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The Colombian Economy In The Nineties: Capital Flows And Foreign Exchange Regimes

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Leonardo Villar ()
Hernán Rincón ()

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Abstract

During several decades, Colombia was considered a very special case among Latin American countries due to its outstanding economic stability. Despite deep political problems and a long tradition of violence, economic growth was sustained. Colombia experienced moderate economic cycles and a steady GDP growth (Banco Interamericano de Desarrollo, 1995). Between 1931 and 1998, the rate of growth of GDP was always positive and inflation was kept under control, although the latter one remained at moderately high levels, between 20% and 30%, during almost three decades starting in the early seventies. Quoting Dornbusch and Fisher (1992), Colombia was, “par excellence, the country of moderate inflation”. Before the nineties, Colombian economic stability was well grounded in a relatively orthodox fiscal policy, a monetary policy that was complacent with inertial inflation but which had a high degree of aversion against inflation rates above 30%, and a foreign exchange policy that gave heavy weight to real exchange rate stability among other policy objectives.

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Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 003575.

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Length: 68
Date of creation: 30 Jun 2000
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Handle: RePEc:col:000094:003575

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Hernán Rincón, 1999. "Testing The Short And Long Run Exchange Rate Effects On The Trade Balance: The Case Of Colombia," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE. [Downloadable!]
  2. Ronald Mac Donald, 1998. "What do we really know about exchange rates?," Working Papers 28, Oesterreichische Nationalbank (Austrian Central Bank). [Downloadable!]
  3. Frederic S. Mishkin, 1985. "The Real Interest Rate: A Multi-Country Empirical Study," NBER Working Papers 1047, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  4. José Antonio Ocampo & Camilo Ernesto Tovar, 1999. "Price-based capital account regulations: the Colombian experience," FINANCIAMIENTO DEL DESARROLLO 003372, CEPAL NACIONES UNIDAS. [Downloadable!]
  5. Michael L. Mussa, 1984. "The Theory of Exchange Rate Determination," NBER Chapters, in: Exchange Rate Theory and Practice, pages 13-78 National Bureau of Economic Research, Inc. [Downloadable!]
  6. Ronald MacDonald, 1997. "What Determines Real Exchange Rates? The Long and Short of It," IMF Working Papers 97/21, International Monetary Fund.
  7. Sebastian Edwards, 1989. "Real Exchange Rates in the Developing Countries: Concepts and Measure- ment," NBER Working Papers 2950, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Tito Cordella, 1998. "Can short-Term Capital Controls Promote Capital Inflows?," IMF Working Papers 98/131, International Monetary Fund.
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  9. Stockman, Alan C, 1980. "A Theory of Exchange Rate Determination," Journal of Political Economy, University of Chicago Press, vol. 88(4), pages 673-98, August. [Downloadable!] (restricted)
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  10. Ilan Goldfajn & Eliane A. Cardoso, 1997. "Capital Flows to Brazil-The Endogeneity of Capital Controls," IMF Working Papers 97/115, International Monetary Fund.
  11. Jun Nagayasu & Ronald MacDonald, 1999. "The Long-Run Relationship Between Real Exchange Rates and Real Interest Rate Differentials - A Panel Study," IMF Working Papers 99/37, International Monetary Fund.
  12. Harbo, Ingrid, et al, 1998. "Asymptotic Inference on Cointegrating Rank in Partial Systems," Journal of Business & Economic Statistics, American Statistical Association, vol. 16(4), pages 388-99, October.
  13. repec:cup:etheor:v:6:y:1990:i:2:p:171-261 is not listed on IDEAS
  14. Richard Clarida & Jordi Gali, 1994. "Sources of real exchange rate fluctuations: how important are nominal shocks?," Proceedings, Federal Reserve Bank of Dallas, issue Apr.
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  15. Guillermo Mondiano & Rob Rennhack, 1989. "Movilidad De Capitales Y Politica Monetaria En Colombia," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE. [Downloadable!]
  16. Alejando López Mejía & Juan Ricardo Ortega, 1998. "Private Saving in Colombia," IMF Working Papers 98/171, International Monetary Fund.
  17. Juan C. Jaramillo & Roberto Steiner & Natalia Salazar, 1999. "The Political Economy of Exchange Rate Policy in Colombia," RES Working Papers 3064, Inter-American Development Bank, Research Department. [Downloadable!]
  18. Hernán Rincón, . "Efectividad del Control a los Flujos de Capital: Un Reexamen Empírico de la Experiencia Reciente en Colombia," Borradores de Economia 132, Banco de la Republica de Colombia. [Downloadable!]
    Other versions:
  19. Mussa, Michael, 1976. " The Exchange Rate, the Balance of Payments and Monetary and Fiscal Policy under a Regime of Controlled Floating," Scandinavian Journal of Economics, Blackwell Publishing, vol. 78(2), pages 229-48.
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Javier Gómez & Juan Manuel Julio, . "Transmission Mechanisms and Inflation Targeting: The Case of Colombia Disinflation," Borradores de Economia 168, Banco de la Republica de Colombia. [Downloadable!]
  2. Peter Rowland, . "Forecasting the USD/COP Exchange Rate: A Random Walk a Variable Drift," Borradores de Economia 253, Banco de la Republica de Colombia. [Downloadable!]
  3. Peter Rowland, . "Exchange Rate Pass-Throught to Domestic Prices: The Case of Colombia," Borradores de Economia 254, Banco de la Republica de Colombia. [Downloadable!]
  4. Jorge Ramos & Hernán Rincón, 2000. "El Balance Fiscal Y El Balance En La Cuenta Corriente En Colombia: Canales De Transmisión Y Causalidad," BORRADORES DE ECONOMIA 002457, BANCO DE LA REPÚBLICA. [Downloadable!]
    Other versions:
  5. Lavan Mahadeva & Javier Gómez Pineda, 2009. "The international cycle and Colombian monetary policy," BORRADORES DE ECONOMIA 005406, BANCO DE LA REPÚBLICA. [Downloadable!]
    Other versions:
  6. Fernando Tenjo & Enrique López, . "Burbuja y Estancamiento del Crédito en Colombia," Borradores de Economia 215, Banco de la Republica de Colombia. [Downloadable!]
    Other versions:
  7. Javier Gómez & Juan Manuel Julio, 2001. "Transmission Mechanism And Inflation Targeting: The Cese Of Colombia'S Disinflation," BORRADORES DE ECONOMIA 003656, BANCO DE LA REPÚBLICA. [Downloadable!]
    Other versions:
  8. Peter Rowland, 2003. "Exchange Rate Pass-Through To Domestic Prices: The Case Of Colombia," BORRADORES DE ECONOMIA 002683, BANCO DE LA REPÚBLICA. [Downloadable!]
  9. David, Antonio C., 2007. "Controls on capital inflows and external shocks," Policy Research Working Paper Series 4176, The World Bank. [Downloadable!]
  10. José Darío Uribe, 2005. "Capital controls and foreign exchange market intervention in Colombia," BIS Papers chapters, in: Bank for International Settlements (ed.), Globalisation and monetary policy in emerging markets, volume 23, pages 128-40 Bank for International Settlements. [Downloadable!]
  11. Javier Guillermo Gómez, 2006. "La Política Monetaria En Colombia," BORRADORES DE ECONOMIA 003054, BANCO DE LA REPÚBLICA. [Downloadable!]
  12. Peter Rowland, 2003. "Forecasting The Usd/Cop Exchange Rate: A Random Walk With A Variable Drift," BORRADORES DE ECONOMIA 002736, BANCO DE LA REPÚBLICA. [Downloadable!]
  13. Peter Rowland, . "Uncovered Interest Parity and the USD/COP Echange Rate," Borradores de Economia 227, Banco de la Republica de Colombia. [Downloadable!]
  14. Peter Rowland & Hugo OLiveros C., . "Colombian Purchasing Power Parity Analysed Using a Framework of Multivariate Cointegration," Borradores de Economia 252, Banco de la Republica de Colombia. [Downloadable!]
  15. Fernando Tenjo & Enrique López, 2003. "Credit bubble and stagnation in Colombia, 1990-2001," COLOMBIAN ECONOMIC JOURNAL, COLOMBIAN ECONOMIC JOURNAL. [Downloadable!]
    Other versions:
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