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The Role of Canadian Financial Institutions in the Development of Colombia’s Financial Markets, 1896-1939

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  • Stefano Tijerina

Abstract

Canadian financial institutions played an important role in the development of financial markets within Colombia’s urban centers. Specifically, insurance companies such as Manufacturers Life Insurance Company and Life Assurance Company of Canada were crucial in the expansion of the insurance business across the Caribbean coast, while Royal Bank of Canada contributed to the development of personal banking operations throughout the nation. This paper looks at the experience of Canadian financial companies in Colombia from the late 1800s to the beginning of World War II. It highlights the competitive nature of international financial business and the role of business leaders, policy, and governments in efforts to secure market shares in emerging nations such as Colombia. This historical research also contributes to a better understanding of the bilateral relations between Colombia and Canada, and the ways in which capitalism expanded across the western hemisphere.

Suggested Citation

  • Stefano Tijerina, 2012. "The Role of Canadian Financial Institutions in the Development of Colombia’s Financial Markets, 1896-1939," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 30(67), pages 254-279, July.
    • Handle: RePEc:bdr:ensayo:v:30:y:2012:i:67:p:254-279
    DOI: 10.32468/Espe.6708
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    References listed on IDEAS

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    1. Meisel-Roca, Adolfo, 2011. "¿Por qué perdió la costa Caribe el siglo XX?," Chapters, in: ¿Por qué perdió la costa Caribe el siglo XX?, chapter 6, pages 169-202, Banco de la Republica de Colombia.
    2. Edwin R. A. Seligman, 1893. "The Classification of Public Revenues," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 7(3), pages 286-321.
    3. Edwin R. A. Seligman, 1895. "The Classification of Public Revenues," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 9(3), pages 279-290.
    4. Anonymous, 0. "Abstracts: An Evolving Public Policy Education," Increasing Understanding of Public Problems and Policies, Farm Foundation.
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    More about this item

    Keywords

    Canadian-Colombian Relations; foreign investment; economic development; international financial markets; capitalism; western hemisphere;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F59 - International Economics - - International Relations, National Security, and International Political Economy - - - Other
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • N21 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: Pre-1913
    • N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-
    • N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean
    • N41 - Economic History - - Government, War, Law, International Relations, and Regulation - - - U.S.; Canada: Pre-1913
    • N42 - Economic History - - Government, War, Law, International Relations, and Regulation - - - U.S.; Canada: 1913-
    • N46 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Latin America; Caribbean
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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