Biblioteca Digital de VanguardiaCentral goverment deficit: Economic costs and central bank independence in Colombia since 1991
Since 1991, public finance of the Colombian Central Government reveals an explosive pattern in the burden in terms of GDP of interest payments of public debt, reaching levels over 4%. This behavior is deeply connected with a debt financing public policy based on issuing public debt in the private fi...
| Autores principales: | , |
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| Formato: | Revistas |
| Lenguaje: | Español |
| Publicado: |
Universidad de Cartagena
2011
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| Acceso en línea: | https://revistas.unicartagena.edu.co/index.php/panoramaeconomico/article/view/347 |
| _version_ | 1782340277788213248 |
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| author | Parada-Corrales, Jairo Albor-Cepeda, Cristina |
| author_facet | Parada-Corrales, Jairo Albor-Cepeda, Cristina |
| author_sort | Parada-Corrales, Jairo |
| collection | Revista |
| description | Since 1991, public finance of the Colombian Central Government reveals an explosive pattern in the burden in terms of GDP of interest payments of public debt, reaching levels over 4%. This behavior is deeply connected with a debt financing public policy based on issuing public debt in the private financial market subjected to oligopolistic rates determined by a small group of financial agents that are price makers. This work is oriented to establish the macroeconomic effects of the reorientation of public debt financing policy in Colombia since the Constitution of 1991 was implemented, developing a theoretical, institutional and empirical inquiry regarding the causes of the explosive growth of the domestic public debt observed, based on orthodox recommendations inspired on the Washington consensus and the so called new consensus in Macroeconomics. These assumptions privileged inflation targeting and the almost absolute impossibility of using primary emission as a less expensive central government deficit financing, which forced the government to lend in private financial markets with higher social and economic costs compared with the same variables in previous decades. |
| format | Revistas |
| id | oai:revistas.unicartagena.edu.co:article-347 |
| institution | Revista Panorama Económico |
| language | Español |
| publishDate | 2011 |
| publisher | Universidad de Cartagena |
| record_format | ojs |
| spelling | oai:revistas.unicartagena.edu.co:article-3472020-04-02T08:51:58Z Central goverment deficit: Economic costs and central bank independence in Colombia since 1991 La financiación del déficit del Gobierno Central: Sus costos económicos y la independencia del Banco Central en Colombia desde 1991 Parada-Corrales, Jairo Albor-Cepeda, Cristina Public finance fiscal policy public debt Colombia Finanzas Públicas Política Fiscal Déficit Fiscal Deuda Pública Colombia Since 1991, public finance of the Colombian Central Government reveals an explosive pattern in the burden in terms of GDP of interest payments of public debt, reaching levels over 4%. This behavior is deeply connected with a debt financing public policy based on issuing public debt in the private financial market subjected to oligopolistic rates determined by a small group of financial agents that are price makers. This work is oriented to establish the macroeconomic effects of the reorientation of public debt financing policy in Colombia since the Constitution of 1991 was implemented, developing a theoretical, institutional and empirical inquiry regarding the causes of the explosive growth of the domestic public debt observed, based on orthodox recommendations inspired on the Washington consensus and the so called new consensus in Macroeconomics. These assumptions privileged inflation targeting and the almost absolute impossibility of using primary emission as a less expensive central government deficit financing, which forced the government to lend in private financial markets with higher social and economic costs compared with the same variables in previous decades. Las finanzas del Gobierno Nacional Central de Colombia desde 1991 reflejan un patrón explosivo en el crecimiento de la carga de intereses de la deuda sobre el PIB, alcanzando niveles superiores al 4% Este comportamiento está estrechamente relacionado con la política de endeudamiento basada en las colocaciones de títulos de deuda en el mercado financiero a tasas oligopsónicas fijadas por el grupo de bancos compradores denominado Creadores de mercado. El presente trabajo va dirigido a establecer los efectos macroeconómicos de la reorientación de la política financiera de los déficits del gobierno central colombianos desde 1991, indagando a nivel teórico, institucional y empírico en las causas del crecimiento explosivo de la deuda pública interna observado desde que la Constitución de 1991, inspirada en los preceptos ortodoxos del Consenso de Washington y del Nuevo Consenso en Macroeconomía. Dichos preceptos privilegiaron la inflación objetivo y la imposibilidad de la emisión monetaria como una alternativa más económica para el financiamiento del gobierno central, lo cual obligó al Gobierno a acudir a recursos en el mercado financiero interno a costos económicos y sociales superiores a los incurridos en décadas precedentes. Universidad de Cartagena 2011-01-01 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion application/pdf https://revistas.unicartagena.edu.co/index.php/panoramaeconomico/article/view/347 10.32997/2463-0470-vol.19-num.19-2011-347 Panorama Económico Journal; Vol. 19 (2011); 13-52 Panorama Económico; Vol. 19 (2011); 13-52 Panorama Económico; v. 19 (2011); 13-52 2463-0470 0122-8900 10.32997/2463-0470-vol.19-num.19-2011 spa https://revistas.unicartagena.edu.co/index.php/panoramaeconomico/article/view/347/300 /*ref*/Cordero, J. Keynesian Macroeconomics With The LM Relationship. San José de Costa Rica : s.n., 2008. /*ref*/Keynes, John Maynard. Proposal for an international currency union, letter to M. Norman 19 Dec 1941. London : Macmillanforthe Royal Economics Society, 1980, Activities 1940-1944. Shaping the Post-War World: The Clearing Union, Vol. XXV. /*ref*/Tily, Geoff. Keynes’s theory of liquidity preference and his debt management and monetary policies. 5, Cambridge : Academic Press, 2006, Cambridge journal Economics, págs. 657-670. 0309-166X. /*ref*/Sicsú, João. Políticas não-monetárias de controle da inflação: uma proposta pós-keynesiana. 39, Revista Análise Econômica, Vol. 21. /*ref*/Keynes, John Maynard. Proposal for an international currency union. London: Macmillanforthe Royal Economics Society, 1980, Vol. XXV, págs. 98-100. /*ref*/Sicsú, Joâo. Uma critica a tese da independência do Banco Central. Rio de Janeiro: Universidade Federal Do Rio de Janeiro. /*ref*/Ramos, Jorge y Rodríguez, Norberto. Déficit fiscal y tasas de interés en Colombia. 19, Bogotá: Banco de la República, 1995, Serie Borradores Semanales de Economía. /*ref*/Hermann, Jennifer. A macroeconomia da divida pública: Notas sobre o debate teórico e a experiência bradileira recente. Río de Janeiro: Universidade Federal de Rio de Janeiro. /*ref*/Cabrera, Mauricio y González, Jorge. La disyuntiva no es pagar o sesar la deuda, es pagarla a sobreprecio o a un precio justo. 3, Bogotá: Universidad Externado de Colombia, 2000, Revista Economía Institucional, Vol. 2. 0124-5996. /*ref*/El Tiempo. Incertidumbre por baja en el costo del crédito. El Tiempo. 23 de Febrero de 1994. /*ref*/—. La cuadratura del círculo. Diario El Tiempo. 1994. /*ref*/—. Las tasas de interés no bajaran para todos. Diario El Tiempo. 1995. /*ref*/División Técnica de Corredores Asiciados. Descoordinación de políticas fiscales y monetarias. El Tiempo. 15 de Octubre de 1996. /*ref*/Castiblanco, Luis Arley. La deuda publica interna y el manejo de los TES. 288, Bogotá: Contraloría General de la República, 2002, Economía Colombiana. 0120-4998. /*ref*/Hernández, Antonio. Situación de la deuda pública en Colombia - 2004. s.l.: Contraloría General de la República - Informe anual de deuda pública, 2004. /*ref*/Contraloría General de la República - Colombia. www.lib.utexas.edu. www.lib.utexas.edu. [En línea] Junio de 2006. [Citado el: 10 de Agosto de 2011.] http://www.lib.utexas.edu/benson/lagovdocs/colombia/federal/contraloria/Informe%20situacion%20de%20la%20deuda%20 2005.pdf. Derechos de autor 2011 Panorama Económico |
| spellingShingle | Parada-Corrales, Jairo Albor-Cepeda, Cristina Central goverment deficit: Economic costs and central bank independence in Colombia since 1991 |
| title | Central goverment deficit: Economic costs and central bank independence in Colombia since 1991 |
| title_full | Central goverment deficit: Economic costs and central bank independence in Colombia since 1991 |
| title_fullStr | Central goverment deficit: Economic costs and central bank independence in Colombia since 1991 |
| title_full_unstemmed | Central goverment deficit: Economic costs and central bank independence in Colombia since 1991 |
| title_short | Central goverment deficit: Economic costs and central bank independence in Colombia since 1991 |
| title_sort | central goverment deficit: economic costs and central bank independence in colombia since 1991 |
| url | https://revistas.unicartagena.edu.co/index.php/panoramaeconomico/article/view/347 |