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Devaluaciones fiscales en un contexto de restricciones financieras

Author

Listed:
  • Diego Piccardo

    (Banco Supervielle)

Abstract

Las devaluaciones fiscales fueron concebidas como un instrumento de política económica para países en donde la devaluación del tipo de cambio nominal no es una opción. Sin embargo, para realizar una devaluación fiscal es necesario también tener la capacidad de endeudarse para poder cubrir el déficit fiscal que esa política conlleva. De esta manera, no es lo mismo un país emergente con tipo de cambio fijo que un país miembro de la Unión Europea. En este trabajo se realiza un análisis teórico sobre las implicancias de esta política en un contexto de restricciones al endeudamiento. En este marco, las bondades de las devaluaciones fiscales no son tan claras debido a que el gobierno no puede endeudarse para financiar la baja de impuestos y tiene que financiarlo con subas en otros impuestos o bajas en el gasto.

Suggested Citation

  • Diego Piccardo, 2025. "Devaluaciones fiscales en un contexto de restricciones financieras," Working Papers 349, Red Nacional de Investigadores en Economía (RedNIE).
    • Handle: RePEc:aoz:wpaper:349
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    File URL: https://rednie.eco.unc.edu.ar/files/DT/349.pdf
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    More about this item

    Keywords

    Devaluaciones fiscales; restricciones financieras; Economías abiertas; tipo de cambio real;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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