Colombian Economic Growth, Investment and Saving: From 1954 to 2019 and Beyond
This paper presents an interpretation of post-1953 Colombian economic growth and a discussion on future outcomes. The interpretation takes the form of a data playback guided by the decentralized equilibrium version of the Cass-KoopmansRamsey model. The role of technical change as a driver of GDP gro...
- Autores:
-
Posada, Carlos Esteban
- Tipo de recurso:
- Fecha de publicación:
- 2019
- Institución:
- Universidad EAFIT
- Repositorio:
- Repositorio EAFIT
- Idioma:
- eng
- OAI Identifier:
- oai:repository.eafit.edu.co:10784/13762
- Acceso en línea:
- http://repository.eafit.edu.co/handle/10784/13762
- Palabra clave:
- Colombian Economic Growth
Cass-Koopmans-Ramsey Model
Small Open Economy
Technical Change
Interest Rate
Investment
Households Savings
- Rights
- License
- Acceso abierto
| Summary: | This paper presents an interpretation of post-1953 Colombian economic growth and a discussion on future outcomes. The interpretation takes the form of a data playback guided by the decentralized equilibrium version of the Cass-KoopmansRamsey model. The role of technical change as a driver of GDP growth,household income and average wage is highlighted. The model leads to an unusual conclusion when it is applied to a small open economy like the Colombian one: the higher the rate of expected technical change, the higher the firms ´s investment rate and the lower the households’ savings rate, remaining constant other things. |
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