Resumen

GIL LEON, José Mauricio  y  LEMUS VERGARA, Andrea Yaelt. FINANCIAL FRAGILITY IN COLOMBIA AND THE MONETARY POLICY DECISIONS TAKEN BY THE CENTRAL BANK 1996-2012. Semest. Econ. [online]. 2015, vol.18, n.38, pp.37-66. ISSN 0120-6346.  https://doi.org/10.22395/seec.v18n38a2.

This paper evaluates what has been the role of the monetary policy decisions taken by the Central Bank during the financial instability processes that Colombia has gone through during 1996 - 2012. According to the fact analysis, the 1999 crisis questioned the role of the central bank, which defended a counter-cyclic posture that was not strong enough to lead the economic recovery. The 2008 crisis found a stronger standing Central Bank, even though it answered late to the emerging processes regarding financial fragility. With the use of econometric studies it was proven that a contractive monetary policy can accelerate a financial crisis when the measure is implemented in moments when the financial stress is too high.

Palabras clave : Economic cycles; monetary policy; central bank; money and interest rates.

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