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Private Saving in Colombia

Author

Listed:
  • Juan Ricardo Ortega
  • Alejandro Lopez Mejia

Abstract

This paper studies the main determinants of the sharp decline in Colombia’s private saving rate which accompanied the steep deterioration of the country’s external current account deficit in the 1990s. The paper rejects current arguments pointing to a consumption boom and corporate behavior as the main causes of the decline. It concludes that: private consumption, explained mainly by permanent income, has only increased moderately in the 1990s; household behavior—not corporate behavior—determines private saving; and tax increases do not entirely explain the fall of private saving. Thus, reliance on external saving could be reduced by increasing public saving.

Suggested Citation

  • Juan Ricardo Ortega & Alejandro Lopez Mejia, 1998. "Private Saving in Colombia," IMF Working Papers 98/171, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:98/171
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    Cited by:

    1. Leonardo Villar & Hernán Rincón, 2000. "The Colombian Economy in the nineties: Capital Flows and Foreign Exchange Regimes," Borradores de Economia 149, Banco de la Republica de Colombia.
    2. Elkin Rave Gómez, 2013. "Dependencia entre ingresos y tasas de ahorro en profesionales del sur del valle de Aburrá," REVISTA ECOS DE ECONOMÍA, UNIVERSIDAD EAFIT, December.

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