An open economy model for Colombia: theoretical considerations, empirical aspects

Jhan Andrade Portela, Juan Felipe Herrera Sarmiento, Antoine Godin (), Sakir Devrim Yilmaz, Christos Pierros, Diego Alejandro Guevara Castaneda and Sebastian Valdecantos ()
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Jhan Andrade Portela: National University of Colombia
Juan Felipe Herrera Sarmiento: National University of Colombia, Università Bocconi
Antoine Godin: AFD - Agence française de développement, ACT - Analyse des Crises et Transitions - LABEX ICCA - UP13 - Université Paris 13 - Université Sorbonne Nouvelle - Paris 3 - CNRS - Centre National de la Recherche Scientifique - UPCité - Université Paris Cité - Université Sorbonne Paris Nord - Université Sorbonne Paris Nord
Sakir Devrim Yilmaz: AFD - Agence française de développement
Christos Pierros: Panteion University of Social and Political Sciences, National University of Colombia, NKUA - National and Kapodistrian University of Athens
Diego Alejandro Guevara Castaneda: National University of Colombia
Sebastian Valdecantos: AAU - Aalborg University [Aalborg]

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Abstract: In the context of modern globalisation, peripheral economies are affected not only by international real business cycles but also by the financial dynamics of advanced economies. This adds to each economy's internal and structural features, creating complexities and interrelationships between domestic and external actors. Stock-flow consistent (SFC) models attempt to close existing methodological gaps in macroeconomic modelling, analysing economies' real and financial spheres in an integrated way. This chapter describes the process of adapting and calibrating an SFC model in continuous time for the Colombian economy. It presents a detailed account of the empirical macroeconomic model developed, capturing most of the country's institutional characteristics. The primary objective of this model is to function as an analytical tool and support mechanism for a wide range of academic and policy debates, as demonstrated in subsequent chapters.

Keywords: SFC model; Modèle SFC; Macroeconomics; Macroéconomie; Colombie; Climate finance; Colombia (search for similar items in EconPapers)
Date: 2024-09-01
Note: View the original document on HAL open archive server: https://hal.science/hal-05322120v1
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Published in Antoine Godin; Sakir Devrim Yılmaz; Annabelle Moreau Santos. Modelling low-carbon transitions in Colombia: macrofinancial opportunities and risks, Agence française de développement, pp.101-161, 2024, Hors-série, 978-2-37902-015-5

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