Advanced Search
MyIDEAS: Login to save this paper or follow this series

Un análisis histórico de la independencia de la banca central en América Latina: la experiencia colombiana, 1923-2008

Contents:

Author Info

  • Adolfo Meisel

    ()

  • Juan D. Barón

    ()

Abstract

Este documento explora la relación entre la independencia del banco central y los niveles de inflación en América Latina, usando como estudio de caso la experiencia de Colombia (1923-2008). Desde su creación en 1923 la independencia y objetivos del banco central en Colombia han sido modificados substancialmente. Entre 1923 y 1951 el banco central fue un ente privado e independiente, teniendo como objetivo principal la estabilidad de precios. En 1962 la responsabilidad monetaria se dividió entre la Junta Monetaria, encargada del diseño de la política monetaria, y el banco central, que la ejecutaba. A principios de los años noventa el banco recobró su independencia y su objetivo pasó a ser el control de la inflación. Los niveles de inflación en estos períodos fueron diferentes. El análisis sugiere que la combinación de un banco central independiente con un objetivo de estabilidad de precios produce mejores resultados en tales términos.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.banrep.gov.co/documentos/publicaciones/regional/cuadernos/2009/25.pdf
Our checks indicate that this address may not be valid because: 404 Not Found (http://www.banrep.gov.co/documentos/publicaciones/regional/cuadernos/2009/25.pdf [302 Found]--> http://www.banrep.gov.co/sites/default/files/publicaciones/archivos/2009/25.pdf). If this is indeed the case, please notify (Banco De La República - Economía Regional)
Download Restriction: no

Bibliographic Info

Paper provided by BANCO DE LA REPÚBLICA - ECONOMÍA REGIONAL in its series CUADERNOS DE HISTORIA ECONÓMICA Y EMPRESARIAL with number 006406.

as in new window
Length: 0
Date of creation: 15 Jan 2010
Date of revision:
Handle: RePEc:col:000101:006406

Contact details of provider:

Related research

Keywords: Inflación; independencia del banco central; Latinoamérica; Colombia;

Find related papers by JEL classification:

This paper has been announced in the following NEP Reports:

References

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.:
as in new window
  1. Alex Cukierman, 2006. "Central Bank Independence and Monetary Policymaking Institutions: Past, Present, and Future," Working Papers Central Bank of Chile, Central Bank of Chile 360, Central Bank of Chile.
  2. Christopher W. Crowe & Ellen E. Meade, 2008. "Central Bank Independence and Transparency," IMF Working Papers, International Monetary Fund 08/119, International Monetary Fund.
  3. Otero, Jesus & Ramirez, Manuel, 2006. "Inflation before and after central bank independence: The case of Colombia," Journal of Development Economics, Elsevier, Elsevier, vol. 79(1), pages 168-182, February.
  4. Yanneth Rocío Betancourt & Hernando Vargas, . "Encajes bancarios y la estrategia de inflación objetivo," Borradores de Economia, Banco de la Republica de Colombia 533, Banco de la Republica de Colombia.
  5. Salomón Kalmanovitz, 2001. "El Banco De La República Y El Régimen De Meta De Inflación," BORRADORES DE ECONOMIA, BANCO DE LA REPÚBLICA 002460, BANCO DE LA REPÚBLICA.
  6. Berger, Helge & de Haan, Jakob & Eijffinger, Sylvester C W, 2000. "Central Bank Independence: An Update of Theory and Evidence," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2353, C.E.P.R. Discussion Papers.
  7. Cukierman, Alex & Webb, Steven B & Neyapti, Bilin, 1992. "Measuring the Independence of Central Banks and Its Effect on Policy Outcomes," World Bank Economic Review, World Bank Group, World Bank Group, vol. 6(3), pages 353-98, September.
  8. Salomón Kalmanovitz, . "El Banco de la República como Institución Independiente," Borradores de Economia, Banco de la Republica de Colombia 190, Banco de la Republica de Colombia.
  9. Javier Gómez & José Darío Uribe & Hernando Vargas, 2002. "The Implementation Of Inflation Targeting In Colombia," BORRADORES DE ECONOMIA, BANCO DE LA REPÚBLICA 003603, BANCO DE LA REPÚBLICA.
  10. Thomas J. Sargent & Neil Wallace, 1981. "Some unpleasant monetarist arithmetic," Quarterly Review, Federal Reserve Bank of Minneapolis, Federal Reserve Bank of Minneapolis, issue Fall.
  11. Rolnick, Arthur J & Weber, Warren E, 1983. "New Evidence on the Free Banking Era," American Economic Review, American Economic Association, American Economic Association, vol. 73(5), pages 1080-91, December.
  12. Javier Guillermo Gómez, 2006. "La Política Monetaria En Colombia," BORRADORES DE ECONOMIA, BANCO DE LA REPÚBLICA 003054, BANCO DE LA REPÚBLICA.
  13. Eva Gutierrez, 2003. "Inflation Performance and Constitutional Central Bank Independence," IMF Working Papers, International Monetary Fund 03/53, International Monetary Fund.
  14. Haan, Jakob de & Kooi, Willem J., 2000. "Does central bank independence really matter?: New evidence for developing countries using a new indicator," Journal of Banking & Finance, Elsevier, Elsevier, vol. 24(4), pages 643-664, April.
  15. Rockoff, Hugh, 1974. "The Free Banking Era: A Reexamination," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 6(2), pages 141-67, May.
  16. Christopher Crowe & Ellen E. Meade, 2007. "Central Bank Independence and Transparency: Evolution and Effectiveness," Working Papers, American University, Department of Economics 2007-20, American University, Department of Economics.
  17. Jácome, Luis I. & Vázquez, Francisco, 2008. "Is there any link between legal central bank independence and inflation? Evidence from Latin America and the Caribbean," European Journal of Political Economy, Elsevier, Elsevier, vol. 24(4), pages 788-801, December.
  18. Rogoff, Kenneth, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 100(4), pages 1169-89, November.
  19. Daunfeldt, Sven-Olov & de Luna, Xavier, 2002. "Central Bank Independence and Price Stability: Evidence from 23 OECD-countries," UmeÃ¥ Economic Studies, UmeÃ¥ University, Department of Economics 589, Umeå University, Department of Economics, revised 12 Jun 2003.
Full references (including those not matched with items on IDEAS)

Citations

RePEc Biblio mentions

As found on the RePEc Biblio, the curated bibliography for Economics:
  1. > Economic History > Regional Economic History > Latin American Economic History > Economic History of Colombia

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:col:000101:006406. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Banco De La República - Economía Regional).

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.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with 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 profile, as there may be some citations waiting for confirmation.

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