IDEAS home Printed from https://ideas.repec.org/p/aep/anales/4394.html
   My bibliography  Save this paper

Tipo de cambio real y finanzas públicas subnacionales: efectos de las depreciaciones reales en Argentina

Author

Listed:
  • Julian Puig
  • Diego Pitetti

Abstract

El presente trabajo estudia el efecto de las depreciaciones reales sobre el escenario fiscal subnacional en Argentina para el período 1960-2017. Se analiza no sólo el efecto sobre gastos, ingresos y deuda subnacional a nivel agregado, sino que también se focaliza en la composición de estas variables. El gasto se analiza según su clasificación económica -corrientes y de capital-, los ingresos según provengan de recaudación propia o de transferencias de otras jurisdicciones -principalmente del Gobierno Nacional- y la deuda según el prestamista -Gobierno Nacional u organismos multinacionales- .Los resultados sugieren que, ante una depreciación real, tanto los gastos como los ingresos caen, experimentando estos últimos una caída de mayor magnitud que deteriora el resultado fiscal y, a su vez, los efectos son heterogéneos entre las provincias. Por otra parte, la deuda pública provincial, reacciona positivamente ante dicho shock dada la elevada proporción de deuda denominada en moneda extranjera respecto del total.

Suggested Citation

  • Julian Puig & Diego Pitetti, 2020. "Tipo de cambio real y finanzas públicas subnacionales: efectos de las depreciaciones reales en Argentina," Asociación Argentina de Economía Política: Working Papers 4394, Asociación Argentina de Economía Política.
    • Handle: RePEc:aep:anales:4394
    as

    Download full text from publisher

    File URL: https://aaep.org.ar/works/works2020/Puig.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Jorge Puig, 2014. "Multiplicador del gasto público en Argentina," Económica, Departamento de Economía, Facultad de Ciencias Económicas, Universidad Nacional de La Plata, vol. 60, pages 188-210, January-D.
    2. Riera-Crichton, Daniel & Vegh, Carlos A. & Vuletin, Guillermo, 2015. "Procyclical and countercyclical fiscal multipliers: Evidence from OECD countries," Journal of International Money and Finance, Elsevier, vol. 52(C), pages 15-31.
    3. Ilzetzki, Ethan & Mendoza, Enrique G. & Végh, Carlos A., 2013. "How big (small?) are fiscal multipliers?," Journal of Monetary Economics, Elsevier, vol. 60(2), pages 239-254.
    4. Michael T. Owyang & Valerie A. Ramey & Sarah Zubairy, 2013. "Are Government Spending Multipliers Greater During Periods of Slack? Evidence from 20th Century Historical Data," NBER Working Papers 18769, National Bureau of Economic Research, Inc.
    5. Bahmani-Oskooee, Mohsen & Niroomand, Farhang, 1998. "Long-run price elasticities and the Marshall-Lerner condition revisited," Economics Letters, Elsevier, vol. 61(1), pages 101-109, October.
    6. Daniel Heymann & Alejandro Nakab, 2017. "Temas tradicionales Sobre Ciclos Stop-Go y Devaluaciones Contractivas," Documentos de trabajo del Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET) 2017-18, Universidad de Buenos Aires, Facultad de Ciencias Económicas, Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET).
    Full references (including those not matched with items on IDEAS)

    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. Borsi, Mihály Tamás, 2018. "Fiscal multipliers across the credit cycle," Journal of Macroeconomics, Elsevier, vol. 56(C), pages 135-151.
    2. Cardi, Olivier & Restout, Romain & Claeys, Peter, 2020. "Imperfect mobility of labor across sectors and fiscal transmission," Journal of Economic Dynamics and Control, Elsevier, vol. 111(C).
    3. Andrea Boitani & Salvatore Perdichizzi, 2018. "Public Expenditure Multipliers in recessions. Evidence from the Eurozone," DISCE - Working Papers del Dipartimento di Economia e Finanza def068, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
    4. Maria Elkhdari & Moez Souissi & Mr. Andrew Jewell, 2018. "Empirical Estimation of Fiscal Multipliers in MENA Oil-Exporting Countries with an Application to Algeria," IMF Working Papers 2018/124, International Monetary Fund.
    5. Charles J. Whalen & Felix Reichling, 2015. "The Fiscal Multiplier And Economic Policy Analysis In The United States," Contemporary Economic Policy, Western Economic Association International, vol. 33(4), pages 735-746, October.
    6. George Chouliarakis & Tadeusz Gwiazdowski & Sophia Lazaretou, 2016. "The Effect of Fiscal Policy on Output in Times of Crisis and Prosperity: Historical Evidence From Greece ," Centre for Growth and Business Cycle Research Discussion Paper Series 230, Economics, The University of Manchester.
    7. Iiboshi, Hirokuni & Iwata, Yasuharu & Kajita, Yuto & Soma, Naoto, 2019. "Time-varying Fiscal Multipliers Identified by Systematic Component: A Bayesian Approach to TVP-SVAR model," MPRA Paper 92631, University Library of Munich, Germany.
    8. Mathias Klein, 2016. "Austerity and Private Debt," Discussion Papers of DIW Berlin 1611, DIW Berlin, German Institute for Economic Research.
    9. Konstantin Makrelov & Channing Arndt & Rob Davies & Laurence Harris, 2018. "Fiscal multipliers in South Africa: The importance of financial sector dynamics," WIDER Working Paper Series 006, World Institute for Development Economic Research (UNU-WIDER).
    10. Glocker, Christian & Sestieri, Giulia & Towbin, Pascal, 2019. "Time-varying government spending multipliers in the UK," Journal of Macroeconomics, Elsevier, vol. 60(C), pages 180-197.
    11. Mora, Jose U Mora & Acevedo, Rafael A, 2019. "Fiscal Policy Effects and Capital Mobility in Latin American Countries," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 34(1), pages 159-188.
    12. Cem Çebi & K.Azim Özdemir, 2021. "Cyclical variation of the fiscal multiplier in Turkey," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 57(2), pages 495-509, January.
    13. Felix Reichling & Charles Whalen, 2015. "The Fiscal Multiplier and Economic Policy Analysis in the United States: Working Paper 2015-02," Working Papers 49925, Congressional Budget Office.
    14. Mr. Alejandro Izquierdo & Mr. Ruy Lama & Juan Pablo Medina & Jorge Puig & Daniel Riera-Crichton & Mr. Carlos A. Végh Gramont & Guillermo Javier Vuletin, 2019. "Is the Public Investment Multiplier Higher in Developing Countries? An Empirical Exploration," IMF Working Papers 2019/289, International Monetary Fund.
    15. Petrović, Pavle & Arsić, Milojko & Nojković, Aleksandra, 2021. "Increasing public investment can be an effective policy in bad times: Evidence from emerging EU economies," Economic Modelling, Elsevier, vol. 94(C), pages 580-597.
    16. José U Mora & Rafael A Acevedo, 2018. "Modelo de Desarrollo Propio y su Potencial para la Construcción de Paz Territorial," Working Papers 39, Faculty of Economics and Management, Pontificia Universidad Javeriana Cali.
    17. Salvatore Perdichizzi, 2017. "Estimating Fiscal multipliers in the Eurozone. A Nonlinear Panel Data Approach," DISCE - Working Papers del Dipartimento di Economia e Finanza def058, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
    18. Makrelov, Konstantin & Arndt, Channing & Davies, Rob & Harris, Laurence, 2020. "Balance sheet changes and the impact of financial sector risk-taking on fiscal multipliers," Economic Modelling, Elsevier, vol. 87(C), pages 322-343.
    19. Riera-Crichton, Daniel & Vegh, Carlos A. & Vuletin, Guillermo, 2015. "Procyclical and countercyclical fiscal multipliers: Evidence from OECD countries," Journal of International Money and Finance, Elsevier, vol. 52(C), pages 15-31.
    20. Michael B. Devereux, 2018. "International Fiscal Spillovers: A Review Essay," Korean Economic Review, Korean Economic Association, vol. 34, pages 29-50.

    More about this item

    Keywords

    tipo de cambio real; depreciación; finanzas públicas subnacionales;
    All these keywords.

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism

    NEP fields

    This paper has been announced in the following NEP Reports:

    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:aep:anales:4394. 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: Juan Manuel Quintero (email available below). General contact details of provider: https://edirc.repec.org/data/aaeppea.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.