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Tesorería Nacional y Banco de la República: evidencia de la Teoría Monetaria Moderna para Colombia 2007-2018

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  • Montoya Olarte, Miguel Alfonso

Abstract

Resumen: El objetivo de este artículo es el de revisar los principales planteamientos de la Teoría Monetaria Moderna (MMT, por sus siglas en inglés) y presentar, con base en esta teoría, un contraste empírico para el periodo 2007-2018, entre las operaciones de la tesorería del gobierno nacional y las operaciones monetarias del Banco de la República de Colombia. Se encontró que el déficit de la Tesorería del gobierno y los desembolsos netos de títulos TES, fueron compensados regularmente por las operaciones monetarias del Banco de la República, lo que evidenció la capacidad del emisor para controlar las tasas de interés de corto y mediano plazo, tal como lo describe la MMT. Pese a las auto restricciones legales para que el emisor financie al gobierno, los resultados presentados validan la coordinación de las operaciones fiscales y monetarias planteadas por la MMT. De acuerdo con esto, es posible tener como objetivo el pleno empleo, a través del trabajo garantizado, lo cual no obstante, debe acompanarse de un proceso de trasformación productiva. National Treasury and Bank of the Republic: evidence of Modern Monetary Theory for Colombia (2007-2018) Abstract: The aim of this article is to review the main approaches of modern monetary theory (MMT) and to present, based on this theory, an empirical contrast for the period 2007-2018 between the treasury operations of the national government and the monetary operations of the Bank of the Republic of Colombia. It was found that the deficit of the Government Treasury and the net disbursements of TES securities were regularly compensated by the monetary operations of the Bank of the Republic, which evidenced the capacity of the issuer to control short- and medium-term interest rates, as described by the MMT. Despite the self-legal restrictions for the issuer to finance the government, the results presented validate the coordination of the fiscal and monetary operations proposed by the MMT. According to this, it is possible to aim at full employment, through guaranteed work, which, however, must be accompanied by a process of productive transformation.

Suggested Citation

  • Montoya Olarte, Miguel Alfonso, 2022. "Tesorería Nacional y Banco de la República: evidencia de la Teoría Monetaria Moderna para Colombia 2007-2018," Revista Lecturas de Economía, Universidad de Antioquia, CIE, issue No. 98, pages 87-119, June.
    • Handle: RePEc:col:000174:020662
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    More about this item

    Keywords

    Teoría Monetaria Moderna; política fiscal; deuda pública; política monetaria; tasas de interés;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects

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