dc.creator	López, Alejandro
dc.creator	Misas A., Martha
dc.creator	Oliveros, Hugo
dc.date.created	1996-09-18
dc.date.issued	1996-09-18
dc.identifier.uri	https://repositorio.banrep.gov.co/handle/20.500.12134/5073
dc.description.abstract	One of the principal issues of Colombian macroeconomic policy in the 1990s has been the deterioration of private savings (Figure 1). The decline in the private saving rate was usually related to consumers real expenditure, which grew by an average of 3.9% in the period 1991-1993, compared to 1.9% per annum during 1950-1990. The trade reform, the acceleration of the financial liberalization process, a reassessment of permanent income due to the oil bonanza and a sterilization policy that increased real interest rates, and caused expectations of real exchange rate appreciation, were seen as the main determinants of the high consumption growth experienced in this decade (see, among others, Urrutia an López (1994-1995), Echeverry (1996)). López (1996) and López et. Al (1996) pointed out new avenues of research. Looking closer to the Colombian National Accounts and correcting data inadequacies, they suggested that the behavior of private consumption was not the main factor behind the sharp drop in private savings in the 1990s. According to these studies, the consumption of durable goods after the trade reform could not be blamed for the decline in the private saving rate. In fact, the latter was falling since 1998 and, until 1993, the trade reform did not cause a stock adjustment of durable goods. Moreover, they argued that the private consumption boom of the 1990s did not happen , leaving without foundation most of the traditional explanations of the decline in private savings. In contrast to the prolonged and significant increases of private savings. In contrast to the prolonged and significant increases of private consumption observed in the contrast to the prolonged and significant increases of private consumption observed in the early 1960s and 1980s, this aggregate only increased 2% of GNP in 1992. The higher growth of consumption between 1991 and 1993 was matched by a similar increase on the rate of growth of labor per-capita income, wich rose 4.3% in 1991-1993 co
dc.format.mimetype	PDF
dc.language.iso	spa
dc.publisher	Banco de la República
dc.relation.ispartof	Documentos de Trabajo
dc.relation.ispartofseries	Borradores de Economía
dc.relation.isversionof	Borradores de Economía; No. 58
dc.rights.accessRights	Open Access
dc.rights.uri	https://creativecommons.org/licenses/by-nc-sa/4.0/
dc.title	Understanding consumption in Colombia
dc.type	Working Paper
dc.subject.jel	E21 - Consumption; Saving; Wealth
dc.subject.jel	C32 - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
dc.subject.keyword	Understanding
dc.subject.keyword	Colombia
dc.subject.lemb	Consumo (Economía) -- Colombia -- 1990-1999
dc.subject.lemb	Macroeconomía -- Colombia -- 1990-1999
dc.subject.lemb	Gastos públicos -- Colombia -- 1990-1999
dc.type.spa	Documentos de trabajo
dc.rights.spa	Acceso abierto
dc.rights.cc	Atribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0
dc.subject.jelspa	C32 - Modelos de series temporales; Regresiones cuantiles dinámicas; Modelos dinámicos de tratamiento; procesos de difusión; representación de espacios de estados
dc.subject.jelspa	E21 - Consumo; Ahorro; Riqueza
dc.type.hasversion	Published Version
dc.coverage.sucursal	Bogotá
dc.relation.doi	https://doi.org/10.32468/be.58
dc.rights.disclaimer	Las opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.
dc.relation.repec	https://ideas.repec.org/p/bdr/borrec/058.html
dc.relation.dotec	https://ideas.repec.org/p/col/000094/003734.html
dc.identifier.handle	https://hdl.handle.net/20.500.12134/5073
dc.source.handleRepec	RePEc:col:000094:003734
dc.source.handleRepec	RePEc:bdr:borrec:058

Understanding consumption in Colombia

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