Colombia: Financial openness
* indicates monthly or quarterly data series
| Colombia |
Financial openness index |
|---|---|
| Latest value | -0.166 |
| Year | 2021 |
| Measure | index points |
| Data availability | 1970 - 2021 |
| Average | -1.151 |
| Min - Max | -1.931 - 1.034 |
| Source | Chinn-Ito Index |
The latest value from 2021 is -0.166 index points, unchanged from -0.166 index points in 2020. In comparison, the world average is 0.322 index points, based on data from 176 countries. Historically, the average for Colombia from 1970 to 2021 is -1.151 index points. The minimum value, -1.931 index points, was reached in 1970 while the maximum of 1.034 index points was recorded in 2008.
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Definition: The Chinn-Ito index measures a country's degree of capital account openness and was introduced in Chinn and Ito (Journal of Development Economics, 2006). It is based on variables that codify the restrictions on cross-border financial transactions in the IMF's Annual Report on Exchange Arrangements and Exchange Restrictions. Higher values mean greater financial openness.
Selected articles from our guide:
What factors determine the exchange rates
International lending and sovereign debt
All articles
| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Terms of trade | 126.39 | 2021 | percent |
| Trade openness | 40.48 | 2023 | percent |
| Financial openness | -0.166 | 2021 | index points |
| Exports, percent of GDP | 17.76 | 2023 | percent |
| Exports, billion dollars | 64.57 | 2023 | billion U.S. dollars |
| Growth of exports | 3.13 | 2023 | percent |
| Imports, percent of GDP | 22.72 | 2023 | percent |
| Imports, billion dollars | 82.61 | 2023 | billion U.S. dollars |
| Foreign Direct Investment, percent of GDP | 5.00 | 2022 | percent |
| Foreign Direct Investment, billion dollars | 17.18 | 2022 | billion U.S. dollars |
| Portfolio investment inflows, equities | 19.92 | 2023 | million dollars (current) |
| Current account, percent of GDP | -3.88 | 2023 | percent |
| Current account, in dollars | -9.72 | 2023 | billion U.S. dollars |
| Trade balance, percent of GDP | -7.20 | 2022 | percent |
| Trade balance, in dollars | -8.22 | 2023 | billion U.S. dollars |
| Reserves | 59.04 | 2023 | billion U.S. dollars |
| Remittances, percent of GDP | 2.78 | 2023 | percent |
| Remittances | 10,111.59 | 2023 | million U.S. dollars |
| Net errors and omissions | 835.79 | 2023 | million USD |
| External debt | 55.79 | 2022 | percent |
| Short-term external debt | 10.38 | 2022 | percent |
| Short-term debt to reserves | 33.72 | 2022 | percent |
| Foreign exchange reserves | 60.93 | 6/2024 | billion |