Recent research

Borradores de Economia Friday, 9 May 2025

Changes in the distribution of new loans by risk category throughout the post-pandemic credit cycle…

Gómez-Molina Andrés Camilo; Carlos Quicazán-…

"This document illustrates how changes in the risk composition of the portfolio amplified the transmission of monetary policy to average loan…

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Borradores de Economia Friday, 11 April 2025

Costs of training and the demand for apprentices

Luis E. Arango; Leonardo Bonilla-Mejía; Luz…

https://doi.org/10.32468/be.1312

The increase in the cost of training apprentices from 75% to 100% of the national minimum wage in 2014 caused significant cuts in demand. The…

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Borradores de Economia Thursday, 10 April 2025

Designing the Future of Money: The Case for Multiple CBDCs

Julián Andrés Parra-Polanía; Constanza Martínez-…

https://doi.org/10.32468/be.1311

The research is relevant in the current context, given the interest of some central banks in exploring CBDCs as one of the possible…

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Borradores de Economia Tuesday, 8 April 2025

Pass-through of the increase in the VAT rate on inflation

Edgar Caicedo-García; Jorge Enrique Ramos-Forero…

https://doi.org/10.32468/be.1310

The pass-through of the VAT rate change is much less than proportional and highly heterogeneous.

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Borradores de Economia Wednesday, 2 April 2025

Foreign investment dynamics: The impact of benchmark-driven versus unconstrained investors on local…

Oscar Botero-Ramírez; Mauricio Villamizar-…

https://doi.org/10.32468/be.1309

It is evident that banks with high…

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Wednesday, 19 March 2025

Credit Constraints for Small Farmers in Colombia

Margarita María Gáfaro-González; Karelys Guzmán-…

https://doi.org/10.32468/espe109

"Although these frictions affect various credit markets, they are especially relevant in rural areas of developing countries due to…

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Banco de la República conducts economic research on macroeconomics, central banking, and empirical economics issues that support the policy decisions of its Board of Directors and contribute to the understanding of the Colombian economy. The results of the investigations are disclosed through the Bank's own publications and publications in internationally recognized academic journals.