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The appreciation of the real exchange rate over the past several years is considered one of the key drivers behind the weak performance of Colombia’s manufacturing sector in recent years. This paper examines the effects of the real exchange rate, external and domestic demand, and structural changes on firms’ profitability in Colombia’s manufacturing sector between 2000 and 2012. While export intensive companies have suffered lower profit growth with real exchange rate appreciation,we find no strong evidence that real appreciation has, on average, negatively affected the profitability of manufacturing firms; on the contrary, we find that real appreciation may have increased firms’ profitability by reducing the cost of imported inputs as Colombian manufacturing firms become more domestically oriented. At the same time, some structural changes (related to trade disruption with Venezuela and increased trade competition from China) seem to partially explain the weakness of the manufacturing sector since 2008.

Foreign exchange rates -- Colombia. --- Manufacturing industries -- Colombia. --- Structural adjustment (Economic policy) -- Colombia. --- Industries --- Business & Economics --- Exports and Imports --- Foreign Exchange --- Industries: Manufacturing --- Firm Performance: Size, Diversification, and Scope --- Industry Studies: Manufacturing: General --- Industrialization --- Manufacturing and Service Industries --- Choice of Technology --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Trade: General --- Currency --- Foreign exchange --- Manufacturing industries --- International economics --- Real effective exchange rates --- Manufacturing --- Real exchange rates --- Imports --- Exports --- Economic sectors --- International trade --- Colombia

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Labor supply --- Employment (Economic theory) --- Economic aspects.

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Fintech payments leverage large digital platforms to fill gaps in the traditional payment system. They have made great strides in increasing access to payment services in several countries around the globe. At the same time, like any innovation, the new payment models are exposed to risks in their operating environment. We review the main fintech payment models (mobile money, internet-based fintech payment, and digital money) and discuss operational and financial risks as well as challenges they face. We then explore how public financial management (PFM), especially treasury payments and non-tax revenue collections, could benefit from fintech payments by providing examples of early fintech applications in different countries and discuss the challenges of integrating them into the public sector. The use of fintech in public finance could bring various benefits—including strengthening fiscal transparency, improving budget planning and execution, and upgrading cash management—if public sector institutional and technological capacities are strengthened and risks are adequately mitigated.

Macroeconomics --- Economics: General --- Industries: Financial Services --- Public Finance --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: Other --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- National Budget --- Budget Systems --- National Government Expenditures and Related Policies: General --- Taxation, Subsidies, and Revenue: General --- Economic & financial crises & disasters --- Economics of specific sectors --- Financial technology (fintech) --- Public finance & taxation --- Distributed ledgers --- Fintech --- Technology --- Mobile banking --- Public financial management (PFM) --- Revenue administration --- Digital currencies --- Currency crises --- Informal sector --- Economics --- Financial services industry --- Technological innovations --- Banks and banking, Mobile --- Finance, Public --- Revenue --- India