The Monetary and Fiscal History of Venezuela 1960-2016

Diego Restuccia

Working Papers from University of Toronto, Department of Economics

Abstract: I document the salient features of monetary and fiscal outcomes for the Venezuelan economy during the 1960 to 2016 period. Using the consolidated government-budget accounting framework of Chapter 2, I assess the importance of fiscal balance, seigniorage, and growth in accounting for the evolution of debt ratios. I find that extraordinary transfers, mostly associated with unprofitable public enterprises, and not central-government primary deficits, account for the increase in financing needs in recent decades. Seigniorage has been a consistent source of financing of deficits and transfers, especially in the last decade, with increases in debt ratios being important in some periods.

Keywords: monetary; fiscal; policy; inflation; debt; growth; oil; Venezuela. (search for similar items in EconPapers)
JEL-codes: E00 E02 E3 E4 E5 E6 O1 O4 (search for similar items in EconPapers)
Pages: Unknown pages
Date: 2018-08-22
New Economics Papers: this item is included in nep-his and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://www.economics.utoronto.ca/public/workingPapers/tecipa-614.pdf Main Text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:tor:tecipa:tecipa-614

Access Statistics for this paper

More papers in Working Papers from University of Toronto, Department of Economics 150 St. George Street, Toronto, Ontario.
Bibliographic data for series maintained by RePEc Maintainer ().