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De la moneda metálica al billete de banco en Medellín y Bogotá (1871-1885): complementariedad y sustitución de medios de pago en un régimen de banca libre

Author

Listed:
  • Kelly Vanessa Acuna Mantilla
  • Andrés Álvarez

Abstract

El estudio de la circulación monetaria durante la llamada era de “banca libre” en Colombia (1865-1885) muestra patrones diferentes según las regiones. Este trabajo estudia la complementariedad y sustitución entre la moneda metálica acunada legalmente y los billetes de bancos privados. Se pone en evidencia la existencia de mecanismos de sustitución entre monedas de oro y billetes bancarios para el caso de Antioquia, mientras que en el caso de Bogotá no se puede afirmar que la evidencia sea concluyente. El patrón de comportamiento de la acunación de monedas de plata, por el contrario, muestra complementariedad con el billete de banco en ambas regiones. Este trabajo concluye que en Colombia se presentó una forma de Ley de Gresham particular. Se muestra evidencia que permitiría concluir que las diferencias regionales en el funcionamiento de este mecanismo se deben a la especialización de la región de Medellín (estado de Antioquia) como mayor productor y exportador de oro, de donde se puede inferir un mayor costo de oportunidad de la circulación de este metal y una tendencia a adoptar más fácilmente formas de moneda fiduciaria. Esto no es completamente cierto para Bogotá, cuya economía se especializa en agricultura, servicios comerciales y artesanado.

Suggested Citation

  • Kelly Vanessa Acuna Mantilla & Andrés Álvarez, 2014. "De la moneda metálica al billete de banco en Medellín y Bogotá (1871-1885): complementariedad y sustitución de medios de pago en un régimen de banca libre," Tiempo y Economía, Universidad de Bogotá Jorge Tadeo Lozano, vol. 1(1), pages 77-106, December.
    • Handle: RePEc:col:000485:012844
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    References listed on IDEAS

    as
    1. Grubb, Farley, 2004. "The circulating medium of exchange in colonial Pennsylvania, 1729-1775: new estimates of monetary composition, performance, and economic growth," Explorations in Economic History, Elsevier, vol. 41(4), pages 329-360, October.
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    More about this item

    Keywords

    Casas de Moneda; banca libre; historia monetaria de Colombia; billetes de banco; monedas; Ley de Gresham.;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean

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