Subastas competitivas como única opción de financiamiento del gobierno de la República
Fecha
2017-08
Autores
Aguilar Araya, Leiner
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Editor
Universidad Nacional, Costa Rica
Resumen
Actualmente, el tema de las finanzas públicas del país tiene una relevancia preponderante en el quehacer nacional e internacional, ya que a pesar de que el déficit fiscal ha estado presente en la economía, durante los últimos años este presenta una tendencia creciente llegando a niveles no observados en el pasado.
Ante esta problemática el gobierno recurre al financiamiento tanto externo como interno, en mayor medida en el mercado doméstico, lo que ha generado un crecimiento sostenido en la relación deuda a Producto Interno Bruto (PIB). Precisamente, es por medio de la Tesorería Nacional que el Ministerio de Hacienda capta los recursos en el mercado primario para
cumplir con sus obligaciones. Esto lo hace por medio de la colocación de valores en subasta que utiliza los sistemas de la Bolsa Nacional de Valores y la colocación directa realizada entre el emisor y el inversor, que se hace a través de sistemas propios o de la plataforma llamada Tesoro Directo.
Con la entrada en operación de Tesoro Directo, se ha abierto un debate en el cual Ministerio de Hacienda, Bolsa Nacional de Valores (BNV), así como economistas y especialistas financieros, exponen sus argumentos a favor y en contra de la captación directa del Gobierno y el uso de Tesoro Directo.
Para la Tesorería Nacional es un proceso ágil y automatizado, que permite ahorrar recursos al sector público al no pagar comisiones, el inversor diversifica su cartera y reduce los rendimientos que paga el emisor. A la vez, cumple con los principios de publicidad, seguridad y transparencia.
Por su parte, para la Bolsa Nacional de Valores de Costa Rica y sus detractores, estas van en contra de la creación de un verdadero y profundo mercado de valores, debido a que el costo y las tasas de este financiamiento no se ven reflejados en la curva soberana de rendimiento que usan como referencia los otros emisores.
Currently, the issue of the country's public finances has a preponderant relevance in national and international affairs, since despite the fact that the fiscal deficit has been present in the economy, in recent years it has shown a growing trend reaching levels not observed in the past. Faced with this problem, the government resorts to both external and internal financing, to a greater extent in the domestic market, which has generated sustained growth in the debt to Gross Domestic Product (PIB) ratio. It is precisely through the National Treasury that the Ministry of Finance captures resources in the primary market to meet its obligations. This is done through the placement of securities at auction that uses the systems of the National Stock Exchange and the direct placement made between the issuer and the investor, which is done through its own systems or the platform called Direct Treasury. With the entry into operation of Direct Treasury, a debate has been opened in which the Ministry of Finance, the National Stock Exchange (BNV), as well as economists and financial specialists, present their arguments for and against direct government capture and the use of Direct Treasury. For the National Treasury, it is an agile and automated process, which allows the public sector to save resources by not paying commissions, the investor diversifies his portfolio and reduces the returns paid by the issuer. At the same time, it complies with the principles of publicity, security and transparency. For its part, for the Costa Rica National Stock Market and its detractors, these go against the creation of a true and deep stock market, because the cost and rates of this financing are not reflected in the sovereign yield curve used as reference by other issuers
Currently, the issue of the country's public finances has a preponderant relevance in national and international affairs, since despite the fact that the fiscal deficit has been present in the economy, in recent years it has shown a growing trend reaching levels not observed in the past. Faced with this problem, the government resorts to both external and internal financing, to a greater extent in the domestic market, which has generated sustained growth in the debt to Gross Domestic Product (PIB) ratio. It is precisely through the National Treasury that the Ministry of Finance captures resources in the primary market to meet its obligations. This is done through the placement of securities at auction that uses the systems of the National Stock Exchange and the direct placement made between the issuer and the investor, which is done through its own systems or the platform called Direct Treasury. With the entry into operation of Direct Treasury, a debate has been opened in which the Ministry of Finance, the National Stock Exchange (BNV), as well as economists and financial specialists, present their arguments for and against direct government capture and the use of Direct Treasury. For the National Treasury, it is an agile and automated process, which allows the public sector to save resources by not paying commissions, the investor diversifies his portfolio and reduces the returns paid by the issuer. At the same time, it complies with the principles of publicity, security and transparency. For its part, for the Costa Rica National Stock Market and its detractors, these go against the creation of a true and deep stock market, because the cost and rates of this financing are not reflected in the sovereign yield curve used as reference by other issuers
Descripción
Palabras clave
FINANZAS PUBLICAS, DEUDA PUBLICA, POLÍTICA FISCAL, COSTA RICA, MINISTERIO DE HACIENDA (COSTA RICA), PUBLIC FINANCES, PUBLIC DEBT, FISCAL POLICY