The shock-absorber role of the internal public debt in Colombia, 1923-2003

Borradores de Economia
Number: 
342
Published: 
Classification JEL: 
H62, H63, N16
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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The hypothesis that the internal public debt has played the role of shock absorber in Colombia since 1923 is modelled. 1923 was an important landmark in the history of Fiscal and monetary reforms in Colombia during the twentieth century. The econometric r