IDEAS home Printed from https://ideas.repec.org/p/wpa/wuwpma/0502003.html

Costo de Uso del Capital en Colombia:1997 -2003

Author

Listed:
  • Leonardo Rhenals Rojas

    (Departamento Nacional de Planeación)

Abstract

El documento analiza la evolución del costo de uso del capital en el periodo 1997 –2003 en Colombia. A diferencia de los trabajos anteriores se construye una serie del costo de uso del capital a partir de la información suministrada por las empresas a la Superintendencia de Sociedades, lo cual evita los errores generados por la utilización de variables macroeconómicas agregadas. Durante los últimos siete años las tasas de interés y la inflación se han reducido drásticamente luego de la crisis de finales de los noventa, lo cual ha repercutido sobre el costo de uso del capital en Colombia. Por otra parte, las tasas impositivas han permanecido relativamente constantes, a pesar de las numerosas reformas tributarias las cuales han estado más orientadas a aumentar la base gravable. Estos dos factores afectan las decisiones de inversión y financiamiento por parte de las empresas lo cual se ve reflejado en el crecimiento económico de mediano y largo plazo. Durante el periodo de estudio el costo de uso se ha reducido en poco más de un tercio desde su nivel en 1997, sin embargo en términos reales sigue siendo alto. Medidas adoptadas recientemente para estimular la inversión vía descuento de inversiones en activos productivos tendrían un impacto limitado sobre el costo de uso del capital con respecto a medidas de política monetaria tendientes a reducir las tasas de interés y la inflación.

Suggested Citation

  • Leonardo Rhenals Rojas, 2005. "Costo de Uso del Capital en Colombia:1997 -2003," Macroeconomics 0502003, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpma:0502003
    Note: Type of Document - pdf; pages: 44. Más información sobre economía colombiana en http://www.dnp.gov.co/03_PROD/PUBLIC/2P_EE.ASP
    as

    Download full text from publisher

    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/mac/papers/0502/0502003.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Auerbach, Alan J, 1983. "Taxation, Corporate Financial Policy and the Cost of Capital," Journal of Economic Literature, American Economic Association, vol. 21(3), pages 905-940, September.
    2. Mauricio Cárdenas & Catalina Guti�rrez, 1996. "Impacto de las reformas estructurales sobre la eficiencia y la equidad: la experiencia colombiana en los noventa," Coyuntura Económica, Fedesarrollo.
    3. Auerbach, Alan, 1990. "The cost of capital and investment in developing countries," Policy Research Working Paper Series 410, The World Bank.
    4. Auerbach, Alan J., 1984. "Taxes, firm financial policy and the cost of capital: An empirical analysis," Journal of Public Economics, Elsevier, vol. 23(1-2), pages 27-57.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. José Mauricio Gil León & Andrea Yaelt Lemus Vergara, 2012. "Efectos de la apertura comercial sobre la producción manufacturera en Colombia: una aproximación cuantitativa (1975-2007)," Apuntes del Cenes, Universidad Pedagógica y Tecnológica de Colombia.
    2. Maria Otilia Orozco, 2005. "Colombia's Higher Education Quality Control System and Potential for Further Development," Archivos de Economía 2139, Departamento Nacional de Planeación.
    3. Enrique PINZON GARCIA & Oscar M. VALENCIA ARANA, 2006. "The Determinants of Colombian Firm´s Debt-Asset Ratio (1997-2003)," Archivos de Economía 3582, Departamento Nacional de Planeación.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Nadeau, Serge J., 1988. "A Model to Measure the Effects of Taxes on the Real and Financial Decisions of the Firm," National Tax Journal, National Tax Association;National Tax Journal, vol. 41(4), pages 467-481, December.
    2. R. Glenn Hubbard & Peter C. Reiss, 1989. "Corporate Payouts and the Tax Price of Corporate Retentions: Evidence from the Undistributed Profits Tax of 1936-1938," NBER Working Papers 3111, National Bureau of Economic Research, Inc.
    3. Steven M. Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1988. "Financing Constraints and Corporate Investment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(1), pages 141-206.
    4. Zahir Shah & Qazi Masood Ahmed, 2002. "Measurement of Cost of Capital for Foreign Direct Investment in Pakistan: A Neoclassical Approach," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 41(4), pages 807-823.
    5. Nadeau, Serge J., 1988. "A Model to Measure the Effects of Taxes on the Real and Financial Decisions of the Firm," National Tax Journal, National Tax Association, vol. 41(4), pages 467-81, December.
    6. Hovick Shahnazarian, 2009. "Does Tax Debt Capacity Matttter?," Finnish Economic Papers, Finnish Economic Association, vol. 22(1), pages 21-30, Spring.
    7. Dee, Philippa, 1989. "Fh-Orani: A Fiscal Orani With Horridge Extension," Impact Project Archive 295207, Impact Research Centre, University of Melbourne.
    8. John S. Strong & John R. Meyer, 1990. "Sustaining Investment, Discretionary Investment, and Valuation: A Residual Funds Study of the Paper Industry," NBER Chapters, in: Asymmetric Information, Corporate Finance, and Investment, pages 127-148, National Bureau of Economic Research, Inc.
    9. Keuschnigg, Christian & Ribi, Evelyn, 2010. "Profit Taxation, Innovation and the Financing of Heterogeneous Firms," CEPR Discussion Papers 7626, Centre for Economic Policy Research.
    10. Bronwyn Hall, 2004. "The financing of research and development," Chapters, in: Anthony Bartzokas & Sunil Mani (ed.), Financial Systems, Corporate Investment in Innovation, and Venture Capital, chapter 2, Edward Elgar Publishing.
    11. Konrad, Kai A., 1989. "Kapitaleinkommensteuern und beschleunigte Abschreibungen bei Unsicherheit," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 47(3), pages 404-427.
    12. Jean-Bernard Chatelain, 2002. "Structural modelling of investment and financial constraints: Where do we stand?," Working Paper Research 28, National Bank of Belgium.
    13. Hang T.T. Nguyen, 2026. "The Productivity Paradox of Corporate Taxation: A Nonlinear Tale of Growth and Constraints," FEMM Working Papers 26006, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management.
    14. Sebastian Eichfelder & Kerstin Schneider, 2014. "Tax Incentives and Business Investment: Evidence from German Bonus Depreciation," CESifo Working Paper Series 4805, CESifo.
    15. Schaller, Huntley, 2006. "Estimating the long-run user cost elasticity," Journal of Monetary Economics, Elsevier, vol. 53(4), pages 725-736, May.
    16. Jean-Bernard Chatelain & Andrea Generale & Ignacio Hernando & Philip Vermeulen & Ulf von Kalckreuth, 2003. "New Findings on Firm Investment and Monetary Policy Transmission in the Euro Area," Post-Print halshs-00119490, HAL.
    17. Jean-Bernard Chatelain, 2003. "Structural modelling of financial constraints on investment: where do we stand?," Chapters, in: Paul Butzen & Catherine Fuss (ed.), Firms’ Investment and Finance Decisions, chapter 2, pages 40-58, Edward Elgar Publishing.
    18. Osmundsen, P. & Hagen, K. P. & Schjelderup, G., 1998. "Internationally mobile firms and tax policy1," Journal of International Economics, Elsevier, vol. 45(1), pages 97-113, June.
    19. Kaoru Hosono & Masaki Hotei & Daisuke Miyakawa, 2023. "Causal effects of a tax incentive on SME capital investment," Small Business Economics, Springer, vol. 61(2), pages 539-557, August.
    20. Hall, Bronwyn H. & Lerner, Josh, 2010. "The Financing of R&D and Innovation," Handbook of the Economics of Innovation, in: Bronwyn H. Hall & Nathan Rosenberg (ed.), Handbook of the Economics of Innovation, edition 1, volume 1, chapter 0, pages 609-639, Elsevier.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • L0 - Industrial Organization - - General

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wpa:wuwpma:0502003. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: EconWPA The email address of this maintainer does not seem to be valid anymore. Please ask EconWPA to update the entry or send us the correct address (email available below). General contact details of provider: https://econwpa.ub.uni-muenchen.de .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.