- Silvia Albrizio & Sangyup Choi & Davide Furceri & Chansik Yoon, 2019. "International Bank Lending Channel of Monetary Policy," Working papers 2019rwp-145, Yonsei University, Yonsei Economics Research Institute.
- Silvia Albrizio & Sangyup Choi & Davide Furceri & Chansik Yoon, 2019. "International bank lending channel of monetary policy," Working Papers 1938, Banco de España.
- Ben S. Bernanke & Vincent R. Reinhart & Brian P. Sack, 2004.
"Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment,"
Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 35(2), pages 1-100.
- Ben S. Bernanke & Vincent Reinhart & Brian P. Sack, 2004. "Monetary policy alternatives at the zero bound: an empirical assessment," Finance and Economics Discussion Series 2004-48, Board of Governors of the Federal Reserve System (U.S.).
- Serkan Arslanalp & Tigran Poghosyan, 2016.
"Foreign Investor Flows and Sovereign Bond Yields in Advanced Economies,"
Journal of Banking and Financial Economics, University of Warsaw, Faculty of Management, vol. 2(6), pages 45-67, June.
- Mr. Serkan Arslanalp & Mr. Tigran Poghosyan, 2014. "Foreign Investor Flows and Sovereign Bond Yields in Advanced Economies," IMF Working Papers 2014/027, International Monetary Fund.
- Mr. Shanaka J Peiris, 2010. "Foreign Participation in Emerging Markets’ Local Currency Bond Markets," IMF Working Papers 2010/088, International Monetary Fund.
- Elod Takáts & Abraham Vela, 2014. "International monetary policy transmission," BIS Papers chapters, in: Bank for International Settlements (ed.), The transmission of unconventional monetary policy to the emerging markets, volume 78, pages 25-44, Bank for International Settlements.
- Marta Banbura & Domenico Giannone & Lucrezia Reichlin, 2010.
"Large Bayesian vector auto regressions,"
Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 25(1), pages 71-92.
- Marta Bańbura & Domenico Giannone & Lucrezia Reichlin, 2010. "Large Bayesian vector auto regressions," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 25(1), pages 71-92, January.
- Beltran, Daniel O. & Kretchmer, Maxwell & Marquez, Jaime & Thomas, Charles P., 2013.
"Foreign holdings of U.S. Treasuries and U.S. Treasury yields,"
Journal of International Money and Finance, Elsevier, vol. 32(C), pages 1120-1143.
- Daniel O. Beltran & Maxwell Kretchmer & Jaime R. Marquez & Charles P. Thomas, 2012. "Foreign holdings of U.S. Treasuries and U.S. Treasury yields," International Finance Discussion Papers 1041, Board of Governors of the Federal Reserve System (U.S.).
- Mr. Christian H Ebeke & Ms. Annette J Kyobe, 2015. "Global Financial Spillovers to Emerging Market Sovereign Bond Markets," IMF Working Papers 2015/141, International Monetary Fund.
- Martha López & Camilo Bohorquez-Penuela & Juan Esteban Carranza & Stefany Moreno-Burbano & Anderson Grajales-Olarte & Mauricio Pinzón Latorre & Jose Pulido, 2020.
"Crédito y efectos reales en Colombia 2000-2017: evidencia con microdatos,"
Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, issue 94, pages 1-58, April.
- Martha López & Camilo Bohorquez-Penuela & Juan Esteban Carranza & Stefany Moreno-Burbano & Anderson Grajales-Olarte & Mauricio Pinzón Latorre & Jose Pulido, 2020. "Crédito y efectos reales en Colombia 2000-2017: evidencia con microdatos," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, issue 94, pages 1-55, April.
- Hernando Vargas & Andrés González & Diego Rodríguez, 2013.
"Foreign exchange intervention in Colombia,"
BIS Papers chapters, in: Bank for International Settlements (ed.), Sovereign risk: a world without risk-free assets?, volume 73, pages 95-125,
Bank for International Settlements.
- Hernando Vargas Herrera & Andrés González & Diego Rodríguez, 2013. "Foreign Exchange Intervention in Colombia," Borradores de Economia 10465, Banco de la Republica.
- Hernando Vargas Herrera & Andrés González & Diego Rodríguez, 2013. "Foreign Exchange Intervention in Colombia," Borradores de Economia 757, Banco de la Republica de Colombia.
- Ricardo Correa & Teodora Paligorova & Horacio Sapriza & Andrei Zlate, 2022.
"Cross-Border Bank Flows and Monetary Policy,"
The Review of Financial Studies, Society for Financial Studies, vol. 35(1), pages 438-481.
- Ricardo Correa & Teodora Paligorova & Horacio Sapriza & Andrei Zlate, 2018. "Cross-Border Bank Flows and Monetary Policy," International Finance Discussion Papers 1241, Board of Governors of the Federal Reserve System (U.S.).
- Mr. Serkan Arslanalp & Mr. Takahiro Tsuda, 2012. "Tracking Global Demand for Advanced Economy Sovereign Debt," IMF Working Papers 2012/284, International Monetary Fund.
- Ricardo Correa & Teodora Paligorova & Horacio Sapriza & Andrei Zlate, 2017. "Cross-Border Bank Flows and Monetary Policy: Implications for Canada," Staff Working Papers 17-34, Bank of Canada.
- repec:ulb:ulbeco:2013/13388 is not listed on IDEAS
- Mr. Jochen R. Andritzky, 2012. "Government Bonds and their Investors: What Are the Facts and Do they Matter?," IMF Working Papers 2012/158, International Monetary Fund.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Galindo, Arturo J. & Steiner, Roberto, 2022.
"Asymmetric interest rate transmission in an inflation-targeting framework: The case of Colombia,"
Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 3(3).
- Arturo J. Galindo & Roberto Steiner, 2020. "Asymmetric Interest Rate Transmission in an Inflation Targeting Framework: The Case of Colombia," Borradores de Economia 1138, Banco de la Republica de Colombia.
- Wilmar Alexander Cabrera-Rodríguez & Daniela Rodríguez-Novoa & Camilo Eduardo Sánchez-Quinto, 2023. "A robust model for the term structure of interest rates: some applications in Colombia," Borradores de Economia 1255, Banco de la Republica de Colombia.
- Ocampo, José Antonio & Orbegozo, German D. & Villamizar-Villegas, Mauricio, 2020.
"Post-graduation from the original sin problem The effects of market participation on sovereign debt markets,"
Working papers
39, Red Investigadores de Economía.
- José Antonio Ocampo & Germán D. Orbegozo & Mauricio Villamizar-Villegas & Nicolás Fajardo-Baquero & Oscar Botero-Ramírez & Camilo OrozcoVanegas, 2020. "Post-graduation from the original sin problem The effects of investor participation on sovereign debt markets," Borradores de Economia 1113, Banco de la Republica de Colombia.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Romero, José Vicente & Vargas, Hernando & Cardozo, Pamela & Murcia, Andrés, 2021.
"How foreign participation in the Colombian local public debt market has influenced domestic financial conditions,"
Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 2(4).
- José Vicente Romero & Hernando Vargas & Pamela Cardozo & Andrés Murcia, 2020. "How foreign participation in the Colombian local public debt market has influenced domestic financial conditions," BIS Papers chapters, in: Bank for International Settlements (ed.), Financial market development, monetary policy and financial stability in emerging market economies, volume 113, pages 83-119, Bank for International Settlements.
- Conterius, Simeon & Akimov, Alexandr & Su, Jen-Je & Roca, Eduardo, 2023. "Do foreign investors have a positive impact on the domestic government bonds market? A panel pooled mean group approach," Economic Analysis and Policy, Elsevier, vol. 77(C), pages 863-875.
- Konopczak, Michal, 2015. "Government debt holdings of non-residents – an analysis of the impact on selected emerging economies’ sovereign risk," MPRA Paper 68597, University Library of Munich, Germany.
- Mansur, Alfan & Al Arif, Munafsin, 2017. "Dampak Kepemilikan Asing terhadap Pasar Surat Berharga Negara (SBN) Indonesia [The Impact of Foreign Ownership on the Indonesian Government Bonds Market]," MPRA Paper 93944, University Library of Munich, Germany, revised 14 Jun 2017.
- Blattner, Tobias Sebastian & Joyce, Michael A. S., 2016. "Net debt supply shocks in the euro area and the implications for QE," Working Paper Series 1957, European Central Bank.
- Ocampo, José Antonio & Orbegozo, German D. & Villamizar-Villegas, Mauricio, 2020.
"Post-graduation from the original sin problem The effects of market participation on sovereign debt markets,"
Working papers
39, Red Investigadores de Economía.
- José Antonio Ocampo & Germán D. Orbegozo & Mauricio Villamizar-Villegas & Nicolás Fajardo-Baquero & Oscar Botero-Ramírez & Camilo OrozcoVanegas, 2020. "Post-graduation from the original sin problem The effects of investor participation on sovereign debt markets," Borradores de Economia 1113, Banco de la Republica de Colombia.
- Danilo Cascaldi-Garcia & Marija Vukotic, 2022.
"Patent-Based News Shocks,"
The Review of Economics and Statistics, MIT Press, vol. 104(1), pages 51-66, March.
- Cascaldi-Garcia, Danilo & Vukotic, Marija, 2019. "Patent-Based News Shocks," The Warwick Economics Research Paper Series (TWERPS) 1225, University of Warwick, Department of Economics.
- Danilo Cascaldi-Garcia & Marija Vukotić, 2020. "Patent-Based News Shocks," International Finance Discussion Papers 1277, Board of Governors of the Federal Reserve System (U.S.).
- Sangyup Choi & Davide Furceri & Chansik Yoon, 2021.
"International Fiscal-Financial Spillovers:the Effect of Fiscal Shocks on Cross-Border Bank Lending,"
Open Economies Review, Springer, vol. 32(2), pages 259-290, April.
- Sangyup Choi & Davide Furceri & Chansik Yoon, 2019. "International Fiscal-financial Spillovers: The Effect of Fiscal Shocks on Cross-border Bank Lending," IMF Working Papers 2019/150, International Monetary Fund.
- Sangyup Choi & Davide Furceri & Chansik Yoon, 2020. "International Fiscal-financial Spillovers: The Effect of Fiscal Shocks on Cross-border Bank Lending," Working papers 2020rwp-179, Yonsei University, Yonsei Economics Research Institute.
- Sangyup Choi & Davide Furceri & Chansik Yoon, 2020. "International Fiscal-financial Spillovers: The Effect of Fiscal Shocks on Cross-border Bank Lending," GRU Working Paper Series GRU_2020_025, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
- Michele Manna & Stefano Nobili, 2023.
"Banks' holdings of and trading in government bonds,"
International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(1), pages 257-283, January.
- Michele Manna & Stefano Nobili, 2018. "Banks' holdings of and trading in government bonds," Temi di discussione (Economic working papers) 1166, Bank of Italy, Economic Research and International Relations Area.
- Gianluca Cafiso, 2014. "Debt Sustainability in the Case of External Debt. An Analysis Based on Italy's Treasury Auctions," CESifo Working Paper Series 5021, CESifo.
- Ebeke, Christian & Lu, Yinqiu, 2015. "Emerging market local currency bond yields and foreign holdings – A fortune or misfortune?," Journal of International Money and Finance, Elsevier, vol. 59(C), pages 203-219.
- Konopczak, Karolina & Konopczak, Michał, 2017. "Impact of International capital flows on emerging markets’ sovereign risk premium – demand vs. vulnerability effect," Finance Research Letters, Elsevier, vol. 23(C), pages 239-245.
- Serkan Arslanalp & Tigran Poghosyan, 2016.
"Foreign Investor Flows and Sovereign Bond Yields in Advanced Economies,"
Journal of Banking and Financial Economics, University of Warsaw, Faculty of Management, vol. 2(6), pages 45-67, June.
- Mr. Serkan Arslanalp & Mr. Tigran Poghosyan, 2014. "Foreign Investor Flows and Sovereign Bond Yields in Advanced Economies," IMF Working Papers 2014/027, International Monetary Fund.
- Cantore, Cristiano & Ferroni, Filippo & Mumtaz, Hroon & Theophilopoulou, Angeliki, 2022.
"A tail of labour supply and a tale of monetary policy,"
Bank of England working papers
989, Bank of England.
- Cristiano Cantore & Filippo Ferroni & Haroon Mumtaz & Angeliki Theophilopoulou, 2023. "A tail of labor supply and a tale of monetary policy," Discussion Papers 2308, Centre for Macroeconomics (CFM).
- Laura Jaramillo & Ms. Yuanyan S Zhang, 2013. "Real Money Investors and Sovereign Bond Yields," IMF Working Papers 2013/254, International Monetary Fund.
- Sebastián García-Andrade, 2019. "Efectos del rebalanceo de los índices de J.P. Morgan en 2014 sobre los rendimientos de los TES en moneda local," Borradores de Economia 1094, Banco de la Republica de Colombia.
- Carlos Alberto Piscarreta Pinto Ferreira, 2021. "Does Public Debt Ownership Structure Matter for a Borrowing Country?," Working Papers REM 2021/0190, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
- Tobias S. Blattner & Michael A. S. Joyce, 2020. "The Euro Area Bond Free Float and the Implications for QE," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(6), pages 1361-1395, September.
- Amr Hosny, 2020.
"Nonresident holdings of domestic debt in Nigeria: Internal or external driven?,"
African Development Review, African Development Bank, vol. 32(3), pages 472-485, September.
- Amr Hosny, 2020. "Non-Resident Holdings of Domestic Debt in Nigeria: Internal or External Driven?," IMF Working Papers 2020/063, International Monetary Fund.
- Miranda-Agrippino, Silvia & Ricco, Giovanni, 2018.
"Bayesian Vector Autoregressions,"
The Warwick Economics Research Paper Series (TWERPS)
1159, University of Warwick, Department of Economics.
- Miranda-Agrippino, Silvia & Ricco, Giovanni, 2018. "Bayesian vector autoregressions," LSE Research Online Documents on Economics 87393, London School of Economics and Political Science, LSE Library.
- Silvia Miranda Agrippino & Giovanni Ricco, 2018. "Bayesian vector autoregressions," Working Papers hal-03458277, HAL.
- Silvia Miranda-Agrippino & Giovanni Ricco, 2018. "Bayesian Vector Autoregressions," Discussion Papers 1808, Centre for Macroeconomics (CFM).
- Silvia Miranda Agrippino & Giovanni Ricco, 2018. "Bayesian vector autoregressions," SciencePo Working papers Main hal-03458277, HAL.
- Miranda-Agrippino, Silvia & Ricco, Giovanni, 2018. "Bayesian vector autoregressions," Bank of England working papers 756, Bank of England.
- Silvia Miranda-Agrippino & Giovanni Ricco, 2018. "Bayesian vector autoregressions," Documents de Travail de l'OFCE 2018-18, Observatoire Francais des Conjonctures Economiques (OFCE).
More about this item
Keywords
Monetary Policy; Interest Rates and Transmission Mechanism; Portfolio Choice and Investment Decisions; Portfolio inflows; Política monetaria; tasas de interés y mecanismos de transmisión; decisiones de portafolio e inversión; flujos de inversión de portafolio;All these keywords.
JEL classification:
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
- G19 - Financial Economics - - General Financial Markets - - - Other
NEP fields
This paper has been announced in the following NEP Reports:- NEP-MAC-2020-05-25 (Macroeconomics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bdr:borrec:1115. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Clorith Angélica Bahos Olivera (email available below). General contact details of provider: https://edirc.repec.org/data/brcgvco.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.