Bogotá, Colombia

Numerous studies exist about exports at the firm level in Colombia, but only a few exist about the market for imports and the importing firms. This study seeks to fill that gap by looking at the dynamics of imports, the market for imports and the role of importing firms in Colombia…

Banco de la República’s main objective is to preserve the purchasing power of the currency in coordination with the general economic policy that is intended to stabilize output and employment at long-term sustainable levels.

One of the lessons we learned from the 2008 financial crisis was the importance of monitoring the systemic risk in the stability of financial systems. In this regard, lines of research have been developed with the aim to provide reliable and timely metrics on this risk, taking as much…

At the end of each year, Colombia follows a negotiation protocol that leads to an increase in the minimum wage either by agreement between the parties or, in the absence of such agreement, by government decision. Despite evidence of its adverse effects on the labor market (formal…

The concept of centrality has been widely used to monitor systems with a network structure because it allows identifying their most influential participants.This monitoring task can be difficult if the number of system participants is considerably large or if the wide variety of…

Speech by the Governor during the debate on the draft Government Budget for 2023 held on 30 August 2022.

This paper studies the impact of the Covid-19 pandemic on corporate credit in Colombia. We first exploit the geographic and temporal variation in the disease spread to estimate the effect of local exposure to the virus on credit. Our estimates indicate that neither local exposure to…

The Colombian Constitution and Law 31/1992 (Article 14) give Banco de la República a mandate to manage Colombia’s foreign reserves, in addition to stipulating the criteria on managing these reserves, which are safety, liquidity and return. The purpose of this report is to explain how Colombia’s…

We investigate whether central banks are able to attract or redirect capital flows, by bringing together the entire empirical literature into the first quantitative meta-analysis on the subject. We dissect policy effects by the type of flow and by the origin of the monetary shock.…

This paper reviews the literature on the expected macroeconomic effects of the physical and transition risks of climate change, identifying the main strengths, weaknesses, and gaps. This review aims to contextualize climate change’s potential impact in Colombia in the coming decades and…

Throughout the second quarter of 2022 (2Q22), inflationary pressures persisted, exacerbated by the rise of agricultural and energy commodity prices, leading to expectations of a more contractionary global monetary policy. Additionally, financial markets continued to be under pressure due to…

In compliance with Act of Congress 31/1992, Article 5, the Board of Directors of Banco de la República hereby submits to the Congress of the Republic of Colombia a detailed report on the measures that Banco de la República has taken in the emergency situation generated by Covid-19 and presents…

This document reviews the literature on the expected macroeconomic effects of climate related physical and transition risks (CRR), identifying the main strengths, weaknesses and gaps in said literature. This review seeks to contextualize its potential impact on Colombia in the coming…

The first quarter of 2022 was characterized by continued global inflationary pressures, which were accentuated by the increase in commodity prices following Russia's invasion of Ukraine. In this context, most central banks continued to withdraw monetary stimulus adopted during the pandemic,…

Several factors contributed to an increase in projected inflation on the forecast horizon, keeping it above the target rate. These included inflation in December that surpassed expectations (5.62%), indexation to higher inflation rates for various baskets…