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Tamano óptimo del gasto público colombiano: una aproximación desde la teoría del crecimiento endógeno

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  • Alvis, Camilo
  • Castrillón, Cristian

Abstract

Resumen: Este artículo tiene como propósito hacer una estimación econométrica del modelo de gasto público y crecimiento económico de Barro (1990). La estimación se realizó mediante el método generalizado de los momentos (GMM) para la economía colombiana durante el periodo de 1950-2007. Los resultados obtenidos sugieren que el tamano óptimo del sector público se sobrepasó empezando la década de los noventa. Además, se encontró que el tamano del gasto público que maximiza la tasa de crecimiento del PIB per cápita depende del grado relativo de aversión al riesgo. Incluso, se encontró que la elasticidad de sustitución intertemporal es muy baja para el periodo analizado. / Abstract : The purpose of this paper is to provide an estimation of Barro’s (1990) model of public expenditure and economic growth. The estimation was conducted using the generalized method of moments (GMM) for the Colombian economy during the period 1950–2007. The results suggest that the optimal size of the public sector was exceeded in the early nineties. Furthermore, we found that the size of government expenditures that maximizes the growth rate of GDP per capita depends on the degree of relative risk aversion. Even more, we found that the intertemporal elasticity of substitution is very low in the analyzed period.

Suggested Citation

  • Alvis, Camilo & Castrillón, Cristian, 2011. "Tamano óptimo del gasto público colombiano: una aproximación desde la teoría del crecimiento endógeno," Borradores Departamento de Economía 8986, Universidad de Antioquia, CIE.
    • Handle: RePEc:col:000196:008986
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    2. Estrada, Fernando & Trujillo, Marlyn Tatiana & Pardo, Diego, 2018. "Política Fiscal, Ingresos y Desigualdad en Colombia (1990-2015) [Fiscal Policy, Income And Inequality In Colombia (1990-2015)]," MPRA Paper 88748, University Library of Munich, Germany.
    3. Ligia Alba Melo-Becerra & Jorge Enrique Ramos-Forero, 2017. "El gasto público en Colombia: Algunos aspectos sobre su tamaño, evolución y estructura," Borradores de Economia 1003, Banco de la Republica de Colombia.

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    More about this item

    Keywords

    Crecimiento económico; Gasto público; Política fiscal; Método generalizado demomentos;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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