Spanish Abstract: Este articulo busca comprobar la presencia de ciclos politicos sobre las finanzas de los gobiernos regionales de Colombia durante el periodo 1998-2014. A partir de una base de datos que contiene informacion detallada de la situacion fiscal y los resultados electorales de una muestra representativa de municipios y departamentos, se estiman modelos de panel dinamicos mediante el Metodo Generalizado de Momentos (mgm). Los resultados de las estimaciones muestran evidencia del ciclo politico en las finanzas territoriales, al corroborar la existencia de aumentos de los gastos y el deficit fiscal durante los anos electorales. De forma complementaria, se realiza un analisis con la informacion de finalidad de gasto, donde se revela que en los periodos de elecciones los gobernantes tienden a incrementar los gastos de inversion mas visibles, dentro de los cuales se destacan la inversion en carreteras, infraestructura y servicios publicos. English Abstract: This article evaluates the presence of political cycles on the finances of Colombian local governments during the period 1998-2014. Based on a database, which contains detailed information about the fiscal situation and the electoral results of a representative sample of municipalities and departments, we estimate dynamic panel models using the Generalized Method of Moments (mgm). The results of the estimations show evidence of the political cycle in the subnational finances. The estimates corroborate the existence of increases in expenditures and fiscal deficit during electoral years. Complementarily, we carry out an analysis with information about the purpose of the expenditure, which reveals that during the election periods the governments tend to increase the most visible investment expenditures, among which are the investment in roads, infrastructure and public services.