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Reglas fiscales y términos de intercambio

  • Cordova, Juan Pablo
  • Rojas, Youel
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    Este trabajo evalúa el desempeño de reglas fiscales en una economía pequeña y abierta sujeta a choques de términos de intercambio. Para ello se utiliza un modelo microfundamentado, calibrado para la economía peruana, y se evalúan los efectos de las reglas fiscales en el bienestar de las familias. Los resultados muestran que las preferencias entre reglas fiscales más contracíclicas o procíclicas están ligadas al grado de desarrollo del sistema financiero. En presencia de agentes sin acceso al mercado financiero una regla más contracíclica resulta mejor en términos de bienestar, debido a que el gobierno toma el rol de ahorrador de activos que no pueden cumplir dichas familias. Por el contrario, en una economía con agentes sin restricciones a los mercados financieros una regla fiscal convencional puede ser más conveniente pues fomenta el ahorro por motivo precaución de los individuos.

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    Article provided by Banco Central de Reserva del Perú in its journal Revista Estudios Económicos.

    Volume (Year): (2010)
    Issue (Month): 19 ()
    Pages: 7-32

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    Handle: RePEc:rbp:esteco:ree-19-01
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