We develop a stylized balance sheet framework to help identify ‘quasi-fiscal’ components of central bank crisis interventions and show how sources of fiscal risk are created from both the new claims and how they are funded. Combining central bank balance sheet data with survey evidence from...

This paper looks into the political economy forces that helped shape exchange rate policy in Colombia since the early 1960s. As witnessed by the remarkable longevity of the managed crawl, Colombian exchange rate policies since 1967 did not take the form of major regime changes. Policy shifts...

Colombia’s strong fiscal-institutional framework has been one of the main elements that explains the resilience of the Colombian economy to global economic turbulence. The consolidation of the fiscal framework has been a gradual process over the last 15 years and was strengthened with the...