Research

Own Archive - Banco de la República

This paper examines the evolution of the regional and educational backgrounds of Banco de la República’s board members from 1923 to 2023, showing that governance shifts did not necessarily alter social power and regional influence. It challenges the literature’s focus on central banks in high-income economies after the 1950s by offering insights into the dynamics of a central bank in a developing country. Using a prosopographic analysis of board members, this research draws on archival data to trace the board’s shifting composition over a century. The findings reveal a fluctuating yet persistent dominance of board members from Bogotá and the coffee region, with many attending Catholic high schools. There was a shift from public to private university graduates, with the leading alma maters changing from Universidad de Antioquia and Universidad Nacional to Universidad Javeriana and then to Universidad de los Andes. Changes in qualifications for board membership—from business, law, and engineering expertise to advanced degrees from Anglo-Saxon universities—reflect broader trends in social power and central bank governance in developing economies.

Presented at IEA World Congress, Medellín, 2023, II Colombian Economic and Entrepreneurial History, Cartagena, 2023

Birthplace of the Board Members, 1923-2023

Own calculations, proprietary datasets

PUBLICATIONS

WORKING PAPERS

[NEW] Aguilar, Sandra; Cárdenas, J. C.; and R. Salas. (2024) Environmental justice beyond race: skin tone and exposure to air pollution. WP: Documentos CEDE. No. 07. Accepted PNAS, January 2024

Driven by environmental justice activism and policy reforms, recent social science research conducted mostly in the US has documented the greater environmental degradation faced by marginalized communities. Yet, the ethnoracial categories used in these studies may not fully capture environmental inequality in the Global South. This study presents novel findings that quantify and decompose the link between skin tone and ambient air pollution exposure in Colombia, moving beyond conventional race and ethnicity variables. By matching household geolocations with satellite-based pollution measures, we find that skin tone — even more than predetermined ethnoracial categories— predicts both initial pollution levels and their changes over time. Darker-skinned individuals encounter more significant pollution increases, even after controlling for ethnoracial self identification. These patterns hold among migrants and non-migrants, indicating that sorting and siting contribute to these disparities. Our results underline the importance of considering skin tone in environmental justice discussions, particularly in contexts where traditional race and ethnicity classifications fall short.

[ES] Salas, R; Sanabria-Pulido, P; Rodríguez, C; and P. Torres. (2022). Mérito, representatividad, y asimetrías en nombramientos de altos funcionarios públicos en Colombia 1991-2021. Documentos de Trabajo Escuela de Gobierno Alberto Lleras Camargo. No 91.

Desde la Constitución de 1991 Colombia ha tenido seis presidentes y 238 personas al frente de los ministerios. En este documento, a partir del análisis de las hojas de vida de los ministros y ministras en estas tres décadas, analizamos diferentes aspectos de representatividad y asimetría en la conformación de los altos cargos de dirección de la administración pública colombiana. Para tal fin recolectamos trayectorias profesionales y codificamos diversos aspectos sociodemográficos, profesionales y laborales que nos ayudaron a caracterizar el alto ejecutivo colombiano de la Colombia moderna. Nuestro análisis indica que la representación en los gabinetes en Colombia es asimétrica para diferentes variables. El sexo, el lugar de nacimiento, los estudios de pregrado, el lugar de posgrado y la vida profesional definen trayectorias y una mayor probabilidad de pertenecer a ciertos grupos en el camino hacia los altos cargos del sector público en Colombia. La participación de las mujeres incrementó, pero estas aún están subrepresentadas y se observa repetición en las mismas carteras. El 60 % de los ministros y ministras nacieron en cinco ciudades con una prevalencia sustancial de la capital del país. El lugar de estudios de pregrado y posgrado resulta determinante, tres de cada cinco personas estudiaron en Bogotá y una de cada cinco en el exterior. Los datos revelan importantes líneas de política sobre las cuales el sector público colombiano debe trabajar para mejorar la combinación de mérito y representatividad requerida en la alta dirección colombiana.

Contact me for the English version.

Feminization of the Colombian Portfolio, 1991-2023

Own calculations, proprietary dataset

Link for the UNAL- CID Seminar presentation of this paper

WORK IN PROGRESS

With Javier Corrales. Intentional Polarization. Using extreme policies and discourse to promote democratic backsliding. Presented in APSA 2024, Philadelphia. R&R Democratization.

With Alejandra Rodas, Mauricio Astudillo, and Pablo Sanabria. It´s more than political adjustments: When cabinet reshuffles affect government performance. Presented at SECOPA 2023, Atlanta; APPAM 2023, Atlanta.

Why do central bankers promote cultural institutions? National heritage meets economic policy: Six events in the history of the Banco de la República. Presented at HES 2024, Santiago; ASE 2024, Boston. Here is a Research Seminar regarding this topic [In Spanish].

With Kevin Young and Izaura Solipa. Race and Differentiated Elite Functions in International Political Economy.

With Juan Carlos Acosta and Rebeca Gómez Betancourt. Scientization and the Banco de la República, from its foundation to the 2000s. Presented at HES 2023, Vancouver; ALAHPE 2023, Medellín.

Affinity vs. Stability: What weighs more on the appointment of Central Bankers?

With Kevin Young. Minority Status and Central Bank leadership. Evidence from the Federal Reserve and the Banco de la República.

With Kevin Young and Jorge Quesada Velazco. Who is to Blame for inflation? Randomized Experiments around the United States midterm elections in 2022.