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Dominancia Fiscal versus Dominancia Monetaria: Evidencia para Colombia, 1990-2007

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  • Ignacio Lozano

    ()

  • Magaly Herrera

    ()

Abstract

Bajo un régimen No-Ricardiano o de dominancia fiscal, el banco central pierde autonomía en el control de la inflación, especialmente en circunstancias de insostenibilidad de las finanzas públicas. En este trabajo se evalúa la presencia de un régimen de esta naturaleza en la economía Colombiana, para el período 1990 a 2007, mediante el uso de un modelo de vectores autorregresivos que toma como fundamento teórico la restricción presupuestaria intertemporal del gobierno consolidado. Los resultados no permiten validar la existencia de este tipo de régimen. Se concluye, por consiguiente, que el régimen Ricardiano, o de dominancia monetaria, es el más apropiado para explicar la relación entre la política fiscal y la política monetaria durante estos años.

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Bibliographic Info

Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 004513.

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Length: 35
Date of creation: 31 Jan 2008
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Handle: RePEc:col:000094:004513

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