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La sostenibilidad de la política fiscal en el América Latina: El caso de Venezuela

Author

Listed:
  • Gustavo Garcia Osio
  • Rafael Rodriguez Balza
  • Luis Marcano
  • Ricardo Penfold
  • Gustavo Sanchez

Abstract

La economía venezolana se ha visto sometida desde mediados de la década de los setenta a un proceso de marcada inestabilidad y volatilidad, causado fundamentalmente por los shocks provenientes del mercado petrolero. La política fiscal ha jugado un rol determinante en la transmisión de esos shocks al resto de la economía. Por una parte, el gasto público ha mostrado un comportamiento procíclico en relación a los ingresos petroleros, transmitiendo la volatilidad de estos últimos a través de la demanda agregada interna y por tanto en las presiones inflacionarias y en el crecimiento económico. Por otra parte, el uso del tipo de cambio como mecanismo de corrección fiscal en algunas oportunidades y en otras como ancla nominal, conjuntamente con el comportamiento procíclico del gasto, han creado una situación prolongada de "stop and go" o de expansiones y ajustes recurrentes y transitorios con elevados costos de crecimiento, inflación y empobrecimiento de la población.

Suggested Citation

  • Gustavo Garcia Osio & Rafael Rodriguez Balza & Luis Marcano & Ricardo Penfold & Gustavo Sanchez, 1998. "La sostenibilidad de la política fiscal en el América Latina: El caso de Venezuela," Research Department Publications 3016, Inter-American Development Bank, Research Department.
    • Handle: RePEc:idb:wpaper:3016
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    References listed on IDEAS

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