dc.audience	Policymakers	eng
dc.audience	Researchers	eng
dc.audience	Teachers	eng
dc.audience	Students	eng
dc.coverage.sucursal	Bogotá	spa
dc.creator	Board of Directors
dc.creator	Cárdenas-Santamaría, Mauricio
dc.creator	Board Members
dc.creator	Hernández-Correa, Gerardo
dc.creator	Maiguashca-Olano, Ana Fernanda
dc.creator	Meisel-Roca, Adolfo
dc.creator	Ocampo-Gaviria, José Antonio
dc.creator	Zárate-Perdomo, Juan Pablo
dc.creator	Governor
dc.creator	Echavarría, Juan José
dc.creator.firma	Juan José Echavarría
dc.creator.firma	José Antonio Ocampo
dc.date.accessioned	2018-04-04T08:30:10Z	eng
dc.date.accessioned	2018-04-04T08:30:10Z	spa
dc.date.available	2018-04-04T08:30:10Z	spa
dc.date.created	2018-04-04	spa
dc.description.abstract	The figures for 2017 and beginning of 2018 indicate that the Colombian economy is reaching the end of the adjustment process that was required as a result of the sequence of shocks over the last few years which affected its macroeconomic performance. The first shock, and undoubtedly the most severe one, was the fall in the price of crude oil that started in the second half of 2014. This produced a sharp deterioration in the terms of trade with significant consequences for economic growth and for foreign and domestic equilibrium. Subsequently, the “El Niño” phenomenon, which started around the end of 2015, caused a significant rise in food prices that put pressure on consumer inflation. Likewise, the collapse in the economic activity of our major trading partners in the region, who were also affected by the oil shock or by the drop in the prices of other commodities (such as copper), weakened the demand for our non-traditional exports. Last of all, the 2016 tax reform, a measure that was necessary for our fiscal sustainability and included an increase in the VAT as its main component, reduced the disposable income of households and, thus temporarily, the growth of consumption. Box 1 - Impact of the Reduction in the Terms of Trade on Investment Box 2 - Situation in the Colombian Agricultural Sector Box 3 - Recent Trends in the Labor Market: the Positive Outlook for Agricultural Employment Box 4 - Outlook for the Credit Markets Based on Banco de la República Surveys Box 5 - Sovereign Credit Ratings Box 6 - Banco de la República’s Framework for Medium-term Expenditures (operations and investment), 2018-2022	eng
dc.description.abstract	Box 1. Impact of the Reduction in the Terms of Trade on Investment	eng
dc.description.abstract	Box 2. Situation in the Colombian Agricultural Sector	eng
dc.description.abstract	Box 3. Recent Trends in the Labor Market: the Positive Outlook for Agricultural Employment	eng
dc.description.abstract	Box 4. Outlook for the Credit Markets Based on Banco de la República Surveys	eng
dc.description.abstract	Box 5. Sovereign Credit Ratings	eng
dc.description.abstract	Box 6. Banco de la República’s Framework for Medium-term Expenditures (operations and investment), 2018-2022	eng
dc.format.extent	130 páginas : gráficas, tablas	spa
dc.format.mimetype	PDF	spa
dc.identifier.handle	https://hdl.handle.net/20.500.12134/9559	spa
dc.identifier.uri	https://repositorio.banrep.gov.co/handle/20.500.12134/9559	spa
dc.language.iso	eng	eng
dc.publisher	Banco de la República	spa
dc.relation.ispartof	Reportes, Boletines e Informes	spa
dc.relation.ispartofseries	Report of the Board of Directors to the Congress of the Republic	eng
dc.relation.issn	1657-799X	spa
dc.relation.isversionof	Report of the Board of Directors to the Congress of the Republic - March de 2018	eng
dc.relation.number	IJDCR March 2018	spa
dc.rights.Habeas	Datos personales: El(los) autor(es) ha(n) incluido sus datos personales (nombres, correo electrónico, cargo, entre otros) en el Reporte, informe o boletín y por consiguiente, manifiesta(n) que mediante el diligenciamiento y registro de sus datos personales autoriza(n) al Banco de la República el tratamiento (recolección, almacenamiento, uso, circulación o supresión) de todos los datos suministrados con la finalidad de adelantar la publicación del documento en el Repositorio Institucional, dar a conocer su medio de contacto para fines académicos y divulgativos, así como para la construcción de indicadores y estadísticas para el seguimiento y control de las actividades de divulgación del Portal del Banco de la República. Para tal fin, se informa que el tratamiento de los datos personales se realizará de acuerdo con las políticas o lineamientos generales disponibles en http://www.banrep.gov.co/proteccion-datos-personales, en la sección “Protección de Datos Personales - Habeas Data”.	spa
dc.rights.Objeto	Objeto de publicación: La obra de mí (nuestra) autoría tiene por objeto ser publicada en el Portal del Banco de la República e incluirla en el repositorio institucional de esa misma entidad. La obra podrá consistir en documento escrito, audiovisual, audio, gráfico, fotográfico, infográfico, podcasts, etc., y podrá estar en cualquier formato conocido o por conocerse.	spa
dc.rights.accessRights	Open Access	eng
dc.rights.cc	Atribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0	spa
dc.rights.spa	Acceso abierto	spa
dc.rights.uri	https://creativecommons.org/licenses/by-nc-sa/4.0/	eng
dc.subject	Inflación	spa
dc.subject	Mercado laboral	spa
dc.subject	Tasas de interés	spa
dc.subject	Política monetaria	spa
dc.subject	Colombia	spa
dc.subject.jel	E50 - Monetary Policy, Central Banking, and the Supply of Money and Credit: General	eng
dc.subject.jel	E60 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General	eng
dc.subject.jel	E65 - Studies of Particular Policy Episodes	eng
dc.subject.jelspa	E50 - Política monetaria, bancos centrales, oferta de dinero y crédito: Generalidades	spa
dc.subject.jelspa	E60 - Política macroeconómica, aspectos macroeconómicos de las finanzas públicas y perspectivas generales: Generalidades	spa
dc.subject.jelspa	E65 - Estudios de episodios concretos de política económica	spa
dc.subject.keyword	Inflation	eng
dc.subject.keyword	Labour market	eng
dc.subject.keyword	Interest rates	eng
dc.subject.keyword	Monetary policy	eng
dc.subject.keyword	Colombia	eng
dc.subject.lemb	Banco de la República (Bogotá). Junta Directiva -- 2018 -- Informes	spa
dc.subject.lemb	Macreoeconomía -- Colombia -- 2018 -- Informes	spa
dc.subject.lemb	Desarrollo económico -- Colombia -- 2018 -- Informes	spa
dc.subject.lemb	Reservas internacionales -- Colombia -- 2018 -- Informes	spa
dc.title	Report of the Board of Directors to the Congress of the Republic - March 2018	eng
dc.title.alternative	Informe de la Junta Directiva al Congreso de la República - Marzo de 2018	spa
dc.type	Report	eng
dc.type.hasversion	Published Version	eng
dc.type.spa	Informe	spa

Report of the Board of Directors to the Congress of the Republic - March 2018

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