Publications OLD

I am very pleased to welcome you to Bogotá and to this 24th meeting of the Regional Financial Stability Group  , which has been organized on this opportunity by Banco de la República (the Central Bank of Colombia) together with the Central American Monetary Council .We are honored to host…

The monitoring of the local financial infrastructure is an additional contribution of Banco de la República (the Central Bank of Colombia) to the country’s financial stability. One of the outputs of this monitoring is the Payment Systems Report, which from this edition onwards changes its name…

As of November 2022, the Colombian labor market has stabilized. This is due to the heterogeneous dynamics between the urban and rural domains. In the first domain, employment continues to grow, while in the second, there have been contractions in recent months. Job losses in the rural area <…

Our study analyzes the impact of debt moratorium policies, possibly the oldest approach to addressing repayment problems. Using Colombian administrative data, we compare firms that narrowly met the criteria for moratoria (eligible firms could not exceed 60 days overdue…

This study aims to establish a comprehensive linkage between CO2 emissions and the composition of energy sources, economic growth, and reforestation, thereby shedding light on their intricate connections in Colombia over the period 1970-2018. First, we use different types of…

Based on monthly disaggregated Consumer Price Index (CPI) item series and macroeconomic series, we explore the advantages of forecast inflation from a disaggregated to an aggregated level by aggregating the forecasts. We compare the performance of this approach with the forecast…

In recent years, the institutions of the Colombian financial system have expanded their operations and have made their ownership structures more complex given the presence of different financial groups in various lines of business (such as banking intermediation).

Throughout 2021, Banco de la República participated, together with the other safety net authorities of the Colombian financial system, in the Financial Sector Assessment Program (FSAP) coordinated by the International Monetary Fund (IMF) and the World Bank (WB). This box briefly describes the…

In an increasingly globalized world, it is common for companies, governments, and households to make transactions in currencies other than those of their own economy. This type of capital movement makes it possible, for example, to increase current spending, finance capital expansion projects,…

This 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…

This document reviews the potential macroeconomic effects of issuing a central bank digital currency (CBDC) for the use of individuals and businesses. A careful selection of the architecture, and the economic and technological design aspects of this digital form of central bank money…

La presencia de descalces cambiarios es un factor que puede incrementar la vulnerabilidad externa de la economía por la vía de la inversión, el crecimiento, la liquidez y la solvencia de las firmas que se ven sometidas a este fenómeno. En el Recuadro 1 del Reporte de Estabilidad Financiera del…

This box analyzes the recent changes in a battery of indicators on the financial position of households and their trends with respect to their historical behavior. These indicators were calculated based on the quarterly national accounts by institutional sector published by DANE and the…

As a complement to the analysis presented in Chapter 2 for insurance companies with respect to the development of their portfolio, profitability, and capital adequacy, this box provides an account of the performance of insurance policies issuance, claims, and operational profitability by line of…

I am very happy to present this book because it highlights the role of microfinance institutions (MFIs) in the financial inclusion of the most vulnerable population and its impact on the economic development of the country.

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…

This document reviews the potential macroeconomic effects of issuing a central bank digital currency (CBDC) for the use of individuals and businesses. A careful selection of the architecture, and the economic and technological design aspects of this digital form of central bank money…

I must begin by saying something that you know very well. The policy interest rate of Banco de la República (the Central Bank of Colombia) has drastically increased over the past year and a half, completing an increase of 11 pp since the beginning of the current cycle of increases in September…