Essays on Monetary Issues of Small Open Economies: Theory and Some Evidence for Colombia

In three self-contained essays, we explore some monetary issues of small open economies under fixed exchange-rates. Of particular concern are the topics of: (a) the relationship between foreign reserves and domestic credit; (b) the characterization of the balance of payments as a monetary or, alternatively, as a real trade/capital flow phenomenon; and (c) the role played by a black-market for foreign exchange. While (a) and (b) are at the core of the debate between the Monetary approach (MA) and the Keynesian Approach (KA) to the balance of payments, (c) is of particular interest for economies with exchange controls. The empirical work relates to Columbia and covers, mainly, the period 1957-I/1985-IV.

Name thesis:degree_name

Ph.D.

Level thesis:degree_level

Dissertation

Discipline thesis:degree_discipline

Economics

Grantor

University of Illinois at Urbana-Champaign

Year dc:date

2014

Author dc:creator

• Clavijo Vergara, Sergio

• Economics, General

Identifier

(UMI)AAI8721611

OAI identifier oai:identifier

oai:www.ideals.illinois.edu:2142/70786