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Evaluación de los efectos del financiamiento del déficit fiscal en la inflación. Los casos de Chile, México y Colombia

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  • Nelson Manolo Chávez Munoz
  • Marcos Vera Leyton

Abstract

Este artículo pretende determinar si las diferentes formas de financiar el déficit presupuestario de los gobiernos de Chile, México y Colombia tienen efectos en la inflación. Para ello se realizó una descripción de las variables que financian el déficit fiscal como lo son el senoreaje, el financiamiento interno y externo y su respectiva relación con la inflación; además, se estimó un modelo econométrico utilizando la metodología de datos panel. Los resultados permiten inferir que el senoreaje, el financiamiento interno y externo del déficit fiscal no generan inflación en las tres economías. En este sentido, se puede argumentar que la política monetaria de los bancos centrales de los países en mención tienen como prioridad lograr y mantener niveles de inflaciones bajos, permitiendo que sus poblaciones no pierdan poder adquisitivo en el tiempo.

Suggested Citation

  • Nelson Manolo Chávez Munoz & Marcos Vera Leyton, 2014. "Evaluación de los efectos del financiamiento del déficit fiscal en la inflación. Los casos de Chile, México y Colombia," Revista Equidad y Desarrollo, Universidad de la Salle, May.
    • Handle: RePEc:col:000452:013166
    DOI: 10.19052/ed.2906
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    References listed on IDEAS

    as
    1. Hernando Zuleta, 1995. "Impuesto Inflacionario y Señoreaje," Borradores de Economia 038, Banco de la Republica de Colombia.
    2. Ignacio Lozano, 2009. "Budget Deficit, Money Growth and Inflation: Evidence from the Colombian case," Money Affairs, CEMLA, vol. 0(1), pages 65-95, January-J.
    3. Carlos Esteban Posada, 2000. "Señoraje, Impuesto Inflacionario y Utilidades (Brutas) del Emisor:Definiciones y Medidas del Caso Colombiano Reciente," Borradores de Economia 140, Banco de la Republica de Colombia.
    4. Sims, Christopher A, 1994. "A Simple Model for Study of the Determination of the Price Level and the Interaction of Monetary and Fiscal Policy," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 4(3), pages 381-399.
    5. Carlos Esteban Posada, 2000. "Señoraje, Impuesto Inflacionario y Utilidades (Brutas) del Emisor: Definiciones y Medidas del Caso Colombiano Reciente," Borradores de Economia 3492, Banco de la Republica.
    6. Alberto Carrasquilla, 1996. "Dimensiones Fiscales De Una Inflación Moderada: El Caso Colombiano," Borradores de Economia 2357, Banco de la Republica.
    7. Carrasquilla, Alberto, 1996. "Dimensiones fiscales de una inflación moderada: el caso colombiano," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 34264, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
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    More about this item

    Keywords

    Inflación; señoreaje; financiamiento del déficit fiscal; política económica;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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