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Inflaci�N Y Finanzas P�Blicas

Author

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  • Leonardo Villar G�mez

Abstract

El prop�sito de este art�culo es mostrar que, en contra de lo que muchos analistas preve�an hace pocos a�os, las finanzas p�blicas en Colombia han obtenido un beneficio significativo del proceso reciente de reducci�n de la inflaci�n. El menor ritmo de crecimiento de los precios ha estimulado la demanda por saldos monetarios reales y ha aumentado por esa v�a el se�oreaje total generado por el Banco de la Rep�blica. Por esa raz�n, la magnitud del se�oreaje se mantiene en niveles relativamente altos, pese a dr�stica contracci�n en los encajes requeridos al sistema financiero que tuvo lugar desde mediados de la d�cada de los noventa y a la consiguiente reducci�n en esta fuente de se�oreaje. Por su parte, los cambios en la utilizaci�n del se�oreaje han permitido que la porci�n que beneficia directamente al gobierno –el se�oreaje fiscal- aumente de manera notoria en el per�odo reciente. Este beneficio fiscal, sin embargo, puede verse afectado negativamente en la medida en que una porci�n mayor del se�oreaje total se destine a la compra de divisas para acumulaci�n de reservas internacionales. Finalmente, el art�culo cuantifica el beneficio que ha tenido la ca�da de la inflaci�n sobre las necesidades de financiamiento del gobierno y la magnitud del d�ficit fiscal, a trav�s del impacto de menores tasas nominales de inter�s.

Suggested Citation

  • Leonardo Villar G�mez, 2004. "Inflaci�N Y Finanzas P�Blicas," Borradores de Economia 2852, Banco de la Republica.
    • Handle: RePEc:col:000094:002852
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    References listed on IDEAS

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    2. 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.
    3. Mauricio Cárdenas & Roberto Junguito B. & Mónica Pachón B., 2006. "Political Institutions and Policy Outcomes in Colombia : the Effects of the 1991 Constitution," Coyuntura Económica, Fedesarrollo, June.
    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. 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.
    8. Sergio Clavijo Vergara, 2004. "Requisitos Para La Estabilidad Fiscal: Un Balance Y La Agenda," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 22(46-1), pages 146-185, December.
    9. Carlos Andrés Amaya, 2005. "Interest Rate Setting and the Colombian Monetary Transmission Mechanism," Borradores de Economia 352, Banco de la Republica de Colombia.
    10. Eduardo Wiesner, 2008. "The Political Economy of Macroeconomic Policy Reform in Latin America," Books, Edward Elgar Publishing, number 12913, December.
    11. 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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    Finanzas p�blicas;

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