Government of Pedro Nel Ospina

In 1922 he was elected president of the Republic the conservative Mariano Ospina Perez.
You could say that during his administration turned to resume the plans and ideas of kings
and presidents Restrepo. That is, the main objective of Ospina was modernize and
industrialize the country and lead to economic progress. Unlike their predecessors,
Ospina was fortunate to have an excellent economic situation to carry out their plans.

By this time, Colombia received US monies compensation for the loss of the Canal; In
addition, international coffee prices and exports, rose again, and last but not least, the
country received a good amount of loans by banks on Wall Street. It was so much money
that entered the country in this period is called the dance of millions. With this money,
Ospina invested in large infrastructure projects, especially railways.

The modernization of state institutions

Ospina was aware of the need to reform state institutions or create new ones for the
country to improve its economic management. To date there was no central bank will
control the issuance of paper money, nor were institutions to oversee the movements of
the state. In this situation in 1923,

Ospina hired a committee of economic experts led by Professor Edwin W. Kemmerer

who, after analyzing the Colombian situation, made a number of proposals to modernize
the Colombian economic institutions. This group was called the Kemmerer Mission, and
the product of his visit, the government created the Bank of the Republic, the Banking
Superintendency and the Comptroller General of the Republic.