{"id":1574,"date":"2004-01-10T01:31:04","date_gmt":"2004-01-10T01:31:04","guid":{"rendered":"http:\/\/www.tmsdesarrolladores.com\/pedropalma\/?p=1574"},"modified":"2016-07-26T06:16:49","modified_gmt":"2016-07-26T06:16:49","slug":"financiamiento-del-deficit-fiscal","status":"publish","type":"post","link":"https:\/\/pedroapalma.com\/site\/financiamiento-del-deficit-fiscal\/","title":{"rendered":"Financiamiento del d\u00e9ficit fiscal"},"content":{"rendered":"<p>Publicado en el diario \u201cEl Universal\u201d de Caracas. S\u00e1bado 10 de enero de 2004<\/p>\n<p>&nbsp;<\/p>\n<p>Durante los \u00faltimos a\u00f1os, el gobierno ha financiado la creciente brecha fiscal a trav\u00e9s de un masivo endeudamiento interno, transform\u00e1ndose las instituciones financieras locales en los principales acreedores del Fisco. Ello ha implicado que el peso relativo de las inversiones en valores del sector p\u00fablico en los activos totales de la banca haya alcan\u00adzado niveles preocupantes, particularmente en el caso de muchos bancos medianos y peque\u00f1os; de all\u00ed que ese mecanismo de financiamiento se est\u00e9 agotando o, por lo menos, limitando.\u00a0 Por ello, en el 2004 el gobierno tendr\u00e1 la necesidad de buscar otras fuentes para cubrir sus descomunales necesidades financieras. Una de \u00e9stas ser\u00e1 el endeuda\u00admiento externo, particularmente ahora que Venezuela es percibida como un buen riesgo en los mercados internacionales, debido a su s\u00f3lida posici\u00f3n de reservas for\u00e1neas y a los altos precios petroleros.<\/p>\n<p>Los recientes planteamientos y amenazas del presidente Ch\u00e1vez al Banco Central de Venezuela (BCV) llevan a la conclusi\u00f3n de que tambi\u00e9n se desea forzar al instituto emisor a financiar gasto p\u00fablico deficitario, poni\u00e9ndolo, al igual que a PDVSA, al servi\u00adcio de la \u201crevoluci\u00f3n\u201d. Esto, adem\u00e1s de violar mandatos constitucionales y legales que le proh\u00edben al BCV convalidar o financiar pol\u00edticas fiscales deficitarias, es algo muy preocupante, pues es archiconocido lo que sucede en econom\u00edas donde se incu\u00adrre en d\u00e9ficit p\u00fablicos recurrentes y crecientes, y donde los bancos centrales no tienen la autonom\u00eda para negarse a financiar esas brechas fiscales.\u00a0 En estos casos los gobiernos cubren sus crecientes necesidades a trav\u00e9s de la monetizaci\u00f3n de sus d\u00e9ficits, haciendo emisiones masivas de obligaciones que son vendidas a sus bancos centrales, siendo \u00e9stas adquiridas a trav\u00e9s de la emisi\u00f3n de dinero inorg\u00e1nico. \u00a0La recurrencia de este fen\u00f3meno implica crecimientos dislocados de la oferta monetaria, traduci\u00e9ndose esto en presiones inflacionarias cada vez mayores que desembocan en inflaciones galopantes, y eventual\u00admente en hiperinflaciones de 20.000% o m\u00e1s.<\/p>\n<p>Ojal\u00e1 prive la sensatez, y no caigamos en el grave error que cometieron otros pa\u00edses latinoamericanos en d\u00e9cadas pasadas, que tanta penuria y miseria tuvieron que padecer debido a los procesos inflacionarios dislocados que produjeron, al utilizar indiscriminadamente el perverso mecanismo de monetizaci\u00f3n de sus d\u00e9ficits fiscales.<\/p>\n<p>&nbsp;<\/p>\n<h6><span class=\"_r3\"><span class=\"irc_ho\" dir=\"ltr\">\u00a0<\/span><\/span><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>Alertando sobre los peligros de forzar al BCV a financiar los d\u00e9ficits p\u00fablicos a trav\u00e9s de la creaci\u00f3n de dinero inorg\u00e1nico o sin respaldo<\/p>\n","protected":false},"author":3,"featured_media":1899,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14,17,19,21,11,22],"tags":[110,207,406,498,499,61,404,74,112],"class_list":["post-1574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articulos-de-opinion","category-economia-venezolana","category-fiscales-y-monetarios","category-inflacion","category-opinion","category-politica-economica","tag-aspectos-fiscales-y-monetarios","tag-bcv","tag-deficit-fiscal","tag-deficit-publico","tag-dinero-inorganico","tag-economia-venezolana","tag-financiamiento","tag-inflacion","tag-politica-economica"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Financiamiento del d\u00e9ficit fiscal - Pedro A. 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