The Colombian Banking Crisis: Macroeconomic Consequences and What to Expect

Borradores de Economia
Number: 
157
Published: 
Classification JEL: 
E31
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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While in the early nineties Colombia grew at rates exceeding 4% and was catalogued as one of the top emerging markets, in 1999 its economy fell 4%, its exchange rate regime (a target zone) collapsed and by June of 2000 its unemployment level peaked at 20.