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AbstractThis paper examines the evolution of women's participation in the labor market from 1960 to 2018, shedding light on the complex factors that influence their labor opportunities. The study  emphasizes the significance of the historical context in  understanding these…

Abstract Although greenhouse gas emissions from the Latin America (LAC) region are not particularly significant, climate change is a worldwide challenge. Hence, we analyze the main factors that increase and mitigate emissions in LAC countries by emphasising the importance of preserving and…

AbstractThe design of mechanisms for sustainable irrigation water management requires a deep understanding of the value of water to local communities. We present results from a lab-in-the-field incentivized game that sheds light on irrigation water overvaluation patterns among small farmers in…

Climate shocks negatively affect productivity. This is due to the health problems they cause and the damage to road infrastructure, aspects that ultimately affect the economy in general and firms in particular.

AbstractThe objective of the study is to model and determine the tax incidence of a reduction in the corporate income tax in Colombia. To meet this objective, a dynamic and stochastic general equilibrium model DSGE of a closed economy with heterogeneous households and two types of capital…

The recent drop in the country’s terms of trade had a significant impact on economic growth. This section looks at what would happen to long-term sustainable growth if that decline were to be permanent. This is particularly important when considering the Board of Directors…

Armenia Barranquilla

This document compiles the best national and international practices on economic and financial inclusion and education. It includes educational principles, values, objectives, target audiences, general guidelines, implementation suggestions, monitoring, and assessment. It also provides a set of…

Since: 2000

Evidence of the causal long-term relationship between budget deficit, money growth and inflation in Colombia is analyzed in this paper, considering the standard (M1), the narrowest (M0-Base) and the broadest (M3) definitions of money supply. Using a vector error correction (VEC) model with…

The reports of the Investment Budget and Operating Budget of Banco de la República (the Central Bank of Colombia) presented in this section correspond to the Board of Directors’ approvals as of year 2015.The Investment Budget includes the estimate of the resources necessary for the acquisition and…

  Address: Cl. 1 # 3 - 73 Phone: (57) 300 269 0952 Fax: (092) 242 3898 Email: dsanchro@banrep.gov.co  

Weekly Bulletin on Economic Indicators (Available only in Spanish)   Daily Financial Indicators

 At a request from the Ministry of Finance, Banco de la República last year carried out an investigation into the feasibility to use parts of the foreign reserves to buy back some of Colombia’s outstanding sovereign U.S.-dollar debt.  This project resulted in two thorough technical…

The Banco de la República (Central Bank of Colombia) invites the academic community to submit papers for possible publication in the book titled “Equitable, Competitive and Sustainable Development of Agriculture in Colombia”. This publication aims to publish a set of articles that contribute to our…

     

Abstract We bring together the largest meta-analysis ever conducted in the macroeconomic literature to investigate the effects of central bank credibility on monetary policy. With nearly 1,200 surveyed effects, we first confirm that: (i) conventional policy significantly affects inflation and…

It depends. When inflation increases due to excess demand from households and companies, there is no conflict. Closing the output and inflation gaps relative to the target requires raising central bank interest rates (benchmark rates) to cool the economy. In this case, monetary policy is said to…

Resumen

The Colombian authorities have decided to cancel the Flexible Credit Line (FCL) with the International Monetary Fund (IMF), in place since April 2024. This decision follows the IMF’s suspension of access to the FCL’s resources as of April 26, 2025, which will remain in effect until the current…

This paper evaluates the effects of capital account controls adopted in the past years by the FLAR’s member countries (Bolivia, Colombia, Costa Rica, Ecuador, Perú and Venezuela) on the efficiency of the banking sector, the economic growth and the volatility of output, consumption, and investment.…

Abstract We show that capital controls (CC), by slowing-down firm debt-growth in the boom, improve firm performance during crises. Exploiting a tax on foreign-currency (FX) debt inflows in  Colombia before the Global Financial Crisis (GFC) and multiple firm-level and loan-level…

Abstract We study how capital controls and domestic macroprudential policy tame credit supply booms, respectively targeting foreign and domestic bank debt. For identification, we exploit the simultaneous introduction of capital controls on foreign exchange (FX) debt inflows and an increase of…

The effects of capital destruction are endogenized in a neoclassical growth model where the economy can optimally allocate part of its labor force to defend capital from being destroyed. The purpose is to explain the optimal allocation of the labor force between productive and deterrence activities…