IDEAS home Printed from https://ideas.repec.org/a/bdr/ensayo/v34y2016i79p21-39.html
   My bibliography  Save this article

Winners and losers in the allocation of credit during the era of import-substitution industrialisation in Colombia, 1940–1967

Author

Listed:
  • Carlos Andrés Brando

    (Universidad de Los Andes)

Abstract

This paper examines the structure and dynamics of institutionalised flows of credit between economic sectors – with a distinct emphasis on industry – during the era of import-substitution industrialisation. Using the debate between “balanced vs. unbalanced growth” theories as prompting guide, the paper challenges conventional wisdom sustaining that the state supported industrialisation by providing ample/subsidised credit to industrialists. The argument in this article is that the relative share of institutionalised credit flowing to manufacturing was significantly lower than hitherto assumed, when the sectoral allocation considers the financial system as a whole. In fact, it is argued that industrialists were the losers in a financial system in which key players – the Central Bank (CB) – represented competing interests. This proposition is substantiated with a combination of newly constructed datasets integrating credit series for public and private banks, as well as data discriminating the sectoral allocation of resources originating in the CB.

Suggested Citation

  • Carlos Andrés Brando, 2016. "Winners and losers in the allocation of credit during the era of import-substitution industrialisation in Colombia, 1940–1967," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 34(79), pages 21-39, April.
    • Handle: RePEc:bdr:ensayo:v:34:y:2016:i:79:p:21-39
    DOI: 10.1016/j.espe.2015.11.002
    as

    Download full text from publisher

    File URL: https://doi.org/10.1016/j.espe.2015.11.002
    Download Restriction: no
    File URL: https://libkey.io/10.1016/j.espe.2015.11.002?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Other versions of this item:

    More about this item

    Keywords

    Industrialisation; Credit allocation; State intervention;
    All these keywords.

    JEL classification:

    • N2 - Economic History - - Financial Markets and Institutions
    • N6 - Economic History - - Manufacturing and Construction
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bdr:ensayo:v:34:y:2016:i:79:p:21-39. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Clorith Angélica Bahos Olivera (email available below). General contact details of provider: https://edirc.repec.org/data/brcgvco.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.