The Monetary and Fiscal History of Venezuela: 1960–2016

39 Pages Posted: 24 Aug 2018 Last revised: 2 Mar 2019

See all articles by Diego Restuccia

Diego Restuccia

University of Toronto - Department of Economics

Date Written: July 20, 2018

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.

Suggested Citation

Restuccia, Diego, The Monetary and Fiscal History of Venezuela: 1960–2016 (July 20, 2018). University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2018-59, Available at SSRN: https://ssrn.com/abstract=3237748 or http://dx.doi.org/10.2139/ssrn.3237748

Diego Restuccia (Contact Author)

University of Toronto - Department of Economics ( email )

150 St. George Street
Toronto, Ontario M5S 3G7
Canada

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