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

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.