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El rol de la política fiscal y de las devaluaciones nominales en las estabilizaciones basadas en el tipo de cambio

Author

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  • Rodrigo Braga

    (Department of Economics, Universidad de San Andrés)

Abstract

En este trabajo incorporamos al análisis teórico clásico de Calvo y Végh (1990,1991) y Végh (1992) sobre planes de estabilización de alta inflación basados en el tipo de cambio, el rol de la política fiscal, entendida como la dinámica del gasto público y la implementación de una reforma impositiva, así como también el rol de las devaluaciones nominales. Encontramos que las dinámicas de la inflación, el tipo de cambio real y la actividad son mucho más diversas y complejas, aun en el caso de perfecta credibilidad, que en los modelos originales. En relación a las estabilizaciones con credibilidad imperfecta, podemos matizar la expansión en el producto que sugieren estudios como el de Kiguel y Liviatan (1992) y establecer condiciones bajo las cuales dicha expansión se atenúa o incluso puede llegar a desaparecer. Finalmente, si bien todos nuestros hallazgos son teóricos, estos traen consigo implicancias empíricas susceptibles de ser contrastadas en futuras investigaciones.

Suggested Citation

  • Rodrigo Braga, 2025. "El rol de la política fiscal y de las devaluaciones nominales en las estabilizaciones basadas en el tipo de cambio," Young Researchers Working Papers 21, Universidad de San Andres, Departamento de Economia, revised May 2026.
    • Handle: RePEc:sad:ypaper:21
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    File URL: https://repec.udesa.edu.ar/pub/econ/ydoc21.pdf
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    References listed on IDEAS

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    1. Calvo, Guillermo A. & Vegh, Carlos A., 1999. "Inflation stabilization and bop crises in developing countries," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 24, pages 1531-1614, Elsevier.
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    Keywords

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    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • 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
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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