Bogotá, Colombia
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- Publicación |Most macroeconomic labor literature on estimating matching functions does not consider spatial spillover effects. However, job search and vacancy-filling processes often involve neighboring locations, as local workers can search for and fill vacancies in nearby labor markets.
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Resumen
Latin America and the Caribbean have successfully weathered a series of shocks in the last few years. With output near potential and inflation near target in most countries, how should policies be calibrated? What are the region’s prospects and key risks? What…
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Resumen
- Publicación |This study examines the determinants of sovereign risk, focusing on the impact of geopolitical risk in emerging market economies (EMEs) sovereign risk metrics. Using local projection techniques, we evaluate the effects of geopolitical risk on credit default swaps (CDS) and EMBI indices in EMEs,…
- Publicación |This paper analyzes whether the policy of VAT exemption days, implemented in Colombia between 2020 and 2022 for some products and merchandise lines, had a positive effect on the consumption of such exempted goods.
- Publicación |1. First vulnerability: Sudden changes in global financial conditions
As of September 2024, the likelihood of a reduction in the U.S. Federal Reserve policy rate has increased, raising the possibility that external financial conditions may loosen by the end of 2024.
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Abstract
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Monetary policy plays a fundamental role in the pursuit of economic stability and its effectiveness is closely linked to its credibility. In the context of monetary policy, credibility refers to the degree of confidence that economic agents have that the central bank will achieve its objectives…
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Foreign investors made significant sales of their holdings of local public debt securities during 2023. Specifically, they sold COP 9.1 t in peso-denominated TES and COP 2.4 t in UVR-denominated TES respectively. This represented a 11.7% decrease in their balance in pesos…
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After facing the adverse effects brought on by the COVID-19 pandemic, in 2021 and 2022 the Colombian economy grew at a remarkable pace, reflected in a widening of the current account deficit to levels close to its historical maximums (-5.6% and -6.1% of GDP, respectively). In…
- Publicación |In this paper, we study the coexistence of cash and electronic payments introducing some distortions in the payments markets to understand the widespread use of cash, specially in emerging countries.
- Publicación |In Colombia, 50% of labor income is lower than the legal MW level. It is in this context that we analyze the effect of increasing MW on labor income distribution and its inequality, household income distribution and its inequality, and on monetary poverty prevalence.
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After the 2008 fnancial crisis, the U.S. Federal Reserve (Fed) drove the benchmark interest rate to historically low levels that became more pronounced in the wake of the covid-19 pandemic. At the same time, starting in March 2020 several measures to provide the market with liquidity were…
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The increasing digitization of fnancial services has increased the system’s exposure to cyber-attacks. This could compromise the security of the information, its operability and, therefore, its stability. The materialization of a cyber-risk event that affects the payment system could disrupt the…
- Publicación |Healthcare expenditure in Colombia is expected to increase by 35% over the next eight years, due to population aging, rising costs, and domestic policies. These trends, in a context of high levels of informality and affiliation to the subsidized regime, add significant pressure to public finances.
- Publicación |This paper examines the relationship between three government support measures (debt moratorium, credit guarantee programs, and payroll subsidies) and the firm’s payment behavior on loans in Colombia
- Publicación |We evaluate the effectiveness of consumer debt moratoria, one of the earliest policy interventions aimed at alleviating debt burdens. Using administrative data from Colombia, our study compares households that narrowly qualified for the moratorium (eligible up to 60 days overdue on their mortgages…
- Publicación |Using monthly information on retail trade, we study the short-term dynamics of household consumption variations in Colombia. Based on a sample of retail trade excluding fuels and vehicles, we find that the growth of household consumption can be explained by lags in the Economy Monitoring Indicator…
- Publicación |Inflation indicators surpassed expectations, staying above the targets set by most central banks. Major central banks in developed economies maintained a cautious stance, contributing to expectations of prolonged contractionary monetary policy.
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