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Reglas fiscales y términos de intercambio

Author

Listed:
  • Cordova, Juan Pablo
  • Rojas, Youel

Abstract

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.

Suggested Citation

  • Cordova, Juan Pablo & Rojas, Youel, 2010. "Reglas fiscales y términos de intercambio," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 19, pages 7-32.
  • Handle: RePEc:rbp:esteco:ree-19-01
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    More about this item

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General

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