Toro-Córdoba, Jorge Hernán

During the 20th century, women in Colombia achieved an important milestone by significantly increasing their participation in the labor market, especially in the second half of the century. As can be seen in Graph 1, female labor participation (the fraction of working-age women working or…

The health crisis resulting from the COVID-19 pandemic compelled the implementation of measures to curb the spread of the disease. These measures, in turn, impacted both companies' decisions regarding staffing and workers' choices in the labor market. The uncertainty surrounding the duration of…

Among the sources of external financing of the Colombian economy, in addition to foreign direct investment (FDI), the country also receives other significant resources known as portfolio flows. These flows are a major source of financing for the Government and for private companies. Portfolio…

In 2015, Colombia signed the Paris Agreement, thus committing to reduce the exploration, exploitation, and consumption of fossil fuels such as coal, natural gas, and oil. A consequence of this agreement is the risk of turning fossil fuel-related assets into stranded assets, whose value would…

Payroll taxes are a key tool for financing public goods and benefits for workers. However, they may also increase labor costs for formal employers, discouraging formal job creation and shifting labor to the informal sector. The magnitude of these negative effects is uncertain and depends on…

Foreign direct investment (FDI) not only plays a very important role as a source of external financing, but also allows for technology transfer, access to international markets, and the efficient reallocation of productive factors. All of this offers benefits to recipient economies in the form…

On 23 July 2023, Banco de la República (the Central Bank of Colombia) celebrated its 100th anniversary, having been established as the Central Bank of Colombia through Law 25 of 1923, according to the parameters defined by the Kemmerer Mission.

The value added tax (VAT) exemption days policy has been used in the United States and in the European Union to encourage the consumption of goods and services that are important for lower-income households. In Colombia, after the crisis caused by the COVID-19 pandemic and to help boost the…

Whenever the monetary authority meets to make interest rate decisions, two key questions need to be answered: Where is the economy at? and Where is the economy headed? Answering these questions is no easy task. On the one hand, the lag in statistical information makes it difficult to have a…

A Constitutional Reform Bill is currently under consideration in the Congress of Colombia that would substantially increase the percentage of the nation's current revenues to be transferred to territorial entities. This proposal implies a transfer of responsibilities and competencies from the…

Central bank transparency refers to the clear and open communication of key information to the public by monetary policymakers. This includes the dissemination of data, forecasts, and decision-making processes that affect the economy. Transparency reduces the information gap between what…

Bank reserves are an economic policy instrument traditionally overseen by central banks that requires banks and other credit institutions to maintain a reserve of liquid assets in cash or in their accounts at the Central Bank. The reserve ratio is the ratio of these bank reserves to public…

In recent years, remittance inflows from workers to Colombia have been increasing at rates that exceed the figures for economic activity growth. As a result, their share of GDP reached an all-time high of 2.8% in 2024, up from just 1.1% a decade ago.

A recent research paper, authored by Jair Ojeda from Banco de la República (the Central Bank of Colombia), published in the Working Papers on Economics series, examines the impact of remittances…

The recent pension reform, formalized by Law 2381 of 2024, has introduced a new Comprehensive Social Protection System for Old Age, Disability, and Death of common origin. This reform establishes a system of four pillars: solidarity, semi-contributory, contributory, and voluntary savings.

As a complement to the Blog published on 07 November 2023, this new entry continues with the review of the Technical Remarks prepared by two members of the Board of…

Monetary policy decisions require taking into account the multiplicity of factors that affect price levels and their increase, considering that the interest rate can only influence some of them. Likewise, such decisions must also contemplate the time horizon in which the benefits for society are…

Followers of monetary policy and inflation are familiar with the decisions made by the Board of Directors of Banco de la República regarding the monetary policy interest rate (MPR), which experiences periods of increase and decrease, always aiming to keep inflation around its 3.0% target. This…

Recently, the National Administrative Department of Statistics (DANE in Spanish) published updated vital statistics data for the country, exhibiting a 14.6% decrease in births during the first four…

An understudied aspect of healthcare systems is the impact of the quality of the medical staff on the health performance of system users. A research paper in…