The following are the main ones: i) through changes in growth in the United States and in the world economy, and particularly in our most important trading partners; ii) through the drop in international prices for major export products and in the prices of imported goods (terms of trade); iii) through an increase in risk premia; iv) through changes in the direction of monetary  1  IMF World Economic Outlook, 2007 I.  BIS Review 113/2007  5  policy rates in the United States and in other advanced economies; and v) through changes in interest rates on government bonds in the industrial countries.
So far, all we can say about the impact of the international financial turbulence on the Colombian economy is that there was an important initial impact but most of that was quickly reversed: i) the Colombian peso depreciated 13.8% between July 15 and September 12 but then appreciated by 7.6% to September 26th; ii) the country-risk premium increased from 97 to 204 basis points from July 15th to September 13th but fell back to 147 basis points by September 26th; and iii) interest rates on TES 2020, the country’s most liquid domestic government bonds, rose by 75.1 basis points from July 15th to September 13th but since then recovered 40 of those basis points.