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Algunos hechos característicos de las finanzas públicas en Colombia desde la primera misión Kemmerer (1923)


  • Mauricio Avella Gómez


This paper surveys some facts relevant for the understanding of the Colombian experience with public finance and debt since 1923. The stylized facts are classified in three groups as follows: first, facts associated with the dependence of the economy on the external sector; second, facts which reveal empirical regularities in the evolution of the fiscal sector; and third, facts which illustrate the close association between the development of the financial sector and the cycles of external and internal debt. Historical macroeconomic time series are used to illustrate episodes and empirical regularities. The presence of major events (external shocks, institutional changes) generates permanent effects on the path of those series, and produces shifts in the intercept and / or slope of their corresponding trend functions. Recent empirical methods are applied for the dating of those breaks.

Suggested Citation

  • Mauricio Avella Gómez, 2007. "Algunos hechos característicos de las finanzas públicas en Colombia desde la primera misión Kemmerer (1923)," Borradores de Economia 469, Banco de la Republica de Colombia.
  • Handle: RePEc:bdr:borrec:469
    DOI: 10.32468/be.469

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    More about this item


    public debt trends; intertemporal government budget constraint; multiple structural brakes.;
    All these keywords.

    JEL classification:

    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • N46 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Latin America; Caribbean
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes


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