Abstract

http://ssrn.com/abstract=1931091
 
 

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Macro Characterization of the Fiscal Policy in Colombia and Stance in Front of the Global Crisis (2008-2009)


Luis I. Lozano


Banco de la Republica

Cuadernos de Economía


affiliation not provided to SSRN

June 30, 2011

Cuadernos de Economía, Vol. 30, No. 54, p. 49, 2011

Abstract:     
This paper characterizes fiscal policy in Colombia and discusses the government’s stance against the global financial crisis of 2008-09. Using a policy rule, the paper finds that discretionary fiscal policy has been procyclical, has reduced its volatility in recent years, and has been consistent with the intertemporal budget constraint. The evidence also indicates that the fiscal authority did not design a countercyclical discretionary program to offset the effects of the crisis. Instead, it expected automatic stabilizers to operate in the economic recovery, to rebalance public finances.

Note: Downloadable document is in Spanish.

Number of Pages in PDF File: 34

Keywords: economic cycles, fiscal rule, fiscal policy, deficit, surplus, déficit forecasts, debt forecasts, Colombia

JEL Classification: E32, E62, H62, H68

Accepted Paper Series


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Date posted: September 21, 2011  

Suggested Citation

Lozano, Luis I. and Cuadernos de Economía, Macro Characterization of the Fiscal Policy in Colombia and Stance in Front of the Global Crisis (2008-2009) (June 30, 2011). Cuadernos de Economía, Vol. 30, No. 54, p. 49, 2011. Available at SSRN: http://ssrn.com/abstract=1931091

Contact Information

Luis I. Lozano
Banco de la Republica ( email )
Cra. 7 No. 14-78 Piso 12
Bogota
Colombia
Cuadernos de Economía (Contact Author)
affiliation not provided to SSRN
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