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Understanding the cyclical movements of macro-financial variables, such as credit, is relevant not only to identify whether the financial sector is experiencing overheating, but also to design macroprudential measures aimed at preventing extreme fluctuations in the financial cycle. In this study, we focus on measuring the cyclical changes of different credit indicators—both in logarithmic terms and as ratios to GDP—as well as by type of credit and currency.
While the bank lending channel has been widely studied in the economic literature, its implications for dollarized economies have received little attention. Our recent research focuses on this type of economy to evaluate two hypotheses: First, does an international lending channel operate within the dollarized economies of Latin America? Second, how does the degree of dollarization influence the strength of this transmission mechanism?
Direct Investment (DI) in Paraguay has been influenced by various economic and structural factors over the past decades. From the economic boom of the 1970s, driven by major infrastructure projects and active investment incentives, to the liberalizing reforms of the 1990s and sectoral diversification in the twenty-first century, the development of DI has been shaped by a mix of internal and external factors.
This paper examines the transmission of U.S. monetary policy shocks to bank lending in 12 Latin American countries between 2000 and 2020. Using data from 118 banks, we find evidence of an international bank lending channel, even in countries with low direct exposure to U.S. banks.
We are pleased to share a new publication in the academic journal Energy Economics, this time featuring the research “Climate Growth at Risk in the Global South”, authored by Carlos Giraldo, Iader Giraldo Salazar, Jose E. Gomez-Gonzalez, and Jorge M. Uribe.
Latin America and the Caribbean (LAC) face a complex global landscape characterized by geopolitical shifts, trade fragmentation, and heightened uncertainty. Within this environment, the growing trend of nearshoring—the relocation of production activities closer to consumer markets—emerges as a potential source of economic dynamism.
We are pleased to share a new publication in the academic journal Research in International Business and Finance, featuring the study: “US uncertainty shocks, credit, production, and prices: The case of fourteen Latin American countries,” authored by Carlos Giraldo, Iader Giraldo-Salazar, Jose E. Gomez-Gonzalez, and Jorge M. Uribe.
We are pleased to share a new publication in the academic journal International Journal of Bank Marketing. This time, it features the research titled “The adoption of fast payment systems (FPS) in Latin America: the role of financial literacy and cash-related beliefs”, authored by Carlos Giraldo, Iader Giraldo, Mauricio Losada-Otálora, and Nathalie Peña-García.
On May 16, 2025, the 9th Joint RFA Research Seminar took place in Medellín, co-organized by FLAR, AMRO, and ESM.
The event brought together experts from international financial organizations, central banks, finance ministries, and academia to discuss the impact of climate change on macroeconomic stability, financial system resilience, and public finances and sovereign risk.
This blog post shares the story behind our recent working paper on how Colombia’s unique Gross Leverage Position in foreign exchange derivatives helped prevent a housing bubble from bursting and what emerging economies can learn from it.