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El Balance Fisacl y el Balance en la Cuenta Corriente en Colombia: Canales de Transmisión y Causalidad

  • Jorge Ramos


  • Hernán Rincón


Este documento identifica y evalúa empíricamente los posibles canales de transmisión entre el balance fiscal y el balance en cuenta corriente y determina estadísticamente la posible causalidad ente ellos. Para el período analizado, no se encuentra una clara relación entre los dos balances, y entre ellos y los canales de transmisión identificados por la teoría. Cuando existen indicios estadísticos de un nexo entre los dos balances, el sentido de la relación es inverso al que comúnmente se espera, es decir, se encuentra que el balance en cuenta corriente causa el balance fiscal.

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Paper provided by Banco de la Republica de Colombia in its series Borradores de Economia with number 166.

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Handle: RePEc:bdr:borrec:166
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  1. repec:cup:etheor:v:6:y:1990:i:2:p:171-261 is not listed on IDEAS
  2. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
  3. Obstfeld, Maurice & Rogoff, Kenneth, 1994. "The Intertemporal Approach to the Current Account," Center for International and Development Economics Research (CIDER) Working Papers 233395, University of California-Berkeley, Department of Economics.
  4. Alberto Carrasquilla & Natalia Salazar, 1992. "Sobre la naturaleza del ajuste fiscal en Colombia," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 11(21), pages 165-190, June.
  5. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
  6. Hendry, David F. & Learmer, Edward E. & Poirier, Dale J., 1990. "A Conversation on Econometric Methodology," Econometric Theory, Cambridge University Press, vol. 6(02), pages 171-261, June.
  7. Jorge Ramos F. & Norberto Rodríguez, 1995. "Déficit fiscal y tasas de interés en Colombia," Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 14(27), pages 39-61, Junio.
  8. William H. Branson & Willem H. Buiter, 1982. "Monetary and Fiscal Policy with Flexible Exchange Rates," NBER Working Papers 0901, National Bureau of Economic Research, Inc.
  9. Bernanke, Ben S., 1986. "Alternative explanations of the money-income correlation," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 25(1), pages 49-99, January.
  10. Buiter, Willem H, 1981. "Time Preference and International Lending and Borrowing in an Overlapping-Generations Model," Journal of Political Economy, University of Chicago Press, vol. 89(4), pages 769-97, August.
  11. Alberto Carrasquilla & Hernán Rincón, 1990. "Relaciones entre déficit público y ahorro privado: Aproximaciones al caso colombiano," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 9(18), pages 75-98, December.
  12. Paul Hallwood & Ronald MacDonald, 2008. "International Money and Finance," Working papers 2008-02, University of Connecticut, Department of Economics.
  13. Leonardo Villar & Hernán Rincón, . "The Colombian Economy in the nineties: Capital Flows and Foreign Exchange Regimes," Borradores de Economia 149, Banco de la Republica de Colombia.
  14. Jose Antonio Ocampo Gaviria, 1988. "Una Nota Sobre La Relacion Entre El Financiamiento Externo, Ahorro E Inversion," Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 7(13), pages 87-96, Junio.
  15. Svensson, Lars E O & Razin, Assaf, 1983. "The Terms of Trade and the Current Account: The Harberger-Laursen-Metzler Effect," Journal of Political Economy, University of Chicago Press, vol. 91(1), pages 97-125, February.
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