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Aspectos institucionales de la banca central en Colombia 1963-2004: la junta monetaria y la junta directiva del Banco de la República

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  • Andrés Felipe Giraldo Palomino

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Abstract

En el presente trabajo se hace una comparación institucional del funcionamiento del Banco de la República bajo los dos regímenes que han tenido a su cargo la política monetaria en Colombia: La Junta Monetaria y la Junta Directiva. Para ello se usa la teoría de la inconsistencia dinámica y la literatura de los costos de la inflación para justificar la búsqueda por parte de la sociedad de la eliminación del sesgo inflacionario y de la existencia de una política monetaria anti-inflacionaria. Así mismo, se realiza una evaluación estadística del desempeño macroeconómico bajo las dos estructuras enfatizando la importancia de la estructura institucional en la búsqueda de mejores políticas monetarias. Los resultados no son concluyentes en decir cual de las dos muestran un mejor desempeño, en parte debido a la falta de datos para evaluar a la JD, aunque se muestra que la estructura de inflación objetivo puede contribuir a que la estructura institucional actual muestre un mejor desempeño en el futuro.

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Bibliographic Info

Paper provided by UNIVERSIDAD JAVERIANA - BOGOTÁ in its series DOCUMENTOS DE ECONOMÍA with number 004448.

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Length: 32
Date of creation: 05 Nov 2007
Date of revision:
Handle: RePEc:col:000108:004448

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Cited by:
  1. Adolfo Meisel & Juan David Barón, 2009. "A Historical Analysis of Central Bank Independence in Latin America: The Colombian Experience, 1923-2008," BORRADORES DE ECONOMIA 005788, BANCO DE LA REPÚBLICA.

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