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Juan José Ospina, Chief Officer for Monetary Policy and Economic Information at Banco de la República (the Central Bank of Colombia), talks about the recent Monetary Policy Report. Where is inflation headed in 2024? What will happen to GDP and to interest rates?

En este episodio Ana María Prieto, directora del Departamento de Sistemas de Pagos, explica el funcionamiento de Bre-B y cómo simplificará la manera de enviar y recibir dinero entre cuentas de entidades financieras.

The former director of the National Administrative Department of Statistics (DANE in Spanish), Juan Daniel Oviedo, explains what inflation is, who is most affected by high prices, and what the medium- and long-term outlook is (only in Spanish). 

In the third episode of ‘Cuentas y Cuentos’ tenemos como invitada a Carolina Soto,we invited Carolina Soto, a consultant on economic and government issues and former member of the Board of Directors of Banco de la República (the Central Bank of Colombia), who explains what economic growth is, its…

In the fourth episode of Cuentas y Cuentos, Valerie Cifuentes and Camila González, founders of Economía para la Pipol (Economy for the people) -a digital journalistic project that explains in a simple way economic concepts - share their knowledge and perception about savings, debt, and how interest…

In the fifth episode of Cuentas y Cuentos we invited Mauricio Reina, who analyses the economic outlook for Colombia in 2023 (only in Spanish).

In this episode of ‘Cuentas y Cuentos,’ Roberto Steiner, member of the Board of Directors of Banco de la República (the Central Bank of Colombia), shares his passion for soccer, his career at Banco de la República (the Central Bank of Colombia) (Banrep) and reveals details of the recent book ‘…

In the eighth program of 'Cuentas y Cuentos,' Prieto gives details of the new instant payment system, a project that will benefit Colombians in the medium term.

The relatively large depreciation of the Colombian peso to the US dollar during 2002 has posed a challenge for Colombian monetary policy. From end-2001 to end-2002 the USD/COP rate of exchange depreciated by some 20.0 percent,1 while consumer prices during the same period increased by 7.0 percent…

 We examine Colombian export transaction data from customs records in several dimensions. We begin with some basic statistics on the number and frequency of export transactions by a firm, overall and across individual markets. We then decompose the variation in overall exports into the number…

Central banks have achieved positive results for inflation during the last two decades. At the same time, their concern for financial stability has increased, particularly after the late nineties, when they experienced the high costs that come with financial crisis.1 Moreover, it now seems clear…

A financial crisis usually is due to the emergence of one or more risks to the financial system at a particular point in time. The costs to the economy affected by a crisis are high, which is why financial system stability is of constant concern to economic authorities, including the central banks.

In recent years, different mergers have taken place both in the financial and manufacturing sectors. These processes have raised questions as to the policies implemented with regard to trade offs between profits via efficiency and those related to social costs, given the presence of greater market…

The private corporate sector is the primary debtor in the Colombian financial system (commercial loans account for 54.9% of the total gross portfolio). Consequently, it is extremely important to measure and monitor the risk this sector of the economy might pose to the financial system. Ever since…

The financial system’s response to the various phases of the cycle is characterized by high credit growth during the upswing phase and its rationing during the downswing. This behavior is related to the financial system’s tendency to underestimate the credit risk during the upturn and to…

In this paper we develop a banking model to study the traditional credit and the microcredit markets. We suppose a monopolistic traditional bank that specializes in screening potential debtors based on their risk profile and a microcredit bank that focus on monitoring the riskier profile customers…

Research on banking performance and efficiency has advanced greatly in the past three decades, justified by the importance of a properly functioning financial system to the economy in general. In Colombia, too, banks have been the subject of research studies, though as yet to a lesser extent than…

In this document we develop a DSGE model to analyze the eect that a consumption boom and a productivity shock have over nancial stability and macroeconomic variables, in both, an economy with and without Basel III capital requirements and earnings reinvestment rule. The results suggest that Basel…

The financial crisis of the late 2000's highlighted the importance of strengthening risk management systems in financial markets. Consequently, an increasing interest in strategies to quantify risk under extreme scenarios has spawned. One of such techniques is CrashMetrics, a methodology for…

In recent years, credit growth has been accelerated recording higher levels of credit as a percentage of GDP, compared to previous years in some countries of Latin America. In Colombia, credit to GDP indicator had increased almost 10 percentage points in the last ve years. For this reason, it is…

In this paper we seek to assess the ability of banks to withstand the effects of an increase in credit risk as a result of changes in the macroeconomic environment. To do so we estimate a credit risk model for each loan type as a function of four macroeconomic variables commonly used in the…

Bankruptcy is a threat to financial stability, if a company fails to meet its financial obligations. Obviously, the risk to financial stability increases with the number of liquidated corporations and the size of the debt each has acquired. Moreover, in a scenario characterized by a significant…

Elements of both supply and demand interact during a financial crisis, which explains the precarious growth in credit. Nonetheless, it is important that demand-side incentives be generated ex post. These also help to reactivate loans by fueling the supply of credit. The latter usually remains…

One of the biggest threats to any company is that of becoming insolvent. A threat of this kind to corporate financial stability is of relevance not only to investors and employees but also to financial-sector lenders, auditors and regulators, among others. Hence the importance of a model that helps…