The 1991 Colombian Constitution strengthened the checks and balances by enhancing the role of Congress and the Constitutional Court, while somewhat limiting the powers of the President. As a consequence of the larger number of relevant players, and the removal of barriers that restricted political participation, the political system has gained in terms of representation. However, political transaction costs have increased, making cooperation harder to achieve. This has been typically the case in fiscal policy, where the use of rigid rules have limited the adaptability and flexibility of policies. In other areas of policy, such as monetary policy and regulation of public utilities, policies have been more adaptable to economic shocks, delivering better outcomes.
ResumenLa Constitución de 1991 aumentó la injerencia del Congreso y la Corte Constitucional en el proceso político y redujo los poderes del ejecutivo, fortaleciendo así el sistema de pesos y contrapesos. A pesar de que ahora el sistema es más representativo, el mayor número de jugadores aumentó los costos políticos de transacción, lo que hace más difícil la cooperación entre ellos. Esto ha sido particularmente cierto en la política fiscal, donde un Congreso más fragmentado y dividido ha resultado en un mayor uso de inflexibilidades. En otras áreas de política, como la monetaria y la regulación de los servicios públicos, las políticas se han caracterizado por una mayor adaptabilidad.
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