Publications

This special report analyzes the behavior of credit institutions (CIs) and their exposition to credit risk with the latest available information to continue with the monitoring of loans delinquency. According to the analysis presented, as of September 2023, credit continued with the slowdown…

This special report analyzes the dynamics of Colombia's real estate market and mortgage credit, identifying potential sources of risk that could affect economic and financial stability. Specifically, it examines variables associated with the housing sector, its financing, levels of supply and…

The dynamics of the main markets in which the financial system participates (e.g., credit, deposits, and fund management, among others) are closely linked to the behavior of the household sector, given its preponderant role in each of them. Considering the above and the occurrence of high growth…

Foreign reserves are managed by Banco de la República (the Central Bank of Colombia) as per the rules established by the Political Constitution of Colombia and Law 31 of 1992 and according to the criteria of security, liquidity, and profitability. Banco de la República keeps foreign reserves in…

The purpose of this online store is to support the generation and dissemination of knowledge on economic policy issues and economic history, as well as on various cultural topics, thus contributing to strengthen National identity through the analysis, study, and dissemination of Colombian…

(Bogotá, D. C.; Cundinamarca)

Local labor markets in Colombia are exceptionally heterogeneous. In particular, the cities of the Caribbean region have higher labor informality and lower unemployment rates, compared to the rest of the country. This work is part of a research agenda on local labor markets in Colombia…

According to the most recent information from the Great Integrated Household Survey (GEIH in Spanish), as of May 2023, employment in the national aggregate grew by 3.4% in annual terms, mainly driven by the rural area, which grew by 4.0% annually, while in the urban area employment grew by 2.9…

Banco de la República conducts periodic surveys to various economic agents to learn about their perception on different aspects related to the stability of the Colombian financial system.  Based on these surveys, Banco de la República (the Central Bank of Colombiaprepares quarterly or…

The Special Financial Stability Reports are published together with the Financial Stability Report and provide a more detailed analysis of some aspects and risks relevant to the stability of the Colombian financial system. This edition includes: i) Analysis of the real estate credit portfolio…

This special report presents an analysis of financial inclusion in the credit market from a gender perspective. In particular, it examines the characteristics of the stock of loans and credit disbursements granted by credit institutions (CIs) to men and women. As of March 2023, gaps are still…

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…

This Special Report analyzes the main sources of market risk for the local financial system and presents an assessment of volatility transmission between the debt and equity markets, with the aim of identifying whether, at a given point in time, a market acted as a generator or a receiver of…

This Special Report analyzes the dynamics of Colombia’s housing market and mortgage credit with the purpose of identifying potential sources of risk that may affect economic and financial system stability. In particular, it examines the behavior of variables associated with the sector, its…

Developing countries have a vast informal sector generally associated with low productivity levels. The response of informal employment to tax policies might depend on labor market  rigidities. This paper proposes a theoretical framework consisting of a search and…

This report analyzes several indicators to measure the concentration of credit and deposit markets in Colombia and in some peer jurisdictions (Mexico, Peru, and Chile). Additionally, recognizing that the relationship between concentration, competition, and market power is not direct, two…

We examine the extent in which the ratios of book-to-market and earnings-to-price predict excess asset returns in an emerging market economy like Colombia. We want to find the magnitude in which these ratios help to forecast excess returns and if there is any evidence …