Repository logo
Documentos

Documentos

Libros

Libros

Investigadores

Investigadores

Grupos

Grupos

Universidades

Universidades

Nosotros

Nosotros

Documentos de Trabajo

Permanent URI for this collection

https://pruebas.repositorio.redinvestigadores.org//handle/Riec/3

Browse

Browsing Documentos de Trabajo by Author "Arango-Lozano, Lucía"

Now showing 1 - 2 of 2
  • Item
    Open Access
    Sustainability as a Policy Tool
    Villamizar, Rodrigo; Villamizar-Villegas, Mauricio; Arango-Lozano, Lucía; Castelblanco, Geraldine; Banco de la República - Colombia
    In this policy note we propose a new country-based sustainability index comprised of three main drivers: climate change, energy use, and resource depletion. We argue that increases in clean energy intensity (clean energy per dollar of GDP), decreases in carbon intensity (carbon emission per dollar of GDP), and water intensity (water used per dollar of GDP) significantly affect sustainability. Supplementary, we compare our proposed index with macroeconomic indicators like GDP, Income per capita and other development indices such as the Human Development Index and the GINI, showing marked differences, which we interpret as unexplored areas for sustainable gains.
    Documentos de Trabajo RIEC - No. 82, 2021-07-15
  • Item
    Open Access
    The effects of Monetary Policy on Capital Flows A Meta-Analysis
    Villamizar-Villegas, Mauricio; Arango-Lozano, Lucía; Castelblanco, Geraldine; Fajardo-Baquero, Nicolás; Ruiz-Sánchez, María Alejandra; Banco de la República - Colombia
    We investigate whether central banks are able to attract or redirect capital flows, by bringing together the entire empirical literature into the first quantitative meta-analysis on the subject. We dissect policy effects by the type of flow and by the origin of the monetary shock. Further, we assess whether policy effects depend on factors that drive investors to either search for yields or fly to safety. Our findings indicate a mean effect size of inflows in the amount of 0.09% of quarterly GDP in response to either a 100 basis point (bp) increase in the domestic policy rate or a 100bp reduction in the external rate. However, the effect size under a random effect specification is much lower (0.01%). Factors that significantly attract inflows include foreign exchange reserves, output growth, and financial openness, while factors that deter flows include foreign debt, capital controls, and departures from the uncovered interest rate parity. Also, both local and global risks matter (global risks exerting a larger pressure). Finally, we shed light on differences across the different types of flows: banking flows being the most responsive to monetary policy, while foreign direct investment being the least responsive.
    Documentos de Trabajo RIEC - No. 93, 2022-08-22