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El impacto de la política monetaria no convencional sobre las finanzas públicas de la UEM

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  • Pablo Burriel
  • Francisco Martí
  • Javier J. Pérez

Abstract

Las medidas de política monetaria no convencional instrumentadas por el Banco Central Europeo en los últimos años han contribuido a la reducción de los tipos de interés de la deuda soberana en el conjunto del área del euro. Además del impacto directo sobre los pagos por intereses de la deuda, la actuación de la política monetaria en el período más reciente ha tenido efectos macroeconómicos positivos que han afectado indirectamente a las partidas cíclicas de ingresos y gastos del presupuesto público. En este artículo se ofrece una cuantificación aproximada de ambos tipos de efectos, directos e indirectos, para el caso de los principales países de la Unión Económica y Monetaria.

Suggested Citation

  • Pablo Burriel & Francisco Martí & Javier J. Pérez, 2017. "El impacto de la política monetaria no convencional sobre las finanzas públicas de la UEM," Boletín Económico, Banco de España, issue SEP.
  • Handle: RePEc:bde:joures:y:2017:i:9:d:aa:n:26
    Note: Artículos Analíticos
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