Instrumentos-De-politica Monetaria y Fiscal

“Año de la Diversificación productiva y el Fortalecimiento de la educación” UNIVERIDAD NA!I"NA# DE# AN$A FA!U#$AD DE IN%ENIER&A E!UE#A A!AD'(I!" )R"FEI"NA# DE IN%ENIER&A !IVI#

IN$RU(EN$" DE )"#I$I!A ("NE$ARIA 1 FI!A# Inte*rantes+ 

!,av-n .ui/a !0sar

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!ueva .ustos .rian



D-a/ D-a/ 1uri2o



3onores 45ñi*a .ri**itte



(atta Valdivie/o .ryan



Rosales )adilla Ale6ander

Docente+

.ecerra V7 V7s8ue/ Fe Federico Diciem9re :;<= NUEV" !3I(."$E > )ER?

UNIVERSIDAD UNIVER SIDAD NACIONAL NACIONA L DEL SANTA FACULTAD FACULTAD DE INGENIERIA INGENI ERIA DAICS

E.A.P. INGENIERÍA INGENI ERÍA CIVIL Economía Econo mía 2015-II

INSTRUMENTOS DE POLITICA POLITICA MONETA MONETARIA RIA  FISCAL

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ÍNDICE NTRODUCCI!N............................................................. ......................................................." NTRODUCCI!N................................................................................................................... ." RESUMEN..............................................................................................................................# I.TITULO................................................................................................................................5 II. O$%ETIVOS.......................................................................................................................5 2.1 O&'()*+o O&'()*+o G(n(,a...... G(n(,a............. .............. ............. ............. .............. ............. ............. .............. .............. ............. ................... .............................5 ................5 2.2 O&'()*+o O&'()*+o E/(cí*co... E/(cí*co.......... ............. ............. .............. .............. ............. ............. .............. ............. ............. .............. ..................... ..................5 ....5 III. MARCO TE!RICO..........................................................................................................5 INSTRUMENTOS DE POLITICA MONETRIA  FISCAL........................................... FISCAL.............................................5 ..5 ".1. POLITICA MONETARIA..............................................................................................5 ".1.1 CONCEPTO...................................................................................................................5 ".1.2. ".1.2. INSTRU INSTRUMEN MENTO TOS S DE POLITIC POLITICA A MONET MONETAR ARIA IA.... ....... ...... ....... ....... ...... ....... ....... ...... ........ .......... .......... ........ ... A3 C(,)* C(,)**ca *ca4o 4o 4( D(/* D(/*)o )o 4( $CRP $CRP 6CD 6CD $CRP3... $CRP3....... ....... ...... ....... ....... ...... ....... ....... ...... ....... ....... ....... ......... ......... .... $3 C(,)* C(,)**ca *ca4o 4o 4( D(/ D(/*) *)oo R(a'7 R(a'7)a )a&( &( 4( 4( $CRP $CRP 6CDR 6CDR $CRP3. $CRP3.... ...... ....... ....... ....... ......... .......... ...... . C3 D(/* D(/ *)o )o a Pa8o Pa8o (n ( $CRP 6DP $CRP $CRP3... 3...... ...... ....... ....... ...... ....... ....... ...... ....... ....... ....... ....... ...... ....... ....... ....... .........9 .....9 D3 S:a/ S:a/ Cam&*a Cam&*a,o. ,o.... ....... ....... ...... ....... ....... ...... ....... ....... ....... ....... ...... ....... ....... ...... ....... ....... ...... ....... ....... ....... ....... ...... ........ .......... .......... ......... ........9 ....9 ".1.". O$%ETIVOS... O$%ETIVOS......... ............. .............. .............. ............. ............. .............. .............. ............. ............. .............. ............. ............. .............. .............. ............9 .....9 ".1.#. MECANISMOS MECANISMOS....... .............. .............. ............. ............. .............. ............. ............. .............. .............. ............. ................... .............................9 ................9 ".1.5 ;ISTORIA DE LA POLITICA MONETARIA...........................................................10 ".1.<. ".1.<. ENTIDA ENTIDADES DES =UE =UE REGUL REGULAN AN LA POLITIC POLITICA A MONE MONETA TARIA. RIA...... .......... .......... .......... ..........10 .....10 ".1. TIPOS DE POLÍTICA MONETARIA.........................................................................1" ".1..1. Poí)*ca mon()a,*a (>/an*+a...................................................................................1" ".1..2. Poí)*ca mon()a,*a ,(),*c)*+a...................................................................................1# ".2. POLÍTICA POLÍTICA FISCAL....... FISCAL.............. ............. ............. .............. .............. ............. ............. .............. ............. ............. .............. .............. ..................1# ...........1# ".2.1. CONCEPTO..............................................................................................................1# ".2.2. FORMAS DE FINANCIAR EL AUMENTO DE LOS GASTOS PU$LICOS.........15 ".2." O$%ETIVOS DE LA POLITICA FISCAL..................................................................1< ".2.#. TIPOS DE POLITICA FISCAL.................................................................................1 ".2.#.1 Poí)*ca *ca (>/an*+a............................................................................................1 ".2.#.2. Poí)*ca *ca con),ac)*+a.........................................................................................1 ".2.#." Poí)*ca *ca ,(),*c)*+a............................................................................................1 ".2.5 ;ISTORIA DE LA POLITICA FISCAL.....................................................................19 18



IV. REFERENCIA $I$LIOGR?FICA.................................................................................19 $I$LIOGR?FICA...................................................................... ...........19

NTRODUCCIÓN En ( ma,co 4( a Con)*)7c*n Poí)*ca 4( P(,@  4( 7 L( O,Bn*ca ( $anco C(n),a 4( R((,+a 4( P(,@ c7(n)a con a a7)onomía  o *n),7m(n)o 4( /oí)*ca mon()a,*a 7( ( /(,m*)( c7m/*, 7 o&'()*+o 4( /,((,+a, a ()a&**4a4 mon()a,*a. mon()a, *a.Con Con a /oí)*ca (>)(,*o,  a /oí)*ca mon()a,*a (n mano 4( a Un*n E7,o/(a a /oí)*ca *ca ( a con+(,)*4o (n ( /,*nc*/a *n),7m(n)o 4( o /aí( m*(m&,o /a,a *n)(,+(n*, (n 7 /,o/*a (conomía. La /oí)*ca *ca ( a ac)7ac*n *n)(nc*ona4a 4( (c)o, /@&*co 6E)a4o Com7n*4a4( A7)nom A7)noma a A7n)am* 7n)am*(n) (n)o o  S(B7,*4 S(B7,*4a4 a4 Soc*a Soc*a3 3 m(4*an m(4*an)( )( a ,(ca74a ,(ca74ac* c*nn 4( on4o on4o 6/,*nc*/am(n) 6/,*nc*/am(n)(( *m/7()o3 *m/7()o3  a a/*cac*n a/*cac*n 4( Ba)o /@&*co /a,a acan8a, acan8a, o o&'()*+o *'a4o /o, ( E)a4o. Pa,a a /oí)*ca *ca o o&'()*+o /,*nc*/a( o&'()*+o /,*nc*/a( on a)(n7a, o ((c)o 4( c*co (conm*co  ,(4*),*&7*, a ,(n)a 4( o,ma m (7*)a)*+a. La (,,am*(n)a 7)**8a4a /7(4(n (, *n),7m(n)a( 7( com/,(n4( a /oí)*ca *ca( mon()a,*a cam&*a,*a 4( /,(c*o 4( (c)o, (>)(,*o,. La /oí)*ca mon()a,*a /o, ('(m/o a ),a+ 4( a 4(c**on( o&,( a (m**n 4( 4*n(,o /7(4( B(n(,a, ((c)o o&,( ( c,(c*m*(n)o  4*nam*8ac*n (conm*ca a *nac*n o a )aa 4( *n)(,H a /oí)*ca *ca a ),a+ 4( a 4()(,m*nac*on( 4( Ba)o /@&*co ( *m/7()o /7(4( )(n(, ((c)o o&,( a ac)*+*4a4 /,o47c)*+a 4( a (m/,(a  (n @)*ma o&,( ( c,(c*m*(n)o (conm*co. La /oí)*ca com(,c*a o 4( com(,c*o (>)(,*o, )*(n( ((c)o o&,( o *nB,(o 4( E)a4o  4( ()a o,ma o&,( ( Ba)o 7( )( m*mo ac( ()c.

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RESUMEN En ( /,((n)( ),a&a'o 4( *n+()*Bac*n no (noca,(mo a ()74*a, a 4*+(,a /oí)*ca mon()a,*a (m/(a4o (n n7(),o /aí. La /oí)*ca mon()a,*a ( o,*(n)( a con),oa, a (>/an*n 4( a can)*4a4 4( 4*n(,o  a (+o7c*n 4( o )*/o 4( *n)(,. E 7)**8a4a /o, 7n Go&*(,no o /o, ( $anco C(n),a 4( 7n /aí a *n 4( *n7*, 4*,(c)am(n)( o&,( ( +ao, 4( a 4*+*a nac*ona a /,o47cc*n a *n+(,*n ( con7mo  a *nac*n. Lo (nca,Ba4o 4( a/*ca, a /oí)*ca mon()a,*a (n ( P(,@ on  ( $anco C(n),a 4( R((,+a  (nca,Ba4o 4( man('a, o *n),7m(n)o mon()a,*o 7( ,(B7an a *7*4(8  ( Bo&*(,no a ),a+ 4( M*n*)(,*o 4( Economía  F*nan8a 6 MEF 3  7*(n ()a&(c( o o&'()*+o (conm*co 7( ( /,()(n4( oB,a,. La m('o, man(,a 4( o,ma,no 7na *4(a c7an)**ca&( o m(4*&( 4( *n 7n /aí () m('o,an4o o no ( m(4*an)( ( *nc,(m(n)o /,oB,(*+o  o)(n*4o 4( o n*+(( 4( /,o47cc*n )am&*n a 7( con*4(,a o),o *n4*ca4o,( como a +a,*ac*on( 4( a *nac*n 7( a 7 +(8 4()(,m*na ( c,(c*m*(n)o (n ),m*no ,(a( 4( a /,o47cc*n. Una (conomía /,o/(,a ( ca,am(n)( 7na (conomía 7( )*(n(n 7n ((+a4o c,(c*m*(n)o 4( a /,o47cc*n 7n &a'o 4((m/(o  7na &a'a *nac*n. La (conomía /(,7ana () (n con)an)( c,(c*m*(n)o /,o47c)o 4( a /oí)*ca mon()a,*a 4( $CR 7( a *4o a /*(8a 7n4am(n)a (n ()( /,oc(o 7( ()amo (n cam*no. La (>/(,*(nc*a 4( o @)*mo ao m7(),a a *m/o,)anc*a 7( a /oí)*ca mon()a,*a )*(n( /a,a man)(n(, a ()a&**4a4 4( o /,(c*o  /a,a ()*m7a, ( c,(c*m*(n)o (conm*co.

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I.TITULO INSTRUMENTOS DE POLITICA MONETARIA  FISCAL

II. OBJETIVOS 2.1 Objetivo Genera G(n(,a, *no,mac*n ,((+an)( con ,(/(c)o a o *n),7m(n)o 4( /oí)*ca mon()a,*a  *ca 7 ca,ac)(,í)*ca  7 7nc*onam*(n)o

2.2 2. 2 Ob Obje jettiv ivo! o! E!" E!"e e#$ #$%# %#o! o! R(a*8a, 7n *no,m( 7( (nBo&( 4( o,ma (*c*(n)( ( )(ma /an)(a4o.

III. M&RCO TEÓRICO INSTRUMENTOS DE 'OLITIC& MONETRI& ( )ISC&L

*.1. 'OLITIC& MONET&RI&+ *.1.1 CONCE'TO La /oí)*ca mon()a,*a ( 7na /oí)*ca (conm*ca 7( 7a a can)*4a4 4( 4*n(,o como +a,*a&( 4( con),o /a,a a(B7,a,  man)(n(, a ()a&**4a4 (conm*ca. Pa,a (o a a7)o,*4a4( mon()a,*a 7an m(can*mo como a +a,*ac*n 4( )*/o 4( *n)(,  /a,)*c*/an (n ( m(,ca4o 4( 4*n(,o. S( o,*(n)an a con),oa, a (>/an*n 4( a can)*4a4 can)*4a4 4( 4*n(,o  a (+o7c*n (+o7c*n 4( o )*/o 4( *n)(,. E 7)**8a4a /o, 7n Go&*(,no o /o, ( $anco C(n),a 4( 7n /aí Ja *n 4( *n7*, 4*,(c)am(n)( o&,( ( +ao, 4( a 4*+*a nac*ona a /,o47cc*n a *n+(,*n ( con7mo  a *nac*nK. Una 4(*n*c*n m )cn*ca ( a 4( %7an C7a4,a4o Ro7,a JLa /oí)*ca mon()a,*a mon()a,*a ( a acc*n con*(n)( (m/,(n4*4a /o, a a7)o,*4a4( a7)o,*4a4( mon()a,*a mon()a,*a o a *nacc*n 4(*&(,a4a /a,a cam&*a, a can)*4a4 4*/on*&**4a4 o ( co)( 4( 4*n(,o con o&'()o 4( 18



con),*& con), *&7* 7*,, a oB,a oB,a,, aB7 aB7no no 4( o o o&'() o&'()*+ *+o o &* &*co co 4( a /o /oí í)* )*ca ca (con (conm* m*caK caK.. Lo Lo (nca,Ba4o 4( a/*ca, a /oí)*ca mon()a,*a 4( 7n /aí on ( $anco C(n),a 4( R((,+a (nca,Ba4o 4( man('a, o *n),7m(n)o mon()a,*o 7( ,(B7an a *7*4(8  ( Bo&*(,no a ),a+ ),a+  4( 4( M*n* M*n*) )(,* (,*oo 4( Econo Economí míaa  F*na F*nan8a n8a 6MEF3 6MEF3 7 7*( *(nn ()a& ()a&( (c( c( o o o& o&'( '()* )*+o +o (conm (conm*c *co o 7( ( /,()( /,()(n4 n4(( oB,a oB,a,,. E $anc $ancoo C(n) C(n),a ,a )am& )am&* *nn 7(( 7(( *'a *'a,, o& o&'( '()* )*+o +o *n)(,m(4*o. Lo *n),7m(n)o *n),7m(n)o mon()a,*o mon()a,*o m com@nm(n)( com@nm(n)( a/*ca4o on a o/(,ac*on( 4( m(,ca4o a&*(,)o a man*/7ac*n 4( a )aa 4( ,(4(c7(n)o  a +a,*ac*n (n o /o,c(n)a'( 4( ,((,+a o&*Ba)o,*a. 1. #as operaciones de mercado a9ierto@> ( ( /,*nc*/a *n),7m(n)o 4( a /oí)*ca mon()a,*a  con*)( (n a com/,a-+(n)a 4( on4o /@&*co  /,*+a4o /o, /a,)( 4( $CR. S( man**()a m(4*an)( a ((+ac*n  4*m*n7c*n 4( o )*/o 4( *n)(, 6,(47cc*n o a7m(n)o 4( a *7*4(83 +(n)a  com/,a 4( +ao,( 6/,o+oca, 7na 4(),acc*n  *n(cc*n 4( *7*4(8 a *)(ma *nanc*(,o3. 2. El redescuento@> ( a a47**c*n 4( +ao,( 7nc*onan como c,4*)o conc(4*4o /o, ( $CR a a (n)*4a4( *nanc*(,a. C7an4o ( $CR 4*m*n7( ( )*/o 4( ,(4(c7(n)o *n(c)a *7*4(8 a *)(ma *nanc*(,o o &anco )(n4,n mao, can)*4a4 4( 4*n(,o 7( /o4,n /,()a,. /,( )a,. E)( *n),7m(n)o 7nc*ona 7nc *ona m a ),a+ 4( mo4**cac*on( (n ( )*/o 4( *n)(,. ".

Variacion ariaciones es en los porcentaes porcentaes de reservas reservas o9li*atorias@ o9li*atorias@>> ()a ( a ,((,+a 4( a *n)*)7c*on( *nanc*(,a ,(n)( a 7 4(/*)o. E)a ,((,+a c7m/(n *n( como o+(nc*a *7*4(8 con),o mon()a,*o  *nanc*am*(n)o 4( 4*c*) /@&*co. Lo *n),7m(n)o +*)o an)(,*o,m(n)( )*(n(n como o&'()o ,(B7a, a *7*4(8 /o, o 7( a m('o, o,ma 4( ana*8a, ( man('o 4( ()o *n),7m(n)o ( a ),a+ 4( a can)*4a4 4( 4*n(,o (n a (conomía m('o, ama4a Em**n /,*ma,*a  &a( mon()a,*a 7( ( ( /a*+o mon()a,*o 4( $anco C(n),a 4( R((,+a con)*)7*4o /o, &*()(  mon(4a (m*)*4o  4(/*)o (n mon(4a nac*ona 4( *)(ma *nanc*(,o  4( (c)o, /,*+a4o man)(n*4o (n ( *n)*)7)o (m*o,. JLa (m**n 7na +(8 con),oa4a a Inac*n 4(&( (, *B7a a c,(c*m*(n)o 4( a /,o47cc*n  (n cao 4( 4a,( 4a, ( a)o n*+(( 4( *nac*n 4(&( (,  (, *B7a a c,(c*m*(n)o ,(a m 7n +ao, 4( a *nac*n (/(,a4a n(c(a,*am(n)( m7co m(no, 7( a *nac*n ac)7aK. D( ac7(,4o a $anco C(n),a E7,o/(o E7,o/(o 7na /oí)*ca /oí)*ca mon()a,*a m (),*c)a o,*(n)a4a o,*(n)a4a a acan8a, 7n o&'()*+o 4( ()a&**4a4 4( /,(c*o con*B7(n ,(47c*, a +a,*a&**4a4 4( a *nac*n (o con),*&7( a &a'a, o )*/o 4( *n)(, ,(a( 64*(,(nc*a (n),( o )*/o 4( *n)(, nom*na  a )aa 4( *nac*n3 con*B7*(n4o 7n ((c)o /o*)*+o o&,( ( 18



c,(c*m*(n)o. La /oí)*ca mon()a,*a /,()(n4( *n7*, o&,( a ac)*+*4a4 (conm*ca o&,( o o /,(c* /,(c*o o ( *nc *nc7o 7o o&,( o&,( o o )*/o )*/o 4( cam& cam&*o *o a ),a+ ),a+  4( o o *n) *n),7m ,7m(n) (n)o o mon()a,*o. Pa,a (o man*/7a, a *7*4(8 4( o m(,ca4o o o )*/o 4( *n)(,. La mao, o m(no, ,(/(,c7*n 7( ()a ac)7ac*n /7(4a )(n(, o&,( ( (c)o, ,(a ( aBo o&,( o 7( no (>*)( )o)a ac7(,4o.

*.1 .1.2 .2..

INST STR RUME MENT NTO OS DE 'OLI LITI TIC& C& MONET&R &RII&+

La ,(B7ac*n 4( a *7*4(8 4( *)(ma *nanc*(,o ( 4*nm*ca cono,m( ( conoc(n a con4*c*on( 4( *)(ma *nanc*(,o 4ía a 4ía 4( mo4o 7( a )aa 4( *n)(, *n)(,&anca,*a ( 7&*7( (n 7n n*+( c(,cano a 4( ,((,(nc*a. Lo *n),7m(n)o 4( /oí)*ca ( /7(4(n /7 (4(n ca**ca, (n *n),7m(n)o 4( m(,ca4o *n),7m(n)o 4( +(n)an*a  m(4*4a 4( (nca'(.

&, Certi%#a-o! -e De"!ito -e BCR' BCR' /CD BCR', BCR', F7(,on c,(a4o (n 12 con ( o&'()*+o 4( ,(B7a, a *7*4(8 4( *)(ma *nanc*(,o a ),a+ 4( a ()(,**8ac*n 4( o (>c(4(n)( 4( *7*4(8 4( o &anco. La coocac*n 4( o CD $CRP ( ((c)@a m(4*an)( ( m(can*mo 4( 7&a)a o m(4*an)( coocac*n 4*,(c)a /o, mon)o nom*na( mín*mo 4( S. 100 m* ca4a 7no  (n m@)*/o 4( (( mon)o a 7n /a8o (n),( 7n 4ía  ),( ao.

B, Certi%#a-o! -e De"!ito De"!ito Reaj0!tabe! Reaj0!tabe! -e BCR' BCR' /CDR BCR', F7(,on c,(a4o (n ( ao 2002 con ( o&'()*+o 4( ,(B7a, a *7*4(8 4( *)(ma *nanc*(,o a ),a+ 4( a ()(,**8ac*n 4( o (>c(4(n)( 4( *7*4(8 4( o &anco  ,(47c*, /,(*on( a a8a o&,( ( )*/o 4( cam&*o. La 4*(,(nc*a con ,(/(c)o a o CD $CRP ( 7( o CDR $CRP ( ,(a'7)an (n 7nc*n 4( a +a,*ac*n 4( )*/o 4( cam&*o ,(B*),a4a (n),( a (ca 4( (m**n  a 4( +(nc*m*(n)o *m7an4o a co&(,)7,a 4( +(n)a +( n)a o,:a,4 4( o &anco. A *B7a 7( con o CD $CRP a ((c)7a, 7na coocac*n 4( CDR $CRP ( ,(47c( a &a( mon()a,*a  a 7 +(nc*m*(n)o )a ( *nc,(m(n)a.

18



C, De"! De"!ito! ito! a 'ao 'ao en e BCR' BCR' /D' BCR', BCR', F7(,on c,(a4o (n oc)7&,( 4( 2010 (n ( con)(>)o 4( *m/o,)an)( (n),a4a 4( ca/*)a( 4( co,)o /a8o. Tam&*n on 7)**8a4o /a,a ,()*,a, *7*4(8. E $CRP ,((m/a8 a (m**n 4( CD $CRP a /a8o m(no,( a 7n m( /o, 4(/*)o a /a8o.

D, Sa"! Ca3bia Ca3biaro! ro! F7(,on c,(a4o (n ()*(m&,( 4( 201#  ( 7)**8an /a,a ,(47c*, a +oa)**4a4 4( )*/o 4( cam&*o B(n(,a4a /o, /,(*on( (n ( m(,ca4o 4( 4(,*+a4o. M(4*an)( ()( *n),7m(n)o ( $CRP /,o+(( (>/o*c*n a )*/o 4( cam&*o a com/,om()(,( a /aBa, 6o ,(c*&*,3 7na )aa *'a (n mon(4a (>),an'(,a m a +a,*ac*n 4( )*/o 4( cam&*o a cam&*o 4( ,(c*&*, 6o /aBa,3 7n )aa +a,*a&( +a,*a&( (n mon(4a nac*ona. nac*ona. A 4*(,(nc*a 4*(,(nc*a 4( o CDR CDR $CRP $CRP  a a o/(, o/(,ac ac*o *on( n( 4( com/ com/,a ,a-+ -+(n (n)a )a 4( mon( mon(4a 4a (>), (>),an an'( '(,a ,a ()( ()( *n),7m(n)o no a(c)a a &a( mon()a,*a /7()o 7( no (>*)( 4((m&oo 4( mon)o noc*ona noc*ona a *n*c*o *n*c*o o a +(nc*m*(n)o +(nc*m*(n)o 4( a o/(,ac*n o ( *n)(,cam&*a *n)(,cam&*a a 4*(,(nc*a (n),( o *n)(,(( /o, /aBa,  /o, ,(c*&*, a *na 4( a o/(,ac*n.

*.1.*.

OBJETIVOS

D(n),o 4( o o&'()*+o 7( /an)(a 7na /oí)*ca mon()a,*a (n 7n /aí 4()(,m*na4o on o *B7*(n)( E)a&**4a4 4( +ao, 4( 4*n(,o P(na oc7/ac*n 6 mao, n*+( 4( (m/(o /o*&( 3 E+*)a, 4((7**&,*o /(,man(n)( (n a &aan8a 4( /aBo •

• •

*.1.4.

MEC&NISMOS

E $anco C(n),a /7(4( mo4**ca, a can)*4a4 4( 4*n(,o 4*,(c)am(n)( /(,o a o),a o,ma 4( cam&*a, a can)*4a4 4( 4*n(,o (n c*,c7ac*n ()a on A@ Variación riación del del tipo tipo de inter0s inter0s In4*ca c7an)o a 7( /aBa, /o, ( 4*n(,o 7( no /,()a 7n &anco. Po, (o * ( )*/o 4( *n)(, ( m7 a)o no )o4o o *n+(,o,( /o4,n /(,m*)í,(o  no /(4*,n m7co /,)amo. E )*/o o )aa 4( *n)(, *n4*ca *n)(, *n4*ca c7n)o a 7( /aBa, /o, ( 4*n(,o 7( 4*n(,o 7( no /,()a 7n &anco. Po, (o * ( )*/o 4( *n)(, ( m7 a)o no )o4o o *n+(,o,( /o4,n /(,m*)í,(o  no /(4*,n m7co /,)amo. E 4*n(,o ( 7(4a, (n ( &anco. En cam&*o cam&*o 7na 7 na &a'a4a 4( o )*/o 4( *n)(, *nc(n)*+a a *n+(,*n *n+(,*n   a ac)*+*4a4 ac)*+*4a4 (conm*ca (conm*ca a 7( o (m/,(a,*o 4*/on4,n c*m(n)( 4( 4*n(,o /a,a *n+(,)*,o (n 7 /,o(c)o 7 /,o(c)o.. 18



Po, )an)o o cam&*o (n a )aa 4( *n)(, ()n ,(ac*ona4o 4*,(c)am(n)( con a can)*4a4 4( 4*n(,o 7( c*,c7a (n ( m(,ca4o. No a 7( o+*4a, 7( (>*)(n o),o /,oc(o o),o /,oc(o -4*)*n)o -4*)*n)o a a /oí)*ca a /oí)*ca mon()a,* mon()a,*aa- 7( )am&*n a)(,an a )aa 4( *n)(, a (a /o, 7n /,oc(o 7n /,oc(o *nac*ona,*o *nac*ona,*o o /o, ( a7B( o a ,(c(*n 4( a ac)*+*4a4 (conm*ca 4**c7)an4o 4( ()a man(,a ( /a/( 4( a )aa 4( *n)(, como +a,*a&( o&'()*+o 4( a /oí)*ca mon()a,*a.

.@ Variación ariación del coeficiente coeficiente de caa caa E co(*c*(n)( 4( ca'a 6o encaje bancario o coeficiente legal de reservas3 *n4*ca 7 /o,c(n)a'( 4( o 4(/*)o &anca,*o a 4( man)(n(,( (n ,((,+a í7*4a o (a B7a,4a4o *n /o4(, *n /o4(, 7a,o 7a,o /a,a 4('a,o /,()a4o. S( ac( /a,a (+*)a, ,*(Bo (+*)a, ,*(Bo.. S* ( &anco c(n),a 4(c*4( ,(47c*, ()( co(*c*(n)( a o &anco o &anco 6B7a,4a, 6B7a,4a, m(no 4*n(,o (n ( &anco  /,()a, m3 (o a7m(n)a a can)*4a4 4( 4*n(,o (n c*,c7ac*n a 7( ( /7(4(n conc(4(, a@n m /,)amo. S* ( co(*c*(n)( a7m(n)a ( &anco ( ,((,+a m 4*n(,o  no /7(4( conc(4(, )an)o /,)amo. La can)*4a4 4( 4*n(,o &a'a. D( ()a o,ma ( &anco /7(4( a/o,)a, o 7*)a, 4*n(,o 4( m(,ca4o *n )(n(, 7( a&,*ca, m mon(4a.

!@ !ompra !ompra B venta venta de de deuda deuda pu9li pu9lica ca La 4(74a /7&*ca con*)( (n )í)7o (m*)*4o /o, ( E)a4o  /7(4(n (, (),a &ono  o&*Bac*on(. $*cam(n)( on /a/(( 7( ( ( com/,an com/, an /o, 7n /,(c*o  7( a ca&o 4( 7n )*(m/o no com/,a,an /o, o),o /,o&a&(m(n)( mao,. S* ( ()a4o /on( 4( Bo/( a a +(n)a m7co )í)7o  a B(n)( o com/,a ( ()a4o () ,(c*&*(n4o 4*n(,o 4( a B(n)(  /o, )an)o a B(n)( 4*/on( 4( m(no 4*n(,o. D( ()a o,ma () ,(47c*(n4o a can)*4a4 4( 4*n(,o 4*/on*&( (n ( m(,ca4o. En cam&*o * ( ()a4o 4(c*4( com/,a, )í)7o 6,(c*&*, o /a/(( (n ( m(,ca4o a 7( a B(n)( 4*/on4, 4( 4*n(,o 7( an)( ()a&a B7a,4a4o. E)( ( ( o&'()*+o 4( a 4(74a /@&*ca /(,o como 7 nom&,( *n4*ca ( 4*n(,o ,()(n*4o 4(&( (, 4(+7()o (n ( 7)7,o.

18



*.1.5 6ISTORI& DE L& 'OLITIC& MONET&RI& La /oí)*ca mon()a,*a () 4(a,,oa4a /o, (conom*)a (conom*)a como I,+*nB F*(, F,*(4,*c ;a(c  M*)on F,*(4man. S( &aan (n a *4(a 4( (conom*)a c*co 6A4am Sm*) %on S)7a,) M* o),o3 7( a a /,o/7*(,on (n 7na c,** (conm*ca como ( c,ac 4( 12. S7B*(,(n 7( ( E)a4o no 4(&( *n)(,+(n*, ac)*+am(n)( (n a (conomía (n cao 4( 4(/,(*n 6a 7( ( /,o&a&( 7( a (m/(o,(3 (m/(o,(3  7( 4(&( *m*)a,( a con),oa, a can)*4a4 4( 4*n(,o. En con),a/o*c*n a mon()a,*mo () ( (n(*an*mo 6%on Mana,4 (n(3  7 /oí)*ca *ca 7( 4(*(n4( o con),a,*o ( E)a4o 4(&( /a,)*c*/a, a7m(n)an4o ( Ba)o /@&*co  ,(47c*(n4o o *m/7()o. Ac)7am(n)( a7n7( ( ()74*a (n(*an*mo (n a 7n*+(,*4a4( (/aoa ac( m 4( #0 ao 7( 7(4o a7(,a 4( a c*(nc*a (conm*ca. En ( cao 4( c,ac 4( 12 a /oí)*ca mon()a,*a ao. Lo c*co c,(ían 7( a a&(, caí4o a can)*4a4 4( 4*n(,o )am&*n &a'a,ían o /,(c*o  o aa,*o  ( +o+(,ía a7)om)*cam(n)( a /(no (m/(o. P(,o ,(7)o 7( )an)o /,(c*o  aa,*o  ( +o+(,ía a7)om)*cam(n)( a /(no (m/(o. P(,o ,(7)o 7( )an)o /,(c*o  aa,*o on ,íB*4o a a &a'aH o (a 7( o (m/,(a,*o ( m/,(a,*o ( n(Ba&an a &a'a, o /,(c*o /, (c*o  o ),a&a'a4o,( a co&,a, m(no.

*.1 .1.7 .7..

ENTI TID D&D &DE ES 8U 8UE REG REGUL UL&N &N L& 'O 'OLI LITI TIC C& MO MONET&RI RI& &

Lo &anco c(n),a( on a a7)o,*4a4( ,(/ona&( 4( /,o+((, 4( mon(4a  4( *n),7m(n)a, a /oí)*ca mon()a,*a. E)a @)*ma () aoc*a4a a con'7n)o 4( acc*on( a ),a+ 4( a c7a( a a7)o,*4a4 mon()a,*a 4()(,m*na a con4*c*on( &a'o a c7a( /,o/o,c*ona ( 4*n(,o 7( c*,c7a (n a (conomía (con omía con o c7a *n7( (n ( com/o,)am*(n)o 4( a )aa 4( *n)(, 4( co,)o /a8o. La 4(*n*c*n 4( o o&'()*+o 7( 4(&( /(,(B7*, a /oí)*ca mon()a,*a a *4o 7n )(ma 7( a oc7/a4o a o (conom*)a  a a o/*n*n /@&*ca 4(4( 7( o &anco c(n),a( ( cono*4a,on como a (n)*4a4( ,(/ona&( 4( /,o+((, a a /oí)*ca mon()a,*a. La /oí)*ca mon()a,*a a (+o7c*ona4o con*4(,a&(m(n)( (n a @)*ma 4ca4a. Ac)7am(n)( a 7(4a4o ca,o )an)o (n cí,c7o aca4m*co como (n),( a a7)o,*4a4( mon()a,*a a,(4(4o, 4( m7n4o 7( a m('o, con),*&7c*n 7( a /oí)*ca mon()a,*a /7(4( ac(, /a,a om(n)a, ( c,(c*m*(n)o (conm*co o)(n*4o ( /,oc7,an4o a ()a&**4a4 4( /,(c*o.

18



Po, )an)o (n ao ,(c*(n)( m7co /aí( an ,(o,*(n)a4 o o&'()*+o 4( a /oí)*ca mon()a,*a 4( o,ma 7( ( o&'()*+o /,*o,*)a,*o 4( &anco c(n),a (a ( /,oc7,a, a ()a&**4a4 4( /,(c*o. E)( o&'()*+o ( a o,ma*8a4o (n a mao,ía 4( o cao con ( ()a&(c*m*(n)o 4( m()a 4( *nac*n (n n*+(( &a'o. A ,(/(c)o ( *m/o,)an)( m(nc*ona, 7( ( &anco c(n),a no )*(n( 7n con),o 4*,(c)o o&,( o /,(c*o a 7( ()o ( 4()(,m*nan como ,(7)a4o 4( a *n)(,acc*n (n),( a o(,)a  4(man4a 4( 4*+(,o &*(n( o (,+*c*o. S*n (m&a,Bo a ),a+ 4( a /oí)*ca mon()a,*a ( &anco c(n),a /7(4( *n7*, o&,( ( /,oc(o /, oc(o 4( 4()(,m*nac*n 4( /,(c*o  aí c7m/*, con 7 m()a 4( *nac*n. Lo an)(,*o, 7B*(,( 7( /a,a a a7)o,*4a4 mon()a,*a ( 7mam(n)( *m/o,)an)( conoc(, o ((c)o 7( 7 acc*on( )*(n(n o&,( a (conomía (n B(n(,a  /a,)*c7a,m(n)( o&,( ( /,oc(o 4( 4()(,m*nac*n 4( /,(c*o. E ()74*o ( )74*o 4( o cana( a ),a+ 4( o c7a( ( /,((n)an 4*co ((c)o ( conoc( cono c( como m(can*mo 4( ),anm**n 4( a /oí)*ca mon()a,*a. E)( ( *7),a a B,an4( ,aBo. En B(n(,a o &anco c(n),a( con47c(n 7 /oí)*ca mon()a,*a a(c)an4o a con4*c*on( &a'o a c7a( a)*ac(n a n(c(*4a4( 4( *7*4(8 (n a (conomía o 7( /o4,ía 4(*n*,( como a /,*m(,a ()a/a 4( m(can*mo 4( ),anm**n. E)o ( (+a a ca&o a ),a+ 4( a con4*c*on( &a'o a c7a( a a7)o,*4a4 mon()a,*a /,o/o,c*ona 4*ca *7*4(8 a o /a,)*c*/an)( (n ( m(,ca4o m(,ca4 o 4( 4*n(,o a (a m(4*an)( mo4**cac*on( (n aB7no ,7&,o 4( &aanc( 4( &anco c(n),a o con aB7na m(4*4a 7( *n7an 4( man(,a m 4*,(c)a o&,( a )aa 4( *n)(,. Lo /,*nc*/a( ((m(n)o 4( a (B7n4a ()a/a 4( m(can*mo 4( ),anm**n ( /7(4(n 4*+*4*, /a,a 7 (>/*cac*n (n c7a),o cana( a ),a+ 4( o c7a( a )aa 4( *n)(, 4( co,)o /a8o /7(4( *n7*, o&,( a 4(man4a  o(,)a aB,(Ba4a  /o)(,*o,m(n)( o /,(c*o. aC !anal !anal de $asas de Inter0s Inter0s En B(n(,a a )aa 4( m(4*ano  a,Bo /a8o 4(/(n4(n (n),( o),o ac)o,( 4( a (>/(c)a)*+a 7( ( )(nBa /a,a a )aa 4( *n)(, 4( co,)o /a8o (n ( 7)7)o. Aí c7an4o ( &anco c(n),a *n47c( cam&*o (n a )aa 4( *n)(, 4( co,)o /a8o ()o /7(4(n ,(/(,c7)*, (n )o4a a c7,+a 4( )aa 4( *n)(,. E *m/o,)an)( 4()aca, 7( a )aa 4( *n)(, nom*na( a 4*(,(n)( o,*8on)( )am&*n 4(/(n4(n 4( a (>/(c)a)*+a 4( *nac*n 7( ( )(nBan /a,a 4*co /a8o 6a mao,( (>/(c)a)*+a 4( *nac*n mao,( )aa 4( *n)(, nom*na(3. En B(n(,a an)( 7n a7m(n)o (n a )aa 4( *n)(, ,(a( ( 4(*nc(n)*+an o ,7&,o 4( Ba)o (n a (conomía. Po, 7n a4o a a7m(n)a, ( co)o 4( ca/*)a /a,a *nanc*a, /,o(c)o ( 4(*nc(n)*+a a *n+(,*n. *n+( ,*n. Po, o),o ( a7m(n)o (n a )aa 4( *n)(, ,(a( )am&*n a7m(n)a ( co)o 4( o/o,)7n*4a4 4( con7mo /o, o 7( ()( )*(n4( a 4*m*n7*,. Am&o ((m(n)o *nc*4(n o&,( a 4(man4a aB,(Ba4a  (+(n)7am(n)( a *nac*n. 18



9C !ana !anall de !r0d !r0dit itoo Un a7m(n)o (n a )aa 4( *n)(, 4*m*n7( a 4*/on*&**4a4 4( c,4*)o (n a (conomía /a,a *n+(,*n  con7mo. Po, 7na /a,)( ( a7m(n)o (n a )aa 4( *n)(, (nca,(c( ( co)o 4( c,4*)o  a can)*4a4 4(man4a4a 4( m*mo 4*m*n7(. Po, o),a a o(,)a 4( c,4*)o )am&*n /7(4( ,(47c*,( (n +*,)74 4( 7( 7na )aa 4( *n)(, ,(a mao, /7(4( *m/*ca, mao, ,*(Bo 4( ,(c7/(,ac*n 4( ca,)(,a a o 7( o *n)(,m(4*a,*o *nanc*(,o )í/*cam(n)( ,(acc*onan ,ac*onan4o ( c,4*)o. La 4*m*n7c*n 4*m*n7c*n 4( con7mo  a *n+(,*n *n+(,*n ( ),a47c( a 7 +(8 (n 7na 4*m*n7c*n 4*m*n7c*n (n a 4(man4a aB,(Ba4a  con(c7(n)(m(n)( (n 7na m(no, *nac*n. cC !anal !anal del del $ip $ipoo de !a !am9i m9ioo E a7m(n)o (n a )aa 4( *n)(, 7(( ac(, m a),ac)*+o o ac)*+o *nanc*(,o 4om)*co (n ,(ac*n a o ac)*+o *nanc*(,o (>),an'(,o. E)o /7(4( 4a, 7Ba, a 7( ( /,((n)( /,((n)( 7na a/,(c*ac*n a/,(c*ac*n 4( )*/o 4( cam&*o cam&*o nom*na 7( /7(4( 4a, 7Ba, a 7na ,(a*Bnac*n 4( Ba)o (n a (conomía. Eo 4(&*4o a 7( ( ,((,*4o a'7)( cam&*a,*o )*(n4( a a&a,a)a, a *m/o,)ac*on(  a (nca,(c(, a (>/o,)ac*on(. Eo )*(n4( a 4*m*n7*, a 4(man4a aB,(Ba4a  (+(n)7am(n)( a *nac*n. Po, o),a /a,)( a a/,(c*ac*n 4( )*/o 4( cam&*o *Bn**ca 7na 4*m*n7c*n (n ( co)o 4( o *n7mo *m/o,)a4o 7( a 7 +(8 ( ),a47c( (n m(no,( co)o /a,a a (m/,(a o 7( a(c)a a+o,a&(m(n)( a+ o,a&(m(n)( a a *nac*n. dC !anal !anal del del )recio )recio de "tro "tross Acti Activos vos Un a7m(n)o 4( a )aa 4( *n)(, )*(n4( a ac(, m a),ac)*+a a *n+(,*n (n &ono  4*m*n7( a 4(man4a 4( man4a 4( acc*on( ac c*on( /o, o 7( ( +ao, 4( m(,ca4o 4( ()a @)*ma aí como ( 4( o),o ac)*+o /7(4( 4*m*n7*,. An)( a caí4a (n ( +ao, 4( m(,ca4o m(,ca4o 4( a (m/,(a ()a /7(4(n +(, 4()(,*o,a4a 4()(,*o,a4a 7 ca/ac*4a4 ca/ac*4a4 /a,a acc(4(, a 4*+(,a 4*+(,a 7(n)( 7(n)( 4( *nanc* *nanc*am* am*(n) (n)o o o c7a 4**c7 4**c7)a )a a ,(a*8a ,(a*8ac* c*nn 4( n7(+ n7(+o o /,o(c)o 4( *n+(,*n. Lo an)(,*o, )am&*n con47c( a 7na m(no, 4(man4a aB,(Ba4a  a 7na 4*m*n7c*n (n a *nac*n. eC !anal !anal de E6pe E6pecta ctati tiva vass La 4(c**on( 4( /oí)*ca mon()a,*a )*(n(n ((c)o o&,( a (>/(c)a)*+a ac(,ca 4( 4((m/(o 7)7,o 4( a (conomía  (n /a,)*c7a, ( 4( o /,(c*o. E /,(c*am(n)( con &a( (n 4*ca (>/(c)a)*+a 7( o aB(n)( (conm*co ,(a*8an ( /,oc(o /o, ( c7a 4()(,m*nan 7 /,(c*o A 7 +(8 a (>/(c)a)*+a 4( *nac*n )*(n(n ((c)o o&,( a )aa 4( *n)(,  ()a o&,( a 4(man4a  o(,)a aB,(Ba4a a ),a+ 4( o cana cana( ( m(nc m(nc*o *ona na4o 4o an)( an)(,* ,*o, o,m( m(n) n)(. (. Pa,a Pa,a *7 *7), ),a, a, ( /a/( /a/( 7 7(( )*(n )*(n(n (n a a (>/(c)a)*+a 4( *nac*n (n a (conomía ( *m/o,)an)( 4()aca, 7( a /,(+**on( o&, o&,(( co) co)o o ( *nB, *nB,(o (o 7)7,o 7)7,o 4( a a (m/,( (m/,(a a on on m7 *m/o, *m/o,)a )an)( n)( /a,a /a,a

18



4()(,m*na, o /,(c*o  n*+(( 4( /,o47cc*n 4( o &*(n(  (,+*c*o 7( ()a o,(c(n. F*nam(n)( ( *m/o,)an)( 4()aca, 7( o 4*(,(n)( cana( /o, o c7a( ( ),anm*)(n o ((c)o 4( a /oí)*ca mon()a,*a a a (conomía 7((n com/(m(n)a,( (n),( í a 7( o/(,an 4( man(,a *m7)n(a. Ca&( (aa, 7( (>*)(n cana( a4*c a4*c*o *ona na( ( a ),a+ ),a+  4( o o c7a c7a( ( a /o /oí í)* )*ca ca mon( mon()a )a,* ,*aa *n *n7 7(( o&, o&,(( ( com/o,)am*(n)o 4( a *nac*n *n (m&a,Bo o an)( 4(c,*)o on o 4( mao, ,((+anc*a.

*.1.9 TI'OS DE 'OL:TIC& MONET&RI& •

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P7(4( (, expansiva o restrictiva  c7an4o 4o ( o& o&'( '()* )*+o +o ( /o /on( n(,, m m 4*n( 4*n(,o ,o (n )ol-ti )ol-tica ca monetar monetaria ia e6pansi e6pansiva+ va+ c7an c*,c7ac*n.

)ol-tica monetaria restrictiva+ c7an4o ( o&'()*+o ( 7*)a, 4*n(,o 4( m(,ca4o.

*.1.9.1. 'o$ti#a 3onetaria e;"an!iva 3onetaria e;"an!iva

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•

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C7an4o (n ( m(,ca4o a /oco 4*n(,o (n c*,c7ac*n ( /7(4( a/*ca, 7na /oí)*ca mon()a,*a (>/an*+a /a,a a7m(n)a, a can)*4a4 4( 4*n(,o. )a con*)*,ía (n 7a, aB7no 4( o *B7*(n)( m(can*mo Reducir la tasa de interés /a,a ac(, m a),ac)*+o o /,)amo &anca,*o. Reducir el coeficiente de caja /a,a /o4(, /,()a, m 4*n(,o. Comprar deuda pública /a,a a/o,)a, 4*n(,o a m(,ca4o.

18


Referencias: r ta!a -e inter

o>erta 3onetaria= o>erta 3onetaria= E Ta!a -e e?0iibrio e?0iibrio== DM -e3an-a -e3an-a -e -e

-inero.

S(B@n o mon()a,*)a ( &anco c(n),a /7(4( a7m(n)a, a *n+(,*n  ( con7mo * a/*ca ()a /oí)*ca  &a'a a )aa 4( *n)(,. En a B,*ca ( +( cmo a &a'a, ( )*/o 4( *n)(, 64( r< a r:3 ( /aa a 7na *)7ac*n (n a 7( a o(,)a mon()a,*a ( mao, 6"(<3.

*.1.9.2. 'o$ti#a 3onetaria re!tri#tiva

•

C7an4o (n ( m(,ca4o a m7co 4*n(,o (n c*,c7ac*n *n)(,(a ,(47c*, a can)*4a4 4( 4*n(,o  /a,a (o ( /7(4( a/*ca, 7na /oí)*ca mon()a,*a ,(),*c)*+a. Con*)( (n o con),a,*o 7( a (>/an*+a Aumentar la tasa de interés /a,a 7( /(4*, 7n /,)amo (a m ca,o.

•

Aumentar el coeficiente de caja /a,a 4('a, m 4*n(,o (n ( &anco  m(no (n

c*,c7ac*n. •

Vender deuda pública /a,a 7*)a, 4*n(,o 4( m(,ca4o cam&*n4oo /o, )í)7o.

18



Referencias+ r )aa 4( *n)(, "( o(,)a mon()a,*a E Taa 4( (7**&,*o D( 4(man4a 4( 4*n(,o. D( "(; ( /7(4 /7(4(( /aa /aa,, a a *)7 *)7ac ac* *nn "(< 7&* 7&*(n (n4o 4o ( )*/o )*/o 4( *n)( *n)(, ,. . La c7,+ c7,+aa 4( demanda de dinero )*(n( (a o,ma /o,7( a )aa 4( *n)(, m7 a)a a 4(man4a (, &a'a 6c(,cana 6c(,c ana a ('( 4( o,4(na4a ( +(,)*ca3 /(,o con )aa &a'a ( /(4*, m 6m 6 m a a 4(,(ca3.

*.2.. 'OL *.2 'OL:TI :TIC& C& )IS )ISC&L C&L *.2.1. CONCE'TO+ La /oí)*ca *ca ( ( con'7n)o 4( m(4*4a ( *n),7m(n)o 7( )oma ( ()a4o /a,a ,(ca74a, o *nB,(o n(c(a,*o /a,a a ,(a*8ac*n 4( a 7nc*n 4( (c)o, /@&*co. S( /,o47c( 7n cam&*o (n a /oí)*ca *ca c7an4o ( E)a4o cam&*a 7 /,oB,ama 4( Ba)o o c7an4o a)(,a 7 )*/o *m/o*)*+o *m/o*)*+o.. E /,o/*)o 4( a /oí)*ca *ca ( 4a,( mao, ()a&**4a4 ()a&**4a4 a *)(ma (conm*co a m*mo )*(m/o 7( ( ),a)a 4( con(B7*, ( o&'()*+o 4( oc7/ac*n /(na. Como (mo ( mo 4*co an)(,*o,m(n)( a Poí)*ca F*ca )*(n( 4o com/on(n)( el *asto p59lico y los in*resos p59licos@ EL *asto p59lico ()( ( 4(*n( como ( Ba)o 7( ,(a*8an o Bo&*(,no a ),a+ 4( *n+(,*on( *n+(,*on( /@&*ca. /@&*ca. Un a7m(n)o a7m(n)o (n ( Ba)o /@&*co /,o47c*, 7n a7m(n)o (n ( n*+( 4( ,(n)a nac*ona nac*ona  7na ,(47cc*n ,(47cc*n )(n4, ( ((c)o con),a,*o. D7,an)( 7n /(,*o4o 4( *nac*n ( n(c(a,*o ,(47c*, ( Ba)o /@&*co /a,a man('a, a c7,+a 4( a 4(man4a aB,(Ba4a ac*a 7na ()a&**4a4 4((a4a. E man('o 4( Ba)o /@&*co ,(/,((n)a 7n /a/( ca+( /a,a 4a, c7m/*m*(n)o a o o&'()*+o 4( a /oí)*ca (conm*ca. 18



Lo in*resos p59licos o %estión $ri9utaria m*4( ( con'7n)o 4( acc*on( (n ( /,oc(o 4( a B()*n /@&*ca +*nc7a4o a o ),*&7)o 7( a/*can o Bo&*(,no (n 7 /oí)*ca (conm*ca. Lo ),*&7)o on a /,()ac*on( (n 4*n(,o 7( ( E)a4o (n 7 ('(,c*c*o 4( /o4(, (>*B( con ( o&'()o 4( )(n(, ,(c7,o /a,a ( c7m/*m*(n)o 4( 7 *n(.  *n(.

*.2.2. )ORM&S DE )IN&NCI&R EL &UMENTO DE LOS G&STOS 'UBLICOS ;a ),( o,ma 4( *nanc*a, ( a7m(n)o 4( o Ba)o /@&*co M(4*an)( impuestos. C*(,)am(n)( a7n7( o *m/7()o c7&,an )o)am(n)( ( a7m(n)o 4( o Ba)o ( (B7*, /(,c*&*(n4o 7n c*(,)o ((c)o (>/an*+o como con(c7(nc*a 4( a con),acc*n 4( ao,,o aB,(Ba4o /(,o (( ((c)o ,(7)a,ía *n7*c*(n)(  a/a,(c(,ían 7(,)( 4*)o,*on( (n a /a7)a 4( con7mo  (n a PMaC. E m('o, ((c)o (>/an*+o ( con*B7( m(4*an)( ( 4*c*) *ca ( 4(c*, a7m(n)an4o a 4*(,(nc*a (n),( o Ba)o  o *nB,(o /@&*co. En (( (n)*4o )am&*n ,(7)a,ía (>/an*+a a ,(47cc*n 4( o *m/7()o.

M(4*an)( a emisión de dinero. E ac7)a)*+o 4( E)a4o *m/,*m*, &*()( (n c7a7*(, can)*4a4  4( c7a7*(, +ao,. La con(c7(nc*a 4( ()( m)o4o (,n ana*8a4a 18



4()aa4am(n)( (n o /,>*mo )(ma a4(an)(mo a7í )an o a *4(a B(n(,a 4( 7( a (m**n *ncon),oa4a 4( 4*n(,o /7(4( /,o+oca, *nac*n /o, o 7( ac)7am(n)( ( *m*)a (Bam(n)( a ca/ac*4a4 4( o Bo&*(,no 4( (m*)*, 4*n(,o 4('an4o (a 7nc*n (n mano 4( o &anco c(n),a(.

M(4*an)( a (m**n 4( deuda p59lica. S(,ía *nco,,(c)o /(na, 7( a *nanc*ac*n 4( o Ba)o m(4*an)( 4(74a /@&*ca *m/*ca &(n(*c*a, a a B(n(,ac*n /,((n)( con ca,Bo a a B(n(,ac*n 7)7,a 7( 4(&(, amo,)*8a, a 4(74a. D( (co *(m/,( ( /o*&( amo,)*8a, 4(74a con n7(+a (m**on( como ((c)*+am(n)( 7(( ac(,(. La ),an(,(nc*a 4( ,(n)a ( ,(a*8a a /aBa, o *n)(,(( 4( o con),*&7(n)( a o /o((4o,( 4( )í)7o  ( /,o47c( /o, )an)o 4(n),o 4( a m*ma B(n(,ac*n. B(n(,a c*n. E ((c)o (, *m/(m(n)( ,(4*),*&7)*+o m*(n),a 7( a ca,Ba 4( a 4(74a (n /,o/o,c*n a o Ba)o 4( E)a4o ( man)(nBa 4(n),o 4( c*(,)o ím*)(.

*.2.* OBJETIVOS DE L& 'OLITIC& )ISC&L Como ( a (>/7()o an)(,*o,m(n)( o o&'()*+o /,*nc*/a( 4( )o4a /oí)*ca *ca on •

•

•

Ac((,a, ( c,(c*m*(n)o (conm*co. P(na oc7/ac*n 4( )o4o o ,(c7,o /,o47c)*+o 4( a oc*(4a4 )an)o 7mano como ma)(,*a(  ca/*)a(. P(na ()a&**4a4 4( o /,(c*o (n)(n4*4a como o ín4*c( B(n(,a( 4( /,(c*o /a,a 7( no 7,an ((+ac*on( o 4*m*n7c*on( *m/o,)an)(.

*.2.4. TI'OS DE 'OLITIC& )ISC&L •

•

Poí)*ca *ca (>/an*+a c7an4o ( o&'()*+o ( ()*m7a, a 4(man4a aB,(Ba4a (/(c*am(n)( c7an4o a (conomía () a),a+(an4o 7n /(,ío4o 4( ,(c(*n  n(c(*)a 7n *m/7o /a,a (>/an4*,(. Como ,(7)a4o ( )*(n4( a 4*c*) 4*c*) o o *nc7o /7(4( /,o+oca, *nac*n. Poí)*ca *ca ,(),*c)*+a c7an4o ( o&'()*+o ( ,(na, a 4(man4a aB,(Ba4a /o, ('(m ('(m/ /oo c7an4 c7an4oo a (cono (conomí míaa () () (n 7n /(,í /(,ío4 o4oo 4( (>c( (>c(*+ *+aa (>/an (>/an* *n n  )*(n( )*(n( n(c(*4a4 4( ,(na,( /o, a (>c(*+a *nac*n 7( () c,(an4o. Como ,(7)a4o ( )*(n4( a 7/(,+*) 7/(,+*)..

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*.2.4.1 'o$ti#a %!#a e;"an!iva Lo m(can*mo a 7a, on •

•

A7m(n)a, ( Ba)o /@&*co /a,a a7m(n)a, a /,o47cc*n  ,(47c*, ( 4((m/(o. $a'a, o *m/7()o /a,a a7m(n)a, a ,(n)a 4*/on*&( 4( a /(,ona í*ca o 7( /,o+oca, 7n mao, con7mo  7na mao, *n+(,*n 4( a (m/,(a (n conc7*n con c7*n 7n 4(/a8am*(n)o 4( a 4(man4a aB,(Ba4a (n (n)*4o (>/an*+o. D( ()a o,ma a a&(, mao, Ba)o /@&*co  m(no,( *m/7()o ( /,(7/7()o 4( E)a4o B(n(,a ( 4*c*). D(/7 ( /7(4( 4(c*, 7( a+o,(c( ( Ba)o *ca (n ( *m/7()o /,(7/7()a,*o.

*.2.4.2. 'o$ti#a %!#a #ontra#tiva E a 7( ac( 4*m*n7*, a 4(man4a aB,(Ba4a aB,(Ba4a a *n 4( B(n(,a, 7n (>c(o 4( o(,)a aB,(Ba4a 4( aB,(Ba4a 4( &*(n( o 7( *nam(n)( a, ,(47c*, ( n*+( 4( *nB,(o.

*.2.4.* 'o$ti#a %!#a re!tri#tiva Lo m(can*mo on o con),a,*o 7( (n a (>/an*+a •

•

R(47c*, ( Ba)o /@&*co /a,a &a'a, a 4(man4a aB,(Ba4a  /o, )an)o a /,o47cc*n. S7&*,, o S7&* o *m *m/7 /7() ()o o /a, /a,aa 7 7(( o o c* c*74a 74a4a 4ano no )( )(nB nBan an 7na ,(n ,(n)a )a m( m(no no,,  (n con(c7(nc*a 4*m*n7an 7 con7mo  aí a 4(man4a aB,(Ba4a ( 4(/a8a ac*a a *87*(,4a.

D( ()a o,ma a 4*m*n7*, 4*m*n7*, ( Ba)o /@&*co  a7m(n) a7m(n)a, a, o *m/7( *m/7()o )o ( /,(7/7()o 4( E)a4o )*(n4( a B(n(,a, 7n 7/(,+*) o 4*m*n7*, ( 4*c*).

*.2.5 6ISTORI& DE L& 'OLITIC& )ISC&L La /oí /oí)* )*ca ca *c *ca a ( a /,o/ /,o/7( 7() )aa /o, /o, %o %on n Ma Mana, na,44 ( (n( n( 7 7(( /,o/o /,o/on( n( )(o,í )(o,ía a *nno+a4o,a. Po, ('(m/o •

4*c( 7( a ( 4( Sa 6Q Sa 6Qla oferta genera su propia demandaQ3 no ( c7m/( a 7( /7(4( a&(, (7**&,*o a&(, (7**&,*o (conm*co a7n7( (conm*co a7n7( (>*)a m7co /a,o m7co /a,o..

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UNIVERSIDAD UNIVER SIDAD NACIONAL NACIONA L DEL SANTA FACULTAD FACULTAD DE INGENIERIA INGENI ERIA DAICS •


c,(( 7( ( E)a4o ( 7*(n 4(&( *n)(n)a, ,(o+(, ( /,o&(ma 4( /a,o 4( /a,o 6a 4*(,(nc*a 4( o c*co c*co   o mon()a,*)a mon()a,*)a 7( c,((n 7( ( o7c*ona /o, í o3. Pa,a ac(,o ( ()a4o )*(n( 7( con),oa, a 4(man4a aB,(Ba4a a aB,(Ba4a a ),a+ 4( ()a /oí)*ca *ca. ( ()a4o 4( /(no 4( /(no (m/(o ( (m/(o ( aBo ),an*)o,*o  a (conomía ( 7c)7an)(.

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Instrumentos-De-politica Monetaria y Fiscal

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