El Banco de la República (Banco Central de Colombia)obtuvo independencia formal del gobierno, primero, a través de la Nueva Constitución expedida a mediados de 1991 y luego, mediante la Ley del Banco de diceimbre de 1992. El próposito de este documento es describir el papel del Banco Central...

Several Observers of Latin America have underscored the notion that an emerging "consensus" regarding the role of the State in the economy surfaced during the 1980's (v.g World Bank, 1993; Williamson, 1993). Starting from an emphasis on issues regarding stabilization, there are three main and...

Desde enero de 1994 la política cambiaria colombiana se basa en un sistema formal de bandas para la tasa de cambio, mediante el cual el Banco Central se compromete a intervenir en el mercado cuando la tasa de cambio llega a unos determinados niveles mínimo y máximo, definidos anteriormente y...

In the 1990’s descentralization in Colombia, a process which had begun a decade earlier, was sharply accelerated. The percentage of current Central Government revenues that are automatically transferred to the regional governments quickly jumped from about 20% to over 40%. Many analysts...

Graph 1 shows a conventional PPP measure of the real exchange rate in Colombia and an index of the relative price of tradable goods in terms of non tradeable. The common conclusion is that, since 1990-92 there has been a medium term process by which the RER has appreciated by as much as 26%. The...

After 25 years, the Colombian authorities decided to abandon the crawling peg exchange rate policy and implement a regime of nominal exchange rate bands. Initial conditions in Colombia contrast sharply with those of other cases in which bands were part of an ongoing effort to reduce high...