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Dominancia Fiscal versus Dominancia Monetaria: Evidencia para Colombia, 1990-2007

  • Ignacio Lozano


  • Magaly Herrera


Bajo un régimen No-Ricardiano o de dominancia fiscal, el banco central pierdeautonomía en el control de la inflación, especialmente en circunstancias deinsostenibilidad de las finanzas públicas. En este trabajo se evalúa la presencia de unrégimen de esta naturaleza en la economía Colombiana, para el período 1990 a 2007,mediante el uso de un modelo de vectores autorregresivos que toma como fundamentoteórico la restricción presupuestaria intertemporal del gobierno consolidado. Losresultados no permiten validar la existencia de este tipo de régimen. Se concluye, porconsiguiente, que el régimen Ricardiano, o de dominancia monetaria, es el másapropiado para explicar la relación entre la política fiscal y la política monetaria duranteestos años.

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Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 004513.

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Length: 35
Date of creation: 31 Jan 2008
Date of revision:
Handle: RePEc:col:000094:004513
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