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Bre‑B was built following a build‑on‑what‑exists approach, leveraging prior developments in the domestic payments market through the adoption of common rules, technical standards and a public–private governance arrangement aimed at addressing coordination failures and promoting interoperability.…
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The impact of the COVID-19 pandemic on mental health underscores the need for early intervention strategies, especially for vulnerable groups such as young people, the elderly, and women, to mitigate the increase in mental and behavioral disorders in Colombia.
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Access to formal credit has a positive relationship with the growth and formalization of microbusinesses. Those led by women are associated with higher probabilities of formalization and better growth indicators when accessing formal credit, compared to those led by men.
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Gender gaps in academic performance limit educational and professional opportunities for women, perpetuating social and economic inequalities. It is crucial to implement inclusive and targeted public policies that reduce these disparities and promote greater opportunities for women in the future.
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The findings show that the output gap in Colombia fell by 20% in the second quarter of 2020 due to the pandemic, but it recovered quickly, unlike previous crises.
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AbstractWe estimate the effects of annual temperature and precipitation on rice yields in Colombia from 1987 to 2016. The analysis explores the degree of variation in response to climate changes across the country’s diverse topography. Since there are two growing seasons in Colombia, the effects of…
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ApproachThis document presents, from both a conceptual and applied perspective, the framework of the System of National Accounts (SNA) as the reference for analyzing a country's economic structure, evolution, and performance. It sets out the integrated logic of the system, in which economic…
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Greater female labor force participation would help mitigate the challenges posed by population aging, which is one of the most pressing issues facing major economies worldwide.
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"This study integrates the notions of level and dependence to assess the degree of de-anchoring of inflation expectations in Colombia."
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When weather shocks are persistent --As in the extreme scenario-- they generate more lasting inflationary pressures that justify more restrictive monetary policy responses, albeit with higher costs in terms of economic activity.
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AbstractThe Global Financial Cycle (GFC), defined as the fluctuations in international capital flows, asset prices, and risk appetite, has garnered significant attention from the recent international finance literature, market practitioners, and policymakers. This study employs a Dynamic…
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Through two empirical applications using economic data from the United States and Colombia, we illustrate the effectiveness of our methodology, providing not only accurate point estimates for the dating of turning points, but also enabling us to construct confidence intervals around these estimates.
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Abstract
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AbstractFiscal policy and monetary policy are intricately connected, as government policies influence various macroeconomic variables, affecting prices and, consequently, Central Bank decisions. To elucidate this relationship, this document outlines the model employed by Banco de la República’s…
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Expectations about the monetary policy rate (MPR) play a key role in the transmission to deposit and credit interest rates. This process is neither immediate nor uniform across financial products.
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The Federal Reserve's capital requirements in 2022 led to a significant contraction in short-term credit for Colombian banks, reflecting the impact of regulations in advanced economies on liquidity in emerging markets.
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ApproachThis document presents a stress testing model designed to assess, from a forward-looking perspective, the financial vulnerability of non-financial corporations in Colombia. This tool is used by the Financial Stability Department of Banco de la República (the Central Bank of Colombia) as…
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AbstractWe provide the first comprehensive analysis of the flow-performance relation in Colombian open-end investment funds. We employ a rich dataset containing weekly information at the fund level, including balance sheets, portfolio holdings, liquidity indicators, capital flows, and returns, from…
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XGBoost models are more accurate in forecasting food inflation than linear models for most of the 33 baskets studied, especially for longer forecast horizons.
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Evidence shows that the transmission of global shocks to domestic financial conditions was significantly stronger during the period of high foreign participation (2014–2022) and weakened after 2023 as foreign holdings declined.
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Market frictions and banking regulations limit the liquidity of the derivatives market, particularly affecting large firms. Foreign exchange interventions have asymmetric effects: they implicitly protect small firms under low intervention scenarios, but benefit large firms when intervention is high.
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Increases in current income generate marginal propensities to consume that are about 25% higher than those associated with income declines, while reductions in interest rates induce long‑run responses nearly 188% larger than increases. These patterns are consistent with the presence of liquidity…
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Labor informality, through its interaction with wage rigidities, productivity differences, and household financial constraints, acts as a powerful amplifier of macroeconomic volatility in consumption and investment, despite its traditional role as an employment stabilizer in emerging economies.
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ApproachColombia is undergoing a demographic transformation characterized by a marked decline in fertility rates and a sustained increase in life expectancy. Within a few decades, the country has shifted from having a predominantly young population to facing a rapid ageing process. This transition…
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Reducing the discrimination-based pay gap by 50% is associated with a potential 8% increase in Colombia's GDP in the long run. These results depend on the substitutability between men and women in the labor market and can be smaller if closing the pay gap implies a policy effort that must be…
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