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El financiamiento inflacionario del déficit fiscal

Author

Listed:
  • Elizabeth Bucacos

    (Banco Central del Uruguay)

Abstract

En este trabajo se intenta cuantificar la importancia relativa del financiamiento del déficit fiscal a través de la emisión monetaria. La hipótesis de trabajo es que los cambios tecnológicos que se han venido produciendo en la demanda por saldos reales en las últimas décadas, han afectado negativamente la posibilidad de contar con un instrumento muy práctico, aunque muy ineficiente y distorsionante, a la hora de cerrar las cuentas fiscales. Resultados de simulaciones efectuadas permiten señalar que, mientras en la década de los ochenta era posible solventar hasta 5 puntos del producto, en los noventa 2.5 y en la actualidad el señoreaje solamente aportaría alrededor de 0.7 puntos del producto al financiamiento de la brecha fiscal.

Suggested Citation

  • Elizabeth Bucacos, 2003. "El financiamiento inflacionario del déficit fiscal," Documentos de trabajo 2003001, Banco Central del Uruguay.
    • Handle: RePEc:bku:doctra:2003001
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    File URL: https://www.bcu.gub.uy/Estadisticas-e-Indicadores/Documentos%20de%20Trabajo/1.2003.pdf
    File Function: First version, 2003
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    More about this item

    Keywords

    Señoreaje; demanda de dinero; inflación; política monetaria; Uruguay;
    All these keywords.

    JEL classification:

    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E47 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Forecasting and Simulation: Models and Applications
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean

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