Sostenibilidad de la deuda pública en Colombia[Public debt sustainability in Colombia]

'This article shows an analysis on Colombian public debt sustainability during 2012-2016. It is divided in two parts: the first one corresponding to this topic’s state of the art, which includes a number of definitions and key differences as well as the main elements of economic theory —being Blanchard’s (1990) sustainability criterion the main indicator—. Additionally, juridical dispositions that lead the management of public debt by the Estate are presented. In addition, it is shown that public’s debt path affects not just public finances, but inequality and the achievement of growing and development objectives in the country. The second part lays out the empirical evidence; it is focused on the discussion of macroeconomic and sociopolitical elements that have influenced the dynamics of public debt during this period. For that reason, a long-term simulation by the regulatory body is included. After that, it is proposed that debt sustainability requires more than the achievement of economic criteria —particularly Blanchard’s ones— a number of political decisions on tax and productive structure of the country that are related to the objectives of economic and development growing. Finally, a group of conclusions that allows to summarize the findings of the document as well as supporting the discussions of macroeconomic policy —which are needed for the responsible and sustainable management of public debt— are presented.'