The purpose of this study is twofold: First, it provides an empirical characterization of fiscal policy in Colombia over the last decades, by assessing the three most relevant macroeconomic factors: the behavior of fiscal policy over the business cycle; whether it has been coherent with the...

En este documento se caracteriza la política fiscal en Colombia a partir de la valoración de los tres aspectos más relevantes desde la perspectiva macroeconómica: su posición frente al ciclo, su volatilidad y la sostenibilidad de la deuda. Los resultados encontrados se comparan a nivel...

Fiscal rules enhance the credibility of economic policy, allow countercyclical and sustainable fiscal policies, and contribute to macroeconomic stability and economic growth. The Colombian government has used fiscal rules to limit the growth of expenditure and the indebtedness of sub-national...

This paper reviews the close relationship between business cycle and public fi nances in Colombia. The international evidence shows that cyclical move-ments in output systematically affect the balance of public fi nances. Therefore, the assessment of cy-clical and structural components of the...

The focus of this paper is on the short-term macroeconomic effects of fiscal policy in Colombia in a structural vector autoregression context. Government spending shocks are found to have positive and significant effects on output, private consumption, employment, prices and short-term interest...

En Colombia, las tarifas de la energía eléctrica son reguladas por el Estado. En la provisión del servicio participan cuatro negocios independientes (generación, transmisión, distribución y comercialización), cuyas empresas enfrentan distintas condiciones de mercado. Las tarifas se fijan...

This paper shows that the Colombian sovereign risk (EMBI?Colombia) is mainly determined by international investors’ risk appetite, whose response is non?linear and depends on the government fiscal stance. It is also shown that the relationship between these variables experienced an important...