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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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    1. Martha López P., 2001. "Seigniorage and the welfare cost of inflation in Colombia," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 19(39), pages 115-131.
    2. Natalia Salazar F., 1992. "El efecto Tanzi, la sustitución de monedas y la tasa de inflación óptima en Colombia," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 11(22), pages 83-108.
    3. Hernando Zuleta, 1995. "Impuesto Inflacionario y Señoreaje," Borradores de Economia 038, Banco de la Republica de Colombia.
    4. 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.
    5. Friedman, Milton, 1971. "Government Revenue from Inflation," Journal of Political Economy, University of Chicago Press, vol. 79(4), pages 846-856, July-Aug..
    6. Easterly, William R & Mauro, Paolo & Schmidt-Hebbel, Klaus, 1995. "Money Demand and Seigniorage-Maximizing Inflation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(2), pages 583-603, May.
    7. Natalia Salazar F., 1992. "El efecto Tanzi, la sustitución de monedas y la tasa de inflación óptima en Colombia," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 11(22), pages 83-108.
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    Cited by:

    1. Sergio Clavijo, 2004. "Requisitos para la estabilidad fiscal: un balance y la agenda," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 22(46-1), pages 146-185, December.
    2. Eduardo Wiesner, 2008. "The Political Economy of Macroeconomic Policy Reform in Latin America," Books, Edward Elgar Publishing, number 12913.

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