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Evolution and Rationality of Budget Institutions in Colombia

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  • Hommes, Rudolf

Abstract

The independence of central banks has an effect on the macroeconomic results of economies and ultimately on inflation. A similar relationship may exist between budget institutions and the fiscal performance of governments. Budget institutions may have a bearing on fiscal results. There is evidence that indicates that budgetary procedures favoring a stronger position of the budget authority vis-a-vis other members of government, or giving more power to the executive lead to greater fiscal discipline. This paper next examines the historical development of the budgetary institutions, and attempts to explain why and how the particularly Colombian pattern of fiscal behavior managed to develop.

Suggested Citation

  • Hommes, Rudolf, 1996. "Evolution and Rationality of Budget Institutions in Colombia," IDB Publications (Working Papers) 6193, Inter-American Development Bank.
    • Handle: RePEc:idb:brikps:6193
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    Cited by:

    1. World Bank, 2005. "Colombia : Public Expenditure Review," World Bank Publications - Reports 8559, The World Bank Group.
    2. Echeverry, Juan Carlos & Bonilla, Jorge Alexander & Moya, Andrés, 2006. "Rigideces Institucionales y Flexibilidad Presupuestaria: Origen, Motivación y Efectos sobre el Presupuesto," IDB Publications (Working Papers) 2303, Inter-American Development Bank.

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    Keywords

    WP-317; deficit;

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