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Incidencia de las reglas fiscales en la sostenibilidad de la deuda pública territorial en Colombia

Author

Listed:
  • Raúl Alberto Chamorro Narváez
  • Andrés Felipe Urrea Bermúdez

Abstract

Este documento aporta evidencia empírica acerca de la incidencia de las reglas fiscales en la sostenibilidad de la deuda pública territorial en Colombia. Mediante la metodología de datos panel, se encontró que el cumplimiento de la Ley 358 de 1997, la dependencia fiscal y la actividad económica influyen de manera positiva en la sostenibilidad de la deuda de las entidades territoriales, medida a través de su capacidad de pago. Entre tanto, el esfuerzo fiscal y los pasivos contingentes inciden de manera negativa. Finalmente, características como la rendición de cuentas, calidad en ejecución de políticas y ciclo político presupuestal, tienen un impacto significativo en la capacidad de pago de la deuda de las entidades territoriales. ***** This paper shows empirical evidence about the effects of fiscal rules on regional public debt sustainability in Colombia. By using panel data methodology, we found that Law 358 of 1997, fiscal dependency and economic activity, all have a positive effect on regional debt sustainability. Meanwhile, fiscal effort and contingent liabilities, impact it negatively. Finally, features such as accountability, quality of implementation of public policies and political budget cycle, all have a significant effect on the capacity to pay sub-national debt.

Suggested Citation

  • Raúl Alberto Chamorro Narváez & Andrés Felipe Urrea Bermúdez, 2016. "Incidencia de las reglas fiscales en la sostenibilidad de la deuda pública territorial en Colombia," Revista Cuadernos de Economia, Universidad Nacional de Colombia, FCE, CID, vol. 35(Especial ), pages 207-251, January.
    • Handle: RePEc:col:000093:013979
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    File URL: http://www.fce.unal.edu.co/media/files/documentos/Cuadernos/67/finales/v35n67a08.pdf
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    References listed on IDEAS

    as
    1. Christopher F Baum, 2006. "An Introduction to Modern Econometrics using Stata," Stata Press books, StataCorp LP, number imeus, March.
    2. Braun, Miguel & Gadano, Nicolás, 2007. "¿Para qué sirven las reglas fiscales?: un análisis crítico de la experiencia argentina," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    3. Sergio Clavijo, 2002. "Deuda Pública Cierta Y Contingente: El Caso De Colombia," Borradores de Economia 2341, Banco de la Republica.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. María Angélica Arbeláez & Miguel Benítez & Roberto Steiner & Oscar Valencia, 2021. "A fiscal rule to achieve debt sustainability in Colombia," Coyuntura Económica, Fedesarrollo, vol. 51, pages 13-35, December.
    2. Andrés Camilo Santos Ospina & Mario García Molina & Liliana Chicaíza Becerra, 2016. "¿Crisis financiera o de gestión? Evolución del sector salud desde la perspectiva de los entes territoriales," Apuntes del Cenes, Universidad Pedagógica y Tecnológica de Colombia, vol. 35(61), pages 177-206, January.
    3. Juan Pablo Jiménez & Leonardo Letelier & Ignacio Ruelas & Jaime Bonet-Morón, 2021. "Reglas fiscales subnacionales: Revisión empírica, experiencias internacionales y sus desafíos en la nueva institucionalidad fiscal post COVID," Documentos de trabajo sobre Economía Regional y Urbana 300, Banco de la Republica de Colombia.
    4. Jorge Barrientos-Marín & Juan Felipe Quintero-Vanegas & Manuela Mendoza-Jaramillo, 2020. "On the determinants of fiscal sustainability of municipalities in Colombia. The case of Antioquia, 2008-2017," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 92, pages 173-200, Enero-Jun.
    5. Raúl-Alberto Chamorro-Narváez & Andrés-Camilo Santos-Ospina & Andrés-Felipe Urrea-Bermúdez, 2020. "Política fiscal subnacional y ciclos económicos regionales: análisis para el caso de los departamentos en Colombia, 2000-2016," Ensayos de Economía 19136, Universidad Nacional de Colombia Sede Medellín.
    6. del Castillo, Ernesto & Cabral, René, 2024. "Subnational public debt sustainability in Mexico: Is the new fiscal rule working?," European Journal of Political Economy, Elsevier, vol. 82(C).

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    More about this item

    Keywords

    reglas fiscales; sostenibilidad; deuda pública; entidades territoriales; pasivos contingentes;
    All these keywords.

    JEL classification:

    • H70 - Public Economics - - State and Local Government; Intergovernmental Relations - - - General
    • H71 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Taxation, Subsidies, and Revenue
    • H72 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Budget and Expenditures
    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing

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