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Costo de Uso del Capital en Colombia:1997 -2003

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Author Info

  • Leonardo Rhenals Rojas

    (Departamento Nacional de Planeación)

Abstract

El documento analiza la evolución del costo de uso del capital en el periodo 1997 –2003 en Colombia. A diferencia de los trabajos anteriores se construye una serie del costo de uso del capital a partir de la información suministrada por las empresas a la Superintendencia de Sociedades, lo cual evita los errores generados por la utilización de variables macroeconómicas agregadas. Durante los últimos siete años las tasas de interés y la inflación se han reducido drásticamente luego de la crisis de finales de los noventa, lo cual ha repercutido sobre el costo de uso del capital en Colombia. Por otra parte, las tasas impositivas han permanecido relativamente constantes, a pesar de las numerosas reformas tributarias las cuales han estado más orientadas a aumentar la base gravable. Estos dos factores afectan las decisiones de inversión y financiamiento por parte de las empresas lo cual se ve reflejado en el crecimiento económico de mediano y largo plazo. Durante el periodo de estudio el costo de uso se ha reducido en poco más de un tercio desde su nivel en 1997, sin embargo en términos reales sigue siendo alto. Medidas adoptadas recientemente para estimular la inversión vía descuento de inversiones en activos productivos tendrían un impacto limitado sobre el costo de uso del capital con respecto a medidas de política monetaria tendientes a reducir las tasas de interés y la inflación.

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File URL: http://128.118.178.162/eps/mac/papers/0502/0502003.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0502003.

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Length: 44 pages
Date of creation: 01 Feb 2005
Date of revision:
Handle: RePEc:wpa:wuwpma:0502003

Note: Type of Document - pdf; pages: 44. Más información sobre economía colombiana en http://www.dnp.gov.co/03_PROD/PUBLIC/2P_EE.ASP
Contact details of provider:
Web page: http://128.118.178.162

Related research

Keywords: Colombia; LAC; Latinoamerica; Costo de uso del capital; Tributación;

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References

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  1. Auerbach, Alan, 1990. "The cost of capital and investment in developing countries," Policy Research Working Paper Series 410, The World Bank.
  2. Auerbach, Alan J, 1983. "Taxation, Corporate Financial Policy and the Cost of Capital," Journal of Economic Literature, American Economic Association, vol. 21(3), pages 905-40, September.
  3. Auerbach, Alan J., 1984. "Taxes, firm financial policy and the cost of capital: An empirical analysis," Journal of Public Economics, Elsevier, vol. 23(1-2), pages 27-57.
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