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Revisiting Economic Growth in Colombia: A Microeconomic Perspective

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Arturo Harker
Marcela Melendez

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Abstract

This paper revisits economic growth in Colombia using the growth diagnostics methodology proposed by Hausmann, Rodrik and Velasco (2005), to identify the most binding constraints for economic growth and the policies that, if implemented, can have the largest positive impact. To rank public policy priorities the HRV (2005) methodological approach is complemented with an econometric analysis of micro-data, aimed at exploring the impact that the various potential constraints to growth have had on firm-level investment decisions. The data shows economic reactivation in areas with falling violence. Results from analysis at the microeconomic level, however, give a particular spin to this conclusion by showing that investment decisions at the firm level are also explained by the restoration of some form of public order connected to the cessation of paramilitary violence and not only by the reduction of violence. From a public policy perspective, perhaps the most relevant result is the confirmation that in Colombia investment decisions are negatively affected by the cost of financing. Empirical results, robust across model specifications, single out the provision of access to financing at fair prices as a policy priority for economic growth, relevant across country regions and independent of whether uncertainties from poor protection to property rights are resolved.

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Paper provided by Inter-American Development Bank, Research Department in its series RES Working Papers with number 2006.

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Date of creation: Aug 2008
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Handle: RePEc:idb:wpaper:2006

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Agenor, Pierre-Richard & Moreno-Dodson, Blanca, 2006. "Public infrastructure and growth : new channels and policy implications," Policy Research Working Paper Series 4064, The World Bank. [Downloadable!]
  2. Peter S. Heller & Alan A. Tait, 1982. "International Comparisons of Government Expenditure," IMF Occasional Papers 10, International Monetary Fund.
  3. Lora, Eduardo & Olivera, Mauricio, 2007. "Public debt and social expenditure: Friends or foes?," Emerging Markets Review, Elsevier, vol. 8(4), pages 299-310, December. [Downloadable!] (restricted)
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  4. Dany Jaimovich & Ugo Panizza, 2006. "Public Debt around the World: A New Dataset of Central Government Debt," RES Working Papers 4461, Inter-American Development Bank, Research Department. [Downloadable!]
  5. Ricardo Hausmann & Bailey Klinger, 2008. "Growth Diagnostics: Perú," RES Working Papers 2005, Inter-American Development Bank, Research Department. [Downloadable!]
  6. Eduardo Lora, 2007. "La vulnerabilidad fiscal del gasto social: ¿Es Diferente América Latina?," RES Working Papers 4506, Inter-American Development Bank, Research Department. [Downloadable!]
  7. Mahdavi, Saeid, 2004. "Shifts in the Composition of Government Spending in Response to External Debt Burden," World Development, Elsevier, vol. 32(7), pages 1139-1157, July. [Downloadable!] (restricted)
  8. Catherine A. Pattillo & Hélène Poirson & Luca Antonio Ricci, 2004. "What Are the Channels Through Which External Debt Affects Growth?," IMF Working Papers 04/15, International Monetary Fund. [Downloadable!]
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  1. Ramón Espinasa, 2008. "Prospects for the Oil-importing Countries of the Caribbean," RES Working Papers 2007, Inter-American Development Bank, Research Department. [Downloadable!]
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