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International Monetary Fund

The key findings of Colombia’s 2010 Article IV Consultation on economic developments and policies are presented. The Colombian economy had begun to slow down in early 2008, as policies had been tightened to address overheating, but the global crisis caused private investment to collapse in the last quarter of 2008. The largely domestically owned and locally financed financial system did not experience major strains from the global crisis. Colombian banks did not have complex off-balance sheet financial instruments, and had limited cross-border linkages.

International Monetary Fund. Western Hemisphere Dept.

1. Colombia’s macroeconomic policies and policy frameworks remain very strong. The inflation-targeting regime, flexible exchange rate, sound financial supervision, rules-based fiscal framework, and strong democratic institutions have allowed the country to withstand sizeable external shocks, address internal tensions, and integrate Venezuelan migrants into Colombian society. The current account has been financed by stable sources of funding, mainly FDI, and reserve coverage ratios are adequate for standard shocks and according to the IMF ARA methodology. The 2013 FSAP found that the financial regulatory and supervisory framework was sound and most of the recommendations that were made have been implemented. The 2020 Article IV Staff Report found that Colombia’s public debt is expected to remain sustainable in the medium term and the non-interest current account deficit is lower than its debt-stabilizing level.

International Monetary Fund. Western Hemisphere Dept.

This Selected Issues paper analyzes spillover risks for Colombia. It highlights that external shocks could spill over to the Colombian economy through the country’s important and growing trade and financial linkages with the rest of the world. Colombia would be most exposed to a decline in oil prices, which could have a sizable adverse impact on the balance of payments, the fiscal accounts and growth. Growth shocks in key trading partners could also have a negative impact, particularly in the United States, which is Colombia’s main trading partner. Colombia’s fiscal rule and adjustment in the context of resource wealth is also analyzed.

Mr. Manmohan S. Kumar and Mr. Pablo Emilio Guidotti


This study discusses the evolution of domestic public debt in several indebted countries and its relationship with their external debt and underlying fiscal developments. It examines the links between domestic and external debt, taxes, subsidies, and government spending, and reviews strategies for managing domestic public debt.

International Monetary Fund. External Relations Dept.
This paper focuses on the United States and the United Kingdom that were the main architects of the post-1945 order, with the creation of the United Nations systems, but they now appear to be pioneers in the reverse direction—steering an erratic, inconsistent, and domestically controversial course away from multilateralism. Other countries, meanwhile, for various reasons are incapable of assuming that global leadership and the rest of the world likely would not support a new hegemon in any event. The postwar system created at the BrettonWoods, New Hampshire, conference in 1944 should be credited with economic growth, a reduction in poverty, and the absence of destructive trade wars. It built a comity that encourages to this day cooperation on issues as diverse as taxation, financial regulation, climate change policy, and terrorism financing. The central postwar concern was international financial stability. The United States and the newly created International Monetary Fund were at the center of a system that sought to maintain that stability by linking exchange rates to the dollar, with the IMF the arbiter of any changes.
Roger S. Smith

This paper highlights that the distribution of income and wealth in developing countries has become a matter of great concern to all those interested in development. The paper highlights that in Latin America, the poorest half of the population receives about the same share of income as the top 1 percent and the lowest 70–75 percent of the population the same share as the top 5 percent. It is clear that the distribution of income and wealth will have substantial implications for the pattern of consumption and production in developing countries.

International Monetary Fund. Western Hemisphere Dept.

2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Colombia

IMF Research Perspective (formerly published as IMF Research Bulletin) is a new, redesigned online newsletter covering updates on IMF research. In the inaugural issue of the newsletter, Hites Ahir interviews Valeria Cerra; and they discuss the economic environment 10 years after the global financial crisis. Research Summaries cover the rise of populism; economic reform; labor and technology; big data; and the relationship between happiness and productivity. Sweta C. Saxena was the guest editor for this inaugural issue.