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

  • Adolfo Meisel

    ()

  • Juan D. Barón

    ()

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.

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

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Date of creation: 15 Jan 2010
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Handle: RePEc:col:000101:006406
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  12. 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, vol. 24(4), pages 788-801, December.
  13. Salomón Kalmanovitz, 2001. "El Banco De La República Y El Régimen De Meta De Inflación," BORRADORES DE ECONOMIA 002460, BANCO DE LA REPÚBLICA.
  14. 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, vol. 6(3), pages 353-98, September.
  15. 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, vol. 24(4), pages 643-664, April.
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  17. Otero, Jesus & Ramirez, Manuel, 2006. "Inflation before and after central bank independence: The case of Colombia," Journal of Development Economics, Elsevier, vol. 79(1), pages 168-182, February.
  18. Eva Gutierrez, 2003. "Inflation Performance and Constitutional Central Bank Independence; Evidence From Latin America and the Caribbean," IMF Working Papers 03/53, International Monetary Fund.
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