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...

(Document Available in Spanish) Fiscal deficits on average only 1. 4% of GDP; debt coefficients on the decline; early debt repayments to the International Monetary Fund and massive repurchases of Brady bonds that 15 years ago were the last salvation for overly endebted governments. This doesn`t...

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...

Déficits fiscales que en promedio son apenas 1,4% del PIB, coeficientes de endeudamiento a la baja, cancelaciones anticipadas de las deudas con el Fondo Monetario Internacional y recompras masivas de los títulos Brady, que hace quince años fueron la última tabla de salvación para los...

Este estudio de la economía política del proceso presupuestal presenta el caso de Colombia. El documento brinda una descripción de los actores principales involucrados en el proceso presupuestario y de sus interacciones. Describe los principales determinantes políticos y económicos del...

Este trabajo presenta evidencia según la cual la crisis reciente del sector hipotecario en Colombia fue consecuencia del incremento en la relación entre el saldo de los créditos y el valor de las garantías (LTV o loan-to-value ratio) que aumentó la vulnerabilidad de los hogares al ciclo...

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...

This paper analyzes political economy determinants of exchange rate policy in Brazil over the past thirty years. Two complementary methodologies are used. The first consists of investigating the exchange rate policy historical context over this period. Thus, part of the paper is dedicated to an...

This paper analyzes econometrically how a country`s post-crisis debt ratio could be forecast, in the aftermath of a debt crisis, from the previous debt-to-GDP ratio. A critical parameter is simply the debt-to-PPP-GDP ratio, where PPP-GDP is, in current international dollars, the Summers-Heston...

The use of income distribution indicators in the economics literature has increased considerably in recent years. This work relies on household surveys from 18 LAC countries to take a step back from the use of these indicators, and explore what`s behind the numbers, and what information they...