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Experience with the Crawling Peg in Colombia

In: Exchange Rate Rules

Author

Listed:
  • Miguel Urrutia

Abstract

The fixed exchange rate regime was very costly for Colombia in the post-war period. Although inflation rates were modest by Latinamerican standards, they tended to be higher than those of the developed countries. The result was a permanent tendency for the exchange rate to become overvalued. Due to the apparent political cost of large devaluations, the decision to adjust exchange rates tended to be postponed, and this produced a stop-go cycle in the economy and created conditions of uncertainty that hindered the development of non-traditional exports.

Suggested Citation

  • Miguel Urrutia, 1981. "Experience with the Crawling Peg in Colombia," Palgrave Macmillan Books, in: John Williamson (ed.), Exchange Rate Rules, pages 207-229, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-05166-3_10
    DOI: 10.1007/978-1-349-05166-3_10
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    Citations

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    Cited by:

    1. Roberto Frenkel & Martin Rapetti, 2010. "A Concise History of Exchange Rate Regimes in Latin America," UMASS Amherst Economics Working Papers 2010-01, University of Massachusetts Amherst, Department of Economics.
    2. Sebastian Edwards, 1986. "Commodity Export Prices and the Real Exchange Rate in Developing Countries: Coffee in Colombia," NBER Chapters, in: Economic Adjustment and Exchange Rates in Developing Countries, pages 233-266, National Bureau of Economic Research, Inc.
    3. Sebastian Edwards, 1985. "Commodity Export Boom and the Real Exchange Rate: The Money-Inflation Link," NBER Working Papers 1741, National Bureau of Economic Research, Inc.
    4. Jesus Otero, 2001. "Coffee export booms and monetary disequilibrium: some evidence for Colombia," Applied Economics, Taylor & Francis Journals, vol. 33(2), pages 267-276.

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