{
  "title": "Colombia: Selected Issues",
  "publication": "IMF Staff Country Reports, May 25, 2016",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/colombia-selected-issues-43924",
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  "summary": "This paper presents an assessment of the monetary policy stance and broad financial conditions in Colombia, which provides insights about macro-financial linkages.",
  "sections": [
    {
      "heading": "Overview and central findings",
      "content": "- Presents an assessment of the monetary policy stance and broad financial conditions in Colombia, providing insights about macro-financial linkages.\n- Documents an increase in nonfinancial corporate debt and leverage in recent years, supported by easy access to capital markets, abundant global liquidity, and low interest rates.\n- Notes that some sectors look somewhat more strained than others: oil, gas, and airlines.\n- Indicates that debt servicing capacity has improved with recent economic growth.\n- Identifies three possible drivers of inflation dynamics in Colombia:\n  - exchange rate pass-through,\n  - the El Niño meteorological phenomenon,\n  - wages.\n- Reports that the Colombian peso depreciated in line with the decline in oil prices, pushing up tradable-goods inflation."
    },
    {
      "heading": "Analysis of monetary policy and financial conditions",
      "content": "- Assesses the monetary policy stance (monetary policy rate, monetary policy tightening, monetary policy stance) in the context of observed inflation and exchange rate movements.\n- Links broad financial conditions to corporate-sector developments and credit dynamics.\n- Highlights the role of global liquidity and low interest rates in supporting corporate access to capital markets."
    },
    {
      "heading": "Corporate sector and credit risks",
      "content": "- Documents rising nonfinancial corporate debt and leverage.\n- Flags sectoral strain concentrated in oil, gas, and airlines.\n- Notes improved debt servicing capacity due to recent economic growth.\n- Discusses implications for stress testing and financial sector policy and analysis."
    },
    {
      "heading": "Inflation dynamics and drivers",
      "content": "- Explores exchange rate pass-through as a driver of inflation, with emphasis on tradable-goods inflation.\n- Examines the potential impact of the El Niño meteorological phenomenon on prices.\n- Considers wages and inflation expectations as another channel affecting inflation."
    },
    {
      "heading": "Publication metadata and subjects",
      "content": "- Publication date: May 25, 2016\n- Pages: 52\n- Volume: 2016\n- Issue: 134\n- Series: Country Report No. 2016/134\n- DOI: https://doi.org/10.5089/9781484367520.002\n- Stock No: 1COLEA2016003\n- ISBN: 9781484367520\n- ISSN: 1934-7685\n- Subjects: Banking, Central bank policy rate, Corporate sector, Credit, Economic sectors, Exchange rate pass-through, Financial sector policy and analysis, Foreign exchange, Inflation, Money, Prices, Stress testing\n- Keywords: Corporate sector, CR, Credit, Exchange rate pass-through, financial condition, Global, Inflation, inflation expectation, interest rate, ISCR, monetary policy, monetary policy rate, monetary policy stance, monetary policy tightening, South America, Stress testing, y inflation\n\nColombia: Selected Issues, IMF Staff Country Reports No. 2016/134 (May 25, 2016).\n\n---\n\n Content in this bundle\n\n- Colombia: Selected Issues; IMF Country Report 16/134; April 18, 2016\n  - Colombia: Selected Issues; IMF Country Report 16/134; April 18, 2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Colombia: Selected Issues; IMF Country Report 16/134; April 18, 2016 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: May 25, 2016",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484367520.002",
    "Presents an assessment of the monetary policy stance and broad financial conditions in Colombia, providing insights about macro-financial linkages.",
    "Documents an increase in nonfinancial corporate debt and leverage in recent years, supported by easy access to capital markets, abundant global liquidity, and low interest rates.",
    "Notes that some sectors look somewhat more strained than others: oil, gas, and airlines.",
    "Indicates that debt servicing capacity has improved with recent economic growth.",
    "Identifies three possible drivers of inflation dynamics in Colombia:",
    "Reports that the Colombian peso depreciated in line with the decline in oil prices, pushing up tradable-goods inflation.",
    "Assesses the monetary policy stance (monetary policy rate, monetary policy tightening, monetary policy stance) in the context of observed inflation and exchange rate movements.",
    "Links broad financial conditions to corporate-sector developments and credit dynamics.",
    "Highlights the role of global liquidity and low interest rates in supporting corporate access to capital markets.",
    "Documents rising nonfinancial corporate debt and leverage.",
    "Flags sectoral strain concentrated in oil, gas, and airlines.",
    "Notes improved debt servicing capacity due to recent economic growth.",
    "Discusses implications for stress testing and financial sector policy and analysis.",
    "Examines the potential impact of the El Niño meteorological phenomenon on prices.",
    "Considers wages and inflation expectations as another channel affecting inflation.",
    "Publication date: May 25, 2016",
    "Pages: 52",
    "Volume: 2016",
    "Issue: 134",
    "Series: Country Report No. 2016/134",
    "DOI: https://doi.org/10.5089/9781484367520.002",
    "Stock No: 1COLEA2016003",
    "ISBN: 9781484367520",
    "ISSN: 1934-7685",
    "Subjects: Banking, Central bank policy rate, Corporate sector, Credit, Economic sectors, Exchange rate pass-through, Financial sector policy and analysis, Foreign exchange, Inflation, Money, Prices, Stress testing",
    "Keywords: Corporate sector, CR, Credit, Exchange rate pass-through, financial condition, Global, Inflation, inflation expectation, interest rate, ISCR, monetary policy, monetary policy rate, monetary policy stance, monetary policy tightening, South America, Stress testing, y inflation",
    "**Colombia: Selected Issues; IMF Country Report 16/134; April 18, 2016**"
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