Análisis del efecto de la colocación de los recursos captados a través de la inversión forzosa en títulos de desarrollo agropecuario – TDA – en la competitividad del sector agropecuario en colombia durante el periodo 2008 – 2016

Abstract

The general objective of the present study is "To analyze the effect of the placement of the resources raised through forced investment in Agricultural Development Titles - ADT, on the competitiveness of the Agricultural sector in Colombia during the period 2008 - 2016.". The methodological approach of this research is of a mixed type with a concurrent triangulation design. First, an exploratory documentary design will be used in the first specific objective, To identify the variables of the Agricultural Credit System administered by FINAGRO, and their effect on the competitiveness of the agricultural sector in Colombia; second, an explanatory design will be applied in the second specific objective, To estimate a model that allows establishing the existing correlations between the identified variables and their effect on the competitiveness of the agricultural sector in Colombia in the period 2008-2016; and finally, a descriptive design will be applied in the third objective, To Project a proposal for restructuring the financing model which promotes the consolidation of the rediscount line" focused on proposing measures aimed at optimizing the Rediscount line administered by FINAGRO. The reference framework is developed around competitiveness, from the different proposals of classical authors such as Smith and Ricardo, and how the concept has evolved to reach the two current strands of structural Competitiveness proposed by the OCDE and the concept of Systemic competitiveness. assumed by CEPAL, to finally arrive at the concept of Competitiveness established for Colombia through CONPES 3439, supported in the different studies carried out at the national and international level in this matter. The analysis of the Agricultural Credit environment allowed describing the structure of the National Agricultural Credit system, having as its central axis FINAGRO and the operation of the ADTs. Besides, the same analysis allowed the study carried out on the placement of the Rediscount TDA Backlogs, Substitute Backlog, and Agricultural Backlog, where some relations were established confronting the sectorial GDP and the national GDP, inferring that despite the availability of resources destined to the sector, its effect has not been representative, finding a low growth in the sectorial GDP and its participation in the national GDP. The model that made it possible to demonstrate the effect of ADTs on the competitiveness of the agricultural Sector was the Johanssen's Cointegration with VECM error correction, which confirmed what was proposed in the working hypothesis “Funds collected as a forced investment through ADTs that provide FINAGRO with the resources for agricultural investment, have not been efficient in the process of improving the sectorial competitiveness” since the coefficients generated by the developed models showed values tending to zero in all cases. Likewise, when performing the orthogonalized impulse response tests, it was observed that, despite the existence of long-term relationships between the variables, the competitiveness indicators do not have an effect on their behavior that can be associated with the placements aimed at the agricultural sector. The intervention proposal presented was developed around the concept of transformation of banking, at the service of banking, to development banking, which is its essence. This allowed presenting alternatives ranging from the strategy of conditioned subsidies, the creation of strategies that promote social capital and association capacity, leverage of strategic elements such as research, development, technology, technical assistance and infrastructure, the reform to the homologation model of substitute backlog loans, and promotion of the rediscount backlog placement. In conclusion, agricultural competitiveness in Colombia has been declining despite the existence of an instrument created to promote it, and as it was evident in the theoretical and state-of-the-art review, the productivity problems of the sector have their origin in the lack of productive investment, therefore the policies generated by the State, regarding the promotion of the agricultural sector, must be accompanied by strategies to strengthen production chains and the generation of added value.