Impulse on the Aggregate Demand in Bolivia through the Coordination of the Monetary and Fiscal Policy in Crisis Time

Abstract

SUMMARYAt the end of 2014, the Bolivian economy, despite facing negative external shocks (falling oil prices), registered a high economic growth in the region of Latin America. Monetary policy was aimed at keeping the government bond rate close to zero and raising liquidity levels in the economy (monetary policy expansive). On the part of the government, the two main sources of income of the nonfinancial public sector (SPNF) are: i) tax revenues and ii) the sale of hydrocarbons (gas), at that time Bolivia's fiscal policy was countercyclical To the behavior of the Latin American Product (increases in fiscal expenditure in infrastructure). These antecedents, aid to the interest of the study of the coordination of the economic policy in Bolivia. The structure of a Dynamic Stochastic General Equilibrium Model (DSGE) helps us to understand the transmission channels of shocks (in Taylor rule, Phillips curve and public investment) and how the monetary and fiscal policy reacts to these shocks. JEL classification: E42, E58, E62, E63

El enfoque de la política de comercio exterior en Bolivia y su incidencia sobre las exportaciones tras el ingreso al sistema multilateral de comercio

“…De hecho, parecen no existir muchos cambios relevantes hoy por hoy a nivel de exportaciones dado que durante la primera parte del siglo XIX el país exportaba principalmente materias primas mineras como oro, plata y estaño, además de otras mercancías como lanas, cortezas y peletería principalmente (Bonilla, 1980, p. 109). Y a pesar de diversos cambios en los patrones de demanda mundial, transiciones en el enfoque de la administración económica del país, además de múltiples revueltas sociales, el Estado de Bolivia sigue, en el presente, dependiendo notablemente del sector minero y de otras materias primas (Valdivia, 2021).…”