Bogotá, Colombia
Below are the contents available on the site related to the query.
- Publicación |Most macroeconomic labor literature on estimating matching functions does not consider spatial spillover effects. However, job search and vacancy-filling processes often involve neighboring locations, as local workers can search for and fill vacancies in nearby labor markets.
- Publicación |This study examines the determinants of sovereign risk, focusing on the impact of geopolitical risk in emerging market economies (EMEs) sovereign risk metrics. Using local projection techniques, we evaluate the effects of geopolitical risk on credit default swaps (CDS) and EMBI indices in EMEs,…
- Publicación |This paper analyzes whether the policy of VAT exemption days, implemented in Colombia between 2020 and 2022 for some products and merchandise lines, had a positive effect on the consumption of such exempted goods.
- Publicación |1. First vulnerability: Sudden changes in global financial conditions
As of September 2024, the likelihood of a reduction in the U.S. Federal Reserve policy rate has increased, raising the possibility that external financial conditions may loosen by the end of 2024.
- Publicación |International Macroeconomic EnvironmentIMF measurements indicate that global gross domestic product (GDP) growth was reduced from 3.5% in 2022 to 3.1% in 2023, and according to World Bank estimates, from 3.3% to 3.0%.
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Monetary policy plays a fundamental role in the pursuit of economic stability and its effectiveness is closely linked to its credibility. In the context of monetary policy, credibility refers to the degree of confidence that economic agents have that the central bank will achieve its objectives…
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Foreign investors made significant sales of their holdings of local public debt securities during 2023. Specifically, they sold COP 9.1 t in peso-denominated TES and COP 2.4 t in UVR-denominated TES respectively. This represented a 11.7% decrease in their balance in pesos…
- Publicación |Abstract
In this paper, we study the coexistence of cash and electronic payments introducing some distortions in the payments markets to understand the widespread use of cash, specially in emerging countries. Following Lagos and Wright (2005) we model explicitly some frictions in…
- Publicación |Financial Infrastructure in ColombiaPayment Infrastructure in Financial MarketsIn 2023, Banco de la República’s (the Central Bank of Colombia) large-value payment system (Deposit Accounts System or CUD in Spanish) showed greater dynamism.
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During the second quarter, headline inflation remained stable, while core inflation continued to fall. Inflation would continue its measured downward path to meet its 3.0% target by the end of 2025.
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After facing the adverse effects brought on by the COVID-19 pandemic, in 2021 and 2022 the Colombian economy grew at a remarkable pace, reflected in a widening of the current account deficit to levels close to its historical maximums (-5.6% and -6.1% of GDP, respectively). In…
- Publicación |In Colombia, 50% of labor income is lower than the legal MW level. It is in this context that we analyze the effect of increasing MW on labor income distribution and its inequality, household income distribution and its inequality, and on monetary poverty prevalence.
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In recent years, foreign investors have exhibited a lower appetite for Colombian equities, with their participation decreasing from 16% at the end of 2018 to 11% in June 2024. This decline may be attributed to the reduction in Colombia’s participation in international benchmark indexes for…
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This box aims to analyze the relationship between the rate spread between the overnight IBR and the MPR, and the liquidity demand in the financial system.82 To achieve this objective, the differences in monetary policy implementation among Colombia, the United States, and the European Union are…
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On 19 December 2023, the Board of Directors of Banco de la República (BDBR) announced the start of a Foreign Reserves (FRs) Accumulation Program for a maximum amount of USD 1,500 million (m). The purpose of this program is to ensure adequate levels of external liquidity and prepare for a…
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Inflation indicators surpassed expectations, staying above the targets set by most central banks.
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The analysis presented in this edition of the Report allows concluding that the Colombian financial system has ample liquidity and solvency levels which are sufficient to confront the occurrence of extreme and tail risk events.
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After the 2008 fnancial crisis, the U.S. Federal Reserve (Fed) drove the benchmark interest rate to historically low levels that became more pronounced in the wake of the covid-19 pandemic. At the same time, starting in March 2020 several measures to provide the market with liquidity were…
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During 2022, Colombian companies that resorted to international fnancing sources faced interest rate increases and a sharp depreciation of the peso against the dollar (21%). This may have important implications for the balance sheets of real sector companies with a negative exchange rate…
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The increasing digitization of fnancial services has increased the system’s exposure to cyber-attacks. This could compromise the security of the information, its operability and, therefore, its stability. The materialization of a cyber-risk event that affects the payment system could disrupt the…
