BUSCADOR RECOLECTA

As is well established (Robinson and Acemoglu, 2012), the economic performance of countries depends on the quality level of its institutions. Referring to economic performance, this paper establishes the aggregate efficiency of 133 countries in the generation of GDP by using the production theory framework and considering the participation of human as well as physical capital. Additionally, to what extent the aggregated performance depends on the level of quality and effectiveness of the subsequent national public institutions is analyzed. Further, whether or not the size of the public expenditure, and its level of efficiency, have an impact on the rate of economic growth is also determined. To conclude, the conditions that favor public expenditure as a driver for economic growth are determined. After a general overview, Colombia's specific situation is analyzed. The results confirm the importance of the quality of the institutions in the respective levels of efficiency. As well as confirming how level of efficiency is a key factorin obtaining economicgrowth from public spending.