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Señoreaje cercano al límite y acumulación de vulnerabilidad financiera en moneda extranjera. Bolivia, periodo 2009 – 2024 junio

Author

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  • Silva Colque, Nano Luis

    (IISEC, Universidad Católica Boliviana)

Abstract

Señoreaje es la capacidad de un banco central para captar recursos reales de la economía mediante la creación de dinero primario nominal. Este artículo investiga las condiciones de vulnerabilidad financiera en moneda extranjera del BCB que limitaría sus funciones esenciales de prestamista de última instancia y de resguardo de la estabilidad económica y financiera. Los principales resultados muestran que el señoreaje se acercó a sus niveles límite en los últimos años cuando se registró una brecha creciente entre las reservas internacionales efectivas y un umbral recomendado asociado a una eventual crisis de balanza de pagos; cuando las medidas de sostenimiento de las reservas internacionales del BCB comprometieron una riesgosa desacumulación de activos líquidos en moneda extranjera mantenidas por los bancos; y, cuando se estrechó el acceso a los mercados internacionales de deuda.

Suggested Citation

  • Silva Colque, Nano Luis, 2025. "Señoreaje cercano al límite y acumulación de vulnerabilidad financiera en moneda extranjera. Bolivia, periodo 2009 – 2024 junio," Documentos de trabajo 2/2024, Instituto de Investigaciones Socio-Económicas (IISEC), Universidad Católica Boliviana.
  • Handle: RePEc:ris:iisecd:2024_002
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    More about this item

    Keywords

    Señoreaje; Vulnerabilidad financiera en moneda extranjera; Brecha de reservas internacionales;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • 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
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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