Colombia Facing Globalization
Posted: 19 Jan 2001
Colombia has been a showcase in the Latin American economic integration process after adopting fashionable theoretical models. Several policy instruments adopted have proclaimed that a definitive link emerging from open trading activities will ensure prolonged stages of growth. Empirical approaches to trade, and other models adopted by different governments were supported by solid economic considerations. However, results merit deeper interpretations due to complex Colombian regional economy built up. At the present moment, the country faces new challenges inspired in the assumptions embodied in the theorems of globalization. Institutional changes will be adopted and followed by different governments to face trading blocs? emergence in the Hemisphere and certainly open economy. The paper reviews old and new models including convergence approach that proclaims sustained growth on the face of opening the economy to trade and investment. Some evidence sheds light on various degrees of convergent growth among Colombian Regions. Finally, few words are devoted to show that hemispheric integration process could be a viable solution for sustained growth if larger investment currents including venture capital come in adequate scale to Colombia.
JEL Classification: O00
Suggested Citation: Suggested Citation