Lessons from Colombian Economic Development
AbstractColombia is an interesting case study within emerging countries. Through 150 years of democratic tradition and seven decades of sound fiscal and monetary policies, the country has displayed institutional strength and economic growth, in spite of strong external shocks, rent- seeking by sectoral business confederations, and, recently, narco-traffickers and guerrillas. Reforms made during the nineties, just as in other Latin American nations, did not result in the expected take-off in growth. In Colombia, the reason lies partly in the consequences of discovering considerable oil reserves, the escalation of the internal conflict, the fiscal consequences of the 1991 Constitution and huge fiscal commitments related to pensions and social expenditure. In the current decade Colombia has made vast progress in invigorating the sources of economic growth, improving welfare of the poorest strata of population and reinstating the rule of law across the country. The current international crisis poses a considerable challenge in terms of growth and threatens social advancement achieved so far.
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Date of creation: 09 Apr 2009
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Government; fiscal policies; national security and war; national budget; economic development; institutions and growth;
Find related papers by JEL classification:
- H1 - Public Economics - - Structure and Scope of Government
- H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
- H56 - Public Economics - - National Government Expenditures and Related Policies - - - National Security and War
- H6 - Public Economics - - National Budget, Deficit, and Debt
- O1 - Economic Development, Technological Change, and Growth - - Economic Development
- O2 - Economic Development, Technological Change, and Growth - - Development Planning and Policy
- O43 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-05-30 (All new papers)
- NEP-DEV-2009-05-30 (Development)
- NEP-FDG-2009-05-30 (Financial Development & Growth)
- NEP-HIS-2009-05-30 (Business, Economic & Financial History)
- NEP-LAM-2009-05-30 (Central & South America)
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