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Colombia; Selected Issues

International Monetary Fund

No 16/134, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents an assessment of the monetary policy stance and broad financial conditions in Colombia, which provides insights about macro-financial linkages. It also discusses how nonfinancial corporate debt and leverage have increased in recent years, supported by easy access to capital markets, abundant global liquidity, and low interest rates. While some sectors look somewhat more strained than others (oil, gas, and airlines), debt servicing capacity has also improved with recent economic growth. This paper explores three possible drivers of inflation dynamics in Colombia: exchange rate pass-through, the El Niño meteorological phenomenon, and wages. The Colombian peso depreciated in line with the decline in oil prices, pushing up tradable-goods inflation.

Keywords: Colombia; Western Hemisphere; monetary policy, risk, interest rate, inflation, risk premium (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac
Date: 2016-05-25
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Handle: RePEc:imf:imfscr:16/134