Colombian Monetary and Exchange Rate Policy Over the Past Decade

Jose Antonio Ocampo and Jonathan Malagón

Comparative Economic Studies, 2015, vol. 57, issue 3, 454-482

Abstract: This paper analyzes the performance of Colombia’s monetary and exchange rate policies over the past decade. It concludes that compared with other medium and large-sized Latin American economies using inflation targeting-cum-managed floating, Colombia has been the most effective in meeting its inflation target. The Colombian central bank has also shown an earlier and greater determination than its partners in pursuing a counter-cyclical monetary policy. But it clearly failed in the objective of avoiding exchange rate overvaluation, particularly in the aftermath of the North-Atlantic financial crisis. This has generated effects on the structure of domestic production and exports that have long-term implications.

Date: 2015
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