Services on Demand
Journal
Article
Indicators
- Cited by SciELO
- Access statistics
Related links
- Cited by Google
- Similars in SciELO
- Similars in Google
Share
Cuadernos de Economía
Print version ISSN 0121-4772On-line version ISSN 2248-4337
Abstract
LOZANO, Luis Ignacio. CARACTERIZACIÓN MACRO DE LA POLÍTICA FISCAL EN COLOMBIA Y POSTURA FRENTE A LA CRISIS GLOBAL (2008-2009). Cuad. Econ. [online]. 2011, vol.30, n.54, pp.49-82. ISSN 0121-4772.
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.
Keywords : economic cycles; fiscal rule; fiscal policy; deficit; surplus; deficit forecasts; debt forecasts; Colombia.