IDEAS home Printed from https://ideas.repec.org/p/bku/doctra/2008005.html
   My bibliography  Save this paper

Política fiscal y vulnerabilidad fiscal en Uruguay: 1976-2006

Author

Listed:
  • Isabel Rial

    (International Monetary Fund)

  • Leonardo Vicente

    (Banco Central del Uruguay)

Abstract

Este documento analiza la historia de 30 años de vulnerabilidad fiscal (VF) en Uruguay desde una perspectiva global. Luego de discutir el marco conceptual propuesto, basado en Hemming y Petrie (2000), se construye una serie de indicadores que intentan captar las distintas fuentes de vulnerabilidad: la posición fiscal inicial, exposición al riesgo de corto plazo derivado del entorno macro-financiero, riesgos inherentes a la sostenibilidad de la política fiscal en el mediano y largo plazo y debilidades estructurales que afectan a la política fiscal. Los diez indicadores seleccionados, que confluyen en un índice global de vulnerabilidad fiscal (IGVF), son utilizados para el análisis de las finanzas públicas de Uruguay en el periodo 1976-2006. El documento concluye que la VF ha sido elevada en todo el periodo, ubicándose actualmente en niveles más altos que al inicio del periodo. No obstante, la VF se ha reducido en los últimos años, al influjo de condiciones externas muy favorables, comunes a las economías de la región y de medidas discrecionales de política. Pese a varios avances vinculados a reformas estructurales, los mismos han sido relativamente lentos e incompletos, dejando una agenda de temas pendientes en el campo institucional. Por último, el IGVF construido es un indicador sintético de riesgo fiscal, siendo una herramienta potencialmente útil para el diseño de estrategias de política fiscal.

Suggested Citation

  • Isabel Rial & Leonardo Vicente, 2008. "Política fiscal y vulnerabilidad fiscal en Uruguay: 1976-2006," Documentos de trabajo 2008005, Banco Central del Uruguay.
  • Handle: RePEc:bku:doctra:2008005
    as

    Download full text from publisher

    File URL: https://www.bcu.gub.uy/Estadisticas-e-Indicadores/Documentos%20de%20Trabajo/5.2008.pdf
    File Function: First version, 2008
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Maren Froemel, 2014. "Imperfect Financial Markets and the Cyclicality of Social Spending," Working Paper Series of the Department of Economics, University of Konstanz 2014-11, Department of Economics, University of Konstanz.
    2. João Tovar Jalles, 2019. "On the Cyclicality of Social Expenditure: New Time-Varying evidence from Developing Economies," Working Papers REM 2019/82, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    3. João T. Jalles, 2020. "Explaining Africa's public consumption procyclicality: Revisiting old evidence," International Finance, Wiley Blackwell, vol. 23(2), pages 297-323, August.
    4. Jalles, João Tovar, 2020. "Social expenditure cyclicality: New time-varying evidence in developing economies," Economic Systems, Elsevier, vol. 44(3).
    5. Jalles, João Tovar, 2021. "Dynamics of government spending cyclicality," Economic Modelling, Elsevier, vol. 97(C), pages 411-427.

    More about this item

    Keywords

    Política Fiscal; Vulnerabilidad; Déficit Fiscal; Deuda Pública;
    All these keywords.

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bku:doctra:2008005. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Biblioteca Especializada (email available below). General contact details of provider: https://edirc.repec.org/data/bcugvuy.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.