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The monetary and macroprudential policy framework in Colombia in the last 30 years: the lessons learnt and the challenges for the future

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dc.audienceResearcherseng
dc.audienceStudentseng
dc.audienceTeacherseng
dc.contributor.institucionBanco de la República - Colombiaes
dc.coverage.ciudadBogotáes
dc.creatorGomez-Pineda, Javier Guillermo
dc.creatorMurcia, Andrés
dc.creatorCabrera-Rodríguez, Wilmar Alexander
dc.creatorVargas-Herrera, Hernando
dc.creatorVillar-Gómez, Leonardo
dc.date.accessioned2023-07-04T13:42:39Z
dc.date.available2023-07-04T13:42:39Z
dc.date.created2023-07-04
dc.description.abstractOver the past 30 years, monetary and macroprudential policy in Colombia evolved towards the pursuit of a low and credible inflation target and a stable financial system. The protracted inflation that began in the early seventies was defeated at the turn of the century with the help of the new framework for monetary policy formulation, inflation targeting. In the field of macroprudential policy, the financial crisis of the late nineties led to important institutional developments in the formulation and coordination of macroprudential policy, as well as in the assessment of systemic risk. Along with these developments, important lessons have been learnt. One is that, to preserve macroeconomic stability, the price stability objective must be complemented with the financial stability objective, as well as with macroprudential policy. Another lesson is that the new institutional framework for monetary policy formulation helped Banco de la República overcome 25 years of inflation, then called moderate inflation. The challenges for the future include to continue preserving price and financial stability, strengthening the role of the Banco de la República in macroprudential policy, and to continue strengthening the channels of international coordination and cooperation in macroprudential policy.eng
dc.format.extent35 páginas
dc.format.mimetypePDF
dc.identifier.urihttps://repositorio.redinvestigadores.org/handle/Riec/130
dc.language.isoeng
dc.relation.ispartofDocumentos de Trabajospa
dc.relation.numberNo. 107
dc.relation.repechttps://ideas.repec.org/p/rie/riecdt/107.html
dc.relation.urihttps://repositorio.banrep.gov.co/bitstream/handle/20.500.12134/10651/be_1238.pdf
dc.rights.accessRightsOpen Accesseng
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0
dc.rights.spaAcceso abierto
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/eng
dc.subject.jelE58 - Central Banks and Their Policieses
dc.subject.jelE5 - Monetary Policy, Central Banking, and the Supply of Money and Credites
dc.subject.jelE52 - Monetary Policyes
dc.subject.jelE44 - Financial Markets and the Macroeconomyes
dc.subject.jelE61 - Policy Objectives;Policy Designs and Consistency; Policy Coordinationes
dc.subject.jelG01 - Financial Criseses
dc.subject.jelG18 - General Financial Markets: Government Policy and Regulationes
dc.subject.jelG21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgageses
dc.subject.jelG28 - Financial Institutions and Services: Government Policy and Regulationes
dc.subject.keywordMonetary policyeng
dc.subject.keywordMacroprudential policyeng
dc.subject.keywordInflation targetingeng
dc.subject.keywordForeign exchange market interventioneng
dc.subject.keywordFinancial stabilityeng
dc.subject.lembPolítica macroeconómica -- Sistema financiero -- Colombiaspa
dc.titleThe monetary and macroprudential policy framework in Colombia in the last 30 years: the lessons learnt and the challenges for the futurees
dc.typeWorking papereng
dc.type.hasversionPublished Version
dc.type.spaDocumentos de Trabajospa

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