{"id":106145,"date":"2024-08-15T11:29:54","date_gmt":"2024-08-15T14:29:54","guid":{"rendered":"https:\/\/100xd.com.ar\/?p=106145"},"modified":"2024-08-15T11:29:54","modified_gmt":"2024-08-15T14:29:54","slug":"para-que-necesita-el-estado-mas-reservas","status":"publish","type":"post","link":"https:\/\/100xd.com.ar\/en\/para-que-necesita-el-estado-mas-reservas\/","title":{"rendered":"\u00bfPara qu\u00e9 necesita el Estado m\u00e1s reservas?"},"content":{"rendered":"<p class=\"wp-block-paragraph\"><strong>Todo fabricante de neum\u00e1ticos, cuando calcula la demanda de sus productos, no multiplica por 4, sino por 5, la cantidad de autos que se piensan fabricar<\/strong>. Porque los rodados vienen provistos de una rueda de auxilio, cuya utilidad no necesito explicar.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ahora bien,&nbsp;<strong>\u00bfcu\u00e1l es el n\u00famero \u201c\u00f3ptimo\u201d de ruedas de auxilio que debe tener un auto?<\/strong>&nbsp;No existe una respuesta \u00fanica porque es evidente que la cantidad depende de si pensamos circular por el barrio, dentro de una ciudad, o atravesar el desierto del Sahara.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00bfA qu\u00e9 viene este introito automovil\u00edstico?<strong>&nbsp;A echar luz sobre la cuesti\u00f3n de la cantidad de reservas de divisas que debe tener el Estado argentino.<\/strong><a href=\"https:\/\/www.lanacion.com.ar\/economia\/inflacion-de-julio-retomo-el-camino-a-la-baja-y-cerro-el-mes-en-4-nid14082024\/\" target=\"_blank\" rel=\"noreferrer noopener\"><em><\/em>INFLACI\u00d3N DE JULIO: RETOM\u00d3 EL CAMINO A LA BAJA Y CERR\u00d3 EL MES EN 4%<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Al respecto,&nbsp;<strong>el actual gobierno hace bien en distinguir entre el Tesoro y el BCRA<\/strong>. El primero demanda moneda extranjera para comprar bienes importados, pero tambi\u00e9n para hacer frente al pago de intereses y capital de la deuda expresada en moneda extranjera; mientras que el segundo demanda moneda extranjera si desea intervenir en el mercado de cambios.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Comencemos por esto \u00faltimo. \u00bfQu\u00e9 mercado cambiario tienen en la cabeza quienes hoy recomiendan que el BCRA acumule m\u00e1s reservas? No flotaci\u00f3n, porque por definici\u00f3n no se necesitan reservas para \u201cdefender\u201d un tipo de cambio libre o flotante.&nbsp;<strong>\u00bfAcumular reservas para salir del cepo? Esto implica aumentar la deuda p\u00fablica para compensar la ca\u00edda en la demanda de pesos por parte de algunos particulares. Nada atractivo por parte de las autoridades econ\u00f3micas.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00bfPara qu\u00e9 deber\u00eda el Tesoro acumular reservas? Para que los tenedores de t\u00edtulos denominados en moneda extranjera crean que van a cobrar, porque cuando esto ocurra disminuir\u00e1 el riesgo pa\u00eds.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">De acuerdo, pero volvamos al s\u00edmil automovil\u00edstico.&nbsp;<strong>Nadie espera que el Estado argentino pague los vencimientos de capital con esfuerzo local, pero s\u00ed los intereses.<\/strong>&nbsp;Pero; \u00bfqu\u00e9 per\u00edodo de futuros pagos deber\u00eda tener ya en caja el Tesoro para que los tenedores de t\u00edtulos conf\u00eden en que van a cobrar? Con certeza, nadie lo sabe.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Es f\u00e1cil hablar de error tipo I, error tipo II, y afirmar que es mejor pecar por exceso que por defecto. De acuerdo, pero\u2026 sin exagerar. No se trata de utilizar el asiento trasero del auto para llevar 5 ruedas de auxilio. Porque todo tiene un costo:\u00a0<strong>el aumento de las reservas por parte del Tesoro implica el aumento del super\u00e1vit fiscal primario, que tampoco es gratis en t\u00e9rminos de recursos y gastos p\u00fablicos.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.lanacion.com.ar\/autor\/juan-carlos-de-pablo-411\/\">Juan Carlos de Pablo<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fuente:<a href=\"https:\/\/www.lanacion.com.ar\/\"> La Naci\u00f3n<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Todo fabricante de neum\u00e1ticos, cuando calcula la demanda de sus productos, no multiplica por 4, sino por 5, la cantidad de autos que se piensan fabricar. Porque los rodados vienen provistos de una rueda de auxilio, cuya utilidad no necesito explicar. Ahora bien,&nbsp;\u00bfcu\u00e1l es el n\u00famero \u201c\u00f3ptimo\u201d de ruedas de auxilio que debe tener un [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[12],"tags":[],"class_list":["post-106145","post","type-post","status-publish","format-standard","hentry","category-opinion"],"spectra_blocks_featured_image_url":null,"spectra_blocks_author_info":{"display_name":"Jorge Alfredo Baret","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/31696f5ca83439b642450ec7d3f82f98451a5efacb414343d5478c982b337f26?s=96&d=mm&r=g","author_link":"https:\/\/100xd.com.ar\/en\/author\/jorge\/","description":"Ingeniero Qu\u00edmico UTN - Director Apoderado de Comunicaciones Auditadas SA. Editor Responsable 100xd.com.ar."},"_links":{"self":[{"href":"https:\/\/100xd.com.ar\/en\/wp-json\/wp\/v2\/posts\/106145","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/100xd.com.ar\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/100xd.com.ar\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/100xd.com.ar\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/100xd.com.ar\/en\/wp-json\/wp\/v2\/comments?post=106145"}],"version-history":[{"count":1,"href":"https:\/\/100xd.com.ar\/en\/wp-json\/wp\/v2\/posts\/106145\/revisions"}],"predecessor-version":[{"id":106147,"href":"https:\/\/100xd.com.ar\/en\/wp-json\/wp\/v2\/posts\/106145\/revisions\/106147"}],"wp:attachment":[{"href":"https:\/\/100xd.com.ar\/en\/wp-json\/wp\/v2\/media?parent=106145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/100xd.com.ar\/en\/wp-json\/wp\/v2\/categories?post=106145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/100xd.com.ar\/en\/wp-json\/wp\/v2\/tags?post=106145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}