Historia monetaria de Colombia en el siglo XX : grandes tendencias y episodios relevantes

The main purpose of this paper is to study the evolution, determinants and effects of money in Colombia throughout the twentieth century. The study concentrates in more detail after 1923 when the Banco de la República was created since the information available is better and more abundant, in particular that produced by the own Banks such as the Minutes of the Board of Directors. The paper examines the monetary policy decisions under different exchange rate and institutional regimes: gold standard, fixed exchange rate, crawling peg, exchange rate bands and flotation, the latter two after the Central Bank obtained independence. The study shows that the main determinant of money growth were the foreign reserves and to a lesser extent, the imbalances of the public sector. In addition the evidence shows that monetary policy was used in a counter cyclical manner. Although there is no systematic relation between money growth and real economic activity in the long run, -whereas there is with the price level-, in the short run the monetary authorities did exploit the positive relationship between money and real activity. Also, since its foundation the Banco de la República not only increased its institutional and economic role but also improved and consolidated its policy instruments. The paper examines the movements of money throughout the century and then looks at some key historical monetary episodes over the century. The analysis documents the decision making process of the monetary authorities using both primary narrative sources and array of economic variables available at each one of the historical moments.

• Autores: Sánchez Torres, Fabio José; Fernández Martín, Andrés; Armenta, Armando
• Tipo de recurso: Work document
• Fecha de publicación: 2005
• Institución: Universidad de los Andes
• Repositorio: Séneca: repositorio Uniandes
• Idioma: spa
• OAI Identifier: oai:repositorio.uniandes.edu.co:1992/7933
• Acceso en línea: http://hdl.handle.net/1992/7933
• Palabra clave: Política monetaria; Banca central; Ecuación cuantitativa; Función de reacción; Política monetaria - Historia - Colombia - Siglo XX; Colombia - Política económica; Colombia - Condiciones económicas; N16, E4, E5
• Rights: openAccess
• License: http://creativecommons.org/licenses/by-nc-nd/4.0/