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Macroeconomic Effects of Structural Fiscal Policy Changes in Colombia

  • Hernando Vargas

    ()

  • Andrés González

    ()

  • Ignacio Lozano

    ()

In the past decade the Colombian Economic Authorities undertook a series of measures that reduced the structural fiscal deficit, decreased the Government currency mismatch and deepened the local fixed-rate public bond market. This paper presents some evidence suggesting that these improvements had important effects on the behavior of the macroeconomy. They seem to have permanently reduced the sovereign risk premium, increased the reaction of output to Government expenditure shocks and strengthened the response of market interest rates to monetary policy shocks.

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Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 009314.

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Length: 44
Date of creation: 08 Feb 2012
Date of revision:
Handle: RePEc:col:000094:009314
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  1. Roberto Perotti, 2007. "In Search of the Transmission Mechanism of Fiscal Policy," NBER Working Papers 13143, National Bureau of Economic Research, Inc.
  2. Ignacio Lozano & Karen Rodríguez, 2011. "Assessing the macroeconomic effects of fiscal policy in Colombia," Journal of Financial Economic Policy, Emerald Group Publishing, vol. 3(3), pages 206-228, August.
  3. Carlo A. Favero & Francesco Giavazzi, 2004. "Inflation Targeting and Debt: Lessons from Brazil," NBER Working Papers 10390, National Bureau of Economic Research, Inc.
  4. Franz Alonso Hamann Salcedo & Luis Ignacio Lozano Espitia & Luis -Fernando Mejía, 2011. "Sobre el impacto macroeconómico de los beneficios tributarios al capital," BORRADORES DE ECONOMIA 008952, BANCO DE LA REPÚBLICA.
  5. Andrés Gonzalez & Franz Hamann, 2011. "Lack of Credibility, Inflation Persistence and Disinflation in Colombia," REVISTA DESARROLLO Y SOCIEDAD, UNIVERSIDAD DE LOS ANDES-CEDE.
  6. Ethan Ilzetzki & Carlos A. Vegh, 2008. "Procyclical Fiscal Policy in Developing Countries: Truth or Fiction?," NBER Working Papers 14191, National Bureau of Economic Research, Inc.
  7. Hernando Vargas Herrera & Franz Hamann & Andrés González, 2010. "Efectos de la política monetaria sobre las tasas de interés de los créditos hipotecarios en Colombia," BORRADORES DE ECONOMIA 006858, BANCO DE LA REPÚBLICA.
  8. Caldara, Dario & Kamps, Christophe, 2008. "What are the effects of fiscal policy shocks? A VAR-based comparative analysis," Working Paper Series 0877, European Central Bank.
  9. Juan Manuel Julio & Ignacio Lozano & Ligia Alba Melo, 2012. "Quiebre estructural de la relación entre la política fiscal y el riesgo soberano en las economías emergentes: el caso colombiano," Borradores de Economia 693, Banco de la Republica de Colombia.
  10. Arturo José Galindo & Marc Hofstetter, 2008. "Mortgage Interest Rates, Country Risk and Maturity Matching in Colombia," DOCUMENTOS CEDE 004544, UNIVERSIDAD DE LOS ANDES-CEDE.
  11. Carolina Mejía Mantilla & Mauricio Cárdenas & Mauricio Olivera, 2006. "La economía política del proceso presupuestal en Colombia," WORKING PAPERS SERIES. DOCUMENTOS DE TRABAJO 002988, FEDESARROLLO.
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