Bidders' behaviour in government securities auctions : a case study for Colombia

Borradores de Economia
Number: 
760
Published: 
Classification JEL: 
D44, G18, G28
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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The paper examines the bidders behaviour in the Colombian government bond auctions during 2007 for the period in which there is no uncertainty in the supply. Three main findings are presented. First, in contrast with other treasury auctions (Castellanos [