Do I Need A Snow Chain To Whistler

energy giant distorted?


or wrong by checking the prices or there is a hidden supply of weird.

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Hello again everyone. I return to post after a lethargy caused by work obligations and my well-deserved vacation. The theme that it seems appropriate to start is the creation of the Bicentennial Fund.

In short words, funding reserves is not one of my favorite alternatives but I do not oppose it. So, rather than the National Treasury to fund its tax revenue obligations or debt issues in voluntary markets. However, I do not oppose the measure because use 6 billion of reserves to meet debt payments is not a big problem for monetary and financial stability of the country.

As you said the 0.33% in Public Finance, we are not under a currency board and there is no obligation to support the monetary base but there are no reserves to meet any rules in relation to it per se, but the criteria used to determine the optimal value of reserves depends on the objectives and circumstances to which facing the Central Bank. Some, like Oliver, and in recent years raised the level of reserves was more than necessary and some alternative uses for this surplus. I would have preferred one of the recently appointed : the repurchased bonds at a time when traded with large discounts.

On the other hand, is not the first time that uses this option (payment to the IMF) nor was something that I discarded in the past as a last resort to meet debt maturities. Back in 2008 we referred to the increase in limits to obtain Central Bank to rediscount Treasury and establishing lines of credit with Banco Nación, and even, as he responded to a commentator at the time, "And if you do not have a new law out and ready, if passed the amendment to the AFJPs that cost back to amend the charter of the central or transferable to give a shout like the time you paid to the IMF?.

Beyond the initial error in the Chair skip the legal steps for the removal of Martin Redrado and risks that exist (although I am not a legal expert to evaluate them) as to the possibility of any liens, the point I make is interested in the intertemporal approach. By this I mean if eventually the government will use this option again.

The background discussion is not about the use of reserves and its optimum level, but on the fiscal front. It is the fall in public savings and the difficulties of access to capital markets the real problem. Funding needs are not too big but circumstances dictate that whenever problems arise resort to search alternative source at the inability to issue debt at relatively low rates. referring to a paper by Sargent and Wallace ("Some Unpleasant monetarist arithmetic") in the absence of a bond market or achieved a certain "cap" on the use of the same the division between monetary and fiscal policies and there, especially when research is subject to the spending decisions of the latter (as seems to happen in our case).

The government should seek an alternative to conventional financing as tax revenues or issuing debt in the voluntary markets. Repeat the experience of the Bicentennial Fund in 2011 creates fear me because, although it is expected that the monetary authority can recover the money at him this year, would affect their balance sheets and could add more printing money and inflation when these are persistently high.