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La sostenibilidad de la política fiscal en América Latina: Aplicación al caso uruguayo

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  • Michale Borchardt
  • Isabel Rial
  • Adolfo Sarmiento

Abstract

La volatilidad del resultado fiscal como consecuencia de las fluctuaciones de las variables macroeconómicas de origen interno y externo, limita la utilidad de los indicadores tradicionales para evaluar la situación fiscal de mediano y largo plazo. Este problema es particularmente relevante para países que, como Uruguay, encaran planes de estabilización utilizando el tipo de cambio como ancla nominal, puesto que la experiencia ha mostrado que dichos planes generan o amplifican muchas de las fluctuaciones de las variables macroeconómicas, las cuales se trasladan a la situación fiscal. El éxito de estos planes de estabilización requiere un adecuado manejo del ancla nominal, así como un buen monitoreo de la situación fiscal subyacente. Con esta finalidad se desarrolla una metodología que tiene por objetivo la estimación del resultado fiscal ajustado por las fluctuaciones de corto plazo de las variables macroeconómicas.

Suggested Citation

  • Michale Borchardt & Isabel Rial & Adolfo Sarmiento, 1998. "La sostenibilidad de la política fiscal en América Latina: Aplicación al caso uruguayo," Research Department Publications 3019, Inter-American Development Bank, Research Department.
    • Handle: RePEc:idb:wpaper:3019
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    References listed on IDEAS

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    1. Ms. Karen Elizabeth Parker & Steffen Kastner, 1993. "A Framework for Assessing Fiscal Sustainability and External Viability, with An Application to India," IMF Working Papers 1993/078, International Monetary Fund.
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