The Cyclical Position of The Fiscal Policy in Colombia During the Period 1990-2015

Luis Hernando Portillo Riascos ()
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Luis Hernando Portillo Riascos: Universidad de Nariño

Lecturas de Economía, 2021, issue 95, 45-83

Abstract: 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 (search for similar items in EconPapers)
JEL-codes: E62 H61 H69 O23 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:lde:journl:y:2021:i:95:p:45-83

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DOI: 10.17533/udea.le.n95a343360

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