Las tarjetas de crédito en Colombia: evolución e impacto sobre el consumo y el recaudo tributario

Abstract

"This paper addresses the evolution of electronic payments (credit and debit cards) in Colombia and evaluates the role that they have played in the economy, particularly in the household consumption performance. For the period 1988-2003 we find evidence that the Permanent Income Hypothesis with rational expectations has not been observed, hence suggesting that private consumption changes both with the current income level and the credit access expectations. The financial liberalization process of the nineties, which led to an increase in the consumption credit and especially the credits offered though credit cards allowed a greater access to those resources and reduced liquidity constraints. In addition to the positive impact on consumption and growth, the deepness of the plastic payment system has a large positive impact in fiscal accounts enabling higher tax collection, due to the information that is produced regarding the details of the different transactions. For this reason, encouraging payments with cards (credit and debit) is an original and interesting alternative in the search of instruments aimed at reducing tax evasion and improving the tax system efficiency."