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High-altitude climbers know very well that the descent from the top can be as dangerous as the ascent, so they advance cautiously in this second stage of the journey to ensure a healthy return home. Something similar could be said of monetary policy. Risks do not disappear in the decline period of…
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High-altitude climbers know very well that the descent from the top can be as dangerous as the ascent, so they advance cautiously in this second stage of the journey to ensure a healthy return home. Something similar could be said of monetary policy. Risks do not disappear in the decline period of…
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Central bank transparency refers to the clear and open communication of key information to the public by monetary policymakers. This includes the dissemination of data, forecasts, and decision-making processes that affect the economy. Transparency reduces the information gap between what monetary…
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After a period of growing income inequality at the end of the 20th century, Colombia began the 21st century with a decline in the Gini coefficient that was particularly pronounced in the decade following 2010. This indicator went from 0.56 to 0.51 between 2010 and 2017, increasing slightly at the…
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A recent paper published in Ensayos sobre Política Económica (ESPE) a journal of >Banco de la República (the Central Bank of Colombia), examines the constraints faced by Colombian smallholder farmers in accessing credit. Among other findings, the paper presents the results of a study done by…
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Scientific evidence has shown that extreme weather events, including excessive precipitation and droughts, are becoming longer and more severe due to the effects of climate change. If agricultural producers do not adjust to this new reality, produce shortages and higher food prices can be expected…
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Following the enactment of the 1991 Constitution, which increased the fiscal autonomy of subnational governments, there was a growing deterioration of territorial finances, which, in turn, threatened to jeopardize the fiscal position of the Central Government. In response, fiscal rules for…
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Following the enactment of the 1991 Constitution, which increased the fiscal autonomy of subnational governments, there was a growing deterioration of territorial finances, which, in turn, threatened to jeopardize the fiscal position of the Central Government. In response, fiscal rules for…
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The COVID-19 pandemic led inflation in Colombia to fall below the 3.0% target, reaching its lowest level in history of 1.51% in March 2021. However, in the second quarter of 2021, inflation began to rise to the point that in March 2023 it reached its highest peak (13.3%) since 1999. What explains…
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As of June 2021, the National Administrative Department of Statistics (DANE in Spanish) and Banco de la República (the Central Bank of Colombia) began to jointly disclose the national accounts by institutional sector (CNSI in Spanish), which will henceforth be published quarterly and with a lag of…
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Economic observers who monitor monetary policy often compare the timing of interest rate increase or decrease cycle decisions across countries to determine which countries were ahead and which were behind in their decisions. This might be correct if the countries had identical economic performance…
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Economic observers who monitor monetary policy often compare the timing of interest rate increase or decrease cycle decisions across countries to determine which countries were ahead and which were behind in their decisions. This might be correct if the countries had identical economic performance…
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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 the…
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The COVID-19 pandemic and the policy response to mitigate its effects resulted in a substantial deterioration in the finances of the Central National Government (CNG). In 2020, the CNG deficit stood at 7.8% of the Gross Domestic Product (GDP), more than three times higher than in 2019. This was due…
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As part of its efforts to monitor the country's economic activity, Banco de la República conducts monthly surveys among businessmen and representatives of productive sectors in all regions of the country. The results of these qualitative surveys are aggregated into a balance, known as the Regional…
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The Colombian tax system contains multiple reliefs and discounts and simultaneously supports a high degree of evasion. This implies that the statutory or nominal rates established by the law are an imprecise indicator of the actual tax burden on taxpayers, whether they are consumers, individuals,…
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When citizens of a developing country decide to emigrate in search of a better future, their lives and those of their families are not the only ones affected. This decision can also have an impact on different aspects of the country of origin , such as income, inequality, the quality of its…
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In recent years, the practice of considering environmental, social, and corporate governance (ESG) factors in investment decision-making has become more widespread. While the term ESG is used interchangeably with sustainable or responsible investing, it denotes an investment approach in which the…
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There is a broad consensus in the scientific community regarding the risks associated with climate change on the economic activity of most countries in the world. Such risks may be physical or transitional. Physical risks are related to the gradual increase in temperatures around the globe and the…
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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 looking…
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Tax authorities in both advanced and emerging economies have resorted to tax wealth as a tool to increase tax revenues, replace other taxes, promote the use of productive capital, and reduce wealth inequality.
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Chronic noncommunicable diseases (NCDs) are the leading cause of mortality in the world. These diseases are mainly associated with older age groups and, therefore, their financial burden is expected to increase progressively due to the aging of the population and risk factors derived from unhealthy…
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A paper recently published in the Working Papers on Economics, number 1267, analyzes some aspects of economic and financial education in Colombia using a survey that follows the methodology known as the “Big Three.” This methodology was developed by experts Annamaria Lusardi and Olivia Mitchell in…
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A paper recently published in the Borradores de Economía series (# 1267) analyzes some aspects of economic and financial education in Colombia using a survey that follows the methodology known as the “Big Three.” This methodology was developed by experts Annamaria Lusardi and Olivia Mitchell in…
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A recent paper from the journal Essays on Economic Policy (ESPE in Spanish) by Banco de la República (the Central Bank of Colombia) deals with the financial and fiscal aspects of the Colombian health care system and includes a chapter focusing on the macroeconomic risks it faces.
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