Bogotá, Colombia
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- Publicación |Greater female labor force participation would help mitigate the challenges posed by population aging, which is one of the most pressing issues facing major economies worldwide.
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On 19 December 2023, the Board of Directors of Banco de la República (BDBR) announced the start of a Foreign Reserves (FRs) Accumulation Program for a maximum amount of USD 1,500 million (m). The purpose of this program is to ensure adequate levels of external liquidity and prepare for a…
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In recent years, foreign investors have exhibited a lower appetite for Colombian equities, with their participation decreasing from 16% at the end of 2018 to 11% in June 2024. This decline may be attributed to the reduction in Colombia’s participation in international benchmark indexes for…
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This box aims to analyze the relationship between the rate spread between the overnight IBR and the MPR, and the liquidity demand in the financial system.82 To achieve this objective, the differences in monetary policy implementation among Colombia, the United States, and the European Union are…
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Inflation indicators surpassed expectations, staying above the targets set by most central banks.
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To begin, I would like to congratulate the Constitutional Court and its President, Mr. Jorge Enrique Ibáñez Najar, on this Panel Discussion on Constitutional Jurisdiction, which will unfold over the next two days, thus continuing an important and well-established tradition. This panel discussion…
- Publicación |Financial Infrastructure in ColombiaPayment Infrastructure in Financial MarketsIn 2024, Banco de la República’s (the Central Bank of Colombia) large-value payment system (Deposit Accounts System, CUD by its Spanish acronym) exhibited greater dynamism. The average daily value of settled transactions…
- Publicación |Approach
This document presents a stress testing model designed to assess, from a forward-looking perspective, the financial vulnerability of non-financial corporations in Colombia. This tool is used by the Financial Stability Department of Banco de la República (the Central Bank…
- Publicación |Macroeconomic EnvironmentIn 2025, the international economic environment has been significantly affected by the announcements from the US government to increase tariffs on its imports, including those from Colombia. This has generated economic uncertainty, trade disruptions, and has affected…
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Greetings to all attendees of this Capital Market Symposium, and thanks to Asobancaria for the invitation and the opportunity to participate in this event.
I would like to share with you some remarks on the role that Banco de la República will play in the administration of the Contributory…
- Publicación |Abstract
Fiscal policy and monetary policy are intricately connected, as government policies influence various macroeconomic variables, affecting prices and, consequently, Central Bank decisions. To elucidate this relationship, this document outlines the model employed by Banco…
- Publicación |The international environment remained characterized by high uncertainty, although with signs of economic resilience.Global financial markets began the second quarter of 2025 (2Q25) amid trade tensions driven by new policy announcements by the United States.
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We present evidence of the minimum wage effects on labour informality rates in Colombia, where the informality is by far the most serious problem of the labour market. The working population is divided into sixteen groups depending on the age, gender, and educational level. This division…
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We provide the first comprehensive analysis of the flow-performance relation in Colombian open-end investment funds. We employ a rich dataset containing weekly information at the fund level, including balance sheets, portfolio holdings, liquidity indicators, capital…
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Credit institutions (CIs) are exposed to credit risk, which can be understood as the possibility of incurring losses arising from a debtor or counterparty defaulting on its obligations. To mitigate this risk, CIs must constitute provisions based on the balance of loan disbursements loan…
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The cohort of credits that are originated in a particular period (generally one month) and are related to each other as they have been originated by credit institutions (CIs) under particular allocation conditions, risk appetite of the institutions, and economic situation1 is called vintage.
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During 2023, Colombian firms that turned to international financing sources faced interest rate increases and an appreciation of the peso against the dollar of 21.5%.1 Despite the positive effect on firms’ balance sheets due to the appreciation of the local currency, the presence of exchange…
- Publicación |I. Performance of Credit Institutions (CIs)CIs in Colombia have adequate capital and liquidity levels to face risk materialization, both at the individual and consolidated levels.As of the third quarter of 2024, total assets and the gross loan portfolio of CIs continued to contract, although at a…
- Publicación |"This study integrates the notions of level and dependence to assess the degree of de-anchoring of inflation expectations in Colombia."
- Publicación |The Federal Reserve's capital requirements in 2022 led to a significant contraction in short-term credit for Colombian banks, reflecting the impact of regulations in advanced economies on liquidity in emerging markets.
