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...

This paper looks into the political economy forces that helped shape exchange rate policy in Colombia since the early 1960s. As witnessed by the remarkable longevity of the managed crawl, Colombian exchange rate policies since 1967 did not take the form of major regime changes. Policy shifts...

This book analyzes the political economy of exchange rate policy in Latin America. It brings together the work of economists and political scientists interested in the interaction of economic and political factors in the development of exchange rate policy.

Como parte de un ambicioso programa de reformas iniciado con la reducción unilateral de aranceles en 1989, durante lo corrido de los noventa en Colombia se adoptaron medidas tendientes a redefinir la estructura y funcionamiento del sistema financiero. Así, se facilitó la entrada de nuevos...

This book analyzes the political economy of exchange rate policy in Latin America. It brings together the work of economists and political scientists interested in the interaction of economic and political factors in the development of exchange rate policy.

This paper examines the determinants of the high intermediation spread observed in the Colombian banking sector for over two decades. A reduced-form equation is estimated on the basis of a bank profit maximization model that permits a decomposition into operational costs, financial taxation,...

This study analyzes foreign investment in Colombia’s financial system, chronicling major changes in legislation, describing how investment flows evolved over time, and comparing performance of foreign–owned versus domestic banks. Panel data estimations reveal that financial liberalization in...

Como parte de un ambicioso programa de reformas iniciado con la reducción unilateral de aranceles en 1989, durante lo corrido de los noventa en Colombia se adoptaron medidas tendientes a redefinir la estructura y funcionamiento del sistema financiero. Así, se facilitó la entrada de nuevos...

En este documento se busca identificar cuál ha sido la postura de la política fiscal a lo largo del ciclo económico y qué tanto explica éste último los resultados fiscales, especialmente en el último período (1999-2002). En particular, nos interesa conocer, abstracción hecha de los...