Fiscal policy in Colombia and a prospective analysis after the 2008 financial crisis
AbstractThe purpose of this study is twofold: First, it provides an empirical characterization of fiscal policy in Colombia over the last decades, by assessing the three most relevant macroeconomic factors: the behavior of fiscal policy over the business cycle; whether it has been coherent with the long-term debt sustainability; and, whether it has been a significant source of macroeconomic volatility. The results are compared internationally. Second, it evaluates the fiscal stance of the Colombian authorities during the 2008 global financial crisis, and examines the adoption of a fiscal rule as an appropriate tool to manage public finances beyond the recovery phase.
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Bibliographic InfoPaper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 006904.
Date of creation: 20 Apr 2010
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Fiscal policy; business fluctuations; banking crisis; rules vs. discretion .;
Other versions of this item:
- Ignacio Lozano, . "Fiscal policy in Colombia and a prospective analysis after the 2008 financial crisis," Borradores de Economia 596, Banco de la Republica de Colombia.
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
- E69 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Other
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-05-02 (All new papers)
- NEP-LAM-2010-05-02 (Central & South America)
- NEP-MAC-2010-05-02 (Macroeconomics)
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Borradores de Economia
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- Ignacio Lozano & Enrique Cabrera, 2009. "Una nota sobre la sostenibilidad fiscal y el nexo entre los ingresos y gastos del Gobierno Colombiano," BORRADORES DE ECONOMIA 006126, BANCO DE LA REPÚBLICA.
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