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Monetary Reform, 1923–30: A Prelude to Colombia's Economic Development

Published online by Cambridge University Press:  11 May 2010

Bruce R. Dalgaard
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Abstract

Two financial missions to Colombia headed by Edwin W. Kemmerer are examined to determine their impact on Colombia's financial system and on the flow of American investment to Colombia. The 1923 and 1930 missions established a central bank and completely reorganized the Colombian financial and fiscal system. These reforms served to provide enough stability to encourage American investment, which helped to develop a financial and economic infrastructure in Colombia.

Type
Papers Presented at the Thirty-Ninth Annual Meeting of the Economic History Association
Information
The Journal of Economic History , Volume 40 , Issue 1 , March 1980 , pp. 98 - 104
Copyright
Copyright © The Economic History Association 1980

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References

1 McGreevey, William Paul, An Economic History of Colombia, 1845–1930 (London, 1971)Google Scholar, chap. 2.

2 Hagen, Everett E., On the Theory of Social Change (Homewood, Ill., 1962), p. 364Google Scholar.

3 Rippy, J. Fred, The Capitalists and Colombia (New York, 1931Google Scholar), chap. 9.

4 McGreevey, Colombia, pp. 199–200.

5 Rippy, Capitalists, p. 113.

6 Ibid, p. 121.

7 Seidel, Robert N., “American Reformers Abroad: The Kemmerer Missions in South America, 1923–1931,” this Journal, 32 (June 1972), 520–45Google Scholar.

8 Dalgaard, Bruce R., “E. W. Kemmerer: The Origins and Impact of the Money Doctor's Monetary Economics,” a paper prepared for the History of Economics Society Conference, Champaign-Urbana, Ill., 1979Google Scholar.

9 Kemmerer to Olaya, 27 Jan. 1923, E. W. Kemmerer papers, Seeley G. Mudd Manuscript Library, Princeton University. Letters and diary references, unless otherwise noted, are from this collection.

10 Olaya to Kemmerer, 2 Feb. 1923.

11 DuBois to Kemmerer, 10 Feb. 1923.

12 Address by Kemmerer at luncheon given by the Pan American Society, New York, 24 Nov. 1923Google Scholar.

13 Seidel, “American Reformers Abroad,” p. 528.

14 Kemmerer diary, 15 April 1923.

15 Ibid., 4 June 1923.

16 Ibid., 13 June 1923.

17 Kemmerer to President Ospina, 18 Aug. 1923.

18 Randall, Stephen J., The Diplomacy of Modernization: Colombian-American Relations, 1920–1940 (Toronto, 1977), p. 56Google Scholar.

19 Parks, E. Taylor, Colombia and the United States, 1765–1934 (Durham, N.C., 1935), p. 472Google Scholar.

20 McGreevey, Colombia, p. 252.

21 Ibid., p. 205.

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23 “Randall, Diplomacy of Modernization, pp. 63–64.

24 Ibid.

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29 Kemmerer, E. W., “Government Loans to Latin America,” an address before the National Industrial Conference Board, New York, 19 Dec. 1940Google Scholar.

30 Ibid.