TY - JOUR
T1 - Coffee export booms and monetary disequilibrium
T2 - Some evidence for Colombia
AU - Otero, J. G.
N1 - Funding Information:
ACK NOW LED GEMEN TS The author would like to thank Chris Dwkinsa, Ana Marõ  a Iregui, Rgaha bJha,eMarcuns dMillerr, Neil Rankin, Jeremy Smith, and participnsaatttehLatn iAmerican Meeting of the Econometric Scietoy inSntiaag, Cohl,ei 12± 15Astu17,9gfor9helpfuu lcommentsandsuestionsg. g Financial support from the Fundacio n para el Futuro de Colombia - Colfuturo, the British Council and the Banco de la Repu blica is graytacenkwfleodgedu.lAlll remaining errors are mine.
PY - 2001
Y1 - 2001
N2 - The theoretical models that analyse the monetary consequences of export booms show that under a regime of fixed exchange rates, they affect not only the demand for money, via real income, but also the money supply via foreign exchange accumulation. Within this theoretical framework, this study proposes an empirical approach to determine whether the coffee booms of the second half of the 1970s and mid-1980s led to excess money supply in the Colombian economy. The findings provide evidence in favour of a direct association between coffee export booms and excess money supply, implying that external disturbances jeopardize the ability of the economic authorities to carry out successful monetary policy.
AB - The theoretical models that analyse the monetary consequences of export booms show that under a regime of fixed exchange rates, they affect not only the demand for money, via real income, but also the money supply via foreign exchange accumulation. Within this theoretical framework, this study proposes an empirical approach to determine whether the coffee booms of the second half of the 1970s and mid-1980s led to excess money supply in the Colombian economy. The findings provide evidence in favour of a direct association between coffee export booms and excess money supply, implying that external disturbances jeopardize the ability of the economic authorities to carry out successful monetary policy.
UR - https://www.scopus.com/pages/publications/0035134148
UR - https://www.scopus.com/pages/publications/0035134148#tab=citedBy
U2 - 10.1080/00036840121935
DO - 10.1080/00036840121935
M3 - Research Article
AN - SCOPUS:0035134148
SN - 0003-6846
VL - 33
SP - 267
EP - 276
JO - Applied Economics
JF - Applied Economics
IS - 2
ER -