Identifying Fiscal Policy Shocks in Chile and Colombia

Restrepo, Jorge; Rincón, Hernán

doi:10.2139/ssrn.2005164

Cited by 7 publications

(3 citation statements)

References 28 publications

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“…Our estimates of fiscal multipliers also generally correspond to similar estimates obtained for a number of economies in transition (Restrepo & Rincon, 2006).…”

Section: Yearsupporting

confidence: 85%

Institutional Matrices: Modeling Organizational Forms of Public-Private Partnerships for Public Goods' Quality Improvement

2022

QAS

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The work is devoted to the substantiation of methodological approaches to the structuring of basic forms of publicprivate partnership: quasi-market, hierarchical and hybrid ones. The choice of forms of partnership of the state and the private business is predetermined by the qualitative parameters of the effective organization of all the stages of infrastructure projects' implementation. It is about the investment component, high-quality management that makes it possible to comply with all stages of project implementation, maximizing utility for all stakeholders, reducing investment losses. Matrix modelling application of organizational forms of public-private partnership improves the quality of investment projects, varying transaction costs and options for property rights exchange. The toolkit of institutional matrices structuring the main forms of public-private partnership makes it possible to assess the elasticity of the economic effect to investment costs for PPP projects, which means achieving a qualitative parameter -the coincidence of partners' interests in transactions with public goods. For the purpose of expanding the practice of PPP in the national economy, the quality of project financing in the case of the implementation of socially significant capitalintensive projects is of priority importance.

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“…Our estimates of fiscal multipliers also generally correspond to similar estimates obtained for a number of economies in transition (Restrepo & Rincon, 2006).…”

Section: Yearsupporting

confidence: 85%

Institutional Matrices: Modeling Organizational Forms of Public-Private Partnerships for Public Goods' Quality Improvement

2022

QAS

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“…5 . In Colombia SVAR models used to estimate the effect of fiscal policy shocks on output have rendered results that range from negligible impacts (Restrepo and Rincón, 2006) to positive expenditure multipliers between 1.1 and 1.2 (Lozano and Rodríguez, 2011). However, these studies include a relatively long sub-period in which the exchange rate was not as flexible as after 1999 (crawling peg or target zone regimes).…”

Section: A Effects On the Sovereign Risk Premiummentioning

confidence: 99%

Macroeconomic effects of structural fiscal policy changes in Colombia

Lozano-Espitia¹,

González²

2012

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In the past decade the Colombian Economic Authorities undertook a series of measures that reduced the structural fiscal deficit, decreased the Government currency mismatch and deepened the local fixed-rate public bond market. This paper presents some evidence suggesting that these improvements had important effects on the behavior of the macroeconomy. They seem to have permanently reduced the sovereign risk premium, increased the reaction of output to Government expenditure shocks and strengthened the response of market interest rates to monetary policy shocks. for useful suggestions about some variables and indicators used in this paper.

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“…De todos modos, en cualquier caso se refuerza la hipótesis que indica efectos moderados del gasto para afectar la economía.1.4.3. Discusiones adicionales sobre el instrumento propuestoEn las estimaciones precedentes se utilizó el número de senadores y diputados per cápita de cada una de las provincias como instrumento de los cambios en el gasto público, en base a la literatura existente 63. Dada esa definición del instrumento, una preocupación relevante puede emerger sobre en qué medida el instrumento está (o no) traccionado por los cambios en la población 64.…”

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Política fiscal y actividad económica: el efecto multiplicador del gasto público en Argentina

Puig¹

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Esta tesis provee por primera vez para Argentina una estimación del multiplicador del gasto utilizando el método de variables instrumentales, para controlar el posible sesgo de simultaneidad entre política fiscal y actividad económica. Utiliza datos de panel para las 23 provincias argentinas entre los años 1964-2014 y la variación en la composición de las Cámaras del Congreso Nacional para explicar cambios exógenos en el gasto público. Los resultados que se desprenden de esta línea de investigación indican: i) La existencia de multiplicadores del gasto público total menores a la unidad; ii) La importancia de la composición del gasto por cuanto el gasto de capital tiene efectos mucho más expansivos que el gasto corriente; y iii) La necesidad de entender dónde el gasto de capital encuentra sus rendimientos más productivos, dado que los multiplicadores de este gasto son mayores donde la dotación inicial de capital público es menor.

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Identifying Fiscal Policy Shocks in Chile and Colombia

Cited by 7 publications

References 28 publications

Institutional Matrices: Modeling Organizational Forms of Public-Private Partnerships for Public Goods' Quality Improvement

Institutional Matrices: Modeling Organizational Forms of Public-Private Partnerships for Public Goods' Quality Improvement

Macroeconomic effects of structural fiscal policy changes in Colombia

Política fiscal y actividad económica: el efecto multiplicador del gasto público en Argentina

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