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Lessons from Colombian Economic Development

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  • Juan Carlos Echeverry

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Abstract

Colombia is an interesting case study within emerging countries. Through 150 years of democratic tradition and seven decades of sound fiscal and monetary policies, the country has displayed institutional strength and economic growth, in spite of strong external shocks, rent- seeking by sectoral business confederations, and, recently, narco-traffickers and guerrillas. Reforms made during the nineties, just as in other Latin American nations, did not result in the expected take-off in growth. In Colombia, the reason lies partly in the consequences of discovering considerable oil reserves, the escalation of the internal conflict, the fiscal consequences of the 1991 Constitution and huge fiscal commitments related to pensions and social expenditure. In the current decade Colombia has made vast progress in invigorating the sources of economic growth, improving welfare of the poorest strata of population and reinstating the rule of law across the country. The current international crisis poses a considerable challenge in terms of growth and threatens social advancement achieved so far.

Suggested Citation

  • Juan Carlos Echeverry, 2009. "Lessons from Colombian Economic Development," DOCUMENTOS CEDE 005541, UNIVERSIDAD DE LOS ANDES-CEDE.
  • Handle: RePEc:col:000089:005541
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    File URL: http://economia.uniandes.edu.co/publicaciones/dcede2009-13.pdf
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    References listed on IDEAS

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    1. Juán Carlos Echeverry & Zeinab Partow, 1998. "Why Justice is unresponsive to crime: The Case of Cocaine in Colombia," Borradores de Economia 087, Banco de la Republica de Colombia.
    2. Dani Rodrik & Arvind Subramanian & Francesco Trebbi, 2004. "Institutions Rule: The Primacy of Institutions Over Geography and Integration in Economic Development," Journal of Economic Growth, Springer, vol. 9(2), pages 131-165, June.
    3. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June.
    4. Daron Acemoglu & Simon Johnson & James A. Robinson, 2002. "Reversal of Fortune: Geography and Institutions in the Making of the Modern World Income Distribution," The Quarterly Journal of Economics, Oxford University Press, vol. 117(4), pages 1231-1294.
    5. Xavier Sala-i-Martin, 2002. "The World Distribution of Income (estimated from Individual Country Distributions)," NBER Working Papers 8933, National Bureau of Economic Research, Inc.
    6. Juan Carlos Echeverry, 2004. "Colombia And The War On Drugs, How Short Is The Short Run?," DOCUMENTOS CEDE 002133, UNIVERSIDAD DE LOS ANDES-CEDE.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Government; fiscal policies; national security and war; national budget; economic development; institutions and growth;

    JEL classification:

    • H1 - Public Economics - - Structure and Scope of Government
    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
    • H56 - Public Economics - - National Government Expenditures and Related Policies - - - National Security and War
    • H6 - Public Economics - - National Budget, Deficit, and Debt
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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