Front Matter

Front Matter Page

© 1999 International Monetary Fund

January 1999

IMF Staff Country Report No. 99/6

Colombia: Selected Issues and Statistical Appendix

This Selected Issues and Statistical Appendix report on Colombia was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country. As such, the views expressed in this document are those of the staff team and do not necessarily reflect the views of the Government of Colombia or the Executive Board of the IMF.

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Front Matter Page

INTERNATIONAL MONETARY FUND

COLOMBIA

Selected Issues and Statistical Appendix

Prepared by a staff team consisting of Olav Gronlie (Head), John Thornton, Wayne Lewis, Reva Krieger, Keiko Honjo, Henry Ma (WHD), and Katherine Baer (FAD)

Approved by the Western Hemisphere Department

November 6, 1998

Contents

  • Basic Data

  • I. Overview

    • A. Summary

    • B. Developments in 1997–98

  • Text Tables

    • I. 1. Selected Economic Indicators

    • 2. Real GDP by Sector of Origin

    • 3. Consumer Price Index

    • 4. Operations of the Combined Public Sector

    • 5. Summary Balance of Payments

    • 6. Summary Accounts of the Financial System

    • 7. External Debt and Debt Service

    • 8. Public Sector External Debt by Creditor

  • Boxes

    • I. 1. Background

Colombia: Basic Data

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Includes quasi-fiscal transactions of the Banco de la Republica.

As a percentage of liabilities to the private sector at the beginning of the period.

Includes the quasi-fiscal operations of the Banco de la Republica.

Interest rates on 90-day certificates of deposit.

Nonfinancial public sector long-, medium-, and short-term debt.

Includes financial public sector and financial private sector.

Excludes asset sales and most proceeds from telephone concessions. Includes floating debt of the central administration.

Contents

  • II. The Costs of Moderate Inflation in Colombia

    • A. Trends, Analyses, and Welfare Costs

    • B. Inflation Uncertainty and Relative Price Dispersion

    • C. Inflation and Growth in Colombia

    • D. Conclusions

  • Figures

    • II 1. Consumer Price Inflation

    • 2. Standard Deviation and Average Level of Inflation

    • 3. Inflation and Inflation Uncertainty

    • 4. Relative Price Dispersion

  • III. Financial Sector Issues

    • A. Overall Financial System Structure

    • B. Developments in Financial Sector Lending and Deposits

    • C. Bank Soundness and Profitability

    • D. Conclusions

  • Text Tables

    • III. 1. Structure of the Financial System

    • 2. Financial Sector Claims on the Nonfinancial Sector, 1994-97

    • 3. Financial System Profit Accounts, 1996-98

    • 4. Financial System Risk-Weighted Capital Adequacy Ratios, 1992-98

  • Figures

    • III. 1. Selected Economic Indicators

    • 2. Interest Rate Differential on Peso-Denominated Borrowing

    • 3. Financial System Credit

    • 4. Nonperforming Loans as Share of Total Loans

  • Boxes

  • III.

    • 1. Financial Sector Reform

    • 2. Strengthening Supervision and Regulation

    • 3. Interest Rate Spreads

  • IV. The Experience of Capital Controls in Colombia, 1991-98

    • A. Background: 1991-93

    • B. The Imposition of Capital Controls

    • C. Effectiveness of Capital Controls

  • Text Tables

    • IV. 1. Summary of Capital Controls in Colombia: 1993-98

  • Figures

    • IV. 1. Balance of Payments

    • 2. Net Capital Inflows

    • 2. Debt Stock

    • 3. Registers of External Financing

  • Boxes

    • IV. 1. Foreign Direct Investment in Colombia

  • V. Pension System Reform

    • A The Pension System in the Early 1990s

    • B. The 1993 Reform

    • C. The Fiscal Cost of the Reform

    • D. Problems and Challenges

  • VI. Issues in Tax and Customs Administration

    • A. Introduction

    • B. Background

    • C. Tax Administration

    • D. Customs Administration

  • Boxes

  • VI. 1. Options for Increasing the Effectiveness of Tax Administration

  • 2. Options for Improving the Effectiveness of Customs Administration

  • VII. Cyclically Adjusted Fiscal Position

    • A. Introduction and Summary

    • B. Framework

    • C. Estimates of Potential GDP

    • D. Results

    • E. Caveats

  • Text Tables

  • VII. 1. Cyclically-Adjusted Fiscal Stance

  • Figures

  • VII. 1. Actual and Potential GDP

  • VIII. Economic Effects of Violent Crime in Colombia

  • Figures

  • VII. 1. Homicide Rate, 1956-96

  • 2. Exports of Illicit Drugs, 1980-95

  • Statistical Appendix Tables

  • 1. National Accounts at Current Prices

  • 2. National Accounts at Constant Prices

  • 3. Aggregate Supply and Demand at Constant Prices

  • 4. Saving and Investment

  • 5. Value of Agricultural Crops

  • 6. Coffee Stocks, Production, Exports, and Prices

  • 7. Coffee Output and Exports by Calendar and Coffee Years

  • 8. Volume of Manufacturing Production

  • 9. Mining Production

  • 10. National Production and Consumption of Petroleum Products

  • 11. Structure of Regular Gasoline Prices

  • 12. Indicators of Construction Activity

  • 13. Quarterly Survey of Unemployment and Participation Rates

  • 14. Minimum Wages

  • 15. Nominal and Real Wage Indicators in Manufacturing

  • 16. Producer Price Index

  • 17. Items Subject to Price Controls

  • 18. Operations of the Combined Public Sector (In billions of Colombian pesos)

  • 19. Operations of the Central Administration (In billions of Colombian pesos)

  • 20. Operations of the Central Administration (In percent of GDP)

  • 21. Operations of the Social Security System

  • 22. Operations of the National Decentralized Agencies

  • 23. Operations of the Central Government

  • 24. Operations of the Local Nonfinancial Public Sector

  • 25. Operations of the General Government

  • 26. Operations of the Consolidated National Enterprises (In billions of Colombian pesos)

  • 27. Operations of the Consolidated National Enterprises (In percent of GDP)

  • 28. Operations of Selected Nonfinancial Public Enterprises

  • 29. Origin, Destination, and Financing of Financial System Credit (Stocks; in billions of Colombian pesos at end of period)

  • 30. Origin, Destination, and Financing of Financial System Credit (Annual flows; in billions of Colombian pesos)

  • 31. Summary Accounts of the Banco de la Republica (End of period stocks; in billions of Colombian pesos)

  • 32. Summary Accounts of the Banco de la Republica (Percentage change)

  • 33. Liabilities to the Private Sector

  • 34. Summary Accounts of the Commercial Banks

  • 35. Summary Accounts of the Specialized Banks

  • 36. Financial Indicators

  • 37. Requirements for Monetary Reserves, Reserve-Substituting Investments, and Obligatory Investments

  • 38. Reserves, Open Market Instruments, and Exchange Certificates

  • 39. Sectoral Credit Lines

  • 40. Lending Rates of Sectoral Credit Funds

  • 41. Forced Investments by Instrument

  • 42. Net International Reserves of the Banco de la Republica

  • 43. Merchandise Exports

  • 44. Nontraditional Exports

  • 45. Tax Credit Certificates for Exports

  • 46. Exports by Country of Destination

  • 47. Imports by Economic Category

  • 48. Imports by Country of Origin

  • 49. Balance of Payments

  • 50. Tariff Rate Indicators

  • 51. External Public Loans