Servicios
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By the end of the 1990s, inefficiency, excess supply and low service quality characterized the mass transit system of Bogotá. The average travel time to work was one hour and ten minutes, obsolete buses provided public transport, traffic generated 70 percent of air pollution and there were frequent…
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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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How are oil prices related to economic growth and monetary policy? Drawing on a broad sample of 31 emerging economies analyzed over the same period, this paper finds that, in the face of oil price fluctuations, both oil-importing and oil-exporting emerging economies that operate under an inflation…
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Abstract
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Gender gaps in university education do not originate in higher education institutions themselves; rather, they reflect accumulated inequalities and selection processes that occur earlier in the educational trajectory.
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More data, greater confidence: the LICA rate seeks to provide a more accurate measure of the overnight cost of money in Colombia by using a larger number of actual market transactions. As a result, it offers a more representative indicator, better reflecting liquidity conditions in the economy.
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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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Since the late 1970s, the Colombian economy has experienced nine slowdown episodes. Three coincided with classical GDP recessions. Five of the remaining six received little attention in the literature, despite showing clear signs of economic weakening.
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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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ApproachMotivated by the slow convergence of the classical nonparametric kernel density estimator commonly used in the literature to estimate density functions, this paper investigates more efficient estimators of the density function and its derivative for the marginal density in the context of…
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To obtain timely and reliable forecasts of Colombia’s current account, this paper proposes a methodology that makes it possible to assess a large number of alternative models simultaneously and select those with the strongest predictive performance and greatest economic coherence. The results…
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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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