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Inflación Y Finanzas Públicas

Author

Listed:
  • Leonardo Villar Gómez

Abstract

El propósito de este artículo es mostrar que, en contra de lo que muchos analistas preveían hace pocos anos, las finanzas públicas en Colombia obtuvieron un beneficio significativo del proceso reciente de reducción de la inflación. El menor ritmo de crecimiento de los precios estimuló la demanda de saldos monetarios reales y aumentó por esa vía el senoreaje total generado por el Banco de la República. Por esa razón, la magnitud del senoreaje se mantuvo en niveles relativamente altos, pese a la contracción de los encajes requeridos al sistema financiero que tuvo lugar desde mediados de la década de los noventa y a la consiguiente reducción en esta fuente de senoreaje. Por su parte, los cambios en la utilización del senoreaje han permitido que la porción que beneficia directamente al Gobierno -el senoreaje fiscal- aumente de manera notoria en el período reciente. Este beneficio fiscal, sin embargo, puede verse afectado negativamente en la medida en que una porción mayor del senoreaje total se destine a la compra de divisas para acumulación de reservas internacionales. Finalmente, el artículo cuantifica el beneficio que ha tenido la caída de la inflación sobre las necesidades de financiamiento del Gobierno y la magnitud del déficit fiscal, a través del impacto de menores tasas nominales de interés.

Suggested Citation

  • Leonardo Villar Gómez, 2004. "Inflación Y Finanzas Públicas," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 22(47), pages 56-105.
    • Handle: RePEc:col:000107:002853
    DOI: 10.32468/Espe.4702
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    2. Dairo Estrada & Angela González Arbelaéz & Javier Gutiérrez Rueda, 2008. "The Effects of Diversification on Banks’ Expected Returns," Borradores de Economia 524, Banco de la Republica de Colombia.
    3. Jorge David Quinteo Otero & William Orlando Prieto Bustos & Fernando Barrios Aguirre & Laura Elena Leviller Guardo, 2008. "Determinantes de la eficiencia técnica en las empresas colombianas, 2001-2004," Revista Semestre Económico, Universidad de Medellín.
    4. Diego Restrepo-Tobón & Jim Sánchez-González, 2021. "Measuring profit efficiency of Colombian banks: a composite non-standard profit function approach," International Journal of Productivity and Quality Management, Inderscience Enterprises Ltd, vol. 33(2), pages 234-252.
    5. Carolina Ortega Londono, 2018. "Transmission of Monetary Policy and Bank Heterogeneity in Colombia," Documentos de Trabajo de Valor Público 16792, Universidad EAFIT.
    6. Carolina Ortega Londono & Diego Restrepo, 2018. "Transmission of Monetary Policy and Bank Heterogeneity in Colombia," Documentos de Trabajo de Valor Público 16987, Universidad EAFIT.
    7. Mauricio Cárdenas & Roberto Junguito B. & M�nica Pach�n B., 2006. "Political Institutions and Policy Outcomes in Colombia : the Effects of the 1991 Constitution," Coyuntura Económica, Fedesarrollo.
    8. Carlos Andrés Amaya, 2005. "Interest Rate Setting and the Colombian Monetary Transmission Mechanism," Borradores de Economia 352, Banco de la Republica de Colombia.
    9. Javier E. Pirateque & José H. Piñeros & Linda Mondragón, 2013. "Eficiencia de los establecimientos bancarios (EB): una aproximación mediante modelos DEA," Borradores de Economia 798, Banco de la Republica de Colombia.
    10. Dairo Estrada & Angela Gonz�lez Arbel�ez & Javier Gutierr�z Rueda, 2008. "The Effects of Diversification on Banks� Expected Returns," Borradores de Economia 4991, Banco de la Republica.
    11. Javier E. Pirateque & Jos� H. Pi�eros & Linda Mondrag�n, 2013. "Eficiencia de los establecimientos bancarios (EB): una aproximaci�n mediante modelos DEA," Borradores de Economia 11103, Banco de la Republica.
    12. Carlos Andr�s Amaya G., 2005. "Interest Rate Setting And The Colombian Monetary Transmission Mechanism," Borradores de Economia 2910, Banco de la Republica.

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    Keywords

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    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other
    • E69 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Other
    • H27 - Public Economics - - Taxation, Subsidies, and Revenue - - - Other Sources of Revenue

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