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This working paper examines how monetary policy affects bank deposits in emerging and developing economies. Using data from more than 1,600 banks across 52 countries between 1996 and 2021, the authors find that higher policy interest rates are associated with slower deposit growth and wider spreads between policy rates and deposit remuneration. The findings highlight the importance of the deposit channel as a key mechanism of monetary policy transmission and underscore the need to pay greater attention to the liability side of banks’ balance sheets in both research and policymaking.

New Working Paper FLAR Is the International Bank Lending Channel Driven by Ownership? Evidence from Local Banks and Foreign Subsidiaries Carlos Giraldo, Iader Giraldo, Jose E. Gomez-Gonzalez, Jorge M. Uribe June 2026 Read Working Paper

Press release Press Release: FLAR Celebrates the XXI Annual Economic Studies Conference in Cartagena Fiscal-Monetary Interactions and Macro-Financial Vulnerabilities in a Fragmenting World    See press release

Press release FLAR Board of Directors Re-elects José Darío Uribe as Executive President for the 2026–2029 Term See press release

Carlos Giraldo, Iader Giraldo, Jose E. Gomez-Gonzalez, and Jorge M. Uribe have published the study “Bank capital adjustment to public debt shocks: The role of institutions in emerging markets”, which examines how public debt shocks affect banks’ capital ratios and how these responses vary depending on institutional and regulatory quality across countries. The findings highlight the importance of strong regulatory frameworks in supporting financial stability, particularly in emerging markets.

FLAR and ASEAN+3 Macroeconomic Research Office reaffirm their commitment to strengthening global resilience through closer inter-regional cooperation, highlighting the importance of macroeconomic surveillance and financial connectivity for a more stable and inclusive system.

We are pleased to share a new publication in the academic journal International Journal of Energy Economics and Policy, entitled “Determinants of Financial Hedging Strategies among Commodity Producer Firms in Latin America”, authored by Carlos Giraldo, Iader Giraldo, Cristian Huertas, and Juan Camilo Sánchez.