Colombia: main macro-financial indicators (31.01.2023)

(1)

COLOMBIA: MAIN MACRO-FINANCIAL INDICATORS

International Economics and Euro Area Department

Cut-off date: 31.1.2023

(2)

SOURCES:IMF, Thomson Reuters and national statistics.

a Percentage of population with income of less than $3.2 (purchasing power parity) per day.

b Drawing on the IMF's calculations for assessing reserve adequacy, which take into account the level of reserves relative to different aggregates and the related opportunity cost.

c Difference between the actual level and the trend in credit to the private sector as a percentage of GDP.

d Return on Assets (ROA) is deﬁned as proﬁt as a percentage of assets in the banking sector portfolio.

e Return on Equity (ROE) is deﬁned as proﬁt as a percentage of capital in the banking sector.

f Defined as the ratio of net income from financial intermediation to operating income. Provisioning expenses are not included in the numerator. Operating income comprises income from financial intermediation, income from services, income from shares and other operating income/expenditure, except for administration expenses.

Colombia: main economic and social indicators

Table 1

2021 2020

5 . 7 7 )

s r a e y ( y c n a t c e p x e e fi L 5

3 3 , 5 )

$ t n a t s n o c ( a ti p a c r e p P D G

1 3 9 , 4 1 )

P P P ( a ti p a c r e p P D

G 35.7

3 . 1 5 )i

n i G ( y ti l a u q e n I 8

3 4 , 1 7 2 )

n b

$ ( P D G

) 3 2 0 2 ( t e g r a t n o it a lf n I 9

. 0 5 )

n o ill i m ( n o it a l u p o

P 3.0% (± 1.0%)

Monetary and real sector and prices 2000-2004 average

2005-2009 average

2010-2014 average

2015-2019

average 2020 2021

7 . 0 1 1

. 7 - 4

. 2 0

. 5 5

. 4 3

. 3 )

e t a r r a e y - n o - r a e y ( P D G

5 . 3 5

. 2 7

. 4 8

. 2 2

. 5 3

. 7 )

e t a r r a e y - n o - r a e y ( I P C

3 . 2 9

. 2 4

. 4 7

. 2 6

. 4 6

. 4 )

e t a r r a e y - n o - r a e y ( I P C g n i y lr e d n U

0 . 3 8

. 1 3

. 5 0

. 4 2

. 7 9

. 7 )

% ( e t a r t s e r e t n i y c il o P

3 . 4 1 0

. 5 1 0

. 9 7

. 9 9

. 0 1 2

. 5 1 )

% ( e t a r t n e m y o l p m e n U

8 . 6 - 0

. 7 - 0

. 3 - 6

. 1 - 9

. 0 - 6

. 2 - )

P D G f o

% ( e c n a l a b t e g d u B

1 . 4 - 4

. 5 - 6

. 0 - 1

. 0 9

. 0 - )

P D G f o

% ( e c n a l a b y r a m ir P

6 . 4 6 9

. 9 5 7

. 2 4 5

. 4 3 8

. 5 3 2

. 8 3 )

P D G f o

% ( t b e d c il b u P

External sector

0 . 9 4 0

. 2 4 9

. 4 4 6

. 4 4 9

. 3 4 7

. 9 3 )

P D G f o

% ( s s e n n e p o e d a r T

Current account balance (% of GDP) -0.6 -2.2 -3.5 -4.7 -3.5 -5.6

Foreign direct investment received (% of GDP) 2.3 4.7 3.8 4.2 2.8 3.0

Portfolio capital inﬂows (% of GDP) -0.1 -0.3 1.6 1.4 0.7 1.4

2 . 8 5

. 1 1 6

. 7 4

. 5 3

. 5 5

. 6 )

s t r o p m i f o s h t n o m ( s e v r e s e R

7 . 9 1 5

. 0 2 3

. 6 1 3

. 1 1 1

. 0 1 8

. 0 1 )

P D G f o

% ( s e v r e s e R

3 . 2 4 0

. 1 4 8

. 4 3 2

. 7 2 0

. 4 1 5

. 9 )

b ( ) F M I(

s c ir t e m A R A

8 . 8 5 4

. 7 5 6

. 8 3 7

. 3 2 7

. 2 2 8

. 5 3 )

P D G f o

% ( t b e d l a n r e t x E

Domestic debt held by non-residents (% of total) 50.1 29.3 24.0 31.0 36.0 38.3

Financial markets

Exchange rate against the euro 2,551.2 2,927.8 2,524.3 3,314.8 3,639.1 4,241.6

Exchange rate against the dollar 2,505.3 2,164.8 1,986.4 3,168.2 3,468.5 3,967.8

10-year government debt yield (%) 12.9 10.0 7.2 7.1 5.9 4.9

Average government debt maturity (months) 66.0 70.4 82.7 98.6 105.3 116.5

CDS (basis points) 123 158 71 99

Banking sector

4 . 9 5 4

. 3 6 6

. 4 5 4

. 3 4 9

. 4 3 7

. 1 3 )

P D G f o

% ( r o t c e s e h t f o e z i S

22.6 29.6 38.3 48.9 54.8 51.6

6 . 0 - 1

. 6 4

. 5 4

. 8 6

. 4

— )

c ( p a g P D G - o t - ti d e r c l e s a B

4 . 6 5

. 2 4

. 7 7

. 8 7

. 2 1 2

. 4 )r

a e y - n o - r a e y ( s e c ir p g n i s u o H

2 . 2 2 2

. 9 1 5

. 7 1 4

. 7 1 3

. 6 1

— s

A W R /l a ti p a c y r o t a l u g e R

2 . 8 1 4

. 4 1 9

. 1 1 7

. 2 1 6

. 2 1

— 1

r e i T

2 . 9 5 8

. 7 2 0

. 6 7 2

. 5 7 3

. 2 7

— s

t e s s a l a t o t / s A W R

— 3.3 2.8 3.8 5.0 4.0

9 . 1 4

. 1 4

. 2 8

. 2 3

. 3

— )

d ( A O R

8 . 1 1 4

. 8 4

. 2 1 6

. 4 1 0

. 9 1

— )

e ( E O R

9 . 9 1 0

. 9 1 5

. 8 1 1

. 2 2 1

. 3 2

— o

it a r y ti d i u q i L

Primary expenditure (% of total revenues) — 55.2 52.6 47.1 48.5 46.8

Net interest income (% of gross revenues) (f) — 47.0 58.7 59.5 63.0 62.3

Poverty rate (% of the population) (a)

Credit to the private sector (% of GDP)

Non-performing loans (% of portfolio)

(3)

SOURCE:Irma Alonso and Luis Molina. (2021). "A GPS navigator to monitor risks in emerging economies: the vulnerability dashboard". Documentos Ocasionales - Banco de España, 2111. https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/21/Files/do2111e.pdf.

a The risk level is indicated with shades of green (associated with lower levels of vulnerability), yellow (medium vulnerability) and red (variables in the highest risk percentiles).

Colombia: situation of vulnerability (a)

Table 2

2022 Latest ﬁgure With respect to other emerging

market economies

H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1

Sovereign spread (bp) 0.3683 0.3182 0.2677 0.3355 0.3522 0.2525 0.5247 0.565 0.5458 0.67 0.64

Stock market (quarterly change) 0.4908 0.5662 0.4118 0.4422 0.5103 0.8127 0.473 0.5887 0.3813 0.3488 0.584 Exchange rate (quarterly change) 0.38 0.5572 0.3002 0.8272 0.5538 0.6363 0.6253 0.3472 0.534 0.6445 0.5117 0.52 Sovereign spread (quarterly change) 0.403 0.4928 0.595 0.6048 0.5017 0.5248 0.6813 0.212 0.634 0.806 0.678 0.24

GDP (year-on-year) 0.9115 0.914 0.7745 0.6415 0.595 0.5985 1 0.985 0.41 0.015 0.0345 0.039

Inﬂation 0.3423 0.2655 0.2022 0.1878 0.2038 0.2958 0.214 0.0098 0.1013 0.4537 0.792 0.5

Industrial output 0.6048 0.7872 0.7632 0.5453 0.4497 0.6135 0.8157 0.9852 0.629 0.0093 0.0083 0.039 Currency overvaluation 0.2878 0.1378 0.2875 0.197 0.1188 0.0775 0.0318 0.0175 0.0153 0.003 0.0277 0.192

Budget balance (% of GDP) 0.7525 0.6475 0.779 0.863 0.3425 0.766 0.99 0.9805 0.806 0.491 0.27

Gross public sector debt (% of GDP) 0.988 0.9015 0.994 0.961 0.9945 0.9255 1 0.984 0.985 0.9505 0.942 0.5 Credit (real, year-on-year) 0.6845 0.6135 0.6893 0.6837 0.6232 0.6748 0.6015 0.8837 0.7837 0.6372 0.308

Deposits (real, year-on-year) 0.9098 0.6325 0.5645 0.5727 0.2097 0.0462 0.3052 0.3595 0.4818 0.308

Net foreign assets of banks (% of GDP) 0.6595 0.4838 0.6478 0.5915 0.5977 0.6362 0.7928 0.2782 0.0325 0.0232 0.1318 0.693 Non-performing loans (% of portfolio) 0.5343 0.5938 0.6627 0.6587 0.6462 0.5965 0.5485 0.6175 0.6608 0.5558 0.483 0.692 Loan-to-deposit ratio 0.6723 0.8183 0.8062 0.8305 0.8433 0.8453 0.8638 0.7952 0.5103 0.494 0.5607 1 Banks' equity index (quarterly change) 0.4903 0.5355 0.4608 0.3598 0.333 0.7915 0.5383 0.5573 0.5398 0.6465 0.625 Banks' external debt spread 0.161 0.2898 0.4582 0.5243 0.2693 0.3893 0.7717 0.3047 0.5825 0.5622 0.6375 0.388 Interbank interest rate 0.497 0.2942 0.1802 0.158 0.1658 0.1705 0.1032 0.001 0.0073 0.0367 0.3092 0.576

Net interest income 0.5033 0.4667 0.5632 0.5447 0.3513 0.127 0.2877 0.3475 0.5708 0.4373 0.88

Banking risk (BICRA) 0.7717 0.649 0.601 0.5597 0.5237 0.4923 0.464 0.439 0.4167 0.3963 0.391

Banking risk (IHS) 0 0 0 0 0 0 0.2425 0.6993 0.6602 0.6252 0.5935 0.083

Current account balance (% of GDP) 0.752 0.6715 0.599 0.8115 0.863 0.6505 0.932 0.981 0.847

Foreign direct investment (% of GDP) 0.4445 0.2205 0.261 0.481 0.4385 0.297 0.3625 0.5895 0.697 0.5565 0.274 0.154

External debt (% of GDP) 0.852 0.9185 0.774 0.845 0.989 0.9945 1 1 0.96 0.98 0.937 0.576

Short-term external debt (% of reserves) 0.644 0.6585 0.813 0.8285 0.8105 0.8405 0.86 0.7895 0.885 0.5 Reserves (% of GDP) 0.0667 0.1175 0.1387 0.1502 0.044 0.0688 0.0067 0.0192 0.023 0.076 0.1132 0.616 External debt service (% of exports) 0.7695 0.537 0.525 0.6395 0.438 0.6445 0.689 0.8215 0.632 0.4525 0.421 0.884 Portfolio investment (% of GDP) 0.1185 0.174 0.328 0.514 0.4705 0.5395 0.681 0.2145 0.1345 0.1905 0.215 0.193

GDP per capita (change) 0.783 0.783 0.209 0.209 0.56 0.56 1 1 0 0 — 0.116

Political risk (IHS) 0.0157 0.111 0.163 0.0268 0.0403 0.0795 0.1942 0.2128 0.1223 0.3018 0.3233 0.807

Geopolitical risk (GPR) 0.5338 0.513 0.3847 0.3567 0.8867 0.9303 0.5003 0.2425 0.0858 0.075 0.105

Sovereign rating 0.1305 0.1558 0.1975 0.2155 0.2327 0.249 0.3225 0.393 0.4502 0.5525 0.5612 0.584

Stability/Absence of violence (percentile) 0 0 0 0 0.158 0.158 0 0 0.143 0.143 — 0.693

Time series

2017 2018 2019 2020 2021

(4)

SOURCES:IMF, OECD, Eurostat, BIS and national statistics.

a With respect to euro area and Spanish ﬁgures.

b With respect to Colombian ﬁgures.

Spain and euro area exposure to Colombia (2021 unless otherwise stated)

Table 3

Euro area Spain Euro area Spain Euro area Spain Euro area Spain 1 4 4

6 3

. 0 1 . 0 1

. 0 0 . 0 3

. 1 9 . 6 s

d o o g f o s t r o p x E

1 6 0

7 2

. 0 1 . 0 0

. 0 0 . 0 5

. 0 9 . 3 )

0 2 0 2 ( s d o o g f o s t r o p m I

—

— )

0 2 0 2 ( s e c i v r e s f o s t r o p x E

—

— )

0 2 0 2 ( s e c i v r e s f o s t r o p m I

International Investment Position:

Foreign direct investment. Assets (2020) 19.5 11.0 0.1 0.9 0.1 1.9 65 14

Foreign direct investment. Liabilities (2020) 3.7 3.1 0.0 0.2 0.0 0.4 71 25

Portfolio investment. Assets (December 2021) 27.8 0.2 0.2 0.0 0.1 0.0 45 46

Portfolio investment. Liabilities (December 2021) 12.2 0.3 0.1 0.0 0.1 0.0 46 42

Credit exposure to Colombia of BIS reporting

banks (a) (March 2022) 30.1 26.3 0.2 1.8 0.3 1.3 41 14

Claims of Colombian banks vis-à-vis residents

of the euro area or Spain (March 2022) — 0.8 — — — — — —

Debt of Colombian residents to banks from the euro area or Spain (b) (March 2022)

30.1 26.3 9.6 8.4 42.5 37.2 — 1

Percentage of GDP Percentageoft otal Ranking n

b

$

(5)

SOURCES: OECD and IMF.

DOWNLOAD

Colombia: structural economic data

Chart 1

Rest of the world Rest of Latin America Rest of the euro area

Spain China United States

Manufacturing Mining and quarrying Agriculture, forestry and ﬁshing Manufacturing Mining and quarrying Agriculture, forestry and ﬁshing

Net exports Investment

Government consumption Private consumption

Taxes and subsidies Other services Financial services Services: Public Admin., health

Distributive trade, repairs, transportation, accomm.

and food services Construction Other industry (incl. energy) Manufacturing Agriculture, forestry and ﬁshing

Other Peru Mexico Colombia Chile Brazil Argentina

Spain China United States Colombia

1.a Share of global GDP (%) (2021) 1.b Share of Latin American GDP (%) (2021)

1.c Breakdown of GDP: supply (%) (2021) 1.d Breakdown of GDP: demand (%) (2021)

1.e Exports of goods, by sector (%) (2021) 1.f Exports of goods, by destination (%) (2021)

1.g Imports of goods, by sector (%) (2021) 1.h Imports of goods, by origin (%) (2021)

0.6

15.7

18.6

1.4

6.8 10.1 47.0

9.8

32.2

7.5 4.7 25.3

4.2 16.2

7.4 8.8

11.5

4.7

15.1 17.8 4.5

20.6 9.6

16.3 71.9 19.8

-8.0

16.2

38.6

45.2 28.3

8.9

1.7 10.8 8.6

41.7

6.0

0.5

93.4

23.0

24.0

10.0 2.1 13.4

27.5

SOURCES: OECD and IMF.

DOWNLOAD

Colombia: structural economic data

Chart 1

Manufacturing Mining and quarrying Agriculture, forestry and ﬁshing Manufacturing Mining and quarrying Agriculture, forestry and ﬁshing

Net exports Investment

Government consumption Private consumption

Taxes and subsidies Other services Financial services Services: Public Admin., health

Distributive trade, repairs, transportation, accomm.

and food services Construction Other industry (incl. energy) Manufacturing Agriculture, forestry and ﬁshing

Other Peru Mexico Colombia Chile Brazil Argentina

Spain China United States Colombia

1.a Share of global GDP (%) (2021) 1.b Share of Latin American GDP (%) (2021)

1.c Breakdown of GDP: supply (%) (2021) 1.d Breakdown of GDP: demand (%) (2021)

1.e Exports of goods, by sector (%) (2021) 1.f Exports of goods, by destination (%) (2021)

1.g Imports of goods, by sector (%) (2021) 1.h Imports of goods, by origin (%) (2021)

0.6

15.7

18.6

1.4

6.8 10.1 47.0

9.8

32.2

7.5 4.7 25.3

4.2 16.2

7.4 8.8

11.5

4.7

15.1 17.8 4.5

20.6 9.6

16.3 71.9 19.8

-8.0

16.2

38.6

45.2 28.3

8.9

1.7 10.8 8.6

41.7

6.0

0.5

93.4

23.0

24.0

10.0 2.1 13.4

27.5

(6)

DOWNLOAD

SOURCES:Superintendencia Financiera and Banco de España.

a Credit and other claims on households and non-ﬁnancial corporations, excluding public entities and ﬁnancial institutions.

b 1% of any of the types of exposure.

Colombia: structure of the banking sector and relevance for Spain

Chart 2

2.a Breakdown of the banking sector (March 2022): loans

Materiality threshold (b) Defaulted

Original Risk-weighted 2.c Exposures to material third countries, by type of exposure (June 2022) (a)

Foreign-owned private banks Domestic private banks Public (development) banks 2.b Breakdown of the banking sector (March 2022): deposits

Foreign-owned private banks Domestic private banks Public (development) banks

% of the total

Bancolombia: 17

Davivienda: 6

Banco de Bogotá: 13

BBVA Colombia: 47 Banco de Occidente: 0

Banco Agrario de Colombia: 0

Bancoldex: 0 Other public banks: 3 Other foreign-owned private banks: 12

Other domestic private banks: 2

Bancolombia: 27

Davivienda: 13

Banco de Bogotá: 14 BBVA Colombia: 3

Banco de Occidente: 6 Banco Agrario de Colombia: 0

Bancoldex: 2 Other domestic private banks: 11

Other foreign-owned private banks: 21

Other public banks: 4

0 2 4 6 8 10 12 14 16 18

United States

Mexico Brazil Turkey Chile Peru Colombia

% of the total

United Kingdom

DOWNLOAD

SOURCES:Superintendencia Financiera and Banco de España.

a Credit and other claims on households and non-ﬁnancial corporations, excluding public entities and ﬁnancial institutions.

b 1% of any of the types of exposure.

Colombia: structure of the banking sector and relevance for Spain

Chart 2

2.a Breakdown of the banking sector (March 2022): loans

Materiality threshold (b) Defaulted

Original Risk-weighted 2.c Exposures to material third countries, by type of exposure (June 2022) (a)

Foreign-owned private banks Domestic private banks Public (development) banks 2.b Breakdown of the banking sector (March 2022): deposits

Foreign-owned private banks Domestic private banks Public (development) banks

% of the total

Bancolombia: 17

Davivienda: 6

Banco de Bogotá: 13

BBVA Colombia: 47 Banco de Occidente: 0

Banco Agrario de Colombia: 0

Bancoldex: 0 Other public banks: 3 Other foreign-owned private banks: 12

Other domestic private banks: 2

Bancolombia: 27

Davivienda: 13

Banco de Bogotá: 14 BBVA Colombia: 3

Banco de Occidente: 6 Banco Agrario de Colombia: 0

Bancoldex: 2 Other domestic private banks: 11

Other foreign-owned private banks: 21

Other public banks: 4

0 2 4 6 8 10 12 14 16 18

United States

Mexico Brazil Turkey Chile Peru Colombia

% of the total

United Kingdom

(7)

SOURCES:Banco de España, Moody's, Standard and Poor's and Fitch, in addition to: Dario Caldara and Matteo Iacoviello. (2022). "Measuring geopolitical risk". American Economic Review, April, 112(4), pp. 1194-1225; and Corinna Ghirelli, Javier J. Pérez and Alberto Urtasun. (2021). "The spillover effects of economic policy uncertainty in Latin America on the Spanish economy". Latin American Journal of Central Banking, 2(2).

a The Economic Policy Uncertainty (EPU) index is constructed drawing on the local and international press using words related to uncertainty over economic policies, based on the following methodology: Scott R. Baker, Nicholas Bloom and Steven J. Davis. (2016). "Measuring economic policy uncertainty". Quarterly Journal of Economics, 131(4), pp. 1593-1636.

b The Geopolitical Risk (GPR) Index is a measure of adverse geopolitical events based on a survey of newspaper articles in the English-speaking

press covering geopolitical unrest. DOWNLOAD

Colombia: Uncertainty and geopolitical risk indicators and sovereign ratings

Chart 3

3.b Sovereign ratings

Colombia - GPR (right-hand scale) (b)

Colombia - EPU. local, English- speaking and Spanish press (a) 3.a News-based indicators

0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40

0 50 100 150 200 250 300 350 400 450 500

Jan-04 Jan-06 Jan-08 Jan-10 Jan-12 Jan-14 Jan-16 Jan-18 Jan-20 Jan-22

Investment grade Fitch

Standard and Poor's Moody's

Jan-04 Jan-06 Jan-08 Jan-10 Jan-12 Jan-14 Jan-16 Jan-18 Jan-20 Jan-22 B / B2

B+ / B1 BB-/ Ba3 BB / Ba2 BB+ / Ba1 BBB-/ Baa3 BBB / Baa2 BBB+ / Baa1

B- / B3

SOURCES:Banco de España, Moody's, Standard and Poor's and Fitch, in addition to: Dario Caldara and Matteo Iacoviello. (2022). "Measuring geopolitical risk". American Economic Review, April, 112(4), pp. 1194-1225; and Corinna Ghirelli, Javier J. Pérez and Alberto Urtasun. (2021). "The spillover effects of economic policy uncertainty in Latin America on the Spanish economy". Latin American Journal of Central Banking, 2(2).

a The Economic Policy Uncertainty (EPU) index is constructed drawing on the local and international press using words related to uncertainty over economic policies, based on the following methodology: Scott R. Baker, Nicholas Bloom and Steven J. Davis. (2016). "Measuring economic policy uncertainty". Quarterly Journal of Economics, 131(4), pp. 1593-1636.

b The Geopolitical Risk (GPR) Index is a measure of adverse geopolitical events based on a survey of newspaper articles in the English-speaking

press covering geopolitical unrest. DOWNLOAD

Colombia: Uncertainty and geopolitical risk indicators and sovereign ratings

Chart 3

3.b Sovereign ratings

Colombia - GPR (right-hand scale) (b)

Colombia - EPU. local, English- speaking and Spanish press (a) 3.a News-based indicators

0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40

0 50 100 150 200 250 300 350 400 450 500

Jan-04 Jan-06 Jan-08 Jan-10 Jan-12 Jan-14 Jan-16 Jan-18 Jan-20 Jan-22

Investment grade Fitch

Standard and Poor's Moody's

Jan-04 Jan-06 Jan-08 Jan-10 Jan-12 Jan-14 Jan-16 Jan-18 Jan-20 Jan-22 B / B2

B+ / B1 BB-/ Ba3 BB / Ba2 BB+ / Ba1 BBB-/ Baa3 BBB / Baa2 BBB+ / Baa1

B- / B3

(8)

SOURCES:Banco de España and Thomson Reuters.

a Ratio of export prices to import prices. DOWNLOAD

Colombia: exchange rates, stock market, sovereign spreads, long-term interest rates, ﬁnancial conditions and ﬁnancial stress

Chart 4

EMBI+

4.c Sovereign spread (EMBI+)

COLCAP 4.b Stock exchange index

Terms of trade (a) Nominal effective Real effective Against the euro Against the dollar 4.a Exchange rates of the Colombian peso

30 40 50 60 70 80 90 100 110 120

Jan-12 Jan-14 Jan-16 Jan-18 Jan-20 Jan-22

January 2012 = 100 (↓ depreciation)

50 60 70 80 90 100 110 120

January 2012 = 100

80 130 180 230 280 330 380 430 480 530 580

bp

a Ratio of export prices to import prices. DOWNLOAD

Colombia: exchange rates, stock market, sovereign spreads, long-term interest rates, ﬁnancial conditions and ﬁnancial stress

Chart 4

EMBI+

4.c Sovereign spread (EMBI+)

COLCAP 4.b Stock exchange index

Terms of trade (a) Nominal effective Real effective Against the euro Against the dollar 4.a Exchange rates of the Colombian peso

30 40 50 60 70 80 90 100 110 120

January 2012 = 100 (↓ depreciation)

50 60 70 80 90 100 110 120

January 2012 = 100

80 130 180 230 280 330 380 430 480 530 580

bp

(9)

a Prepared using a principal component methodology drawing on changes in the stock market, short and long-term interest rates, the price of commodities and exchange rate ﬂuctuations.

b Prepared on the basis of the volatilities and spreads of six market segments, standardised and grouped discounting any cross-correlations. DOWNLOAD

Colombia: exchange rates, stock market, sovereign spreads, long-term interest rates, ﬁnancial conditions and ﬁnancial stress (cont'd)

Chart 4

FSI (b) 4.f Financial stress index

FCI (a) 4.e Financial conditions index

10-year rate 4.d Long-term interest rate in Colombian pesos

0 0.1 0.2 0.3 0.4 0.5 0.6 0.7

Jan-02 Jan-05 Jan-08 Jan-11 Jan-14 Jan-17 Jan-20 Jan-23

0-1 -3 -2 -1 0 1 2 3 4 5

Historical average = 0 4

6 8 10 12 14 16

%

Tightening of ﬁnancial conditions

Increase in ﬁnancial market stress

a Prepared using a principal component methodology drawing on changes in the stock market, short and long-term interest rates, the price of commodities and exchange rate ﬂuctuations.

b Prepared on the basis of the volatilities and spreads of six market segments, standardised and grouped discounting any cross-correlations. DOWNLOAD

Colombia: exchange rates, stock market, sovereign spreads, long-term interest rates, ﬁnancial conditions and ﬁnancial stress (cont'd)

Chart 4

FSI (b) 4.f Financial stress index

FCI (a) 4.e Financial conditions index

10-year rate 4.d Long-term interest rate in Colombian pesos

0 0.1 0.2 0.3 0.4 0.5 0.6 0.7

0-1 -3 -2 -1 0 1 2 3 4 5

Historical average = 0 4

6 8 10 12 14 16

%

Tightening of ﬁnancial conditions

Increase in ﬁnancial market stress