La política fiscal y la estabilización macroeconómica en Colombia

Abstract

This paper provides evidence of the most important macroeconomic aspects of fiscal policy in Colombia. First, we review the policy’s role in the short-term stabilization of the business cycle, and other stabilization issues, such as the macroeconomic effects of the uncertainty caused by continuous changes to the tax regimes, and the links between the fiscal and monetary policies. Second, we assess the sustainability of the public debt and the fiscal space available, which are both crucial to determine the government’s discretionary margin in the medium and long terms. This analysis will enrich the current debate on the country’s future macroeconomic policy. On the fiscal side, the policy should keep the double aim of maintaining the public debt sustainable and stabilizing the business cycle. Despite the structural fiscal rule adopted in 2011, there has been no significant progress on the latter.