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The political economy of exchange rate policy in Colombia

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  • Juan C. Jaramillo

    ()

  • Roberto Steiner

    ()

  • Natalia Salazar

    ()

Abstract

This paper looks into the political economy forces that helped shape exchange rate policy in Colombia since the early 1960s. As witnessed by the remarkable longevity of the managed crawl, Colombian exchange rate policies since 1967 did not take the form of major regime changes. Policy shifts came about through variations in the rate of crawl, varying degrees of administrative restrictions on capital flows and, on occasions, ad-hoc measures to generate multiple exchange rates.

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File URL: http://www.fedesarrollo.org.co/wp-content/uploads/2011/08/WP-No.-11-The-political-economy-of-exchange-rate-polity-in-Colombia.pdf
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Bibliographic Info

Paper provided by FEDESARROLLO in its series WORKING PAPERS SERIES. DOCUMENTOS DE TRABAJO with number 009194.

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Length: 45
Date of creation: 28 Jan 1999
Date of revision:
Handle: RePEc:col:000123:009194

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Related research

Keywords: Economía política; Tasa de cambio; Crecimiento económico; Colombia;

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  1. Steiner, Roberto, 1998. "Colombia's income from the drug trade," World Development, Elsevier, vol. 26(6), pages 1013-1031, June.
  2. Alex Cukierman, 1992. "Central Bank Strategy, Credibility, and Independence: Theory and Evidence," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262031981, December.
  3. Ernesto H. Stein & Jorge M. Streb, 1997. "Political Stabilization Cycles in High Inflation Economies," CEMA Working Papers: Serie Documentos de Trabajo. 123, Universidad del CEMA.
  4. Juan Carlos Echeverry G., 1996. "The Rise And Perpetuation Of A Moderate Inflation, Colombia 1970-1991," BORRADORES DE ECONOMIA 003621, BANCO DE LA REPÚBLICA.
  5. Dornbusch, Rudiger & Fischer, Stanley, 1993. "Moderate Inflation," World Bank Economic Review, World Bank Group, vol. 7(1), pages 1-44, January.
  6. Ernesto H. Stein & Jeffry Frieden, 2000. "The Political Economy of Exchange Rate Policy in Latin America: An Analytical Overview," Research Department Publications 3118, Inter-American Development Bank, Research Department.
  7. Kenneth Rogoff & Anne Sibert, 1986. "Elections and Macroeconomic Policy Cycles," NBER Working Papers 1838, National Bureau of Economic Research, Inc.
  8. Adolfo Meisel Roca, . "Autonomía de la Banca Central e Inflación: La Experiencia Colombiana, 1923-1995," Borradores de Economia 049, Banco de la Republica de Colombia.
  9. Mauricio Cárdenas & Roberto Steiner, 1997. "El Flujo de los Capitales Privados en Colombia," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 34(103), pages 309-337.
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Citations

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Cited by:
  1. Alberto Alesina & Alberto Carrasquilla & RobertoSteiner, 2000. "The Central Bank in Colombia," WORKING PAPERS SERIES. DOCUMENTOS DE TRABAJO 003568, FEDESARROLLO.
  2. Leonardo Villar & Hernán Rincón, 2000. "The Colombian Economy In The Nineties: Capital Flows And Foreign Exchange Regimes," BORRADORES DE ECONOMIA 003575, BANCO DE LA REPÚBLICA.
  3. Kandilov, Ivan T. & Leblebicioglu, AslI, 2011. "The impact of exchange rate volatility on plant-level investment: Evidence from Colombia," Journal of Development Economics, Elsevier, vol. 94(2), pages 220-230, March.
  4. Ernesto H. Stein & Jeffry Frieden & Piero Ghezzi, 2000. "Politics and Exchange Rates: A Cross-Country Approach to Latin America," Research Department Publications 3119, Inter-American Development Bank, Research Department.
  5. Juan Jose Echavarria & Carolina Renteria & Roberto Steiner, 2002. "Decentralization and Bailouts in Colombia," Research Department Publications 3138, Inter-American Development Bank, Research Department.
  6. Diego Aboal & Fernando Lorenzo & Andrés Rius, 2000. "Is the exchange rate politically manipulated around elections? The evidence from Uruguay," Documentos de Trabajo (working papers) 1800, Department of Economics - dECON.

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