Deuda pública interna, patrón metálico y guerras civiles: interconexiones institucionales, la Colombia del siglo XIX

Abstract

This article analyzes the monetary and institutional impacts of the domesticpublic debt in 19th century Colombia. It shows the nature of this debt and its evolutionso as to ultimately sketch one side of the institutional matrix of that century. The articledraws upon the New Economic Institutionalism and it is derived from a broader researchwhere fiscal data and qualitative information were built by using primary sources. Itpoints out the close link between the issuing of debt notes and civil wars, and displaysevidence on how this debt structured an impure gold standard. It is found that this debthad impact on the price level and strengthened the persistence of the monetary chaos andcivil wars.

Keywords

• domestic public debt
• gold standard
• civil war
• institutions
• nineteen century.