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Política cambiaria, monetaria y fiscal: ¿ha aprendido Colombia a mitigar los efectos de las crisis?

Author

Listed:
  • Leonardo Villar
  • José Vicente Romero
  • César Pabón

Abstract

El presente documento realiza una revisión y análisis de los procesos de transformación de políticas procíclicas en políticas contracíclicas que han logrado llevar a cabo las autoridades económicas en los tres frentes descritos durante las dos últimas décadas, para lo cual hace énfasis especial en la comparación del manejo que tuvo la crisis de fines del siglo XX (1998-2001), durante la cual dominaron las políticas procíclicas, y el manejo contracíclico que pudo hacerse en 2008-2009, durante la recesión mundial posterior a la crisis de Lehman Brothers.

Suggested Citation

  • Leonardo Villar & José Vicente Romero & César Pabón, 2015. "Política cambiaria, monetaria y fiscal: ¿ha aprendido Colombia a mitigar los efectos de las crisis?," Informes de Investigación 13616, Fedesarrollo.
    • Handle: RePEc:col:000124:013616
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    References listed on IDEAS

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    1. Carlos A. Vegh & Guillermo Vuletin, 2014. "Social Implications of Fiscal Policy Responses During Crises," NBER Working Papers 19828, National Bureau of Economic Research, Inc.
    2. Graciela L. Kaminsky & Carmen M. Reinhart & Carlos A. Végh, 2005. "When It Rains, It Pours: Procyclical Capital Flows and Macroeconomic Policies," NBER Chapters, in: NBER Macroeconomics Annual 2004, Volume 19, pages 11-82, National Bureau of Economic Research, Inc.
    3. Valerie Cerra & Sweta Chaman Saxena, 2008. "Growth Dynamics: The Myth of Economic Recovery," American Economic Review, American Economic Association, vol. 98(1), pages 439-457, March.
    4. Frankel, Jeffrey A. & Vegh, Carlos A. & Vuletin, Guillermo, 2013. "On graduation from fiscal procyclicality," Journal of Development Economics, Elsevier, vol. 100(1), pages 32-47.
    5. Roberto Junguito & Hernán Rincón, 2004. "La política fiscal en el siglo XX en Colombia: una visión global," Coyuntura Económica, Fedesarrollo, December.
    6. Camilo Mondragón-Vélez & Ximena Peña & Daniel Wills, 2010. "Labor Market Rigidities and Informality in Colombia," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Fall 2010), pages 65-101, August.
    7. Roberto Junguito & Hernán Rincón, 2004. "La Política Fiscal en el Siglo XX en Colombia," Borradores de Economia 318, Banco de la Republica de Colombia.
    8. Roberto Steiner & Adolfo Barajas & César Pabón & Leonardo Villar, 2014. "Singular Focus or Multiple Objectives? What the Data Tell Us about Inflation Targeting in Latin America," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Fall 2014), pages 177-213, June.
    9. Ignacio Lozano, 2009. "Caracterización de la Política Fiscal en Colombia y Análisis de su Postura Frente a la Crisis Internacional," Borradores de Economia 566, Banco de la Republica de Colombia.
    10. Carlos Montoro & Ramon Moreno, 2011. "The use of reserve requirements as a policy instrument in Latin America," BIS Quarterly Review, Bank for International Settlements, March.
    11. Adolfo Barajas & Roberto Steiner & Leonardo Villar & Cesar Pabon, 2014. "Inflation Targeting in Latin America," Research Department Publications IDB-WP-473, Inter-American Development Bank, Research Department.
    12. Tovar, Camilo & Garcia-Escribano, Mercedes & Vera, Mercedes, 2012. "El crecimiento del crédito y la efectividad de los requerimientos de encaje y otros instrumentos macroprudenciales en América Latina," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 24, pages 45-64.
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    Cited by:

    1. César Pabón & Juan Guillermo Bedoya, 2014. "Regla de Taylor en Colombia: ¿Variante a través del tiempo?," Documentos CEDE 14373, Universidad de los Andes, Facultad de Economía, CEDE.
    2. Barón Ortegón, Brayan Alexander, 2018. "Cointegration of Economic growth and External balance in Colombia: 1963-2016," MPRA Paper 87974, University Library of Munich, Germany.
    3. Gamboa-Estrada, Fredy & Romero, José Vicente, 2022. "Common and idiosyncratic movements in Latin-American exchange rates," International Economics, Elsevier, vol. 171(C), pages 174-190.
    4. Hernán Rincón-Castro & María Angélica Moreno-Barrera, 2022. "El balance macroeconómico colombiano y por sectores institucionales, 1975-2021: ¿Quiénes ahorran y quiénes desahorran y por qué?," Borradores de Economia 1215, Banco de la Republica de Colombia.

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    More about this item

    Keywords

    Macroeconomía; Política Monetaria; Política Fiscal; Política Macroprudencial; Política Cambiaria;
    All these keywords.

    JEL classification:

    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy

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