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Balance-of-Payments Constraints in Colombia: Effects of International Openness and Trade with Asia


  • Pavel Vidal Alejandro
  • Jose Tomas Pelaez Soto
  • Mauricio de Miranda Parrondo

    () (Faculty of Economics and Management, Pontificia Universidad Javeriana Cali)


Based on the estimation of the balance-of-payments constrained growth (BPCG) model, this article evaluates the impact of international openness and the trade with Asia on Colombia’s GDP growth. The model provides evidence in favor of the policies of trade liberalization in the 1990s, as well as highlighting the raise of a set of vulnerabilities. With regard to Asia, the dependence of Colombia’s GDP has increased but still continues to be below the contribution of the exports to the USA.

Suggested Citation

  • Pavel Vidal Alejandro & Jose Tomas Pelaez Soto & Mauricio de Miranda Parrondo, 2015. "Balance-of-Payments Constraints in Colombia: Effects of International Openness and Trade with Asia," Working Papers 5, Faculty of Economics and Management, Pontificia Universidad Javeriana Cali.
  • Handle: RePEc:ddt:wpaper:5

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    File Function: First version, 2015
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    More about this item


    economic growth; balance-of-payments constraints; Colombia; Asia;

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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