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Bolivianización, demanda de dinero y señoreaje en Bolivia: evidencia empírica y una propuesta teórica

Author

Listed:
  • M. Cerezo, Sergio

    (Universidad Católica Boliviana “San Pablo” y Universidad Mayor de San Andrés)

  • A. Ticona, Ulises

    (Universidad Católica Boliviana “San Pablo”.)

Abstract

En los últimos años, Bolivia ha experimentado un crecimiento importante en la cantidad de dinero, lo que, junto a una inflación controlada, han permitido alcanzar niveles elevados de señoreaje. En efecto, para el periodo 2002-2015 el señoreaje promedio fue del 2% del PIB; del cual 1.6% es atribuible a incrementos en los saldos reales de dinero de los agentes privados y solo el 0.4% atribuible al impuesto-inflación. En ese sentido, el presente trabajo examina los factores que han hecho posible este incremento en el señoreaje libre de inflación y responder a la interrogante de si Bolivia podrá mantener niveles altos de señoreaje. Para este efecto, se estima una función de demanda de dinero tipo Cagan que tome en cuenta también elementos propios de la economía boliviana. Los resultados muestran que el ingreso, las tasas de interés pasivas y la bolivianización financiera habrían contribuido en gran manera al incremento de la demanda de dinero, en especial desde 2006. Por otra parte, el impulso de la bolivianización a la demanda de dinero y señoreaje no cuenta con márgenes al encontrarse cerca de su límite superior. Finalmente, el documento presenta una propuesta teórica, que, a diferencia de una curva de Laffer-Bailey que relaciona inflación con señoreaje, propone una relación entre bolivianización y señoreaje.

Suggested Citation

  • M. Cerezo, Sergio & A. Ticona, Ulises, 2017. "Bolivianización, demanda de dinero y señoreaje en Bolivia: evidencia empírica y una propuesta teórica," Revista Latinoamericana de Desarrollo Economico, Carrera de Economía de la Universidad Católica Boliviana (UCB) "San Pablo", issue 27, pages 7-38, May.
    • Handle: RePEc:ris:revlde:1943
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    References listed on IDEAS

    as
    1. Drazen, Allan, 1985. "A general measure of inflation tax revenues," Economics Letters, Elsevier, vol. 17(4), pages 327-330.
    2. Javier Cossío Medinacelli & Marco Antonio Laguna Vargas & Dennise Martin Alarcón & Pablo Mendieta Ossio & Raúl Mendoza Patiño & Martín Palmero Pantoja & Hugo Rodríguez Gonzales, 2008. "La inflación y políticas del Banco Central de Bolivia," Revista de Análisis del BCB, Banco Central de Bolivia, vol. 10(1), pages 73-109, December.
    3. Geneviève BOYREAU-DEBRAY, 1998. "Money Demand and the Potential of Seigniorage in China," Working Papers 199821, CERDI.
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    Cited by:

    1. Alfredo Villca & Alejandro Torres & Carlos Esteban Posada & Hermilson Velásquez, 2020. "Demanda de dinero en América Latina, 1996-2016: una aplicación de cointegración en datos de panel," Revista Desarrollo y Sociedad, Universidad de los Andes,Facultad de Economía, CEDE, vol. 85(6), June.
    2. Manjón Álvarez, Adrián M., 2018. "Elasticidades tributarias dinámicas: evidencias a corto plazo y largo plazo en Bolivia (1990-2018)," Revista Latinoamericana de Desarrollo Economico, Carrera de Economía de la Universidad Católica Boliviana (UCB) "San Pablo", issue 31, pages 100-134, May.
    3. Timothy J. Kehoe & Carlos Gustavo Machicado & José Peres-Cajías, 2019. "The Monetary and Fiscal History of Bolivia, 1960-2017," Staff Report 579, Federal Reserve Bank of Minneapolis.

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    More about this item

    Keywords

    Bolivianización; demanda de dinero; señoreaje.;
    All these keywords.

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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