The present invention comprises a new catalyst for the production of polyesters consisting essentially of a finely dispersed, large surface area titanium compound selected from hydrated TiO.sub.2 obtained by hydrolysis and having the composition yTiO.sub.2.zH.sub.2 O and from titanates having the composition (Me.sub.n O).sub.x.(TiO.sub.2).sub.y.(H.sub.2 O).sub.z, wherein Me is an alkaline earth metal or alkali metal. In addition, the present method comprises a process for the production of polyesters using this catalyst as an esterification or transesterification catalyst and as a polycondensation catalyst, whereby a phosphorous-oxygen-compound is added immediately before, during, or after the polycondensation.