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Tamaño óptimo del gasto público colombiano: una aproximación desde la teoría del crecimiento endógeno

  • Camilo Alvis

    ()

  • Cristian Castrillón

    ()

Este artículo tiene como propósito hacer una estimación econométrica del modelo de gasto público y crecimiento económico de Barro (1990). La estimación se realizó mediante el método generalizado de los momentos (GMM) para la economía colombiana durante el período 1950-2010. Los resultados obtenidos sugieren que el tamaño óptimo del gasto público se sobrepasó al empezar la década de los noventa. Además, se encontró que el tamaño del gasto público que maximiza la tasa de crecimiento del PIB per cápita depende inversamente del grado relativo de aversión al riesgo y que la elasticidad de sustitución intertemporal es baja para el período analizado. ***** The purpose of this paper is to evaluate the Barro (1990) model of public expenditure and economic growth. Generalized Method of Moments (GMM) Estimation was used to examine the Colombian economy during the period 1950–2010. The results suggest that, starting in the early 1990s, the optimal size of public expenditure was exceeded. Furthermore, the authors found that optimal public expenditure levels required to maximize the GDP per capita growth rate depend inversely on the degree of relative risk aversion and the Elasticity of Intertemporal Substitution, which were very low in the period analyzed. ***** Le propos de cet article est de faire une estimation économétrique du modèle de dépense publique et de croissance économique de Barro (1990). A partir de la méthode des moments généralisée [en anglais GMM] on propose une estimation pour l’économie colombienne durant la période 1995-2010. Les résultats obtenus suggèrent que la taille optimale de la dépense publique a été dépassée au début de la décennie 1990. D’autre part, on observe que la taille de la dépense publique qui maximise le taux de croissance du PIB per capita dépend inversement du degré relatif d’aversion au risque et que l’élasticité de substitution intertemporelle est faible pour la période analysée.

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Article provided by UN - RCE - CID in its journal REVISTA CUADERNOS DE ECONOMÍA.

Volume (Year): (2013)
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Handle: RePEc:col:000093:011067
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