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Although the existence of wage gaps that favor men over women is well known and is explained by multiple factors, there is little discussion of what happens in the opposite case when the women in the households earn more money than the men. In particular, international studies suggest that…
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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…
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Inflation expectations correspond to what economic agents believe inflation will be in the future. This is a variable that is relevant to monetary policy and to the general performance of the economy since it influences how the prices for goods and services, wages, and the prices of financial…
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On May 18 and 19, in conjunction with the International Economic Association (IEA), the Bank of Spain, and the United Nations Development Program (UNDP), Banco de la República held a virtual seminar entitled Pathways to Gender Equality in Central Banks, 1featuring academic papers by researchers…
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The Internationalization Mission convened by the National Government with the participation of renowned international experts, the technical secretariat of the National Planning Department (DNP in Spanish), and other entities1 delivered its conclusions in August 2021.
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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 from Banco de la República (the Central Bank of Colombia) estimates the effects of…
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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 several…
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A recent research paper by Carlos Medina and Christian Posso, senior economists at Banco de la República (the Central Bank of Colombia), studies the long-term effects of the Familias en Acción program (FeA, Families in Action), Colombia's conditional cash transfer program. This type of program has…
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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.
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A Constitutional Reform Bill is currently under consideration in the Congress of Colombia that would substantially increase the percentage of the nation's current revenues to be transferred to territorial entities. This proposal implies a transfer of responsibilities and competencies from the…
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A Constitutional Reform Bill is currently under consideration in the Congress of Colombia that would substantially increase the percentage of the nation's current revenues to be transferred to territorial entities. This proposal implies a transfer of responsibilities and competencies from the…
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An understudied aspect of healthcare systems is the impact of the quality of the medical staff on the health performance of system users. A research paper in which Christian Posso (senior economist at Banco de la República) participated, and whose results were recently published in the series…
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An understudied aspect of healthcare systems is the impact of the quality of the medical staff on the health performance of system users. A research paper in which Christian Posso (senior economist at Banco de la República) participated, and whose results were recently published in the series…
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Followers of monetary policy and inflation are familiar with the decisions made by the Board of Directors of Banco de la República regarding the monetary policy interest rate (MPR), which experiences periods of increase and decrease, always aiming to keep inflation around its 3.0% target. This rate…
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Monetary policy decisions require taking into account the multiplicity of factors that affect price levels and their increase, considering that the interest rate can only influence some of them. Likewise, such decisions must also contemplate the time horizon in which the benefits for society are to…
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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.
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A health system reform is currently being discussed which proposes that payment to Healthcare Service Providers (IPS in Spanish) be made directly by a public entity, the Administrator of Resources of the General System of Social Security in Health (ADRES in Spanish), based on fee schedules per…
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The Colombian peso has exhibited a volatile behavior and a significant depreciation in recent months. In view of this trend, the question arises as to whether an intervention by Banco de la República (the Central Bank of Colombia) in the foreign exchange market to stabilize the currency would be…
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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…
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Population aging poses a serious challenge to the Colombian pension system.
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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…
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The Colombian economy has been increasing its growth pace over the past quarters in response to the strengthening of domestic demand, which expanded by 4.3% annually in the first half of 2025, more than double its growth in 2024 (2.0%). The rise in domestic demand has been driven by the notable…
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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…
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Since 2009, the Financial Stability Department of Banco de la República (the Central Bank of Colombia) has been conducting the quarterly survey on the credit situation in Colombia. This survey is addressed to financial market intermediaries that carry out credit transactions (banks, commercial…
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Recently, the National Administrative Department of Statistics (DANE in Spanish) published updated vital statistics data for the country, exhibiting a 14.6% decrease in births during the first four months of 2024 compared to the same months in 2023. This decline is more pronounced than the 11%…
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