Institutional Aspects of the Central Bank in Colombia (1963-2007)

Cuadernos de Economía, Vol. 29, No. 52, 2010

42 Pages Posted: 1 Sep 2010 Last revised: 30 Dec 2016

See all articles by Andres Giraldo

Andres Giraldo

Southern Methodist University; Pontificia Universidad Javeriana

Date Written: June 30, 2010


This article makes an institutional comparison of the functioning of the Bank of the Republic under the two regimes that have been in charge of monetary policy in Colombia: the Monetary Board and the Directive Board. It finds that even though there is evidence of a negative correlation between inflation and independence, the relationship is not necessarily causal. Moreover, a statistical analysis of macroeconomic performance under the two regimes is carried out, emphasizing the importance of institutional structure in the search for a better monetary policy.

Note: Downloadable document is in Spanish.

Keywords: institutions, central bank, monetary policy

JEL Classification: E52, E58, G28, N46

Suggested Citation

Giraldo, Andrés Felipe, Institutional Aspects of the Central Bank in Colombia (1963-2007) (June 30, 2010). Cuadernos de Economía, Vol. 29, No. 52, 2010. Available at SSRN:

Andrés Felipe Giraldo (Contact Author)

Southern Methodist University ( email )

Dallas, TX 75275
United States

Pontificia Universidad Javeriana ( email )

Carrera 7 No. 40-62
Bogotá DC

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