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Flujos de capital y política fiscal en las economías emergentes de América Latina

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  • Ignacio Lozano

    ()

  • Ligia Alba Melo B.

    ()

  • Jorge Enrique Ramos F.

    ()

Abstract

En este documento se evalúa la respuesta de la política fiscal ante los choques de los flujos de capital registrados durante las dos últimas décadas en seis economías emergentes de América Latina: Argentina, Brasil, Chile, Colombia, México y Perú. Con base en la caracterización de los diferentes episodios de entradas y salidas súbitas de capital y en los resultados de un modelo de datos de panel con variables instrumentales, se concluye que no hubo respuestas directas de las autoridades fiscales frente a los choques de los flujos. Sin embargo, la evidencia también sugiere que para el conjunto de países, se presentó una reacción fiscal indirecta de naturaleza pro-cíclica, al impacto que los flujos de capital produjeron sobre la actividad económica. Este tipo de respuesta pudo cambiar a partir de la crisis financiera global de 2008, cuando varios gobiernos adoptaron posturas contra-cíclicas, por los mejores fundamentales macroeconómicos

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Bibliographic Info

Paper provided by Banco de la Republica de Colombia in its series Borradores de Economia with number 702.

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Length: 38
Date of creation: Apr 2012
Date of revision:
Handle: RePEc:bdr:borrec:702

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Keywords: Flujos de Capitales; IED; Política Fiscal; Ciclos Económicos Reales. Classification JEL: F20; F21; E32; E62.;

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  1. Carlo A. Favero & Francesco Giavazzi, 2004. "Inflation Targeting and Debt: Lessons from Brazil," NBER Working Papers 10390, National Bureau of Economic Research, Inc.
  2. Ethan Ilzetzki & Carlos A. Vegh, 2008. "Procyclical Fiscal Policy in Developing Countries: Truth or Fiction?," NBER Working Papers 14191, National Bureau of Economic Research, Inc.
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  10. Juan Manuel Julio & Ignacio Lozano & Ligia Alba Melo, 2012. "Quiebre estructural de la relación entre la política fiscal y el riesgo soberano en las economías emergentes: el caso colombiano," Borradores de Economia 693, Banco de la Republica de Colombia.
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  14. Pablo Bustelo, 2004. "Capital Flows and Financial Crises: A Comparative Analysis of East Asia (1997-97) and Argentina (2001-02)," Documentos de trabajo de la Facultad de Ciencias Económicas y Empresariales 04-17, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales.
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Cited by:
  1. Álvaro José Anaya Mendoza, 2012. "Inversión extranjera directa y crecimiento económico. Evidencia para América Latina 1980-2010," REVISTA DE ECONOMÍA DEL CARIBE, UNIVERSIDAD DEL NORTE.
  2. Ligia Alba Melo B. & Jorge Ramos F. & Hector Zarate S., 2013. "Mercado de bonos soberanos y estabilidad financiera: Una aplicación de Gráficos Acíclicos Direccionados (GAD) y modelos SVAR," Borradores de Economia 795, Banco de la Republica de Colombia.

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