A historical analysis of central bank independence in Latin America: the Colombian experience, 1923-2008*

A Meisel and Juan Barón ()

Revista de Historia Económica / Journal of Iberian and Latin American Economic History, 2010, vol. 28, issue 1, 83-102

Abstract: This paper explores the relationship between central bank independence and inflation in Latin America, using the experience of Colombia (1923-2008) as a case study. Since its creation, in 1923, Colombia’s central bank has undergone several reforms that have changed its objectives and degree of independence. Between 1923 and 1951, it was private and independent, with a legal commitment to price stability. In 1962, monetary responsibilities were divided between a government-dominated monetary board, in charge of monetary policies, and the central bank, which carried them out. In the early 1990s, the bank recovered its independence and its focus on price stability. Inflation varied substantially during these subperiods. Our analysis suggests that the central bank independence, combined with a commitment to price stability, renders the best results in terms of price stability.

Date: 2010
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Working Paper: A Historical Analysis of Central Bank Independence in Latin America: The Colombian Experience, 1923-2008 (2009)
Working Paper: A Historical Analysis of Central Bank Independence in Latin America: The Colombian Experience, 1923-2008 (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:cup:reveco:v:28:y:2010:i:01:p:83-102_99

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