Abstract

PORTILLO RIASCOS, Luis Hernando. The Cyclical Position of The Fiscal Policy in Colombia During the Period 1990-2015. Lect. Econ. [online]. 2021, n.95, pp.45-83.  Epub Sep 29, 2021. ISSN 0120-2596.  https://doi.org/10.17533/udea.le.n95a343360.

This article seeks to determine the cyclical position of fiscal policy in Colombia during the period 1990-2015. For this purpose, three variables are used: government spending, cyclically adjusted fiscal deficit, and public debt. As a result of this exercise, it is concluded that fiscal policy in Colombia showed a procyclical and asymmetric position, which means that this economic policy tool acted as a destabilizing mechanism for aggregate demand and thus contributed to amplifying the effects generated by the external cycles. By components of expenditure, the variable with a much more marked bias due to the economic cycle was public investment.

Keywords : fiscal policy; macroeconomic vulnerability; public spending; cyclical position.

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