Item request has been placed! ×
Item request cannot be made. ×
loading  Processing Request

Too late but profitable: Railroads in Colombia during 1920–1950.

Item request has been placed! ×
Item request cannot be made. ×
loading   Processing Request
  • Additional Information
    • Alternate Title:
      Demasiado tarde, pero rentables: los ferrocarriles en Colombia durante el período 1920-1950. (Spanish)
    • Subject Terms:
    • Abstract:
      During the 1920s, the Colombian economy experienced the highest growth rate in its history. The economic reforms of 1923 (central bank, gold standard, banking legislation, fiscal reorganization), a coffee boom, and an unprecedented influx of foreign capital were the driving forces behind this success. The loans obtained by 1929 amounted to 257 million dollars. Those funds were used mainly to build much needed infrastructure, particularly railroads. In this paper, we estimate the rates of return of the investments made in Colombian railroads during the period 1924–1950. We consider that Colombia ended up paying only around 85% of the loans obtained in the 1920s, owing to the suspension of foreign debt payments; as a result, the profitability in the construction of railways was higher. The rates of return on the railroads constructed and extended in the 1920s are comparable to those obtained for European countries in the nineteenth century. [ABSTRACT FROM AUTHOR]
    • Abstract:
      Durante los años veinte, la economía colombiana experimentó la mayor tasa de crecimiento de su historia. Las reformas económicas de 1923 (banco central, patrón oro, legislación bancaria y reorganización fiscal), el auge del café, y la afluencia sin precedentes de capital extranjero fueron las causas que impulsaron este crecimiento. Los préstamos hasta 1929 ascendieron a 257 millones de dólares y se utilizaron principalmente para la construcción de infraestructura muy necesaria, particularmente ferrocarriles. En este artículo, se calculan las tasas de retorno de la inversión realizada en los ferrocarriles colombianos durante el periodo 1924–1950. En estos cálculos, se considera que Colombia pagó el 85% de los préstamos que obtuvo en los años veinte, debido a los efectos de la Gran Depresión y a la suspensión de los pagos de la deuda externa. Como resultado, la rentabilidad de la construcción de ferrocarriles fue superior. Las tasas de retorno de los ferrocarriles construidos y ampliados en los años veinte son comparables a las obtenidas por los países europeos en el siglo XIX [ABSTRACT FROM AUTHOR]
    • Abstract:
      Copyright of Economic History Research / Investigaciones de Historia Económica is the property of Asociacion Espanola de Historia Economica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)