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With the entry in force of the Political Constitution of Colombia of 1991, the economic regime and the public property of the country took a new configuration, therefore, is necessary begin with new parameters for his studies. This paper, is in broad strokes, an attempt to define or at least to visualize the causes and the effects that these new competitions have brought for which it is our constitutional ordering and his relation with the forces of the economy, in special, whit the competitions to the prescribed and regulating (similar concepts, but non equal competitions) of Central Bank. This, from the specialized perspective of the activity exchange, but that to analogical way (beginning with the Law 31 of 1992 and the constitutional theory of the general laws) is interpretable and applicable for the rest of competitions of the Central Bank in the Colombian State. [ABSTRACT FROM AUTHOR]

This work develops a model of the comportment adopted by investors who have succeeded in diversifying their risks in the local stock market, given the relative shallowness of that market. Therefore, they purchase currency as an alternative instrument of investment. The model was econometrically verified for the Colombian economy. The conclusion was that while strong increases in share prices occurred in 2005 in the Colombian stock exchange, they are not entirely explained by the basis of valuation; corporate performance measured by dividends and the perception of risk measured by discount rates. Econometric tests provide data with regard to the important effect of the fluctuations of the exchange market, and the monetary situation as a factor in the determination of share prices. At the same time, there are findings of rational bubbles in the Colombian variable-income market, where there are strong expectations of a revaluation of the peso, or of expansive monetary policies. [ABSTRACT FROM AUTHOR]

Derivatives markets are risks markets which complement the contemporary financial markets. Inside of them are traded derivatives contracts which hedge market risks and credit risks. Each of these contracts has its own legal structure, which is also influenced by many Colombian laws. In addition, market agents must assume different duties and liabilities in the whole contracting process of these instruments, which guarantee the transparency and the stability of the market. Nevertheless, this market has not been institutionally recognized in Colombia, causing the inefficiency of the market and of some the contracts as well. [ABSTRACT FROM AUTHOR]