Abstract

TORRES MORENO, James Vladimir. PRICES, MONEY SUPPLY AND ECONOMIC GROWTH IN THE NEW GRANADA OF THE LATE 18TH CENTURY. Rev.econ.inst. [online]. 2013, vol.15, n.29, pp.195-225. ISSN 0124-5996.

ABSTRACT Recent economic historiography suggests that New Granada went through a period of significant economic growth during the second half of the 18th Century. The following research examines a group of variables which may have affected this result: prices, money supply and interest rates. Money supply is estimated using net currency exports as well as the quantitative equation of money. The latter has allowed us to analyze trends in various macroeconomic indicators, although it required the creation of new indexes for both prices and interest rates. The results point towards an important growth in both prices and the amount of coin available to the public, as well as a reduction in money velocity and various types of interest rates.

Keywords : prices; economic growth; currency; interest rate; Viceroyalty of New Granada.

        · abstract in Spanish     · text in Spanish     · Spanish ( pdf )