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Riesgo moral fiscal debido a la integración monetaria

  • Allan Hernández

    (Universidad de Costa Rica)

  • Alberto Trejo

    (Facultad de Economía, INCAE)

Elaboramos un modelo en el cual una moneda única desempeña el papel de medio de cambio en dos países, mientras que sus gobiernos son libres de determinar su saldo fiscal y la medida en la que necesitan obtener señoreaje de la moneda común. Demostramos que las acciones de cada gobierno afectan el desempeño económico del otro país, debido a su relación comercial y, fundamentalmente, debido a su integración monetaria. Entonces, endogenizamos la política fiscal de cada uno de los gobiernos, y hallamos que en equilibrio elegirán mayores déficits que si no compartieran una moneda. Además, sus opciones de política son ineficientes en el sentido de que si pudieran negociar y comprometer su política fiscal, elegirían déficits menores. Su ineficiencia es peor si uno de los socios es muy pequeño o muy improductivo en comparación con el otro, ya que el riesgo moral sobre el gobierno más pequeño y más pobre sería mayor

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Article provided by Centro de Estudios Monetarios Latinoamericanos in its journal Monetaria.

Volume (Year): XXXV (2013)
Issue (Month): 1 (enero-junio)
Pages: 69-93

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Handle: RePEc:cml:moneta:v:xxxv:y:2013:i:1:p:69-93
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