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Transformación económica desde la óptica fiscal. ¿Puede existir un equilibrio entre el corto, mediano y largo plazo para fomentar el desarrollo?

Valdivia, Daney and Loayza, Lilian (2012): Transformación económica desde la óptica fiscal. ¿Puede existir un equilibrio entre el corto, mediano y largo plazo para fomentar el desarrollo?

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Abstract

This paper computes the fiscal stance in a small open economy and asses its position to relevant macroeconomic variables in order to protect the macroeconomic stability and promote development. Since 2006 change in income and tax structure shifts the implementation of fiscal policy, increasing fiscal space and its activeness to apply policy. To get the fiscal stance we apply two different methods and use the method proposed by Bates-Granger to obtain its optimal combination. The results show that fiscal policy was contractionary and expansionary over the cycle to inflation, output gap and gross capital formation, leading improvements in poverty and inequality indicators enabling greater economic and social development.

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