Academic literature on the topic 'National Board for Consumer Complaints'

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Journal articles on the topic "National Board for Consumer Complaints"

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Andersen, Minie. "Consumer Protection: The Interaction Between Written and Unwritten Law." European Review of Private Law 29, Issue 4 (September 1, 2021): 633–58. http://dx.doi.org/10.54648/erpl2021033.

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The scope of consumer protection according to both written and unwritten law is assessed through an analysis of court decisions and decisions of the Consumer Complaints Board in Danish law with references to other Scandinavian law and to EU case law. The article analyses consumer protection in Scandinavian contract law according to general principles of interpretation and statutory law in the form of national legislation implementing Article 5 of Directive 93/13/EEC on unfair terms in consumer contracts. The so-called (larger) general clause of invalidity in the form of section 36 of the relevant national Contracts Acts is included as it greatly influences interpretation in Scandinavian contract law. The analysis involves a discussion of interpretation as a legal source in Scandinavian contract law, and a presentation of the Scandinavian consumer complaints board system with an emphasis on the Danish system. It is argued that the (traditional) general principles of interpretation in contract law play an important role as a supplement to written law in the aim of consumer protection, and that both courts and the Consumer Complaints Boards seem to operate with protection of consumers as a relevant underlying legal basis when interpreting consumer contracts. Both general rules of interpretation and the underlying legal basis (in the form of i.a. non-mandatory rules and customs) thereby seem to enhance consumer protection in Scandinavian contract law.
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Beck-Friis, J. "How consumer disputes are dealt with in Sweden: The Swedish National Board for Consumer Complaints." Journal of Consumer Policy 13, no. 4 (December 1990): 477–82. http://dx.doi.org/10.1007/bf00412341.

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Tsalikis, John, and Bruce Seaton. "Corporate Social Responsibility: A Cross-National Study of the Treatment of Consumers and Employees." Business Ethics and Leadership 4, no. 2 (2020): 6–15. http://dx.doi.org/10.21272/bel.4(2).6-15.2020.

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Within a CSR framework, this paper reports on an extensive array of studies that explore consumer and employee issues with businesses in 13 countries, including the United States and countries in Eastern and Western Europe, Latin America, Asia, and the Middle East. The relevance of this study is based on the idea that consumer trust and fair treatment of employees are both core components of CSR and vital elements of economic efficiency and satisfaction from both supplier and customer perspectives. The questionnaires included open-ended inquiries which employed the technique of unaided recall, alternatively known as “top of mind” awareness. This method’s strength is that it provides minimum direction to respondents, thus avoiding interviewer bias. The resulting data were examined and classified using the method of content analysis. The results indicate that in Mexico and Argentina most consumer complaints involved price, while in Russia, China, and India consumers complained about aspects of product policy. Only Brazilian consumers registered their major concerns as complaints on service. The complaints about corporate policy focused on the poor treatment of employees. The between-country contrasts were often large; for example, 26% of Japanese respondents expressed concerns about employee issues whereas such complaints were limited to 3% of our Mexican sample. The strength of the current research is the combination of the breadth of the study (13 countries) coupled with the employment of national probability samples. The corresponding limitation stems from the limited depth of inquiry associated with the methodology employed and the inherent complexity of cross-national comparisons. The key implication of the paper is that both customers and employees have numerous complaints regarding the treatment they receive from corporations, but these issues show significant differences between the countries in the sample. In-depth examination of the individual countries is one of several fruitful areas suggested for further research. Keywords: Corporate Social Responsibility (CSR), Consumer Complaints, Price, Product, Service.
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Dwi, Rosmawati, Sinudarwati Sinudarwati, and Fika Regita Trismiyanto. "PERANCANGAN SYSTEM INFORMASI PENANGANAN KELUHAN KONSUMEN BERBASIS WEB PADA PT. INDUSTIRA BATU CEPER TANGERANG." Journal CERITA 5, no. 2 (August 1, 2019): 135–45. http://dx.doi.org/10.33050/cerita.v5i2.239.

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PT Industira is one of the companies engaged in manufacturing Disassembly power panel (Disribution Board) for TL lamp lighting. To improve costumer service, PT Industira provides Quality Assurance & Customer Service Team Leader (QA & CS TL) as a container to accommodate various complaints handling provided by consumers. Based on the current system obtained the results that the system there are still some disadvantages are all still done manually that need a more accurate new system that is a web-based consumer complaint information system that uses PHP programming with Notepad ++ and MySql database creation. From the process is generated a web-based consumer complaints system that can reduce the ineffectiveness and inefficiency in the delivery of complaints, grievance shelter, data processing complaints, decision makers to the preparation of complaints so that the entire process of handling complaints properly monitored.
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Stevenson, David G. "Nursing Home Consumer Complaints and Quality of Care: A National View." Medical Care Research and Review 63, no. 3 (June 2006): 347–68. http://dx.doi.org/10.1177/1077558706287043.

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Sarkar, Sourish, and Balaji Rajagopalan. "Consumer safety complaints and organizational learning: evidence from the automotive industry." International Journal of Quality & Reliability Management 35, no. 10 (November 29, 2018): 2094–118. http://dx.doi.org/10.1108/ijqrm-03-2017-0048.

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Purpose The purpose of this paper is to investigate the value of information in consumer safety complaints for organizational learning. Design/methodology/approach Empirical analysis of this study uses a novel secondary data set, which is formed by combining complaints data filed with the National Highway Traffic Safety Administration (NHTSA) for potential safety defects, and design change information from 2003 to 2011 model-year vehicles in the USA. Findings First, the paper demonstrates the value of information embedded in complaints. Second, in the case of radical product redesigns, owing to the lack of direct applicability of consumer feedback based learning, the impact of learning on product safety is found to be muted, third, the results suggest that the safety complaint rates vary by vehicle classes/categories and, fourth, the findings differ from prior research conclusions on vehicle quality. Prior research finds the debuting car models have the lowest repair rates among all car models produced in a given year, but the current study finds the debuting models to have the highest rates of safety complaints. Originality/value Quality management literature rarely examines the safety complaints data (which, unlike other consumer feedbacks, focuses exclusively on the safety hazards due to flaws that result in accidents). This paper fills the gap in literature by linking safety complaints with future product quality and organizational learning.
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Kerti, N. G. N. Renti Maharaini. "Consumer protection institutions strengthening in the digitalization era." Indonesian Journal of Multidisciplinary Science 3, no. 1 (October 25, 2023): 55–63. http://dx.doi.org/10.55324/ijoms.v3i1.675.

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Consumer protection laws have been in effect in Indonesia for 23 years, but consumer complaints seem to never end and even tend to increase. According to National Consumer Protection Agency (BPKN) complaint data, the three sectors with the most consumer complaints in the last five years have been financial services, e-commerce, and housing, as well as health services, transportation, telecommunications, food and beverage, cosmetics, and household gas electricity. Business transactions and dispute resolution are affected by information and technology improvements. Since the disruptive transaction system has transitioned from manual transaction patterns in traditional markets to digital transactions in online marketplaces, institutional strengthening of consumer protection is urgently needed. Strengthening consumer protection institutions is a genuine problem in the context of future consumer protection laws. Economic policy is measured not only by increasing output but also by increasing public consumption as a result of consumer confidence in the goods and/or services available on the market, which ultimately drives the rate of productivity growth to realize the welfare of Indonesian consumers. The importance of strengthening consumer protection institutions as a form of development and certainty of legal protection for consumers to realize consumer empowerment both individually and communally, as well as business actor compliance as an internal form of good corporate governance in consumer-centric change management governance.
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Munathsir Mustaman. "ANALISIS PENEGAKAN HUKUM PERLINDUNGAN KONSUMEN DALAM KARTEL PENJUALAN SEPEDA MOTOR SKUTER MATIK HONDA-YAMAHA (Studi Kasus Putusan Kasasi MA RI No. 217K/Pdt.Sus-KPPU/2019)." SOSIOEDUKASI : JURNAL ILMIAH ILMU PENDIDIKAN DAN SOSIAL 11, no. 1 (February 27, 2022): 40–52. http://dx.doi.org/10.36526/sosioedukasi.v11i1.1802.

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Normative juridical research methodologies with a statutory approach are used to examine customer protection in the 110-125 CC of Honda-Yamaha automatic scooter motorbike sales cartel and legal measures to recover consumer losses. Since the KPPU decision 04/KPPU-I/2016 simply addresses the legal certainty of the cartel elements under Article 5 paragraph (1) Law 5/1999, it can be concluded that consumer protection law enforcement has not been taken into account in the cartel selling automatic scooters 110-125 CC of Honda-Yamaha. Civil actions for reimbursement for unlawful activities, complaints to the Dispute Resolution Agency (BPSK), and complaints to the National Consumer Protection Agency (BPKN) that can be used to recover consumer losses in the Honda-Yamaha automatic scooters 110–125 CC cartel. As a consequence, a legal mechanism is required to allow consumers to recover losses incurred due to anti-competitive agreements and/or conduct by business actors. Anti-Monopoly Law and/or Customer Protection Law laws should be implemented by the government to determine how to recover consumer losses caused by the Honda-Yamaha automatic scooters 110 – 125 CC cartel, as well as other consumer losses caused by anti-competitive law violations.
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Segest, E. "Patients' Complaints: The Disciplinary System regarding Evaluation of Physicians' Conduct." Medicine, Science and the Law 33, no. 1 (January 1993): 41–46. http://dx.doi.org/10.1177/002580249303300108.

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The study comprises all complaints which patients have made to the Danish National Board of Health in 1984–1985. The Board has disciplinary powers over physicians and advises the public prosecutor in cases of gross negligence that are to be brought before a court. There were 531 complaints on average per year. The frequency of complaints was 1.0 complaint per 10,000 population. A large part of the complaints concerned cases where no physical harm occurred (45%), and in only a small portion (16%) were there serious injuries. The Board found that negligence had occurred in 21% of the complaints, and 1% of the cases were considered to be gross negligence. There were appeals against 17% of the rulings, and of these 9% were either wholly or partly upheld.
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Syarifa, R., L. Rahmawati, P. F. Andini, M. Simanjuntak, and A. M. T. Anggraini. "Menyelisik Isu Perlindungan Konsumen pada Klausula Eksonerasi di Sektor Jasa Keuangan dan Retail dengan Pendekatan Mixed Methods." Jurnal Ilmu Keluarga dan Konsumen 15, no. 2 (May 1, 2022): 178–91. http://dx.doi.org/10.24156/jikk.2022.15.2.178.

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Throughout 2021, the National Consumer Protection Agency (BPKN) has received 2.113 complaints from the financial services sector and 427 complaints from the retail sector, where problems related to the exoneration clause are one of the most reported problems. This research aimed to analyze the influence of knowledge and attitudes on consumer behavior and explore the role of the Consumer Dispute Settlement Agency (BPSK) in supervising the inclusion of the exoneration clause. This research applied sequential mixed methods that combine quantitative and qualitative approaches. The survey was conducted on 170 respondents who were selected by voluntary sampling. The descriptive analysis showed that consumer knowledge, attitudes, and behaviors related to the exoneration clause were still low. Only knowledge had a significant effect on consumer attitudes. The result of the in-depth interview concludes that the role of BPSK has not been effective and tends to be passive in supervising the inclusion of the exoneration clause. It is because there are no clear technical instructions and implementation instructions related to the supervision of the inclusion of the exoneration clause. Therefore, an institution with authority must examine, validate, and certify standard clauses before being applied to consumers.
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Dissertations / Theses on the topic "National Board for Consumer Complaints"

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JÃnior, JoÃo Batista Pereira. "Determinants of the probability of dealing with complaints in the organs of consumer protection: an econometric analysis of the national registry of substantiated complaints." Universidade Federal do CearÃ, 2014. http://www.teses.ufc.br/tde_busca/arquivo.php?codArquivo=11736.

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nÃo hÃ
O presente trabalho promoveu uma anÃlise do Cadastro Nacional de ReclamaÃÃes Fundamentadas do ano de 2011 (publicaÃÃo ocorrida em 2012) cuja base de dados possui 153.094 observaÃÃes, as quais representam todas as reclamaÃÃes formuladas neste perÃodo nos ÃrgÃos de defesa do consumidor espalhados em todas as regiÃes do territÃrio nacional. Foram realizadas regressÃes logÃsticas de modo a determinar uma medida probabilÃstica que retrata as possibilidades de Ãxito nas demandas dos consumidores junto Ãs entidades e ÃrgÃos criados para a discussÃo e processamento das mesmas. O modelo economÃtrico proposto considerou sexo e faixa etÃria dos consumidores, o assunto discutido nos processos, a localizaÃÃo geogrÃfica onde se deu a reclamaÃÃo, alÃm do ramo de atividade dos fornecedores reclamados. Com as simulaÃÃes realizadas, entre outros resultados, constatou-se que as maiores chances de Ãxito no cenÃrio nacional, para pessoas do sexo feminino na faixa etÃria de 31 a 40 anos, sÃo para as demandas que envolvem produtos (67,3%) e que o setor de habitaÃÃo apresentou a menor probabilidade de celebraÃÃo de conciliaÃÃo entre as partes (39,1%).
The present work promoted an analysis of the National Register of founded Complaints of the year 2011 (publication happened in 2012) whose base of data possesses 153.094 observations, which represent all of the complaints formulated in this period in consumer defense organs spreaded in all areas of the national territory. Logistic Regressions were performed in order to determine a probabilistic measure that reflects the possibilities of success to consumers' demands together the entities and organizations created for discussion and processing of demands. The proposed econometric model took into account sex and consumers' age group, the subject discussed in the processes, the geographical location where happened the complaint, besides the field of activity of the claimed suppliers. With the accomplished simulations, among other results, it was verified that the largest success chances on the national scene for females aged 31-40 years are for the demands that involve products (67.3%) and that the housing sector presented the lowest probability of celebrating conciliation between the parties (39.1%).
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Books on the topic "National Board for Consumer Complaints"

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United States. National Labor Relations Board. Division of Operations Management, ed. National Labor Relations Board pleadings manual complaint forms revisions, 1991. [Washington, D.C.?]: National Labor Relations Board, Office of the General Counsel, Division of Operations-Management, 1991.

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California. Legislature. Assembly. Committee on Governmental Efficiency and Consumer Protection. Assembly Committee on Governmental Efficiency and Consumer Protection hearing on Contractors' State License Board: San Diego, California, May 29, 1987. Sacramento, CA: California State Assembly, 1987.

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United, States Congress Senate Committee on Banking Housing and Urban Affairs. Nomination of Constance J. Horner: Hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred First Congress, second session, on the nomination of Constance J. Horner, Under Secretary of Health and Human Services, to be a member of the Board of Directors of the National Consumer Cooperative Bank for a term of 3 years, vice Ewen M. Wilson, July 27, 1990. Washington: U.S. G.P.O., 1990.

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United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Nominations of David G. Nason, Mario Mancuso, Robert M. Couch, Michael W. Tankersley, Nguyen Van Hanh, and Janis Herschkowitz: Hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Tenth Congress, first session, on nominations of David G. Nason, of Virginia, to be Assistant Secretary for Financial Institutions of the Department of the Treasury and to be a member of the board of directors for the National Consumer Cooperative Bank; Mario Mancuso, of New York, to be Under Secretary for Export Administration of the Department of Commerce; Robert M. Couch, of Alabama, to be general counsel for the Department of Housing and Urban Development; Michael W. Tankersley, of Texas, to be inspector general for the Export-Import Bank of the United States; Nguyen Van Hanh, of California, to be a member of the board of directors for the National Consumer Cooperative Bank; Janis Hershkowitz, of Pennsylvania, to be a member of the board of the directors for the Naitonal Consumer Cooperative Bank, Thursday, May 10, 2007. Washington: U.S. G.P.O., 2009.

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Office, General Accounting. Telecommunications: Follow-up national survey of cable television rates and services : report to the chairman, Subcommittee on Telecommunications and Finance, Committee on Energy and Commerce, House of Representatives. Washington, D.C: U.S. General Accounting Office, 1990.

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Shopping for Safety: Providing Consumer Automotive Safety Information (Special Report (National Research Council (U S) Transportation Research Board)). National Academies Press, 1996.

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Nominations of Harry J. Bowie, Armando Falcon, Jr., Martin N. Baily, Robert Z. Lawrence, Dorian Vanessa Weaver, and Dan Renberg: Hearings before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Sixth Congress, first session on nominations of Harry J. Bowie. of Mississippi, to be a member of the Board of Directors of the National Consumer Cooperative Bank; Armando Falcon, Jr., of Texas, to be Director of the Office of Federal Housing Enterprise Oversight; Martin N. Baily of Maryland to be Chairman of the Council of Economic Advisers; Robert Z. Lawrence, of Massachussets, to be a member of the Council of Economic Advisers; Dorian Vanessa Weaver, of Arkansas, to be a member of the Board of Directors of the Export-Import Bank; Dan Renberg, of Maryland, to be a member of the Board of Directors of the Export-Import Bank, July 30 and August 5, 1999. Washington: U.S. G.P.O., 2001.

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Nominations of Alfred A. Plamann, Thomas W. Grant, Noe Hinjosa, Jr., and William R. Timken, Jr.: Hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Eighth Congress, first session, on nominations of Alfred A. Plamann, of California, to be a member of the Board of Directors of the National Consumer Cooperative Bank; Thomas W. Grant, of New York, to be a director of the Securities Investor Protection Corporation; Noe Hinjosa, Jr., of Texas, to be a director of the Securities Investor Protection Corporation; William R. Timken, Jr., of Ohio, to be a director of the Securities Investor Protection Corporation, March 25, 2003. Washington: U.S. G.P.O., 2004.

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Nominations of David G. Nason, Mario Mancuso, Robert M. Couch, Michael W. Tankersley, Nguyen Van Hanh, and Janis Herschkowitz: Hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Tenth Congress, first session, on nominations of David G. Nason, of Virginia, to be Assistant Secretary for Financial Institutions of the Department of the Treasury and to be a member of the board of directors for the National Consumer Cooperative Bank; Mario Mancuso, of New York, to be Under Secretary for Export Administration of the Department of Commerce; Robert M. Couch, of Alabama, to be general counsel for the Department of Housing and Urban Development; Michael W. Tankersley, of Texas, to be inspector general for the Export-Import Bank of the United States; Nguyen Van Hanh, of California, to be a member of the board of directors for the National Consumer Cooperative Bank; Janis Hershkowitz, of Pennsylvania, to be a member of the board of the directors for the Naitonal Consumer Cooperative Bank, Thursday, May 10, 2007. Washington: U.S. G.P.O., 2009.

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Hörnle, Julia. Internet Jurisdiction Law and Practice. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780198806929.001.0001.

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Jurisdiction is the foundational concept for both national laws and international law as it provides the link between the sovereign government and its territory, and ultimately its people. The internet challenges this concept at its root: data travels across the internet without respecting political borders or territory. This book is about this Jurisdictional Challenge created by internet technologies. The Jurisdictional Challenge arises as civil disputes, criminal cases, and regulatory action span different countries, rising questions as to the international competence of courts, law enforcement, and regulators. From a technological standpoint, geography is largely irrelevant for online data flows and this raises the question of who governs “YouTubistan.” Services, communication, and interaction occur online between persons who may be located in different countries. Data is stored and processed online in data centres remote from the actual user, with cloud computing provided as a utility. Illegal acts such as hacking, identity theft and fraud, cyberespionage, propagation of terrorist propaganda, hate speech, defamation, revenge porn, and illegal marketplaces (such as Silkroad) may all be remotely targeted at a country, or simply create effects in many countries. Software applications (“apps”) developed by a software developer in one country are seamlessly downloaded by users on their mobile devices worldwide, without regard to applicable consumer protection, data protection, intellectual property, or media law. Therefore, the internet has created multi-facetted and complex challenges for the concept of jurisdiction and conflicts of law. Traditionally, jurisdiction in private law and jurisdiction in public law have belonged to different areas of law, namely private international law and (public) international law. The unique feature of this book is that it explores the notion of jurisdiction in different branches of “the” law. It analyses legislation and jurisprudence to extract how the concept of jurisdiction is applied in internet cases, taking a comparative law approach, focusing on EU, English, German, and US law. This synthesis and comparison of approaches across the board has produced new insights on how we should tackle the Jurisdictional Challenge. The first three chapters explain the Jurisdictional Challenge created by the internet and place this in the context of technology, sovereignty, territory, and media regulation. The following four chapters focus on public law aspects, namely criminal law and data protection jurisdiction. The next five chapters are about private law disputes, including cross-border B2C e-commerce, online privacy and defamation disputes, and internet intellectual property disputes. The final chapter harnesses the insights from the different areas of law examined.
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Book chapters on the topic "National Board for Consumer Complaints"

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Cox, David R., Richard H. Cox, and Bruce Caplan. "Consumer Protection." In Specialty Competencies in Rehabilitation Psychology, 101–6. Oxford University Press, 2013. http://dx.doi.org/10.1093/med:psych/9780195389241.003.0008.

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Chapter 7 discusses the expectation of the RP to act as advocate for and protect the interests of persons with disability and other consumers of rehabilitation psychology services, historically a major focus of the specialty area. It covers how the ABRP expects that candidates demonstrate competency in consumer protection through effective advocacy about laws related to and including the ADA; sensitivity to multicultural and diversity factors, including participation in consumer groups; activity in professional organizations on local, state and national levels; earning board certification in the specialty; and provision of public education services. It also discusses services and community supports for the patients RPs treat, focusing on the patient’s ability to engage maximally in independent living and on increasing patients’ quality of life.
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Storrs, Landon R. Y. "Allegations of Disloyalty at Labor and Consumer Agencies, 1939–43." In The Second Red Scare and the Unmaking of the New Deal Left. Princeton University Press, 2012. http://dx.doi.org/10.23943/princeton/9780691153964.003.0003.

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This chapter looks at key figures in the emerging anticommunist network and analyzes two early episodes: the Smith Committee attack on the National Labor Relations Board and its allies, and the Dies Committee attack on the consumer movement, especially the League of Women Shoppers and the Office of Price Administration. The power of the labor movement in stimulating the reaction against the New Deal is well known, but the consumer movement should be recognized as another major trigger. Women were important in the ascendance of both industrial unionism and organized consumerism, and conservatives highlighted women's role in an effort to undermine public confidence in those movements and their allied government agencies.
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Marte Eidsand, Kjørven. "Norway." In Unfair Terms in Banking and Financial Contracts. Oxford University Press, 2023. http://dx.doi.org/10.1093/law/9780192866592.003.0018.

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This chapter discusses unfair terms in banking and financial contracts in Norway. Even though Norway is not part of the European Union (EU), Norway is bound by the provisions of Directive 93/13/EEC on unfair terms in consumer contracts through the Agreement on the European Economic Area (EEA Agreement). Moreover, the legal basis for unfair terms control in Norway can be found in both contract law and public law. The chapter clarifies that Norwegian courts and the ADR body, Norwegian Financial Services Complaints Board for Consumers (FinKN) do not apply the Unfair Contract Terms Directive (UTD) due to the strong legal culture among Norwegian lawyers. It notes that consumers in Norway are effectively deprived of their rights under the UTD in contracts for financial services or products.
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Nowak, Kjell. "Television in Sweden 1986: Position and Prospects." In Broadcasting Finance in Transition, 235–59. Oxford University PressNew York, NY, 1991. http://dx.doi.org/10.1093/oso/9780195050899.003.0010.

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Abstract Sveriges Radio is owned by three categories of shareholders, the “popular movements “ (60%), industrial and commercial organizations (20%), and press organizations (20%). The “popular movements “ consist of national voluntary organizations, including labor market associations, consumer cooperatives and adult education associations, temperance groups and evangelical churches. The board of governors of Sveriges Radio, the parent company, is appointed partly by the government and partly by the shareholders ‘ annual meeting. The boards of governors of the subsidiaries are appointed by the governors of the parent company.
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Carruthers, Bruce G., and Terence C. Halliday. "Empowering The Weak: The “Forgotten Class”." In Rescuing Business, 303–70. Oxford University PressOxford, 1998. http://dx.doi.org/10.1093/oso/9780198264729.003.0009.

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Abstract Shuld International Corporation sold books, records, and horoscopes. It advertised widely in national magazines, and sold its wares through the mail. In the final year of its descent towards insolvency, complaints about Shield International began to appear frequently in the in-boxes of consumer protection agencies, for it had perfected the doubtful art of accepting and cashing customers’ checks without sending the merchandise they had paid for. When Shield International filed for protection from creditors in the southern district of the federal district court in New York, on 8 May 1970, it listed 4,616 customers who had paid in full for goods they had not received. The size of the claims ranged from $1 to $50, with the average about $7.
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"Cancer Institute (NCI), the National Institute for Environmental Health Sciences (NIEHS), the National Center for Toxicological Research (NCTR) and the National Institute for Occupational Safety and Health (NIOSH). Within the NTP Carcinogenesis Testing Program, a cancer bioassay is a two-sex, two-species, lifetime study of experimental animals, usually rats and mice; beginning at weaning, ending 104 weeks after initiation, and using multiple dose levels of the chemical being tested. This bioassay used to determine if a chemical causes cancer, and if it produces damaging effects on certain organ systems: liver, lung, kidney, endocrine systems, etc. The study of a single compound expensive, costing about five hundred thousand dollars, and takes up to five years to complete. The National Toxicology Program publishes a technical report upon completion of a bioassay and review of the results by an indepen-dent Board of Scientific Counselors. Reproductive and Developmental Toxicology Program The National Toxicology Program has a program to assess the effects of chemicals on reproductive function and development. Structural teratology testing (the testing of chemicals to determine if they produce malformations) was begun in FY79. Eight to ten chemicals are tested for teratogenic effects annually. Fetuses are examined at two different levels: gross, readily apparent malformations are noted; and 2) histopathological examinations are conducted to pinpoint less readily apparent, microscopic malformations. Selected priority chemicals are also screened to determine potential reproductive hazard through germ-cell mutations. C. Genetic Toxicology Program The Genetic Toxicology Program tests chemicals for mutagenici-ty, validates existing test systems and develops new short-term test methods. The mutagenicity testing program divided into three phases. Phase I involves Salmonella mutagenicity assays and mammalian cell cultures. Phase II includes Drosophila systems. Phase III utilizes in vivo mammalian assays. All chemicals selected for general toxicology and lifetime bioassays are tested first using the Salmonella mutagenesis." In Dangerous Properties of Industrial and Consumer Chemicals, 16. CRC Press, 1994. http://dx.doi.org/10.1201/9781482293500-9.

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Conference papers on the topic "National Board for Consumer Complaints"

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Harries, Brian, Brandon Smith, Sean Carter, Darris White, and Marc Compere. "Control System Design and Optimization Using LabVIEW for a Plug in Hybrid Electric Vehicle as Part of EcoCar: The NeXt Competition." In ASME 2011 International Mechanical Engineering Congress and Exposition. ASMEDC, 2011. http://dx.doi.org/10.1115/imece2011-65474.

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Embry Riddle Aeronautical University is part of EcoCar: The NeXt Challenge, an advanced vehicle competition run by Argonne National Labs and sponsored by General Motors and the Department of Energy. The competition tasks 16 schools around the country with designing and implementing the most efficient vehicle architecture. As part of the EcoCar Challenge, Embry Riddle Aeronautical University is working on developing a controls strategy for a Plug in Hybrid Electric Vehicle. The control system is designed to optimize efficiency and consumer acceptability by allowing the EcoEagles to control each of the cars sub-systems. Control is done using CAN bus communication that utilizes National Instruments (NI) single board reconfigurable input / output (sbRIO) real time hardware. The EcoEagles powertrain architecture includes GM’s two-mode hybrid electric transmission which contains two 55kW electric motors, a 1.3 liter turbo diesel engine running on B20 biodiesel, and a 12.8 kWh lithium-ion battery pack produced by A123 Systems. Each component has a control module that interfaces directly with the subsystems and hardware on the vehicle. These controllers are: the Traction Power Inverter Module (TPIM), the Engine Control Module (ECM), and the Battery Pack Control Module (BPCM). Vehicle control and communication between these modules is managed by the EcoEagles, two controllers called the Supervisory Control Unit (SCU) and the Gateway (GW). The purpose of the gateway is to control the flow of CAN communication between modules and to isolate the ECM and BPCM from the vehicle to avoid data interference. Communication is done on two separate CAN buses, the Power Train Expansion Bus (PTEB), and the High Speed Bus (HS). The controls diagram can be seen in Figure 1. The paper will go into detail on shift strategy and engine operation where optimization was used to maintain efficient operation of the engine. The paper will also describe the control strategy that was developed using coupled LabVIEW Statecharts [1] with CAN messaging inputs from all of the control modules in order to maintain safe efficient operation.
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Sharma, Ajay Kumar. "HSE and City Gas Distribution." In ASME 2017 India Oil and Gas Pipeline Conference. American Society of Mechanical Engineers, 2017. http://dx.doi.org/10.1115/iogpc2017-2452.

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City Gas Distribution is one of the most assured businesses in current times as Natural Gas being a clean fuel becomes the first choice of consumers. Though CGD Network has enormous potential and has evident advantages however, it brings alongwith it’s own challenges but the biggest challenge is the vicinity of CGD Network with common public. A major factor for success of CGD Network depends on the discipline and involvement of common public in keeping CGD Network safe and effective. This paper intends to discuss on HSE issues with focus on like Single Call system for India, Indian regulations Vs other countries and Quality Assurance. Single Call system for India is the most important issue of CGD Network that really needs to be deliberated. In India, more than 20 clearances need to be obtained from various statutory and civil authorities before execution of any CGD Network project which really affects the project cost, time, consumer benefits, emergency response and third party damages. Now let’s consider few international regulations like National Energy Board in Canada which is the nodal agency to ensure CGD pipelines are safe for public and environment. NEB regulations harmonize with provinces to ensure that any third party excavation work within pipeline corridor is carried out only after due communication to the pipeline company. The 49 US Code 60114 - One Call notification system also mandates that any third party before carrying out any excavation needs to establish if there are underground facilities present in the area of the intended activity and contact appropriate system. Indian regulations like T4S and ERDMP for CGD Network are indeed bringing all CGD companies at par in terms of design, safety, O&M and Integrity Management System. However, they need to sincerely look into Single Call System alongwith specific issues like interdistances, space constraints in big cities, compressor installation at height. Quality Assurance involves periodic inspection and maintenance of CGD asset through a systematic plan including identification of critical equipments, Preventive Maintenance Schedules, carrying out maintenance as per the PM, maintaining a database of observations and defects. A key component is the generation of baseline data for implementing and monitoring Integrity Management System for CGD Network. Hence, as CGD Network is a complex and dynamic distribution system involving public, private industries/commercials, civil authorities and wide geography, it is imperative to have a multi-pronged approach involving strict regulation enforcement, well informed public and latest technologies to ensure safe and efficient CGD Networks.
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Reports on the topic "National Board for Consumer Complaints"

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Ocampo-Gaviria, José Antonio, Roberto Steiner Sampedro, Mauricio Villamizar Villegas, Bibiana Taboada Arango, Jaime Jaramillo Vallejo, Olga Lucia Acosta-Navarro, and Leonardo Villar Gómez. Report of the Board of Directors to the Congress of Colombia - March 2023. Banco de la República de Colombia, June 2023. http://dx.doi.org/10.32468/inf-jun-dir-con-rep-eng.03-2023.

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Banco de la República is celebrating its 100th anniversary in 2023. This is a very significant anniversary and one that provides an opportunity to highlight the contribution the Bank has made to the country’s development. Its track record as guarantor of monetary stability has established it as the one independent state institution that generates the greatest confidence among Colombians due to its transparency, management capabilities, and effective compliance with the central banking and cultural responsibilities entrusted to it by the Constitution and the Law. On a date as important as this, the Board of Directors of Banco de la República (BDBR) pays tribute to the generations of governors and officers whose commitment and dedication have contributed to the growth of this institution.1 Banco de la República’s mandate was confirmed in the National Constitutional Assembly of 1991 where the citizens had the opportunity to elect the seventy people who would have the task of drafting a new constitution. The leaders of the three political movements with the most votes were elected as chairs to the Assembly, and this tripartite presidency reflected the plurality and the need for consensus among the different political groups to move the reform forward. Among the issues considered, the National Constitutional Assembly gave special importance to monetary stability. That is why they decided to include central banking and to provide Banco de la República with the necessary autonomy to use the instruments for which they are responsible without interference from other authorities. The constituent members understood that ensuring price stability is a state duty and that the entity responsible for this task must be enshrined in the Constitution and have the technical capability and institutional autonomy necessary to adopt the decisions they deem appropriate to achieve this fundamental objective in coordination with the general economic policy. In particular, Article 373 established that “the State, through Banco de la República, shall ensure the maintenance of the purchasing power of the currency,” a provision that coincided with the central banking system adopted by countries that have been successful in controlling inflation. In 1999, in Ruling 481, the Constitutional Court stated that “the duty to maintain the purchasing power of the currency applies to not only the monetary, credit, and exchange authority, i.e., the Board of Banco de la República, but also those who have responsibilities in the formulation and implementation of the general economic policy of the country” and that “the basic constitutional purpose of Banco de la República is the protection of a sound currency. However, this authority must take the other economic objectives of state intervention such as full employment into consideration in their decisions since these functions must be coordinated with the general economic policy.” The reforms to Banco de la República agreed upon in the Constitutional Assembly of 1991 and in Act 31/1992 can be summarized in the following aspects: i) the Bank was assigned a specific mandate: to maintain the purchasing power of the currency in coordination with the general economic policy; ii) the BDBR was designatedas the monetary, foreign exchange, and credit authority; iii) the Bank and its Board of Directors were granted a significant degree of independence from the government; iv) the Bank was prohibited from granting credit to the private sector except in the case of the financial sector; v) established that in order to grant credit to the government, the unanimous vote of its Board of Directors was required except in the case of open market transactions; vi) determined that the legislature may, in no case, order credit quotas in favor of the State or individuals; vii) Congress was appointed, on behalf of society, as the main addressee of the Bank’s reporting exercise; and viii) the responsibility for inspection, surveillance, and control over Banco de la República was delegated to the President of the Republic. The members of the National Constitutional Assembly clearly understood that the benefits of low and stable inflation extend to the whole of society and contribute mto the smooth functioning of the economic system. Among the most important of these is that low inflation promotes the efficient use of productive resources by allowing relative prices to better guide the allocation of resources since this promotes economic growth and increases the welfare of the population. Likewise, low inflation reduces uncertainty about the expected return on investment and future asset prices. This increases the confidence of economic agents, facilitates long-term financing, and stimulates investment. Since the low-income population is unable to protect itself from inflation by diversifying its assets, and a high proportion of its income is concentrated in the purchase of food and other basic goods that are generally the most affected by inflationary shocks, low inflation avoids arbitrary redistribution of income and wealth.2 Moreover, low inflation facilitates wage negotiations, creates a good labor climate, and reduces the volatility of employment levels. Finally, low inflation helps to make the tax system more transparent and equitable by avoiding the distortions that inflation introduces into the value of assets and income that make up the tax base. From the monetary authority’s point of view, one of the most relevant benefits of low inflation is the credibility that economic agents acquire in inflation targeting, which turns it into an effective nominal anchor on price levels. Upon receiving its mandate, and using its autonomy, Banco de la República began to announce specific annual inflation targets as of 1992. Although the proposed inflation targets were not met precisely during this first stage, a downward trend in inflation was achieved that took it from 32.4% in 1990 to 16.7% in 1998. At that time, the exchange rate was kept within a band. This limited the effectiveness of monetary policy, which simultaneously sought to meet an inflation target and an exchange rate target. The Asian crisis spread to emerging economies and significantly affected the Colombian economy. The exchange rate came under strong pressure to depreciate as access to foreign financing was cut off under conditions of a high foreign imbalance. This, together with the lack of exchange rate flexibility, prevented a countercyclical monetary policy and led to a 4.2% contraction in GDP that year. In this context of economic slowdown, annual inflation fell to 9.2% at the end of 1999, thus falling below the 15% target set for that year. This episode fully revealed how costly it could be, in terms of economic activity, to have inflation and exchange rate targets simultaneously. Towards the end of 1999, Banco de la República announced the adoption of a new monetary policy regime called the Inflation Targeting Plan. This regime, known internationally as ‘Inflation Targeting,’ has been gaining increasing acceptance in developed countries, having been adopted in 1991 by New Zealand, Canada, and England, among others, and has achieved significant advances in the management of inflation without incurring costs in terms of economic activity. In Latin America, Brazil and Chile also adopted it in 1999. In the case of Colombia, the last remaining requirement to be fulfilled in order to adopt said policy was exchange rate flexibility. This was realized around September 1999, when the BDBR decided to abandon the exchange-rate bands to allow the exchange rate to be freely determined in the market.Consistent with the constitutional mandate, the fundamental objective of this new policy approach was “the achievement of an inflation target that contributes to maintaining output growth around its potential.”3 This potential capacity was understood as the GDP growth that the economy can obtain if it fully utilizes its productive resources. To meet this objective, monetary policy must of necessity play a countercyclical role in the economy. This is because when economic activity is below its potential and there are idle resources, the monetary authority can reduce the interest rate in the absence of inflationary pressure to stimulate the economy and, when output exceeds its potential capacity, raise it. This policy principle, which is immersed in the models for guiding the monetary policy stance, makes the following two objectives fully compatible in the medium term: meeting the inflation target and achieving a level of economic activity that is consistent with its productive capacity. To achieve this purpose, the inflation targeting system uses the money market interest rate (at which the central bank supplies primary liquidity to commercial banks) as the primary policy instrument. This replaced the quantity of money as an intermediate monetary policy target that Banco de la República, like several other central banks, had used for a long time. In the case of Colombia, the objective of the new monetary policy approach implied, in practical terms, that the recovery of the economy after the 1999 contraction should be achieved while complying with the decreasing inflation targets established by the BDBR. The accomplishment of this purpose was remarkable. In the first half of the first decade of the 2000s, economic activity recovered significantly and reached a growth rate of 6.8% in 2006. Meanwhile, inflation gradually declined in line with inflation targets. That was how the inflation rate went from 9.2% in 1999 to 4.5% in 2006, thus meeting the inflation target established for that year while GDP reached its potential level. After this balance was achieved in 2006, inflation rebounded to 5.7% in 2007, above the 4.0% target for that year due to the fact that the 7.5% GDP growth exceeded the potential capacity of the economy.4 After proving the effectiveness of the inflation targeting system in its first years of operation, this policy regime continued to consolidate as the BDBR and the technical staff gained experience in its management and state-of-the-art economic models were incorporated to diagnose the present and future state of the economy and to assess the persistence of inflation deviations and expectations with respect to the inflation target. Beginning in 2010, the BDBR established the long-term 3.0% annual inflation target, which remains in effect today. Lower inflation has contributed to making the macroeconomic environment more stable, and this has favored sustained economic growth, financial stability, capital market development, and the functioning of payment systems. As a result, reductions in the inflationary risk premia and lower TES and credit interest rates were achieved. At the same time, the duration of public domestic debt increased significantly going from 2.27 years in December 2002 to 5.86 years in December 2022, and financial deepening, measured as the level of the portfolio as a percentage of GDP, went from around 20% in the mid-1990s to values above 45% in recent years in a healthy context for credit institutions.Having been granted autonomy by the Constitution to fulfill the mandate of preserving the purchasing power of the currency, the tangible achievements made by Banco de la República in managing inflation together with the significant benefits derived from the process of bringing inflation to its long-term target, make the BDBR’s current challenge to return inflation to the 3.0% target even more demanding and pressing. As is well known, starting in 2021, and especially in 2022, inflation in Colombia once again became a serious economic problem with high welfare costs. The inflationary phenomenon has not been exclusive to Colombia and many other developed and emerging countries have seen their inflation rates move away from the targets proposed by their central banks.5 The reasons for this phenomenon have been analyzed in recent Reports to Congress, and this new edition delves deeper into the subject with updated information. The solid institutional and technical base that supports the inflation targeting approach under which the monetary policy strategy operates gives the BDBR the necessary elements to face this difficult challenge with confidence. In this regard, the BDBR reiterated its commitment to the 3.0% inflation target in its November 25 communiqué and expects it to be reached by the end of 2024.6 Monetary policy will continue to focus on meeting this objective while ensuring the sustainability of economic activity, as mandated by the Constitution. Analyst surveys done in March showed a significant increase (from 32.3% in January to 48.5% in March) in the percentage of responses placing inflation expectations two years or more ahead in a range between 3.0% and 4.0%. This is a clear indication of the recovery of credibility in the medium-term inflation target and is consistent with the BDBR’s announcement made in November 2022. The moderation of the upward trend in inflation seen in January, and especially in February, will help to reinforce this revision of inflation expectations and will help to meet the proposed targets. After reaching 5.6% at the end of 2021, inflation maintained an upward trend throughout 2022 due to inflationary pressures from both external sources, associated with the aftermath of the pandemic and the consequences of the war in Ukraine, and domestic sources, resulting from: strengthening of local demand; price indexation processes stimulated by the increase in inflation expectations; the impact on food production caused by the mid-2021 strike; and the pass-through of depreciation to prices. The 10% increase in the minimum wage in 2021 and the 16% increase in 2022, both of which exceeded the actual inflation and the increase in productivity, accentuated the indexation processes by establishing a high nominal adjustment benchmark. Thus, total inflation went to 13.1% by the end of 2022. The annual change in food prices, which went from 17.2% to 27.8% between those two years, was the most influential factor in the surge in the Consumer Price Index (CPI). Another segment that contributed significantly to price increases was regulated products, which saw the annual change go from 7.1% in December 2021 to 11.8% by the end of 2022. The measure of core inflation excluding food and regulated items, in turn, went from 2.5% to 9.5% between the end of 2021 and the end of 2022. The substantial increase in core inflation shows that inflationary pressure has spread to most of the items in the household basket, which is characteristic of inflationary processes with generalized price indexation as is the case in Colombia. Monetary policy began to react early to this inflationary pressure. Thus, starting with its September 2021 session, the BDBR began a progressive change in the monetary policy stance moving away from the historical low of a 1.75% policy rate that had intended to stimulate the recovery of the economy. This adjustment process continued without interruption throughout 2022 and into the beginning of 2023 when the monetary policy rate reached 12.75% last January, thus accumulating an increase of 11 percentage points (pp). The public and the markets have been surprised that inflation continued to rise despite significant interest rate increases. However, as the BDBR has explained in its various communiqués, monetary policy works with a lag. Just as in 2022 economic activity recovered to a level above the pre-pandemic level, driven, along with other factors, by the monetary stimulus granted during the pandemic period and subsequent months, so too the effects of the current restrictive monetary policy will gradually take effect. This will allow us to expect the inflation rate to converge to 3.0% by the end of 2024 as is the BDBR’s purpose.Inflation results for January and February of this year showed declining marginal increases (13 bp and 3 bp respectively) compared to the change seen in December (59 bp). This suggests that a turning point in the inflation trend is approaching. In other Latin American countries such as Chile, Brazil, Perú, and Mexico, inflation has peaked and has begun to decline slowly, albeit with some ups and downs. It is to be expected that a similar process will take place in Colombia in the coming months. The expected decline in inflation in 2023 will be due, along with other factors, to lower cost pressure from abroad as a result of the gradual normalization of supply chains, the overcoming of supply shocks caused by the weather, and road blockades in previous years. This will be reflected in lower adjustments in food prices, as has already been seen in the first two months of the year and, of course, the lagged effect of monetary policy. The process of inflation convergence to the target will be gradual and will extend beyond 2023. This process will be facilitated if devaluation pressure is reversed. To this end, it is essential to continue consolidating fiscal sustainability and avoid messages on different public policy fronts that generate uncertainty and distrust. 1 This Report to Congress includes Box 1, which summarizes the trajectory of Banco de la República over the past 100 years. In addition, under the Bank’s auspices, several books that delve into various aspects of the history of this institution have been published in recent years. See, for example: Historia del Banco de la República 1923-2015; Tres banqueros centrales; Junta Directiva del Banco de la República: grandes episodios en 30 años de historia; Banco de la República: 90 años de la banca central en Colombia. 2 This is why lower inflation has been reflected in a reduction of income inequality as measured by the Gini coefficient that went from 58.7 in 1998 to 51.3 in the year prior to the pandemic. 3 See Gómez Javier, Uribe José Darío, Vargas Hernando (2002). “The Implementation of Inflation Targeting in Colombia”. Borradores de Economía, No. 202, March, available at: https://repositorio.banrep.gov.co/handle/20.500.12134/5220 4 See López-Enciso Enrique A.; Vargas-Herrera Hernando and Rodríguez-Niño Norberto (2016). “The inflation targeting strategy in Colombia. An historical view.” Borradores de Economía, No. 952. https://repositorio.banrep.gov.co/handle/20.500.12134/6263 5 According to the IMF, the percentage change in consumer prices between 2021 and 2022 went from 3.1% to 7.3% for advanced economies, and from 5.9% to 9.9% for emerging market and developing economies. 6 https://www.banrep.gov.co/es/noticias/junta-directiva-banco-republica-reitera-meta-inflacion-3
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Payment Systems Report - June of 2021. Banco de la República, February 2022. http://dx.doi.org/10.32468/rept-sist-pag.eng.2021.

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Banco de la República provides a comprehensive overview of Colombia’s finan¬cial infrastructure in its Payment Systems Report, which is an important product of the work it does to oversee that infrastructure. The figures published in this edition of the report are for the year 2020, a pandemic period in which the con¬tainment measures designed and adopted to alleviate the strain on the health system led to a sharp reduction in economic activity and consumption in Colom¬bia, as was the case in most countries. At the start of the pandemic, the Board of Directors of Banco de la República adopted decisions that were necessary to supply the market with ample liquid¬ity in pesos and US dollars to guarantee market stability, protect the payment system and preserve the supply of credit. The pronounced growth in mone¬tary aggregates reflected an increased preference for liquidity, which Banco de la República addressed at the right time. These decisions were implemented through operations that were cleared and settled via the financial infrastructure. The second section of this report, following the introduction, offers an analysis of how the various financial infrastructures in Colombia have evolved and per¬formed. One of the highlights is the large-value payment system (CUD), which registered more momentum in 2020 than during the previous year, mainly be¬cause of an increase in average daily remunerated deposits made with Banco de la República by the General Directorate of Public Credit and the National Treasury (DGCPTN), as well as more activity in the sell/buy-back market with sovereign debt. Consequently, with more activity in the CUD, the Central Securi¬ties Depository (DCV) experienced an added impetus sparked by an increase in the money market for bonds and securities placed on the primary market by the national government. The value of operations cleared and settled through the Colombian Central Counterparty (CRCC) continues to grow, propelled largely by peso/dollar non-deliverable forward (NDF) contracts. With respect to the CRCC, it is important to note this clearing house has been in charge of managing risks and clearing and settling operations in the peso/dollar spot market since the end of last year, following its merger with the Foreign Exchange Clearing House of Colombia (CCDC). Since the final quarter of 2020, the CRCC has also been re¬sponsible for clearing and settlement in the equities market, which was former¬ly done by the Colombian Stock Exchange (BVC). The third section of this report provides an all-inclusive view of payments in the market for goods and services; namely, transactions carried out by members of the public and non-financial institutions. During the pandemic, inter- and intra-bank electronic funds transfers, which originate mostly with companies, increased in both the number and value of transactions with respect to 2019. However, debit and credit card payments, which are made largely by private citizens, declined compared to 2019. The incidence of payment by check contin¬ue to drop, exhibiting quite a pronounced downward trend during the past last year. To supplement to the information on electronic funds transfers, section three includes a segment (Box 4) characterizing the population with savings and checking accounts, based on data from a survey by Banco de la República con-cerning the perception of the use of payment instruments in 2019. There also is segment (Box 2) on the growth in transactions with a mobile wallet provided by a company specialized in electronic deposits and payments (Sedpe). It shows the number of users and the value of their transactions have increased since the wallet was introduced in late 2017, particularly during the pandemic. In addition, there is a diagnosis of the effects of the pandemic on the payment patterns of the population, based on data related to the use of cash in circu¬lation, payments with electronic instruments, and consumption and consumer confidence. The conclusion is that the collapse in the consumer confidence in¬dex and the drop in private consumption led to changes in the public’s pay¬ment patterns. Credit and debit card purchases were down, while payments for goods and services through electronic funds transfers increased. These findings, coupled with the considerable increase in cash in circulation, might indicate a possible precautionary cash hoarding by individuals and more use of cash as a payment instrument. There is also a segment (in Focus 3) on the major changes introduced in regulations on the retail-value payment system in Colombia, as provided for in Decree 1692 of December 2020. The fourth section of this report refers to the important innovations and tech¬nological changes that have occurred in the retail-value payment system. Four themes are highlighted in this respect. The first is a key point in building the financial infrastructure for instant payments. It involves of the design and im¬plementation of overlay schemes, a technological development that allows the various participants in the payment chain to communicate openly. The result is a high degree of interoperability among the different payment service providers. The second topic explores developments in the international debate on central bank digital currency (CBDC). The purpose is to understand how it could impact the retail-value payment system and the use of cash if it were to be issued. The third topic is related to new forms of payment initiation, such as QR codes, bio¬metrics or near field communication (NFC) technology. These seemingly small changes can have a major impact on the user’s experience with the retail-value payment system. The fourth theme is the growth in payments via mobile tele¬phone and the internet. The report ends in section five with a review of two papers on applied research done at Banco de la República in 2020. The first analyzes the extent of the CRCC’s capital, acknowledging the relevant role this infrastructure has acquired in pro¬viding clearing and settlement services for various financial markets in Colom¬bia. The capital requirements defined for central counterparties in some jurisdic¬tions are explored, and the risks to be hedged are identified from the standpoint of the service these type of institutions offer to the market and those associated with their corporate activity. The CRCC’s capital levels are analyzed in light of what has been observed in the European Union’s regulations, and the conclusion is that the CRCC has a scheme of security rings very similar to those applied internationally and the extent of its capital exceeds what is stipulated in Colombian regulations, being sufficient to hedge other risks. The second study presents an algorithm used to identify and quantify the liquidity sources that CUD’s participants use under normal conditions to meet their daily obligations in the local financial market. This algorithm can be used as a tool to monitor intraday liquidity. Leonardo Villar Gómez Governor
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Monetary Policy Report - July 2022. Banco de la República, October 2022. http://dx.doi.org/10.32468/inf-pol-mont-eng.tr3-2022.

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In the second quarter, annual inflation (9.67%), the technical staff’s projections and its expectations continued to increase, remaining above the target. International cost shocks, accentuated by Russia's invasion of Ukraine, have been more persistent than projected, thus contributing to higher inflation. The effects of indexation, higher than estimated excess demand, a tighter labor market, inflation expectations that continue to rise and currently exceed 3%, and the exchange rate pressures add to those described above. High core inflation measures as well as in the producer price index (PPI) across all baskets confirm a significant spread in price increases. Compared to estimates presented in April, the new forecast trajectory for headline and core inflation increased. This was partly the result of greater exchange rate pressure on prices, and a larger output gap, which is expected to remain positive for the remainder of 2022 and which is estimated to close towards yearend 2023. In addition, these trends take into account higher inflation rate indexation, more persistent above-target inflation expectations, a quickening of domestic fuel price increases due to the correction of lags versus the parity price and higher international oil price forecasts. The forecast supposes a good domestic supply of perishable foods, although it also considers that international prices of processed foods will remain high. In terms of the goods sub-basket, the end of the national health emergency implies a reversal of the value-added tax (VAT) refund applied to health and personal hygiene products, resulting in increases in the prices of these goods. Alternatively, the monetary policy adjustment process and the moderation of external shocks would help inflation and its expectations to begin to decrease over time and resume their alignment with the target. Thus, the new projection suggests that inflation could remain high for the second half of 2022, closing at 9.7%. However, it would begin to fall during 2023, closing the year at 5.7%. These forecasts are subject to significant uncertainty, especially regarding the future behavior of external cost shocks, the degree of indexation of nominal contracts and decisions made regarding the domestic price of fuels. Economic activity continues to outperform expectations, and the technical staff’s growth projections for 2022 have been revised upwards from 5% to 6.9%. The new forecasts suggest higher output levels that would continue to exceed the economy’s productive capacity for the remainder of 2022. Economic growth during the first quarter was above that estimated in April, while economic activity indicators for the second quarter suggest that the GDP could be expected to remain high, potentially above that of the first quarter. Domestic demand is expected to maintain a positive dynamic, in particular, due to the household consumption quarterly growth, as suggested by vehicle registrations, retail sales, credit card purchases and consumer loan disbursement figures. A slowdown in the machinery and equipment imports from the levels observed in March contrasts with the positive performance of sales and housing construction licenses, which indicates an investment level similar to that registered for the first three months of the year. International trade data suggests the trade deficit would be reduced as a consequence of import levels that would be lesser than those observed in the first quarter, and stable export levels. For the remainder of the year and 2023, a deceleration in consumption is expected from the high levels seen during the first half of the year, partially as a result of lower repressed demand, tighter domestic financial conditions and household available income deterioration due to increased inflation. Investment is expected to continue its slow recovery while remaining below pre-pandemic levels. The trade deficit is expected to tighten due to projected lower domestic demand dynamics, and high prices of oil and other basic goods exported by the country. Given the above, economic growth in the second quarter of 2022 would be 11.5%, and for 2022 and 2023 an annual growth of 6.9% and 1.1% is expected, respectively. Currently, and for the remainder of 2022, the output gap would be positive and greater than that estimated in April, and prices would be affected by demand pressures. These projections continue to be affected by significant uncertainty associated with global political tensions, the expected adjustment of monetary policy in developed countries, external demand behavior, changes in country risk outlook, and the future developments in domestic fiscal policy, among others. The high inflation levels and respective expectations, which exceed the target of the world's main central banks, largely explain the observed and anticipated increase in their monetary policy interest rates. This environment has tempered the growth forecast for external demand. Disruptions in value chains, rising international food and energy prices, and expansionary monetary and fiscal policies have contributed to the rise in inflation and above-target expectations seen by several of Colombia’s main trading partners. These cost and price shocks, heightened by the effects of Russia's invasion of Ukraine, have been more prevalent than expected and have taken place within a set of output and employment recovery, variables that in some countries currently equal or exceed their projected long-term levels. In response, the U.S. Federal Reserve accelerated the pace of the benchmark interest rate increase and rapidly reduced liquidity levels in the money market. Financial market actors expect this behavior to continue and, consequently, significantly increase their expectations of the average path of the Fed's benchmark interest rate. In this setting, the U.S. dollar appreciated versus the peso in the second quarter and emerging market risk measures increased, a behavior that intensified for Colombia. Given the aforementioned, for the remainder of 2022 and 2023, the Bank's technical staff increased the forecast trajectory for the Fed's interest rate and reduced the country's external demand growth forecast. The projected oil price was revised upward over the forecast horizon, specifically due to greater supply restrictions and the interruption of hydrocarbon trade between the European Union and Russia. Global geopolitical tensions, a tightening of monetary policy in developed economies, the increase in risk perception for emerging markets and the macroeconomic imbalances in the country explain the increase in the projected trajectory of the risk premium, its trend level and the neutral real interest rate1. Uncertainty about external forecasts and their consequent impact on the country's macroeconomic scenario remains high, given the unpredictable evolution of the conflict between Russia and Ukraine, geopolitical tensions, the degree of the global economic slowdown and the effect the response to recent outbreaks of the pandemic in some Asian countries may have on the world economy. This macroeconomic scenario that includes high inflation, inflation forecasts, and expectations above 3% and a positive output gap suggests the need for a contractionary monetary policy that mitigates the risk of the persistent unanchoring of inflation expectations. In contrast to the forecasts of the April report, the increase in the risk premium trend implies a higher neutral real interest rate and a greater prevailing monetary stimulus than previously estimated. For its part, domestic demand has been more dynamic, with a higher observed and expected output level that exceeds the economy’s productive capacity. The surprising accelerations in the headline and core inflation reflect stronger and more persistent external shocks, which, in combination with the strength of aggregate demand, indexation, higher inflation expectations and exchange rate pressures, explain the upward projected inflation trajectory at levels that exceed the target over the next two years. This is corroborated by the inflation expectations of economic analysts and those derived from the public debt market, which continued to climb and currently exceed 3%. All of the above increase the risk of unanchoring inflation expectations and could generate widespread indexation processes that may push inflation away from the target for longer. This new macroeconomic scenario suggests that the interest rate adjustment should continue towards a contractionary monetary policy landscape. 1.2. Monetary policy decision Banco de la República’s Board of Directors (BDBR), at its meetings in June and July 2022, decided to continue adjusting its monetary policy. At its June meeting, the BDBR decided to increase the monetary policy rate by 150 basis points (b.p.) and its July meeting by majority vote, on a 150 b.p. increase thereof at its July meeting. Consequently, the monetary policy interest rate currently stands at 9.0% . 1 The neutral real interest rate refers to the real interest rate level that is neither stimulative nor contractionary for aggregate demand and, therefore, does not generate pressures that lead to the close of the output gap. In a small, open economy like Colombia, this rate depends on the external neutral real interest rate, medium-term components of the country risk premium, and expected depreciation. Box 1: A Weekly Indicator of Economic Activity for Colombia Juan Pablo Cote Carlos Daniel Rojas Nicol Rodriguez Box 2: Common Inflationary Trends in Colombia Carlos D. Rojas-Martínez Nicolás Martínez-Cortés Franky Juliano Galeano-Ramírez Box 3: Shock Decomposition of 2021 Forecast Errors Nicolás Moreno Arias
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Monetary Policy Report - October 2022. Banco de la República Colombia, October 2022. http://dx.doi.org/10.32468/inf-pol-mont-eng.tr4-2022.

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1.1 Macroeconomic summary In September, headline inflation (11.4% annually) and the average of core inflation indicators (8.6% annually) continued on a rising trend, and higher increases than expected were recorded. Forecasts increased again, and inflation expectations remained above 3%. Inflationary surprises in the third quarter were significant and widespread, and they are the result of several shocks. On the one hand, international cost and price shocks, which have mainly affected goods and foods, continue to exert upwards pressure on national inflation. In addition to these external supply shocks, domestic supply shocks have also affected foods. On the other hand, the strong recovery of aggregate demand, especially for private consumption and for machinery and equipment, as well as a higher accumulated depreciation of the Colombian peso and its pass-through to domestic prices also explain the rise in inflation. Indexation also contributes, both through the Consumer Price Index (CPI) and through the Producer Price Index (PPI), which continues to have a significant impact on electricity prices and, to a lesser degree, on other public utilities and rent. In comparison with July’s report, the new forecast trajectory for headline and core inflation (excluding food and regulated items) is higher in the forecast horizon, mainly due to exchange rate pressures, higher excess demand, and indexation at higher inflation rates, but it maintains a trend of convergence towards the target. In the case of food, a good domestic supply of perishable foods and some moderation in international processed food prices are still expected. However, the technical staff estimates higher pressures on this group’s prices from labor costs, raw material prices, and exchange rates. In terms of the CPI for regulated items, the new forecast supposes reductions in electricity prices at the end of the year, but the effects of indexation at higher inflation rates and the expected rises in fuel prices would continue to push this CPI group. Therefore, the new projection suggests that, in December, inflation would reach 11.3% and would decrease throughout 2023 and 2024, closing the year at 7.1% and 3.5%, respectively. These forecasts have a high level of uncertainty, due especially to the future behavior of international financial conditions, external price and cost shocks, the persistence of depreciation of the Colombian peso, the pace of adjustment of domestic demand, the indexation degree of nominal contracts, and the decisions that would be made regarding domestic fuel and electricity prices. Economic activity continues to surprise on the upside, and the projection of growth for 2022 rose from 6.9% to 7.9% but lowered for 2023 from 1.1% to 0.5%. Thus, excess demand is higher than estimated in the previous report, and it would diminish in 2023. Economic growth in the second quarterwas higher than estimated in July due to stronger domestic demand, mainly because of private consumption. Economic activity indicators for the third quarter suggest that the GDP would stay at a high level, above its potential, with an annual change of 6.4%, and 0.6% higher than observed in the second quarter. Nevertheless, these numbers reflect deceleration in its quarterly and annual growth. Domestic demand would show similar behavior, with a high value, higher than that of output. This can be explained partly by the strong behavior of private consumption and investment in machinery and equipment. In the third quarter, investment in construction would have continued with mediocre performance, which would still place it at levels lower than those observed before the pandemic. The trade deficit would have widened due to high imports with a stronger trend than that for exports. It is expected that, in the forecast horizon, consumption would decrease from its current high levels, partly as a consequence of tighter domestic financial conditions, lower repressed demand, higher exchange rate pressures on imported goods prices, and the deterioration of actual income due to the rise in inflation. Investment would continue to lag behind, without reaching the levels observed before the pandemic, in a context of high financing costs and high uncertainty. A lower projected behavior in domestic demand and the high levels of prices for oil and other basic goods that the country exports would be reflected in a reduction in the trade deficit. Due to all of this, economic growth for all of 2022, 2023, and 2024 would be 7.9%, 0.5%, and 1.3%, respectively. Expected excess demand (measured via the output gap) is estimated to be higher than contemplated in the previous report; it would diminish in 2023 and could turn negative in 2024. These estimates remain subject to a high degree of uncertainty related to global political tension, a rise in international interest rates, and the effects of this rise on demand and financial conditions abroad. In the domestic context, the evolution of fiscal policy as well as future measures regarding economic policy and their possible effects on macroeconomic imbalances in the country, among others, are factors that generate uncertainty and affect risk premia, the exchange rate, investment, and the country’s economic activity. Interest rates at several of the world’s main central banks continue to rise, some at a pace higher than expected by the market. This is in response to the high levels of inflation and their inflation expectations, which continue to exceed the targets. Thus, global growth projections are still being moderated, risk premia have risen, and the dollar continues to gain strength against other main currencies. International pressures on global inflation have heightened. In the United States, core inflation has not receded, pressured by the behavior of the CPI for services and a tight labor market. Consequently, the U.S. Federal Reserve continued to increase the policy interest rate at a strong pace. This rate is expected to now reach higher levels than projected in the previous quarter. Other developed and emerging economies have also increased their policy interest rates. Thus, international financial conditions have tightened significantly, which reflects in a widespread strengthening of the dollar, increases in worldwide risk premia, and the devaluation of risky assets. Recently, these effects have been stronger in Colombia than in the majority of its peers in the region. Considering all of the aforementioned, the technical staff of the bank increased its assumption regarding the U.S. Federal Reserve’s interest rate, reduced the country’s external demand growth forecast, and raised the projected trajectory for the risk premium. The latter remains elevated at higher levels than its historical average, within a context of high local uncertainty and of extensive financing needs from the foreign sector and the public sector. All of this results in higher inflationary pressures associated to the depreciation of the Colombian peso. The uncertainty regarding external forecasts and its impact on the country remain elevated, given the unforeseeable evolution of the conflict between Russia and Ukraine, of geopolitical tensions, and of the tightening of external financial conditions, among others. A macroeconomic context of high inflation, inflation expectations and forecasts above 3%, and a positive output gap suggests the need for contractionary monetary policy, compatible with the macroeconomic adjustment necessary to eliminate excess demand, mitigate the risk of unanchoring in inflation expectations, and guarantee convergence of inflation at the target. In comparison with the July report forecasts, domestic demand has been more dynamic, with a higher observed output level that surpasses the economy’s productive capacity. Headline and core inflation have registered surprising rises, associated with the effects of domestic and external price shocks that were more persistent than anticipated, with excess demand and indexation processes in some CPI groups. The country’s risk premium and the observed and expected international interest rates increased. As a consequence of this, inflationary pressures from the exchange rate rose, and in this report, the probability of the neutral real interest rate being higher than estimated increased. In general, inflation expectations for all terms and the bank’s technical staff inflation forecast for 2023 increased again and continue to stray from 3%. All of the aforementioned elevated the risk of unanchoring inflation expectations and could heighten widespread indexation processes that push inflation away from the target for a longer time. In this context, it is necessary to consolidate a contractionary monetary policy that tends towards convergence of inflation at the target in the forecast horizon and towards the reduction of excess demand in order to guarantee a sustainable output level trajectory. 1.2 Monetary policy decision In its September and October of 2022 meetings, Banco de la República’s Board of Directors (BDBR) decided to continue adjusting its monetary policy. In September, the BDBR decided by a majority vote to raise the monetary policy interest rate by 100 basis points (bps), and in its October meeting, unanimously, by 100bps. Therefore, the rate is at 11.0%. Boxes 1 Food inflation: a comparison with other countries
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Monetary Policy Report - January 2022. Banco de la República, March 2022. http://dx.doi.org/10.32468/inf-pol-mont-eng.tr1-2022.

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Macroeconomic summary Several factors contributed to an increase in projected inflation on the forecast horizon, keeping it above the target rate. These included inflation in December that surpassed expectations (5.62%), indexation to higher inflation rates for various baskets in the consumer price index (CPI), a significant real increase in the legal minimum wage, persistent external and domestic inflationary supply shocks, and heightened exchange rate pressures. The CPI for foods was affected by the persistence of external and domestic supply shocks and was the most significant contributor to unexpectedly high inflation in the fourth quarter. Price adjustments for fuels and certain utilities can explain the acceleration in inflation for regulated items, which was more significant than anticipated. Prices in the CPI for goods excluding food and regulated items also rose more than expected. This was partly due to a smaller effect on prices from the national government’s VAT-free day than anticipated by the technical staff and more persistent external pressures, including via peso depreciation. By contrast, the CPI for services excluding food and regulated items accelerated less than expected, partly reflecting strong competition in the communications sector. This was the only major CPI basket for which prices increased below the target inflation rate. The technical staff revised its inflation forecast upward in response to certain external shocks (prices, costs, and depreciation) and domestic shocks (e.g., on meat products) that were stronger and more persistent than anticipated in the previous report. Observed inflation and a real increase in the legal minimum wage also exceeded expectations, which would boost inflation by affecting price indexation, labor costs, and inflation expectations. The technical staff now expects year-end headline inflation of 4.3% in 2022 and 3.4% in 2023; core inflation is projected to be 4.5% and 3.6%, respectively. These forecasts consider the lapse of certain price relief measures associated with the COVID-19 health emergency, which would contribute to temporarily keeping inflation above the target on the forecast horizon. It is important to note that these estimates continue to contain a significant degree of uncertainty, mainly related to the development of external and domestic supply shocks and their ultimate effects on prices. Other contributing factors include high price volatility and measurement uncertainty related to the extension of Colombia’s health emergency and tax relief measures (such as the VAT-free days) associated with the Social Investment Law (Ley de Inversión Social). The as-yet uncertain magnitude of the effects of a recent real increase in the legal minimum wage (that was high by historical standards) and high observed and expected inflation, are additional factors weighing on the overall uncertainty of the estimates in this report. The size of excess productive capacity remaining in the economy and the degree to which it is closing are also uncertain, as the evolution of the pandemic continues to represent a significant forecast risk. margin, could be less dynamic than expected. And the normalization of monetary policy in the United States could come more quickly than projected in this report, which could negatively affect international financing costs. Finally, there remains a significant degree of uncertainty related to the duration of supply chocks and the degree to which macroeconomic and political conditions could negatively affect the recovery in investment. The technical staff revised its GDP growth projection for 2022 from 4.7% to 4.3% (Graph 1.3). This revision accounts for the likelihood that a larger portion of the recent positive dynamic in private consumption would be transitory than previously expected. This estimate also contemplates less dynamic investment behavior than forecast in the previous report amid less favorable financial conditions and a highly uncertain investment environment. Third-quarter GDP growth (12.9%), which was similar to projections from the October report, and the fourth-quarter growth forecast (8.7%) reflect a positive consumption trend, which has been revised upward. This dynamic has been driven by both public and private spending. Investment growth, meanwhile, has been weaker than forecast. Available fourth-quarter data suggest that consumption spending for the period would have exceeded estimates from October, thanks to three consecutive months that included VAT-free days, a relatively low COVID-19 caseload, and mobility indicators similar to their pre-pandemic levels. By contrast, the most recently available figures on new housing developments and machinery and equipment imports suggest that investment, while continuing to rise, is growing at a slower rate than anticipated in the previous report. The trade deficit is expected to have widened, as imports would have grown at a high level and outpaced exports. Given the above, the technical staff now expects fourth-quarter economic growth of 8.7%, with overall growth for 2021 of 9.9%. Several factors should continue to contribute to output recovery in 2022, though some of these may be less significant than previously forecast. International financial conditions are expected to be less favorable, though external demand should continue to recover and terms of trade continue to increase amid higher projected oil prices. Lower unemployment rates and subsequent positive effects on household income, despite increased inflation, would also boost output recovery, as would progress in the national vaccination campaign. The technical staff expects that the conditions that have favored recent high levels of consumption would be, in large part, transitory. Consumption spending is expected to grow at a slower rate in 2022. Gross fixed capital formation (GFCF) would continue to recover, approaching its pre-pandemic level, though at a slower rate than anticipated in the previous report. This would be due to lower observed GFCF levels and the potential impact of political and fiscal uncertainty. Meanwhile, the policy interest rate would be less expansionary as the process of monetary policy normalization continues. Given the above, growth in 2022 is forecast to decelerate to 4.3% (previously 4.7%). In 2023, that figure (3.1%) is projected to converge to levels closer to the potential growth rate. In this case, excess productive capacity would be expected to tighten at a similar rate as projected in the previous report. The trade deficit would tighten more than previously projected on the forecast horizon, due to expectations of an improved export dynamic and moderation in imports. The growth forecast for 2022 considers a low basis of comparison from the first half of 2021. However, there remain significant downside risks to this forecast. The current projection does not, for example, account for any additional effects on economic activity resulting from further waves of COVID-19. High private consumption levels, which have already surpassed pre-pandemic levels by a large margin, could be less dynamic than expected. And the normalization of monetary policy in the United States could come more quickly than projected in this report, which could negatively affect international financing costs. Finally, there remains a significant degree of uncertainty related to the duration of supply chocks and the degree to which macroeconomic and political conditions could negatively affect the recovery in investment. External demand for Colombian goods and services should continue to recover amid significant global inflation pressures, high oil prices, and less favorable international financial conditions than those estimated in October. Economic activity among Colombia’s major trade partners recovered in 2021 amid countries reopening and ample international liquidity. However, that growth has been somewhat restricted by global supply chain disruptions and new outbreaks of COVID-19. The technical staff has revised its growth forecast for Colombia’s main trade partners from 6.3% to 6.9% for 2021, and from 3.4% to 3.3% for 2022; trade partner economies are expected to grow 2.6% in 2023. Colombia’s annual terms of trade increased in 2021, largely on higher oil, coffee, and coal prices. This improvement came despite increased prices for goods and services imports. The expected oil price trajectory has been revised upward, partly to supply restrictions and lagging investment in the sector that would offset reduced growth forecasts in some major economies. Elevated freight and raw materials costs and supply chain disruptions continue to affect global goods production, and have led to increases in global prices. Coupled with the recovery in global demand, this has put upward pressure on external inflation. Several emerging market economies have continued to normalize monetary policy in this context. Meanwhile, in the United States, the Federal Reserve has anticipated an end to its asset buying program. U.S. inflation in December (7.0%) was again surprisingly high and market average inflation forecasts for 2022 have increased. The Fed is expected to increase its policy rate during the first quarter of 2022, with quarterly increases anticipated over the rest of the year. For its part, Colombia’s sovereign risk premium has increased and is forecast to remain on a higher path, to levels above the 15-year-average, on the forecast horizon. This would be partly due to the effects of a less expansionary monetary policy in the United States and the accumulation of macroeconomic imbalances in Colombia. Given the above, international financial conditions are projected to be less favorable than anticipated in the October report. The increase in Colombia’s external financing costs could be more significant if upward pressures on inflation in the United States persist and monetary policy is normalized more quickly than contemplated in this report. As detailed in Section 2.3, uncertainty surrounding international financial conditions continues to be unusually high. Along with other considerations, recent concerns over the potential effects of new COVID-19 variants, the persistence of global supply chain disruptions, energy crises in certain countries, growing geopolitical tensions, and a more significant deceleration in China are all factors underlying this uncertainty. The changing macroeconomic environment toward greater inflation and unanchoring risks on inflation expectations imply a reduction in the space available for monetary policy stimulus. Recovery in domestic demand and a reduction in excess productive capacity have come in line with the technical staff’s expectations from the October report. Some upside risks to inflation have materialized, while medium-term inflation expectations have increased and are above the 3% target. Monetary policy remains expansionary. Significant global inflationary pressures and the unexpected increase in the CPI in December point to more persistent effects from recent supply shocks. Core inflation is trending upward, but remains below the 3% target. Headline and core inflation projections have increased on the forecast horizon and are above the target rate through the end of 2023. Meanwhile, the expected dynamism of domestic demand would be in line with low levels of excess productive capacity. An accumulation of macroeconomic imbalances in Colombia and the increased likelihood of a faster normalization of monetary policy in the United States would put upward pressure on sovereign risk perceptions in a more persistent manner, with implications for the exchange rate and the natural rate of interest. Persistent disruptions to international supply chains, a high real increase in the legal minimum wage, and the indexation of various baskets in the CPI to higher inflation rates could affect price expectations and push inflation above the target more persistently. These factors suggest that the space to maintain monetary stimulus has continued to diminish, though monetary policy remains expansionary. 1.2 Monetary policy decision Banco de la República’s board of directors (BDBR) in its meetings in December 2021 and January 2022 voted to continue normalizing monetary policy. The BDBR voted by a majority in these two meetings to increase the benchmark interest rate by 50 and 100 basis points, respectively, bringing the policy rate to 4.0%.
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