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
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: Suggested Citation