A Historical Analysis of Central Bank Independence in Latin America: The Colombian Experience, 1923-2008

Borradores de Economia
Number: 
573
Published: 
Classification JEL: 
B15, E31, E58
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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This paper explores the relationship between central bank independence and inflation in Latin America, using as a case study the experience of Colombia (1923-2008). Since its creation, in 1923, Colombia?s central bank has undergone several reforms that ha