IDEAS home Printed from https://ideas.repec.org/a/bdr/ensayo/v22y2004i47p56-105.html
   My bibliography  Save this article

Inflación y finanzas públicas

Author

Listed:
  • Leonardo Villar Gómez

Abstract

El propósito de este artículo es mostrar que, en contra de lo que muchos analistas preveían hace pocos años, las finanzas públicas en Colombia obtuvieron un beneficio significativo del proceso reciente de reducción de la inflación. El menor ritmo de crecimiento de los precios estimuló la demanda de saldos monetarios reales y aumentó por esa vía el señoreaje total generado por el Banco de la República. Por esa razón, la magnitud del señoreaje se mantuvo en niveles relativamente altos, pese a la contracción de los encajes requeridos al sistema financiero que tuvo lugar desde mediados de la década de los noventa y a la consiguiente reducción en esta fuente de señoreaje. Por su parte, los cambios en la utilización del señoreaje han permitido que la porción que beneficia directamente al Gobierno -el señoreaje fiscal- aumente de manera notoria en el período reciente. Este beneficio fiscal, sin embargo, puede verse afectado negativamente en la medida en que una porción mayor del señoreaje total se destine a la compra de divisas para acumulación de reservas internacionales. Finalmente, el artículo cuantifica el beneficio que ha tenido la caída de la inflación sobre las necesidades de financiamiento del Gobierno y la magnitud del déficit fiscal, a través del impacto de menores tasas nominales de interés.

Suggested Citation

  • Leonardo Villar Gómez, 2004. "Inflación y finanzas públicas," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 22(47), pages 56-105, December.
    • Handle: RePEc:bdr:ensayo:v:22:y:2004:i:47:p:56-105
    DOI: 10.32468/Espe.4702
    as

    Download full text from publisher

    File URL: https://doi.org/10.32468/Espe.4702
    Download Restriction: no
    File URL: https://libkey.io/10.32468/Espe.4702?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Bofinger, Peter, 2001. "Monetary Policy: Goals, Institutions, Strategies, and Instruments," OUP Catalogue, Oxford University Press, number 9780199248568.
    2. Martha López P., 2001. "Seigniorage and the welfare cost of inflation in Colombia," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 19(39), pages 115-131, June.
    3. Natalia Salazar F., 1992. "El efecto Tanzi, la sustitución de monedas y la tasa de inflación óptima en Colombia," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 11(22), pages 83-108, December.
    4. Hernando Zuleta, 1995. "Impuesto Inflacionario y Señoreaje," Borradores de Economia 038, Banco de la Republica de Colombia.
    5. Carlos Esteban Posada, 2000. "Señoraje, Impuesto Inflacionario y Utilidades (Brutas) del Emisor: Definiciones y Medidas del Caso Colombiano Reciente," Borradores de Economia 3492, Banco de la Republica.
    6. Friedman, Milton, 1971. "Government Revenue from Inflation," Journal of Political Economy, University of Chicago Press, vol. 79(4), pages 846-856, July-Aug..
    7. Easterly, William R & Mauro, Paolo & Schmidt-Hebbel, Klaus, 1995. "Money Demand and Seigniorage-Maximizing Inflation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(2), pages 583-603, May.
    Full references (including those not matched with items on IDEAS)

    Citations

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


    Cited by:

    1. Mauricio Cárdenas & Roberto Junguito B. & Mónica Pachón B., 2006. "Political Institutions and Policy Outcomes in Colombia : the Effects of the 1991 Constitution," Coyuntura Económica, Fedesarrollo, June.
    2. Diego Restrepo-Tobón & Jim Sánchez-González, 2021. "Measuring profit efficiency of Colombian banks: a composite non-standard profit function approach," International Journal of Productivity and Quality Management, Inderscience Enterprises Ltd, vol. 33(2), pages 234-252.
    3. Carolina Ortega Londono & Diego Restrepo, 2018. "Transmission of Monetary Policy and Bank Heterogeneity in Colombia," Documentos de Trabajo de Valor Público 16987, Universidad EAFIT.
    4. Dairo Estrada & Angela González Arbeláez & Javier Gutierréz Rueda, 2008. "The Effects of Diversification on Banks´ Expected Returns," Borradores de Economia 4991, Banco de la Republica.
    5. Javier E. Pirateque & José H. Piñeros & Linda Mondragón, 2013. "Eficiencia de los establecimientos bancarios (EB): una aproximación mediante modelos DEA," Borradores de Economia 798, Banco de la Republica de Colombia.
    6. Jorge David Quinteo Otero & William Orlando Prieto Bustos & Fernando Barrios Aguirre & Laura Elena Leviller Guardo, 2008. "Determinantes de la eficiencia técnica en las empresas colombianas, 2001-2004," Revista Semestre Económico, Universidad de Medellín, November.
    7. Sergio Clavijo Vergara, 2004. "Requisitos Para La Estabilidad Fiscal: Un Balance Y La Agenda," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 22(46-1), pages 146-185, December.
    8. Carlos Andrés Amaya, 2005. "Interest Rate Setting and the Colombian Monetary Transmission Mechanism," Borradores de Economia 352, Banco de la Republica de Colombia.
    9. Eduardo Wiesner, 2008. "The Political Economy of Macroeconomic Policy Reform in Latin America," Books, Edward Elgar Publishing, number 12913.
    10. Carolina Ortega Londono, 2018. "Transmission of Monetary Policy and Bank Heterogeneity in Colombia," Documentos de Trabajo de Valor Público 16792, Universidad EAFIT.
    11. Carlos Andrés Amaya G., 2005. "Interest Rate Setting And The Colombian Monetary Transmission Mechanism," Borradores de Economia 2910, Banco de la Republica.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Buiter, Willem H., 2007. "Seigniorage," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 1, pages 1-49.
    2. Levent, Korap, 2006. "Seigniorage revenue and Turkish economy," MPRA Paper 20106, University Library of Munich, Germany.
    3. Mladenovic, Zorica & Petrovic, Pavle, 2010. "Cagan's paradox and money demand in hyperinflation: Revisited at daily frequency," Journal of International Money and Finance, Elsevier, vol. 29(7), pages 1369-1384, November.
    4. Petr Mach & Tomáš Hanzák, 2004. "Ražebné ve spojitém čase [Seigniorage in continuous time]," Politická ekonomie, Prague University of Economics and Business, vol. 2004(4), pages 531-536.
    5. Tahsin SAADI SEDIK, 2003. "Optimal Seigniorage in Developing Countries: An Empirical Investigation," Working Papers 200307, CERDI.
    6. Jakob Korbinian Eberl, 2016. "The Collateral Framework of the Eurosystem and Its Fiscal Implications," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 69.
    7. Carlos Esteban Posada, 2002. "La inflación y el Banco Central: Economía de un emisor independiente," Revista Cuadernos de Economia, Universidad Nacional de Colombia, FCE, CID, June.
    8. Manuel Bernal Garzón, 2015. "Evolución del senoreaje en un periodo de profundas transformaciones económicas," Revista Equidad y Desarrollo, Universidad de la Salle, May.
    9. Nelson Manolo Chávez Munoz & Marcos Vera Leyton, 2014. "Evaluación de los efectos del financiamiento del déficit fiscal en la inflación. Los casos de Chile, México y Colombia," Revista Equidad y Desarrollo, Universidad de la Salle, May.
    10. Bordo, Michael D & Redish, Angela, 1993. "Maximizing Seignorage Revenue during Temporary Suspensions of Convertibility: A Note," Oxford Economic Papers, Oxford University Press, vol. 45(1), pages 157-168, January.
    11. Ferda Halicioglu, 2005. "Active And Passive Seigniorage Revenues: The Case For Turkey 1970-1997," Macroeconomics 0503010, University Library of Munich, Germany.
    12. Botzen, W.J. Wouter & Marey, Philip S., 2010. "Did the ECB respond to the stock market before the crisis?," Journal of Policy Modeling, Elsevier, vol. 32(3), pages 303-322, May.
    13. Carlos Esteban Posada, 2000. "Señoraje, Impuesto Inflacionario y Utilidades (Brutas) del Emisor:Definiciones y Medidas del Caso Colombiano Reciente," Borradores de Economia 140, Banco de la Republica de Colombia.
    14. Michael R. Darby & James Lothian, 1989. "The International Transmission of Inflation Afloat," NBER Chapters, in: Money, History, and International Finance: Essays in Honor of Anna J. Schwartz, pages 203-244, National Bureau of Economic Research, Inc.
    15. Charles Van Marrewijk, 2004. "An Introduction to International Money and Foreign Exchange Markets," Centre for International Economic Studies Working Papers 2004-07, University of Adelaide, Centre for International Economic Studies.
    16. Ibrahim Elbadawi & Raimundo Soto, 2013. "Aid, Exchange Rate Regimes and Post-conflict Monetary Stabilization," Working Papers 751, Economic Research Forum, revised May 2013.
    17. Ronald Schettkat & Rongrong Sun, 2009. "Monetary policy and European unemployment," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 25(1), pages 94-108, Spring.
    18. Rustam Jamilov, 2013. "J-Curve Dynamics and the Marshall–Lerner Condition: Evidence from Azerbaijan," Transition Studies Review, Springer;Central Eastern European University Network (CEEUN), vol. 19(3), pages 313-323, February.
    19. Joydeep Bhattacharya & Joseph H. Haslag, 1999. "Seigniorage in a neoclassical economy: some computational results," Working Papers 9901, Federal Reserve Bank of Dallas.
    20. Carlos Esteban Posada, 1995. "EL COSTO DE INFLACIÓN (Con Racionalidad y Previsión Perfectas)," Borradores de Economia 2477, Banco de la Republica.

    More about this item

    Keywords

    finanzas públicas; inflación; impuesto inflacionario; señoreaje.;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other
    • E69 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Other
    • H27 - Public Economics - - Taxation, Subsidies, and Revenue - - - Other Sources of Revenue

    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:bdr:ensayo:v:22:y:2004:i:47:p:56-105. 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.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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: Clorith Angélica Bahos Olivera (email available below). General contact details of provider: https://edirc.repec.org/data/brcgvco.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.