This paper analyzes the determinants of savings in Colombia using the framework of an intertemporal model. National saving partially responds to temporary changes in output, according to the permanent income hypothesis. Higher government expenditures (in relation to their permanent level) are...

This study consists of two parts: I. ) Does Independence Matter? The Case of the Colombian Central Bank, andII. ) Does Independence Improve Performance? The Colombian Superintendency of Banks. Why has Colombia been a case of low output variability and moderate-to-high inflation? This paper...

The dynamic commons problem arises when different groups in society engage in intense redistributive activity as a result of an export boom. This paper analyzes the role that institutions play in ameliorating that problem in the case of coffee and oil in Colombia. The paper presents a model that...

The 1991 Colombian Constitution strengthened the checks and balances of the political system by enhancing the role of Congress and the Constitutional Court, while somewhat limiting the powers of the President (who nonetheless remains extremely powerful even by Latin American standards). As a...