Abstract

GIRALDO PALOMINO, Andrés Felipe. ASPECTOS INSTITUCIONALES DE LA BANCA CENTRAL EN COLOMBIA (1963-2007). Cuad. Econ. [online]. 2010, vol.29, n.52, pp.21-62. ISSN 0121-4772.

This article makes an institutional comparison of the functioning of the Bank of the Republic under the two regimes that have been in charge of monetary policy in Colombia: the Monetary Board and the Directive Board. It finds that even though there is evidence of a negative correlation between inflation and independence, the relationship is not necessarily causal. Moreover, a statistical analysis of macroeconomic performance under the two regimes is carried out, emphasizing the importance of institutional structure in the search for a better monetary policy.

Keywords : institutions; central bank; monetary policy.

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