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A box in the most recent Monetary Policy Report of Banco de la República (the Central Bank of Colombia)(only in…

In an article titled “Job Displacement, Credit and Crime in Colombia” published in the international academic journal American Economic Review: Insights by senior economists Carlos Medina and Christian Posso…

In 2019 and 2020, Banco de la República (the Central Bank of Colombia) showed historically high profits, which amounted to 7.1 trillion and 7.5 trillion Colombian pesos, respectively. This was mainly due to the extraordinary yields of foreign reserves (FRs), which totaled 7.6 trillion and 6.6…

Traditional indicators related to the financial situation of firms such as insolvency, delinquency, and asset impairment, are usually used to assess the fragility of the business sector.. However, there are other alternative indicators to study sectoral productive activity that are not usually…

The COVID-19 pandemic caused an economic contraction and an increase in the unemployment rate unprecedented in Colombia’s history. At the time of its greatest impact, in April 2020, through the Economic Tracking Indicator (ISE in Spanish), the National Administrative Department of Statistics (…

The relationship between the management of public finances and the business cycle has been of great interest in economic research. Studies on the subject coincide in pointing out that industrialized countries are characterized by a counter-cyclical fiscal policy, while emerging countries are…

As part of the accountability process required by law, the Board of Directors of Banco de la República (the Central Bank of Colombia) submits twice a year a report to Congress on the situation and outlook of the Colombian economy, along with the results of its management.

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As part of the accountability process required by law, the Board of Directors of Banco de la República (the Central Bank of Colombia) submits twice a year a report to Congress on the situation and outlook of the Colombian economy, along with the results of its management.

Labor regulation protects workers, but it also imposes costs on employers. There is evidence that such costs may cause informality and unemployment, as they hinder the hiring of formal employees and the formalization of self-employed workers. A recent number of Ensayos Sobre Política Económica (…

Labor regulation protects workers, but it also imposes costs on employers. There is evidence that such costs may cause informality and unemployment, as they hinder the hiring of formal employees and the formalization of self-employed workers.

Education is the fundamental mechanism for accumulating human capital that allows social mobility across generations, overcoming poverty, and mitigating inequality. However, in Colombia, as in other developing countries, access to quality education has historically been unequal, mainly affecting…

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…

Between mid-2014 and late 2015, the Colombian peso experienced a depreciation that took the price of the US dollar from COP 1,900 to COP 3,000. The pass-through of such exchange rate shocks to prices in the economy is a crucial issue for the monetary authority, as it reflects the sensitivity of…

This year, coinciding with the celebration of its 100th anniversary, Banco de la República (the Central Bank of Colombia) received the ‘Carbon Neutral’ certification from Bureau Veritas. This recognition indicates that the Bank has taken the necessary measures to mitigate and offset its CO2…

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…

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…

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…