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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Paper provided by Inter-American Development Bank, Research Department in its series RES Working Papers with number
3064.
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Rudiger Dornbusch & Stanley Fischer, 1993.
"Moderate Inflation,"
NBER Working Papers
3896, National Bureau of Economic Research, Inc.
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