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Fiscal Policy and Growth

Fiscal policy alone is not enough for growth. However, when combined with efficient public investment and increased productivity, fiscal policy can not only achieve significant growth rates in the long term, but also improve the transfer of resources and contribute to make them sustainable.

Through transfers and the efficient allocation of public capital and creating incentives for the generation of productivity, the government is able to preserve the favorable social context and to continue its social policy. 2

These are the main findings of the research work of Carlos Gustavo Machicado, entitled “Is enough fiscal policy to economic growth?”, Which was presented at the first Economic Symposium: Fiscal Policy and Growth, organized by the Institute of Advanced Studies Developing (INESAD).

The document was discussed at a round table, which was attended by Marcelo Montenegro representing the Ministry of Economy and Public Finance, Juan Antonio Morales (Maestrias Development – UCB), George Gray (CRISE) and self Carlos Gustavo Machicado.

INESAD initiative responded to its mission of promoting opportunities for discussion and dialogue on public policy issues relevant to the development of Bolivia. This will help promote research and generate knowledge designed to overcome critical obstacles to sustainable socioeconomic development.

1The opening of the symposium was over Osvaldo Nina, executive director of INESAD, who presented an overview of the different existing approaches in the literature on economic growth and determinants to achieve sustainability in the long term factors.

One of the key points of the discussion was the neoclassical theory that defines technological change as the factor that pemite achieve growth. An alternative vision to the neoclassical theory says that growth is determined by demand, another refers to endogenous growth and suggests that growth is generated both by demand and supply.

Robert Barro (1990), which analyzes the relationship between public spending and growth, was cited. His conclusion is that public spending is productive and can contribute positively to the growth rate of the economy. However, it gives also be understood that if the level of public spending exceeds a certain level of the contribution is negative.

The study of public expenditure has to do with the allocation of funds rather than its effectiveness. That is, the analysis of public expenditure is related to the impacts resulting from their allocation in programs to improve education, health or infrastructure, increasing the production capacity of production factors, which in turn positively influence economic growth in the long term.

However, it is important to note that this is not enough to ensure the growth process, because if the composition of the budgets of public expenditure is not appropriate, it is possible that the conversion in goods and effective services for production, and therefore the generation of the main products is not appropriate.

Fiscal policy

Carlos Gustavo Machicado explained that his research is based on a model of dynamic stochastic general equilibrium (DSGE models) for a small open economy with five sectors: non-tradables (services), importable (manufacturing), hydrocarbons, mining and agriculture.

The model is parameterized for the Bolivian economy, and several scenarios are simulated travpes of changes in fiscal policy instruments available. On the other hand it is considered the efficiency of public capital and productivity (TFP) in different sectors.

The model has reference to the economic context of Bolivia aimed 4By the fiscal sector, which can be summarized in 3 points: An economy for the first quarter reported a fiscal surplus, a social policy based primarily on transfers to households and intent to use public investment as the main instrument to promote growth and welfare.

Research suggests three basic results. The best fiscal policy based solely on tax management is one that combines a fully open economy with a 3.7% increase in value added tax (VAT). The economy grew by 3.4%.

A policy based on public spending has negative effects on growth because it greatly affects transfers given to households. Mientra a fiscal policy based on public investment in infrastructure has positive effects.

However, long-term results are poor and the transition is slow. Therefore, fiscal policy must be complemented by the efficient provision of infrastructure and increased productivity.

Machicado shows that fiscal policy alone is not enough for growth, but when combined with the efficient delivery of public capital and increased productivity, the economy can grow at rates of 6% in the short term and 10% in the long term. Moreover, this gives the government an opportunity to increase transfers and make them sustainable over time.

His recommendation is that the government retains a favorable tax environment and sustains a social policy based on transfers to the extent that the efficient delivery of public capital is promoted and there are sufficient incentives to increase productivity.


South Korean experience in economic development




The challenge of any economy is growth, but, to paraphrase a Mexican famous, Ballard, one could say that growth alone is not enough, since it is necessary to know how to grow.

The Institute of Advanced Studies in Development (INESAD) interested in both dynamic, organized the second economic symposium called “Korean experience Economic Development and Lessons for Bolivia”, always with the aim of proposing practical solutions to overcome obstacles to development through research scientific.

The event featured two presentations. The first was by Mr. Hwa Soo Park, consultant of the International Cooperation Agency of Korea (KOICA), which explained the history of successful economic development of your country, where you can draw some lessons for Bolivia. The second presentation was given by Lykke Anderson economist who presented his book entitled “development from within”, consisting of 79 articles on topics of interest for the development of Bolivia.

The opportunity was also used to INESAD present its new corporate image with respect to its mission to generate and disseminate knowledge Ayuen overcome critical obstacles to sustainable socio-economic development.

“Bolivia is facing a process of change that requires the formation of a definition of the profile of the country, we want to become in the next 10 years and we are convinced that this economic and social change must come from within, and development research should be directed by researchers who live daily with the problems of underdevelopment, as they are better positioned to propose viable solutions “stated Osvaldo Nina, Executive Director of INESAD.

The Institute believes it is possible to improve the quality of life of Bolivians through the deep knowledge of the reality of the country and this is achieved by using scientific methods. The research incorporates the concept of sustainable socioeconomic development, includes three domains: economic, social and environmental. In INESAD they specialize in 4 research areas: environmental economics, regional economics, welfare economics and macroeconomics.

7Nina highlighted the Institute’s efforts in forming a team that is multidisciplinary and innovative, methodologically rigorous and respectful of diversity of opinion and thought. In the next 5 years, the institute intends to reinforce its research activities under the Think Tank Initiative, in order to effectively influence the quality of public policies.

INESAD aims to build spaces where researchers can analyze and improve their performance and where they can receive inspiration for conducting high-quality research and scientific experiments relevant in order to improve public policy. You want to support the training of future generations of professionals, awakening in them a passion for scientific research in development.

Korean lessons

Hwa-Soo Park highlighted policies to promote socio-economic development were applied by South Korea, and in a space of 50 years, allowed a radical change in the profile of the country. If an underdeveloped country without hope became a modern country, allowing its income multiplied by 22 times.

South Korea implemented a mixed economic model articulated by liberals and components planned economy. He emphasized the strong leadership, the state’s role and the selection and concentration of resource allocation. Its goal of achieving sustainable economic growth was conceived by three strategies: support exports, industrialization and attracting foreign capital.

The Korean model was driven with a long-term plans by 5 years of economic growth, which addressed specific aspects of the economy, such as the control of inflation caused by rapid economic growth. Initially, in response to peasant migration to the city, there was a strong focus on intensive industries labor, later moved to the heavy industries, especially those in the automotive category.

South Korea strengthened its human capital by boosting education and promoting the development of science and technology. programs of public investment and infrastructure improved. tax reform was introduced and environmental conservation as part of its development plan was incorporated. They introduced efficient mechanisms for income redistribution. And finally they guided its economic policy towards value creation, which made it capital intensive and technology.

There are a number of lessons to be drawn for Bolivia, such as economics: The management of the economy by the state, which is acceptable at an early stage, the creation of a suitable climate for private investment, increased investment public education and technology, value creation, and reduced dependence on raw materials, is good proeger worker welfare, but the excessive demands of the workers must be restricted, the benefits of improved infrastructure, need for the creation of a fair tax system and the proper use of credit. However, the main lesson is that we must first enlarge the pie (grow) before redistributing it.

Kathleen Lizarraga of INESAD said the exhibition and drew some conclusions: it is possible to devise and implement a development model, it is necessary to balance economic policy with social policy, growth and endogenous development begins with the development of skills science and technology, which, in turn, can be used to tailor products and improve processes, any growth strategy requires a plan agreed national development, responsive to the challenges of society and transcends the political threshold. Bolivia has reached an important political change and the challenge now is to make the economic changes that offer better opportunities for all Bolivians.

From inside

In the presentation of his book “development from within”, the prestigious researcher Lykke Anderson said there are many ways that a country can achieve development, but there is only one way and that is that development must come from within, and that development can not drive or be directed from outside.

In the same way that you can not help a child develop to do your homework for them or protecting them in excess, ie, complementing their efforts, can not help a country to grow only by providing financial assistance or helping to design strategies poverty reduction are pensandas from outside or protecting them from market forces.

Each country has to form their own destiny. You have to find their own path to wealth creation in a globalized world, because otherwise it will be eternally dependent on international cooperation.

No matter that this takes time. It is also inevitable that mistakes country to follow their chosen path, but it will draw lessons from these setbacks. The development process of a country takes time and patience, as the process of human development.

For Andersen, the passion for improvement has to come from within either a human being or a country. The only things that can be done from the outside are to inspire and nurture this passion, then create models of great value, but at the moment of truth, the models only serve as a reference for creating something different and unique.

Morten Elkjaer, Danish Ambassador to Bolivia, commented on the book, calling it inspiring and provocative, because “forces the reader to reconsider certain prejudices and recalls that in the field of development, it is necessary to keep a very open mind.”


Development seen from the south

The third Economic Symposium was held on July 12, 2012 at the Hotel Europa city of La Paz, where books, “Development seen from the South” of research Lykke Andersen and “Factors influencing growth were presented and development of Bolivia: National and Regional Analysis (1989-2009) “edited by Carlos Gustavo Machicado and has chapters written by Luis Carlos Jemio, Osvaldo Nina and Carlos Gustavo Machicado own.

Through the acquisition of these books he was supporting the Alalay Foundation, whose mission is to recover children and adolescents living on the street, by creating opportunities, encouraging their restitution and through exercise and promotion of their fundamental rights.

For more information about the Foundation Alalay click the following link:


IV Simposio Económico: El Empleo en Debate 

El Cuarto Simposio Económico: “El Empleo en Debate” se llevó a cabo el 25 de octubre del 2012 en el Salón Las Américas del Hotel Presidente en la ciudad de La Paz, Bolivia.Las temáticas desarrolladas durante este evento estuvieron enmarcadas en las ponencias de Beatriz Muriel (INESAD) y Elizabeth Jiménez. (CIDES-UMSA).

En esta oportunidad se contó con la participación de ambas investigadoras como panelistas que realizaron una presentación conforme a sus investigaciones y que posteriormente fueron comentadas por Roberto Ballesteros (Director General de Planificación – Ministerio de Trabajo, Empleo y Previsión Social), y Oscar Molina (Vicerrector de campus La Paz – Universidad Privada Boliviana). Asimismo, Antonio Romero (Representante del IDRC) brindó las palabras de despedida.

La economía boliviana ha tenido un buen desempeño durante los últimos años, con una tasa de crecimiento del PIB (Producto Interno Bruto) de 4.7 por ciento promedio anual durante 2005-2011. Las remesas también se expandieron de manera significativa: en 2004 éstas representaban el 1.9 por ciento del PIB y llegaron hasta el máximo del 6.3 por ciento en 2008. Este escenario, asociado a políticas sociales de transferencia de recursos y otras, ha promovido una fuerte disminución de la pobreza medida por ingresos de acuerdo a datos oficiales.

A pesar de los avances en términos de pobreza y crecimiento, la precariedad del empleo ha persistido en el tiempo. En las zonas urbanas, la informalidad medida por el tamaño de las unidades productivas (menos de 5 trabajadores) se ha mantenido cercana al 55 por ciento de la población ocupada. Sin embargo, la informalidad es más preocupante cuando se la evalúa por el cumplimiento de la regulación laboral. Por ejemplo, menos del  10 por ciento de la población ocupada urbana cuenta, al mismo tiempo, con empleos estables, contribuciones sociales (jubilación y salud) y aguinaldo. Además, los niveles de subutilización han persistido con tasas mayores a las del desempleo.

¿Por qué se ha mantenido la precariedad en el empleo? Varios factores podrían explicar este problema. Una observación común señalada por varios expertos es que las mejoras en las estructuras productivas de los sectores intensivos en empleo serían modestas. Por ejemplo, el desarrollo industrial, asociado a mayor formalidad, productividad y salarios reales, no estaría siendo lo suficientemente dinámico como para generar más y mejores empleos.

Una segunda explicación se relaciona con las medidas públicas destinadas a promover mejores empleos. Por un lado, el gobierno se ha preocupado por promover una mejor calidad del empleo a partir de más normas laborales. No obstante, en el debate se observa que medidas extremas pueden en la práctica perjudicar al trabajador, ya que reducen la demanda por empleo formal promoviendo mayor informalidad, subutilización y desempleo. Queda pendiente entonces responder la pregunta fundamental ¿Cuál será la forma más eficiente, efectiva y equitativa de intervención del gobierno boliviano en el mercado de trabajo vía regulación laboral? Además, el fortalecimiento del Ministerio de Trabajo, Empleo y Previsión Social se hace fundamental para resolver de manera expedita los conflictos entre empleados y empleadores. Este Ministerio debería ser uno de los más importantes en Bolivia, no obstante, siempre ha sido relegado a segundo plano.

Por otro lado, el gobierno está promoviendo varias políticas activas como “Mi Primer Digno” y “Empleo Digno e Intensivo de Mano de Obra”. Las iniciativas son, sin duda, muy meritorias. Sin embargo, queda la interrogante de cuán efectivas serán para realizar cambios sustanciales en la situación del empleo actual.

En este marco, el simposio se constituyó en un esfuerzo para analizar la situación actual del empleo y su relación con las medidas laborales, focalizado en las zonas urbanas del  país, con el fin último de promover ideas para mejorar los empleos en Bolivia.


Empleo y Regulación Laboral

El 5to. Simposio Económico: Empleo y Regulación Laboral se llevó a cabo en la ciudad de Cochabamba el 18 de abril de 2013 en el marco del convenio de colaboración interinstitucional suscrito con el Colegio Departamental de Economistas de Cochabamba.

Uno de los aspectos a resaltar, fue la participación de varios centros de investigación durante la feria del libro, entre ellos, la Universidad Privada Boliviana, la Universidad Católica Boliviana, el Centro de Estudios Sociales Universitarios (CESU), el Centro de Estudios de Población (CEP), la Unidad de Interacción Social de la Facultad de Economía – UMSS (PROMEC), el Instituto de Investigación de Ciencias Sociales (INCISO), el Instituto de Estudios Sociales y Económicos (IESE). A este evento asistieron 148 personas.





 Desarrollo Regional

El 6to. Simposio Económico “Desarrollo Regional” se llevó a cabo el 13 de junio de 2014 en el Auditorio de la Dirección de Postgrado de la Universidad Técnica de Oruro en la ciudad de Oruro, Bolivia. Este evento fue organizado de manera conjunta con la Universidad Técnica de Oruro como resultado de la suscripción de un convenio institucional. La presentación estuvo a cargo de Osvaldo Nina (INESAD) y Rolando Morales (CIESS Econométrica”, contando con los comentarios de Gustavo Aranibar (Doctorando en Planificación y Desarrollo Regional de la UTO). Las ponencias giraron alrededor de la importancia de la dimensión espacial en el desarrollo y la necesidad de una política económica regional. Se contó con la participación de más de 200 personas representantes de la academia.


Trabajos Dignos para Bolivia: Avances y Desafíos

simposio-7-anders-stuhr-svensson-representante-de-la-cooperacion-danesa-embajada-real-de-dinamarcaEn el Salón Illimani del Hotel Radisson de la ciudad de La Paz, en fecha 30 de julio de 2015 se realizó el VII Simposio. Las temáticas desarrolladas durante este evento estuvieron enmarcadas en las ponencias de  Beatriz Muriel (Coordinadora EMINPRO-INESAD), quien expuso el trabajo realizado en la RED EMINPRO, red de Información y Conocimiento hacia la Creación de Trabajos Dignos para Todos y el contexto laboral de Bolivia en la actualidad. Por su parte, Benito Rodríguez (Viceministro de Empleo, Servicio Civil y Cooperativas del Ministerio de Trabajo) tomó la palabra para dar a conocer la situación laboral del país desde su experiencia, las políticas que viene realizando el Gobierno desde su Ministerio, así como los desafíos a seguir.simposio-7-beatriz-muriel-e-invitados-en-testera

Asimismo, Ricardo Nogales (Director del Centro de Investigaciones Económicas y Empresariales Universidad Privada de Bolivia) y Rodolfo Eróstegui (Ex Viceministro de Trabajo y Empleo) resaltaron la importancia de EMINPRO como una RED de Socios y Amigos, la cual provee datos reales y útiles para todos. Asimismo, Anders Stuhr Svensson (Representante de la Cooperación Danesa – Embajada Real de Dinamarca) brindó las palabras de despedida y clausura del evento. Este evento contó con la participación de 143 asistentes.