International shocks and the Colombian economy: A Global VAR Approach

Carlos Andrés BALLESTEROS Ruiz () and Javier Rojas

No 13012, Archivos de Economía from Departamento Nacional de Planeación

Abstract: The influence of the international business cycle has grown larger during the past two decades, forcing worldwide policymakers to include the state of the world economy in their decision-making process. Colombia is far from being an exception, thus requires accurate measurements of the effects that some foreseeable shifts in the international dynamics could have over the local economic variables. This document attempts to provide such measurements trough the use of a Global VAR. It is found that the Colombian economy has grown more sensible to the international business cycle due to its increasing openness and its deepening association with the economies driving world growth.

Keywords: International Business Cycles; Global VAR; Time Series; Colombia (search for similar items in EconPapers)
Pages: 23
Date: 2015-06-04
New Economics Papers: this item is included in nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:col:000118:013012

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