Tomo I

La Economía y las Finanzas Públicas


 Tomo I
La Economía y las Finanzas Públicas


 Tomo I
La Economía y las Finanzas Públicas

),0
3+ "0
!")
*V5& ,
,+1"*-,/q+",


 

1,*,
&
)
" ,+,*r
6
)0
#&++70
-t)& 0

1,*,
&&
)
3&!
0, &)

1,*,
&&& )
-,)r1& 
6
)
!*&+&01/ &s+
-t)& 

1,*,
&3
)
"!2  &s+
6
)
2)12/


 Tomo I
La Economía y las Finanzas Públicas
)5&&
)"$&0)12/
q*/
!"
!&-21!,0

%
,+$/"0,
!"
)
2+&s+
"$% &


%
$&(
!&-
'2)&,
V0/
*,/"+,
/&3"/ -/"0&!"+1"
-/!
("$% &%
!&-
1,*q0
1,//"0
*"/ !, -3"*
!&-
#/+ &0 ,
//,6,
3&"6/
-/&
!&-
*/1r+
),+0,
%"/"!&
)&7q//$ -+
!&-
)&7"1%
"2$"+&
/,00
*,+1"/,
-/!
%$&$!%
!&-
#/+ &0 
")"+
,//)"0
,//)"0
-/&
!&-
0"/$&,
2$201,
%+
)2$, -+
!&-
$/ &")
0)!W
#/&/"
-/!
!&-
'3&"/
,/,7 ,
$s*"7 -3"*
!&-
*"/&)6+
$s*"7
-,7,0 * 
!&-
*$!)"+
!")
0, ,//,
+tW"7
*,+/") -1
!&-
)2&0
+1,+&,
$,+7q)"7
/,)!q+ +
' &

!!$ R
"!Q&

!&-
*+)&,
#&,
")1/,+"0
/&3"/
-/"0&!"+1"
6
,,/!&+!,/
!")
$/2-,

-/)*"+1/&,
-/&

!&-
/& /!,
+6
,/1V0
,,/!&+!,/
!")
$/2-,
-/)*"+1/&,

-+

!&-
$201r+
*&$2")
),+0,
/6
,,/!&+!,/
!")
$/2-,
-/)*"+1/&,

-/!

!&-
/12/,
"0 ,/
6
3"$
,,/!&+!,/
!")
$/2-,
-/)*"+1/&,

-3"*

!&-
'2+
&$+ &,
0*-"/&,
*,+1W,
,,/!&+!,/
!")
$/2-,
-/)*"+1/&,

* 

!&-
)"/1,
+6
$21&V//"7
,,/!&+!,/
!")
$/2-,
-/)*"+1/&,

-1

!&-
*/r
0+'2+
"/!
#/+ ,

,,/!&+!,/
!")
$/2-,
-/)*"+1/&,

+


 Tomo I
La Economía y las Finanzas Públicas

%$&$Q
 $

*1/,
*2/& &,
#/%
$"/














0" /"1/&,
$"+"/)

)& 
'2+
/),0
!")$!&)),
0)0
0" /"1/&,
!"
0"/3& &,0

-/)*"+1/&,0

)& 
#/+ &0 ,
!"
'"0t0
!"
0&)3
/2&7 0" /"1/&,
!"
0"/3& &,0

!*&+&01/1&3,0
6
#&++ &"/,0

 &$!

%&'!%


  +%
"S%

!&-
" &)&
$,+7q)"7
$s*"7
-/"0&!"+1"
!")
,*&1V

*1/,
-"!/,
q+$")
,+1/"/0
)s-"7
!&/" 1,/
$"+"/)


 Tomo I
La Economía y las Finanzas Públicas
! %!
$&(!
 "

 
 
;LFIM
/?N;
*;LNZH?T
"<0=4/08>0

;LFIM
#
FG;>;
)\J?T /C=;L>I
2P;FF?
?LLIH?M %;LP?S
$ONCYLL?T
qFP;L?T

(4.0:<0=4/08>0
:,<,
(4.0:<0=4/08>0 (4.0:<0=4/08>0
:,<,
69=
"=

=?8>9=
8>0<8,.498,60= /0
69=
0=>,/9=

 
 

! %$!%

'IMY
qHA?F
$OLLZ;
1L?PC[I
LNOLI
+][?T
'CGYH?T
'OFCXH
,FCP;M
2A;F>?
*;LZ;
#?LH;H>;
;M;HO?P;
>?
!C?AI
'ILA?
*XLKO?T
*IHN?M
'ILA?
1;G;SI
;MNLIJ;L?>?M
#?LH;H>I
-YL?T
ILL?;
*;HO?F
.OCD;HI
1ILL?M
*;LZ;
>?F
;LG?H
-;L>I
)\J?T
*;OLC=CI
3;F>YM
/I>LZAO?T
*;LZ;
>?
'?M]M
F?D;H>LI
.OCLIT
">O;L>I
0
1IJ?N?
-;<?FFI

! %!

! !$


!$
)OCM
$;L=Z;
XL>?H;M
&AH;=CI
-C=B;L>I
-;A;T; $;<CHI
#L;A;
*;A;[;
>IF@I
)OAI
3?L>OT=I $OMN;PI
*;LNZH?T
;<;[;M
'IMY
+;NCPC>;>
$IHTXF?T
-;LXM H>LYM
;MI
)IG<;L>I
F?D;H>LI
;LLCFFI
;MNLI /;]F
0;FCH;M
)IT;HI
'IMY
/
;MN?F;TI


 Tomo I
La Economía y las Finanzas Públicas
' !$%
#L;H=CM=I
JI>;=;
S
,MOH;
'IMY
NNIFCHC
AOCLL?
"HLCKO?
;;G;[I
*O[IT
HNIHCI
;LLCFFI
#FIL?M
*;LCI
IL>?L;
-;MNIL
!;HC?F
"M=;F;HN?
,LN?A;
$;<CHI
#L;A;
*;A;[;
'ILA?
$;RCIF;
7?H>?D;M
'IMY
&NOLLC;A;
0;O=I
$CF<?LNI
)ISI
$IHTXF?T
/;@;?F
*;H=?L;
,LNCT
HNIHCI
*;LNZH?T
X?T
)IL?HTI
*;SIL;F
-;L>I
F@L?>I
+;P;LL?N?
/IG?LI
F@IHMI
+ILC?A;
;HN]
/;]F
,LNCT
*?H;
*;HO?F
-;F;PC=CHC
-C[?CLI
qFP;LI
/I>LZAO?T
/?S?M
'?M]M
/I>LZAO?T
S
/I>LZAO?T
/;]F
0;FCH;M
)IT;HI
H>LYM
0?LL;
/ID;M
;N;FCH;
0C?LL;
;M;M]M
/C=;L>I
1ILL?M
$;CNXH
/;@;?F
2LLONC;
*CFFXH
$OMN;PI
/
3?F;M=I
>;FC>


 Tomo I
La Economía y las Finanzas Públicas


  
 



   


"0/<9
P8206
98><0<,=
I:0C ,<69=
$0>,
,<>H80C
!CL?=NIL
$?H?L;F -L?MC>?HN?
>?F
IHM?DI
!CL?=NCPI
?HNLI
>?
"MNO>CIM
>?
F;M
#CH;HT;M
-]<FC=;M &+-
%
XG;L;
>?
!CJON;>IM

"
F7,<,
/0
4:?>,/9=  "
&F>?@IHMI
*IL;F?M
3?FXTKO?T #L;H=CM=I
';PC?L
$\G?T
3?FXTKO?T
"FCT;<?NB
*;=Z;M
"MKOCPC;M HC<;F
2LC<?
3CF>IMI
,FCPC;
;[CTI
3XTKO?T

$,J6
,<>H80C
67,CF8
IIL>CH;>IL
$?H?L;F
>?
F;
,<L;


 Tomo I
La Economía y las Finanzas Públicas

&)
+%!)
-,"&
&%*!$'&(/%!& 

!#



0







1



 Tomo I
La Economía y las Finanzas Públicas


 








&!!

,
.9897H,
B
6,=
48,8C,=
"J-64.,=

!?L?=BIM
L?M?LP;>IM
=IH@ILG?
;
F;
)?S
-LCG?L;
?>C=C\H
DOFCI
>?
 

&0+
,/
,*-)"1

 



&0+
1,*,
&

 



`
XG;L;
>?
!CJON;>IM
)5&&
)?ACMF;NOL;
P
IHAL?MI
>?
F;
2HC\H

IFIHC;
"F
-;LKO?
!?F?A;=C\H
3?HOMNC;HI
;LL;HT;
-

*YRC=I

!CMNLCNI
#?>?L;F

?HNLI
>?
"MNO>CIM
>?
F;M
#CH;HT;M
-]<FC=;M
 "#-

P
IHAL?MI
>?
F;
2HC\H

IFIHC;
"F
-;LKO?
!?F?A;=C\H
3?HOMNC;HI
;LL;HT;
-

*YRC=I

;EFD;FA
767D3>
6;\5;A
!
&;H7>



QQQ=?@JAI<GR

&0+
,/
,*-)"1

 
 


&0+
1,*,
&

 
 


`
&HMNCNONI
+;=CIH;F
>?
>GCHCMNL;=C\H
-]<FC=;
 
(G

;LL?N?L;
*YRC=I
1IFO=;
+I

IF
-;FI
FNI
-

!?F?A;=C\H
O;DCG;FJ;
*YRC=I
!#




QQQCH;JILAGR

-O<FC=;=C\H
>?
F;
)5&&
)?ACMF;NOL;
>?
F;
XG;L;
>?
!CJON;>IM
>?F
?HNLI
>?
"MNO>CIM
>?
F;M
#CH;HT;M

-]<FC=;M
 "#-
S
>?F
&HMNCNONI
+;=CIH;F
>?
>GCHCMNL;=C\H
-]<FC=;
 
 "
CHN?AL;>;
JIL
=O;NLI

NIGIM
1IGI
&
);
"=IHIGZ;
S
F;M
#CH;HT;M
-]<FC=;M
1IGI
&&
);
3C>;
0I=C;F
1IGI
&&&
);
-IFZNC=;
S
F;

>GCHCMNL;=C\H
-]<FC=;
1IGI
&3
);
">O=;=C\H
S
F;
OFNOL;

);
NCNOF;LC>;>
>?
FIM
!?L?=BIM
>?
ONIL
=ILL?MJIH>?H
;
F;
XG;L;
>?
!CJON;>IM
S
;F
&HMNCNONI
+;=CIH;F
>?

>GCHCMNL;=C\H
-]<FC=;
 
 "
JIL
J;LN?M
CAO;F?M
>?
=IH@ILGC>;>
=IH
F;
)?S
#?>?L;F
>?F
!?L?=BI

>?
ONIL

"F
=IHN?HC>I
>?
F;
I<L;
;HXFCMCM
DOC=CIM
>?
P;FIL
IJCHCIH?M
=IH=FOMCIH?M
S
MOM
;H?RIM
MIH
?MNLC=N;G?HN?

L?MJIHM;<CFC>;>
>?
FIM
;ONIL?M
);
XG;L;
>?
!CJON;>IM
?F
?HNLI
>?
"MNO>CIM
>?
F;M
#CH;HT;M
-]<FC=;M

"
S
?F
&HMNCNONI
+;=CIH;F
>?
>GCHCMNL;=C\H
-]<FC=;
 
 "
HI
;MOG?H
L?MJIHM;<CFC>;>

;FAOH;
JIL
?FF;M

+7
3GFAD;L3
>3
D7BDA6G55;R@
FAF3>
A
B3D5;3>
67
7EF3
A4D3
5;F3@6A
>3
8G7@F7
E;7?BD7
K
5G3@6A
E73
E;@
\@7E

>?
FO=LI


 Tomo I
La Economía y las Finanzas Públicas

-/"0"+1 &s+
$"+"/)
!"
)
,/
*;HFCI
#;<CI
?FNLIH?M

?F?<LI
F;
CHC=C;NCP;
>?F
&HMNCNONI
+;=CIH;F
>?
>GCHCMNL;=C\H
-]<FC=;
 
S
>?F
?HNLI

>?
"MNO>CIM
>?
F;M
#CH;HT;M
-]<FC=;M
>?
F;
%
XG;L;
>?
!CJON;>IM
J;L;
L?;FCT;L
?MN;

I<L;
=IF?=NCP;
2H;
I<L;
H?=?M;LC;
KO?
>;
=O?HN;
>?F
NLXHMCNI
KO?
B;
N?HC>I
HO?MNLI
J;ZM

?H
G;N?LC;
J]<FC=;
>OL;HN?
FIM
]FNCGIM

;[IM
!<@
.C.;02@
129
"IE60<
<;A2:=<?H;2<



?M
@LONI
>?F
?M@O?LTI
S
=IGJLIGCMI

>?
>?MN;=;>;M
J?LMIH;FC>;>?M
>?F
G?>CI
;=;>YGC=I
CHN?F?=NO;F
S
JIFZNC=I
KO?
GO?MNL;
>?

OH;
G;H?L;
=F;L;
kNL;M
OH;
JLI@OH>;
N;L?;
>?
CHP?MNCA;=C\H
S
;HXFCMCMk
FIM
?F?G?HNIM

@OH>;G?HN;F?M
>?
F;
?PIFO=C\H
JIFZNC=;
?=IH\GC=;
MI=C;F
S
=OFNOL;F
>?F
J;ZM
@ILD;>;

>OL;HN?
?MN?
J?LCI>I
>?
NC?GJI
JIL
>CMNCHN;M
A?H?L;=CIH?M
>?
G?RC=;HIM
=IGJLIG?NC>IM

=IH
?F
>?M;LLIFFI
>?
F;
+;=C\H
"F
;HN?=?>?HN?
>?
?MN;
?>C=C\H
?M
F;
=IGJCF;=C\H
>?HIGCH;>;
"IE60<

.K<@
12

&2C<9B06L;
JO<FC=;>;
JIL
?F
#IH>I
>?
OFNOL;
"=IH\GC=;
S
?H
=OSI
JL\FIAI
?F

?HNIH=?M
-L?MC>?HN?
>IF@I
)\J?T
*;N?IM
M?[;F\
=IH
AL;H
;=C?LNI
KO?
Q9<@
=B2/9<@

.C.;G.;
5.06.
:2A.@
@B=2?6<?2@
0B.;1<
A62;2;
B;.
=2?02=06L;
=?206@.
12
@B
=.@.1<

.@B:2;
0<;
2;A2?2G.
9.
?2@=<;@./6961.1
12
@B
=?2@2;A2
F
.A6@/.;
0<;
16.3.;61.1
@B

6;@B@A6AB6/92
12@A6;<R
+IMINLIM
;BIL;
=IH
F;
JO<FC=;=C\H
>?
?MN;
I<L;
B;=C?H>I
OH

L?=O?HNI
>?
HO?MNLI
J;M;>I
L?=C?HN?
<OM=;GIM
>CG?HMCIH;L
HO?MNLI
JL?M?HN?
J;L;
>;L

LOG<I
;
HO?MNLI
@ONOLI
!?MN;=;H
JIL
MO
CGJILN;H=C;
F;M
>?HIGCH;>;M
lL?@ILG;M
?MNLO=NOL;F?Mm
CGJOFM;>;M
>?

G;H?L;
PCMCIH;LC;
>?M>?
?F
-;=NI
JIL
*YRC=I
>OL;HN?
?F
;=NO;F
J?LCI>I
>?F
-L?MC>?HN?
>?

F;
/?J]<FC=;
"HLCKO?
-?[;
+C?NI
>?
G;H?L;
=IHDOHN;
=IH
?F
IHAL?MI
>?
F;
2HC\H
?H

?MN;
BCMN\LC=;
)5&&
)?ACMF;NOL;
/?@ILG;M
KO?
M?
BC=C?LIH
L?;FC>;>
AL;=C;M
;F
=IHM?HMI

FIAL;>I
?HNL?
FIM
>CP?LMIM
J;LNC>IM
JIFZNC=IM
S
M?=NIL?M
MI=C;F?M
S
F;M
=O;F?M
MCH
FOA;L
;

>O>;M
J?LGCNCLXH
L?=OJ?L;L
?F
LCNGI
>?
=L?=CGC?HNI
?=IH\GC=I
F;
M?AOLC>;>
S
F;
DOMNC=C;

MI=C;F
KO?
*YRC=I
H?=?MCN;
S
KO?
F;
MI=C?>;>
>?G;H>;
J;L;
;LLC<;L
;
G?DIL?M
?MN;>CIM
>?

>?M;LLIFFI
S
<C?H?MN;L
KO?
F?
J?LGCN;H
AIT;L
>?
OH;
<O?H;
=;FC>;>
>?
PC>;



)C=?H=C;>I
?H
"=IHIGZ;
!CJON;>I
#?>?L;F
?H
F;
)&&
)?ACMF;NOL;



0?H;>IL
>?
F;
)&3
)?ACMF;NOL;


0O<M?=L?N;LCI
>?
$I<?LH;=C\H
!CJON;>I
?H
F;
)&5
)?ACMF;NOL;
 


0?H;>IL
?H
F;
)5
S
)5&

)?ACMF;NOL;M
?HNL?
 
S
 
!?

;

M?
>?M?GJ?[\
=IGI
$I<?LH;>IL
>?
0IHIL;
=NO;FG?HN?

?M
?F
IIL>CH;>IL
>?F
$LOJI
-;LF;G?HN;LCI
>?F
-/&
>?
F;
)5&&
)?ACMF;NOL;
?H
F;
XG;L;
>?
!CJON;>IM

 Tomo I
La Economía y las Finanzas Públicas

"H
MOG;
!<@
.C.;02@
129
"YRC=I
IHN?GJILXH?I


 
I@L?=?
OH;
PCMC\H

JLI@OH>;
S
=LZNC=;
MI<L?
FIM
N?G;M
NL;M=?H>?HN?M
>?
F;
PC>;
H;=CIH;F
F;
=O;F
M?
>?M;LLIFF;

;
J;LNCL
>?
=O;NLI
AL;H>?M
P?LNC?HN?M
KO?
>;H
PC>;
;
=;>;
1IGI
!.
0<;<:J.
F
9.@

6;.;G.@
%M/960.@
!.
*61.
'<06.9
!.
%<9JA60.
F
9.
1:6;6@A?.06L;
%M/960.
F
!.

1B0.06L;
F
9.
B9AB?.
"H
?F
1IGI
MI<L?
"=IHIGZ;
S
#CH;HT;M
M?
>?MN;=;
KO?
?F
>?M;LLIFFI
?=IH\GC=I
>OL;HN?

?F
J?LCI>I

;F

M?
<;M\
?H
F;
CGJF?G?HN;=C\H
>?F
CGJOFMI
;F
>?M;LLIFFI
CH>OMNLC;F

<;M;>I
?H
?F
JLI=?MI
>?
l0OMNCNO=C\H
>?
&GJILN;=CIH?Mm
&0&
GCMGI
KO?
@O?
;F?HN;>I

JIL
?F
@?H\G?HI
>?
F;
M?AOH>;
AO?LL;
GOH>C;F
!OL;HN?
F;
>Y=;>;
>?
FIM

?F
J;ZM

FIAL\
;F=;HT;L
N;M;M
>?
=L?=CGC?HNI
>?
;FL?>?>IL
>?F

;HO;F
S
;>C=CIH;FG?HN?

7EF34;>;636
53?4;3D;3
K
\@3@5;7D3
53D35F7D;L3@6A
5A@
7>>A
7>
67E3DDA>>A
7EF34;>;L36AD

N;G<CYH
FF;G;>I
Q29
:69.4?<
:2E60.;<R
-IMN?LCILG?HN?
?H
F;
>Y=;>;
>?
FIM
M?N?HN;
=IGC?HT;H
;
JL?M?HN;LM?
@;=NIL?M
;>P?LMIM

67
>3
75A@A?P3
?7J;53@3
F3>7E
5A?A
>3
;@]35;R@
357>7D363
G@
6O\5;F
\E53>
7@

;OG?HNI
S
>?O>;
J]<FC=;
=L?=C?HN?
=IH=FOS?H>I
;MZ

;[IM
>?
?MN;<CFC>;>
=;G<C;LC;

;F
>?P;FO;LM?
HO?MNL;
GIH?>;
?H

J;M;H>I
>?

J?MIM
;

J?MIM
JIL
>\F;L

0CH
?G<;LAI
?F
;G<C?HN?
;>P?LMI
M?
>CFOS\
?H

=IH
?F
;HOH=CI
>?F
>?M=O<LCGC?HNI

>?
CGJILN;HN?M
S;=CGC?HNIM
>?
J?NL\F?I
B?=BI
KO?
BCTI
IFPC>;L
F;
H?=?MC>;>
>?

7?BD7@67D
7@
>A
;@?76;3FA
G@3
D78AD?3
\E53>
B3D3
7>7H3D
>AE
;@9D7EAE
BS4>;5AE


HN?
?MNIM
;=IHN?=CGC?HNIM
;
JLCH=CJCIM
>?
FIM

*YRC=I
;>IJN;
?F
GI>?FI

>?HIGCH;>I
>?
l"MN;<CFC>;>
=IH
DOMN?
"MNLO=NOL;F
S
)C<?L;=C\H
"=IH\GC=;m
?F
=O;F

M?
G;HNC?H?
?H
PCAIL
B;MN;
HO?MNLIM
>Z;M
$3
;@F7DDGB5;R@
67
>AE
]G<AE
7JF7D@AE
67
53B;F3>
>G79A
67
CG7
%OJ;5A
3@G@5;3D3
EG

GIL;NILC;
OHCF;N?L;F
?H
?F
J;AI
>?
FIM
M?LPC=CIM
>?
F;
>?O>;
?H
;AIMNI
>?

@O?

;=IGJ;[;>;
>?
OH;
?F?P;=C\H
?H
F;M
N;M;M
>?
CHN?LYM
?H
FIM
G?L=;>IM
CHN?LH;=CIH;F?M
S

>?
OH
>?N?LCILI
?H
FIM
NYLGCHIM
>?
CHN?L=;G<CI
>?F
G?L=;>I
GOH>C;F
FI
KO?
>?LCP\
?H

OH;
=IHNL;==C\H
>?F
A;MNI
J]<FC=I
S
;
F;
JIMNL?
A?H?L\
OH;
=;Z>;
>?F
-LI>O=NI
&HN?LHI

LONI
>?

F;
JLCG?L;
FO?AI
>?

;[IM
>?
=L?=CGC?HNI
S
F;
KO?
CH;OAOL;<;
OH;

=LCMCM
KO?
B;<LZ;
>?
JLIFIHA;LM?
>OL;HN?
=;MC
NI>;
?M;
>Y=;>;
MCGCMGI
FIM
M;F;LCIM

L?;F?M
>CMGCHOS?LIH
?H
GXM
>?F

;HO;F
S
?F
=IHMOGI
JLCP;>I
>OL;HN?
FIM
;[IM


3

53KR
7@
G@


>3
;@]35;R@

@
E7BF;7?4D7
67

5A@
G@3
;@]35;R@
7@
7E7
3QA
67


K
D76G55;R@
67
>3E

>CPCM;M
KO?
FF?A;LIH
;
HCP?F?M
>?
MIFI
 
GCFFIH?M
>?
>\F;L?M
kI
M?;
?F
?KOCP;F?HN?

67
ER>A
G@
?7E
67
;?BADF35;A@7E
67
?7D53@5P3E
K
67
E7DH;5;AE
@A
835FAD;3>7EX
3
\@

67
67F7@7D
>3
8G93
67
53B;F3>7E
K
93D3@F;L3D
7>
\@3@5;3?;7@FA
3>
9A4;7D@A
8D7@F7
3
>3

CH;==?MC<CFC>;>
;
FIM
@IH>IM
?RN?LHIM
M?
>?=C>C\
F;
H;=CIH;FCT;=C\H
>?
F;
<;H=;
S
F;

CHMN;OL;=C\H
>?F
=IHNLIF
>?
=;G<CIM


 Tomo I
La Economía y las Finanzas Públicas

-@3
;?BADF3@F7
?76;63
FA?363
7@

B3D3
8ADF3>757D
7>
8767D3>;E?A
\E53>
5A@
7>

A4<7F;HA
67
?7<AD3D
7>
\@3@5;3?;7@FA
67
>AE
9A4;7D@AE
>A53>7E
5A@E;EF;R
7@
D78AD?3D

?F
LNZ=OFI

IHMNCNO=CIH;F
=IH
?F
JLIJ\MCNI
>?
INILA;L
@;=OFN;>?M
;
FIM
AI<C?LHIM

GOHC=CJ;F?M
J;L;
=I<L;L
?F
CGJO?MNI
JL?>C;F
S
;>GCHCMNL;L
MOM
M?LPC=CIM
J]<FC=IM
"H

M?
?GJL?H>C\
F;
JLCG?L;
;==C\H
<;DI
F;
YAC>;
>?F
=;G<CI
?MNLO=NOL;F
J;L;

PCL;L
B;=C;
OH;
JIFZNC=;
>?
FC<?L;=C\H
=IG?L=C;F
G?>C;HN?
F;
;>B?MC\H
>?
*YRC=I
;F

=O?L>I
$?H?L;F
>?
L;H=?F?M
S
IG?L=CI
$11
JIL
MOM
MCAF;M
?H
CHAFYM

"H
MZHN?MCM
F;
=LCMCM
>?
>?O>;
S
?F
JLI=?MI
>?
;DOMN?
>?
FIM
;[IM

M?
=;L;=N?LCT;LIH

JIL
F;
=;Z>;
?H
F;
;=NCPC>;>
?=IH\GC=;
FI
KO?
JLIPI=\
F;
=;Z>;
?H
FIM
CH>C=;>IL?M

EA5;3>7E
D7]7<N@6AE7
7@
CG7
6GD3@F7
7EF3
OBA53
7>
(!
BAD
:34;F3@F7
53KR


3>
3QA

?HNL?

S

F;
JI<L?T;
?RNL?G;
MO<C\
>?

;

S
F;
JI<L?T;
;OG?HN\
>?


;

)IM
;[IM
I=B?HN;
=IH=FOS?LIH
=IH
F;
L?H?AI=C;=C\H
>?
F;
>?O>;
?RN?LH;
G?>C;HN?
F;

MOM=LCJ=C\H
>?F
-F;H
L;>S
?H

KO?
J?LGCNC\
;F
J;ZM
L?>O=CL
>?
@ILG;
CGJILN;HN?

>3
53D93
\@3@5;7D3
CG7
E;9@;\5343
EG
E7DH;5;A

@
7EFAE
3QAE
E7
7@?3D53
7>
53?4;A
67

GI>?FI
>?
>?M;LLIFFI
ILC?HN;>I
;
OH;
;J?LNOL;
B;=C;
?F
?RN?LCIL
A@
>3
8AD?3>;L35;R@
67>
(35FA
67
+A>;63D;636
5A@R?;53
\D?36A
3
\@7E
67
>AE

HIP?HN;
=IHDOHN;G?HN?
JIL
?F
AI<C?LHI
S
JIL
FIM
L?JL?M?HN;HN?M
>?
FIM
NL;<;D;>IL?M

FIM
JLI>O=NIL?M
;ALZ=IF;M
S
?F
M?=NIL
?GJL?M;LC;F
?F
AI<C?LHI
=IIL>CH\
F;
L?;FCT;=C\H

>?
OH
JLIS?=NI
J;L;
MIFP?HN;L
FIM
JLI<F?G;M
?=IH\GC=IM
S
MI=C;F?M
PCA?HN?M
?F
KO?

=IHMCMNC\
4NE;53?7@F7
7@
G@
5A?BDA?;EA
F7@6;7@F7
3
D76G5;D
7>
6O\5;F
\E53>
G@3

JIFZNC=;
GIH?N;LC;
GXM
L?MNLC=NCP;
F;
FC<?L;=C\H
=IG?L=C;F
S
JIL
JLCG?L;
P?T
>?M>?
F;

=LCMCM
>?

OH;
JIFZNC=;
>?
CHAL?MIM
KO?
=O<LZ;
JL?=CIM
S
M;F;LCIM

"H
?MN;
=IH>C=C\H
*YRC=I
?GJL?H>C\
OH;
HO?P;
?N;J;
>?
L?@ILG;M
?MNLO=NOL;F?M
?H

>3
6O5363
67
>AE
@AH7@F3
CG7
8G7DA@
B3GF3
B3D3
>3
>;47D35;R@
\@3@5;7D3
?76;3@F7

F;
L?JLCP;NCT;=C\H
NIN;F
>?F
MCMN?G;
<;H=;LCI
G?RC=;HI
S
F;
;ONIHIGZ;
;F
;H=I
>?

*YRC=I
@

E7
\D?3
7>
,D3F36A
67
$;4D7
A?7D5;A
5A@
EF36AE
-@;6AE
K
3@36N
,$

;==C\H
>?N?LGCH;HN?
J;L;
CHM?LN;L
;F
J;ZM
?H
F;
$FI<;FCT;=C\H
-IMN?LCILG?HN?
*YRC=I

;@9D7ER
3
>3
AAB7D35;R@
5A@R?;53
E;3
(35P\5A
(
K
3
>3
'D93@;L35;R@
B3D3

>3
AAB7D35;R@
K
7E3DDA>>A
5A@R?;5AE
'

@

E7
3H3@LR
7@
>3
\D?3
67

NL;N;>IM
>?
FC<L?
=IG?L=CI
?HNL?
FIM
KO?
>?MN;=;H
FIM
FF?P;>IM
;
=;<I
=IH
BCF?
S
F;

2HC\H
"OLIJ?;
+I
I<MN;HN?
?MN?
>?HO?>I
?H

M?
BCTI
JL?M?HN?
OH;
=ILLC>;
>?
=;JCN;F?M
KO?

67E7?4A5R
7@
G@3
5D;E;E
75A@R?;53
>3
5G3>
D73H;HR
>3
;@]35;R@
67E3FXH>IM?
OH;
HO?P;


 Tomo I
La Economía y las Finanzas Públicas

>?P;FO;=C\H
S
>?M;N\
F;
L?=?MC\H
?=IH\GC=;
=OS;
L?=OJ?L;=C\H
M?
PCI
?HNILJ?=C>;
JIL

>AE
7875FAE
67
>3
5D;E;E
\@3@5;7D3
;@F7D@35;A@3>
67
E;3
7@

K

367?NE
67
>3

=;Z>;
>?F
JL?=CI
>?F
J?NL\F?I
?H
?MIM
;[IM
35;3
\@7E
67
>AE
@AH7@F3
E7
4GE5R
63D
G@
@G7HA
;?BG>EA
3>
8767D3>;E?A
?7J;53@A

KO?
JL?N?H>Z;
>?M=?HNL;FCT;L
FIM
M?LPC=CIM
>?
?>O=;=C\H
M;FO>
S
>?M;LLIFFI
MI=C;F

?H
FIM
"MN;>IM
=;H;FCTXH>IM?
J;L;
?FFI
L?=OLMIM
?H
?F
/;GI

+I
I<MN;HN?
?MN?

B?=BI
HI
CGJC>C\
KO?
?F
?H>?O>;GC?HNI
>?
FIM
AI<C?LHIM
MO<H;=CIH;F?M
N?H>C?L;
;

CH=L?G?HN;LM?
JIL
FI
KO?
MOLAC\
F;
H?=?MC>;>
>?
>CM=ONCL
?H
?F
IHAL?MI
MOM
FZGCN?M
@
7EF3
6;@N?;53
7>
\@
67>
E;9>A
00
K
7>
5A?;7@LA
67>
BD7E7@F7
E7
H;A
?3D536A

JIL
?F
HO?PI
GI>?FI
>?
>?M;LLIFFI
S
MO
JIFZNC=;
?=IH\GC=;
FIM
=O;F?M
FIAL;LIH
=C?LN;

7EF34;>;636
67
BD75;AE
K
7CG;>;4D;A
\E53>
K
\@3@5;7DA
D7EG>F36A
3>53@L36A
5A@
G@3
>7@F3

>CHXGC=;
?=IH\GC=;
=;L;=N?LCT;>;
JIL
<;DIM
HCP?F?M
>?
CHAL?MI
CHP?LMC\H
S
?GJF?I

?F
;OG?HNI
>?
F;
>?MCAO;F>;>
MI=C;F
S
F;
JI<L?T;
;MZ
=IGI
OH;
<;D;
L?=;O>;=C\H

>?
CHAL?MIM
NLC<ON;LCIM
!?
;BZ
KO?
M?
J?HM;<;
?H
F;
H?=?MC>;>
>?
CGJOFM;L
HO?P;M

D78AD?3E
>79;E>3F;H3E
CG7
5A@FD;4GK7D3@
3
?A6;\53D
>3
7EFDG5FGD3
75A@R?;53
67>
B3PE

;MZ
=IGI
>;L
=IHNCHOC>;>
;
F;M
S;
?GJL?H>C>;M
J;L;
CHM?LN;L
;F
J;ZM
S
;
F;
?=IHIGZ;

G?RC=;H;
?H
=IH>C=CIH?M
>?
P?HN;D;
"H
 
=IGC?HT;
F;
L?=OJ?L;=C\H
>?
FIM
JL?=CIM
>?F
J?NL\F?I
;
HCP?F
GOH>C;F
S
=IH

?FFI
OH;
HO?P;
?N;J;
>?
CHAL?MIM
J]<FC=IM
?H
=IHMN;HN?
;FT;
KO?
J?LGCNC?LIH
@IH>?;L

G@
93EFA
BS4>;5A
7JB3@E;HA
B7DA
E;7?BD7
5G;63@6A
?3@F7@7D
7>
7CG;>;4D;A
\E53>
K
>3

?MN;<CFC>;>
>?
JL?=CIM
MCH
?G<;LAI
F;
CHN?LLOJ=C\H
>?
F;M
;==CIH?M
?GJL?H>C>;M
?H

F;
>Y=;>;
;HN?LCIL
;MZ
=IGI
?F
JL?=;LCI
?MNZGOFI
>?
F;
JF;HN;
JLI>O=NCP;
H;=CIH;F

JLIJC=C;LIH
KO?
?H
 
F;
FCGCN;>;
=;J;=C>;>
>?
=L?=CGC?HNI
>?
F;
?=IHIGZ;

G?RC=;H;
;FN;G?HN?
>?J?H>C?HN?
>?
F;
>?G;H>;
>?
CGJILN;=CIH?M
>?
FIM
"MN;>IM

2HC>IM
L?MCHNC?L;
FIM
?@?=NIM
>?
F;
=LCMCM
BCJIN?=;LC;
>?
?MN?
J;ZM
MO@LC?H>I
>?
HO?P;

=O?HN;
INLI
?JCMI>CI
>?
=LCMCM
S
>?
L?=?MC\H
?=IH\GC=;
?F
CHAL?MI
=;S\
?H

);
MCNO;=C\H
JIL
F;
KO?
;NL;P?M;<;
?F
J;ZM
?H
F;
JLCG?L;
>Y=;>;
>?F
0CAFI
55
;HCG\

HO?P;G?HN?
F;
>?=CMC\H
>?
CGJOFM;L
?F
J;KO?N?
>?
F;M
FF;G;>;M
Q?23<?:.@
2@A?B0AB?.92@R

KO?
;
J;LNCL
>?F
;[I
 
=IG?HT;LIH
;
>CM=ONCLM?
S
;JLI<;LM?
?H
?F
M?HI
>?F
-I>?L

)?ACMF;NCPI
M?CM
?H
G;N?LC;
?=IH\GC=;
NL?M
KO?
@ILN;F?=?H
FIM
>?L?=BIM
S
FC<?LN;>?M

>?
FIM
G?RC=;HIM
S
>IM
L?@ILG;M
J;L;
=IHMIFC>;L
HO?MNLI
LYACG?H
>?GI=LXNC=I
?

CHMNCNO=CIH;F
S
@ILN;F?=?L
F;
AI<?LH;<CFC>;>
!?HNLI
>?
F;M
L?@ILG;M
?=IH\GC=;M
M?
?H=O?HNL;H
F;
);<IL;F
F;
#CH;H=C?L;
F;

%;=?H>;LC;
F;
>?
IGJ?N?H=C;
"=IH\GC=;
F;
>?
1?F?=IGOHC=;=CIH?M
S
F;
"H?LAYNC=;

%IS
N?H?GIM
OH;
F?S
;=IL>?
;
F;M
HO?P;M
L?AF;M
S
@ILG;M
ILA;HCT;NCP;M
>?F
GOH>I

F;<IL;F
KO?
CH=ILJIL;
HIP?>IMIM
G?=;HCMGIM
?
CHMNLOG?HNIM
>?
@IG?HNI
S
JLIN?==C\H


 Tomo I
La Economía y las Finanzas Públicas

>?F
?GJF?I
=IGI
OH;
L?MJIHM;<CFC>;>
MOMN;HNCP;
>?F
"MN;>I
2H;
F?ACMF;=C\H
F;<IL;F

KO?
L?=IHI=?
;
F;
@O?LT;
>?
NL;<;DI
=IGI
OH
=;JCN;F
P;FCIMI
?
CLL?GJF;T;<F?

-IL
FI
KO?
L?MJ?=N;
;
F;M
1?F?=IGOHC=;=CIH?M
F;
L?@ILG;
=IG<;N?
F;M
JLX=NC=;M

GIHIJ\FC=;M
S
MC?HN;
F;M
<;M?M
J;L;
L?>O=CL
F;
<L?=B;
>CACN;F
2H
HO?PI
G;L=I
L?AOF;NILCI

=IHMNCNOS?
?F
;H>;GC;D?
F?A;F
KO?
B;LX
@L?HN?
;
FIM
;=?F?L;>IM
=;G<CIM
N?=HIF\AC=IM
KO?

B;H
B?=BI
>?
F;M
N?F?=IGOHC=;=CIH?M
OH;
B?LL;GC?HN;
@OH>;G?HN;F
J;L;
?F
>?M;LLIFFI

>?
FIM
CH>CPC>OIM
S
>?
F;M
H;=CIH?M
!?MN;=;
F;
=L?;=C\H
>?
F;
IGCMC\H
#?>?L;F
>?

IGJ?N?H=C;
"=IH\GC=;
 ,#" "
S
?F
&HMNCNONI
#?>?L;F
>?
1?F?=IGOHC=;=CIH?M

&#"1")
=IGI
\LA;HIM
=IHMNCNO=CIH;F?M
;ON\HIGIM
IH
F;
;JLI<;=C\H
>?
F;
/?@ILG;
"H?LAYNC=;
M?
J?LGCN?
;F
"MN;>I
FF?P;L
;
=;<I
F;M

;=NCPC>;>?M
>?
?RJFIL;=C\H
S
?RNL;==C\H
>?F
J?NL\F?I
S
>?GXM
BC>LI=;L<OLIM
G?>C;HN?

;MCAH;=CIH?M
;
?GJL?M;M
JLI>O=NCP;M
>?F
"MN;>I
I
;
NL;PYM
>?
=IHNL;NIM
=IH
YMN;M
I
=IH

J;LNC=OF;L?M
N;G<CYH
JIMC<CFCN;
FIM
=IHNL;NIM
=IH
J;LNC=OF;L?M
?H
G;N?LC;
>?
M?LPC=CI

J]<FC=I
>?
NL;HMGCMC\H
S
>CMNLC<O=C\H
>?
?H?LAZ;
?FY=NLC=;
6
M?
=L?;
?F
#IH>I
*?RC=;HI

>?F
-?NL\F?I
J;L;
F;
"MN;<CFCT;=C\H
S
?F
!?M;LLIFFI
A@\3?AE
7@
CG7
>3
H;97@5;3
67
>3E
D78AD?3E
75A@R?;53E
63DN@
7>
;?BG>EA
3
>3
75A@A?P3

KO?
L?KO?LCGIM
J;L;
FIAL;L
;FNIM
HCP?F?M
>?
CHP?LMC\H
?GJF?I
S
JLI>O=NCPC>;>
S
;MZ

L?P?LNCL
FIM
HCP?F?M
>?
JI<L?T;
S
>?MCAO;F>;>
"H
?F
1IGI
l);
PC>;
MI=C;F
?H
*YRC=Im
M?
>?MN;=;
KO?
>OL;HN?
FIM
]FNCGIM
M?M?HN;

;[IM
F;
MI=C?>;>
G?RC=;H;
B;
=IHNCHO;>I
=IH
F;
JLI@OH>;
NL;HM@ILG;=C\H
KO?
CHC=C\
?H

>3
BD;?7D3
?;F36
67>
E;9>A
00
5A?A
D7EG>F36A
67
>3
7JB3@E;R@
67?A9DN\53
7>
BDA57EA

>?
OL<;HCT;=C\H
S
?F
;LLC<I
>?F
GI>?LHCMGI
;
F;
J;L
>?F
CHC=CI
>?
HO?P;M
N?H>?H=C;M

=OFNOL;F?M
?H
?F
J;ZM
MCH
?G<;LAI
;F
CHN?LCIL
>?
?MN;M
@O?LT;M
>?
=;G<CI
B;H
MO<MCMNC>I

;N;PCMGI
S
PC?DIM
JLI<F?G;M
KO?
M?
JLIS?=N;H
B;MN;
F;
MI=C?>;>
G?RC=;H;
=IHN?GJILXH?;

"F
JLI=?MI
>?
OL<;HCT;=C\H
?
CH>OMNLC;FCT;=C\H
>?F
J;ZM
?MNCGOF\
F;
GCAL;=C\H
>?F
=;GJI

;
F;
=CO>;>
F;
=IH=?HNL;=C\H
>?
F;
JI<F;=C\H
?H
?F
=?HNLI
>?F
J;ZM
S
F;
@ILG;=C\H
>?

OH;
=F;M?
G?>C;
=L?=C?HN?
?MN;
]FNCG;
JLIPCHI
>?F
CGJOFMI
KO?
M?
>CI
;
F;
?>O=;=C\H

MOJ?LCIL
KO?
;=NO\
=IGI
@;=NIL
JIMCNCPI
>?
GIPCFC>;>
MI=C;F
DOHNI
=IH
F;
CHN?AL;=C\H
>?

OH;
=F;M?
>?
J?KO?[IM
?GJL?M;LCIM
MOLAC>;
=IH
F;
CH>OMNLC;FCT;=C\H
F
GCMGI
NC?GJI

OH
M?=NIL
>?
F;
JI<F;=C\H
KO?>\
;F
G;LA?H
>?F
JLIAL?MI
FIM
GCAL;HN?M
LOL;F?M
?R=FOC>IM

67
>3
D78AD?3
39D3D;3
A
3CGO>>AE
CG7
@A
E7
47@7\5;3DA@
67>
67E3DDA>>A
39DP5A>3
K
>AE

FD343<36AD7E
;@6GEFD;3>7E
@A
53>;\536AE
CG7
B7D5;4P3@
43<3E
D7?G@7D35;A@7E

);
?MNLO=NOL;
MI=C;F
>?
*YRC=I
M?
BCTI
GXM
=IGJF?D;
?H
F;M
>Y=;>;M
>?
FIM
=CH=O?HN;
S

E7E7@F3
@GFD;63
367?NE
BAD
7>
;?BADF3@F7
5D75;?;7@FA
67?A9DN\5A
K
G@3
67E;9G3>636
7@

F;
>CMNLC<O=C\H
>?F
CHAL?MI
!OL;HN?
OH;
>?
F;M
?N;J;M
>?
G;SIL
=L?=CGC?HNI
?=IH\GC=I

I=OLLC\
OH
JLI=?MI
>?
JIF;LCT;=C\H
MI=C;F
KO?
FF?P\
;F
MOLACGC?HNI
>?
>CP?LMIM
GIPCGC?HNIM


 Tomo I
La Economía y las Finanzas Públicas

MI=C;F?M
>?
H;NOL;F?T;
>CMNCHN;
?F
GIPCGC?HNI
=;GJ?MCHI
>?

G;ACMN?LC;F
?H


I<L?LI
=IGI
F;
BO?FA;
@?LLI=;LLCF?L;
>?

FIM
GIPCGC?HNIM
AO?LLCFF?LIM
>?
F;
>Y=;>;

>?
FIM
M?M?HN;
F;
BO?FA;
>?
FIM
GY>C=IM
?H

S
?F
GIPCGC?HNI
?MNO>C;HNCF
>?

2H
@;=NIL
KO?
CGJC>C\
KO?
?MNIM
GIPCGC?HNIM
MI=C;F?M
?M=;F;L;H
MO
G;AHCNO>
@O?
F;

JL?M?H=C;
>?
OH
"MN;>I
?H?@;=NIL
MOLAC>I
=IGI
L?MOFN;>I
N;HNI
>?
OH
GI>?FI
>?

JIFZNC=;
?=IH\GC=;
>?F
"MN;>I
&HN?LP?HNIL
=IGI
>?F
?MJZLCNO
MI=C;F
>?
F;
IHMNCNO=C\H

-IFZNC=;
>?
FIM
"MN;>IM
2HC>IM
*?RC=;HIM
?G;H;>;
>?
F;
L?PIFO=C\H
>?

?H

=OSI
C>?;LCI
>?MN;=;<;
?F
=IH=?JNI
>?
DOMNC=C;
MI=C;F
JLCH=CJCI
?H
?F
KO?
M?
<;M\

F;
CHMNCNO=CIH;FCT;=C\H
>?F
MCMN?G;
>?
M?AOLC>;>
MI=C;F
FIM
M?LPC=CIM
>?
M;FO>
S
F;

AL;NOC>;>
>?
F;
?>O=;=C\H
?F?G?HNIM
KO?
@;PIL?=C?LIH
F;
G?DILZ;
?H
F;M
=IH>C=CIH?M

>?
PC>;
>?
F;
JI<F;=C\H
;
J?M;L
>?
FIM
ZH>C=?M
>?
>?MCAO;F>;>
?=IH\GC=;
S
MI=C;F


\@3>7E
67
>3
6O5363
67
>AE
3QAE

7>
BDA57EA
67
GD43@;L35;R@
E7
:34P3
357>7D36A

3E7@FN@6AE7
>3
?3KAD
B3DF7
67
>3
BA4>35;R@
7@
ND73E
GD43@3E
>A
5G3>
;@]GKR
7@
G@

53?4;A
5G>FGD3>
67
D7>7H3@5;3

@
7EF3
7F3B3
>3
53B35;636
\@3@5;7D3
67>
B3PE
7@

A?H?L;F
S
>?F
"MN;>I
?H
J;LNC=OF;L
>CMGCHOS\
=IGI
?@?=NI
>?
F;M
=LCMCM
?=IH\GC=;M

>A
CG7
>>7HR
3
>3
36AB5;R@
67
G@
@G7HA
?A67>A
67
67E3DDA>>A
CG7
E;9@;\5R
G@
53?4;A

CGJILN;HN?
?H
F;
=IH=?J=C\H
>?F
"MN;>I
?H?@;=NIL
?F
KO?
JLIGIPZ;
F;
J;LNC=CJ;=C\H

MI=C;F
=IGI
G?=;HCMGI
=IGJF?G?HN;LCI
>?
;N?H=C\H
FI
KO?
JLIJC=C\
?F
MOLACGC?HNI
S

GOFNCJFC=;=C\H
>?
ILA;HCT;=CIH?M
>?
F;
MI=C?>;>
=CPCF

"H
FIM
;[IM
HIP?HN;
GXM
>?
F;
GCN;>
>?
F;
JI<F;=C\H
G?RC=;H;
PCPZ;
?H
JI<L?T;
)IM

M?=NIL?M
GXM
;@?=N;>IM
?L;H
FIM
ALOJIM
POFH?L;<F?M
N;F?M
=IGI
F;
JI<F;=C\H
CH>ZA?H;

FIM
;>OFNIM
G;SIL?M
S
FIM
HC[IM
#O?
?H
?MN;
>Y=;>;
=O;H>I
=I<L\
L?F?P;H=C;
?F
J;J?F
>?

F;M
CHMNCNO=CIH?M
=L?;>;M
J;L;
F;
JLIN?==C\H
MI=C;F
>?
F;
JI<F;=C\H
CHMNCNO=CIH?M
=IGI

?F
&HMNCNONI
*?RC=;HI
>?F
0?AOLI
0I=C;F
?F
&HMNCNONI
>?
0?AOLC>;>
S
0?LPC=CIM
0I=C;F?M

>?
FIM
1L;<;D;>IL?M
>?F
"MN;>I
F;
IGCMC\H
+;=CIH;F
>?
FIM
!?L?=BIM
%OG;HIM
?HNL?

INL;M
@O?LIH
S
B;H
MC>I
F;M
?H=;LA;>;M
>?
<LCH>;L
G?DIL?M
=IH>C=CIH?M
>?
PC>;
;
F;

MI=C?>;>
G?RC=;H;

-IL
INLI
F;>I
?H
FIM
]FNCGIM
;[IM
F;
JIFZNC=;
MI=C;F
B;
=I<L;>I
G;SIL
CGJILN;H=C;

67@FDA
67
>3E
\@3@L3E
BS4>;53E
3
F3>
9D36A
CG7
7>
93EFA
EA5;3>
:3
>>7936A
3
D7BD7E7@F3D

GXM
>?
F;
GCN;>
>?F
A;MNI
J]<FC=I
CH=FOC>IM
FIM
A;MNIM
?H
?>O=;=C\H
S
M;FO>

"H
FIM
]FNCGIM
P?CHN?
;[IM
>?F
MCAFI
55
F;
NL;HMC=C\H
KO?
=IH>O=Z;
;
*YRC=I
B;=C;
OH;

?=IHIGZ;
;<C?LN;
NL;DI
=IHMCAI
L?;=IGI>IM
=IH
=IHM?=O?H=C;M
;>P?LM;M
>?M>?
?F
JOHNI

>?
PCMN;
>?F
?GJF?I
S
FIM
M;F;LCIM
L?;F?M
;>?GXM
>?
=;G<CIM
?H
?F
=IGJILN;GC?HNI

GCAL;NILCI
);
GCAL;=C\H
>?
F;M
=CO>;>?M
J;M\
>?
M?L
=CL=OF;L
?H
?F
KO?
?F
CH>CPC>OI

C<;
S
P?HZ;
?HNL?
;G<IM
J;ZM?M
?H
MO
G;SILZ;
G;M=OFCH;
S
ILCACH;LC;
M\FI
>?
;FAOH;M

L?ACIH?M
>?F
J;ZM
;
M?L
OH;
>?
;M?HN;GC?HNI
J?LG;H?HN?
@;GCFC;L
S
GXM
OL<;HI
B;=C;

"MN;>IM
2HC>IM


 Tomo I
La Economía y las Finanzas Públicas

>
53?4;A
5G>FGD3>
67D;H36A
67
G@3
?3KAD
>;47DF36
67
7JBD7E;R@
:3
E;9@;\536A
G@3

=L?=C?HN?
J;LNC=CJ;=C\H
MI=C;F
FI
KO?
JLIJC=C\
?HNL?
INL;M
=IM;M
?F
;OG?HNI
?H
F;

<]MKO?>;
>?F
L?MJ?NI
;
FIM
>?L?=BIM
BOG;HIM
MCGCMGI
=IGI
J;LN?
>?
?MN?
=;G<CI

=OFNOL;F
B;
I=OLLC>I
OH;
J;LNC=CJ;=C\H
=L?=C?HN?
>?
F;M
GOD?L?M
?H
F;
PC>;
MI=C;F

JIFZNC=;
=OFNOL;F
S
?=IH\GC=;
>?F
J;ZM
KO?
B;
>;>I
=;O=?
;
OH;
L?CPCH>C=;=C\H
>?
MOM

>?L?=BIM
MI=C;F?M
FIAL;H>I
=IH
?FFI
G;SIL
CAO;F>;>
S
?KOC>;>
>?
AYH?LI

*YRC=I
?H@L?HN;
AL;H>?M
L?NIM
;F
CHC=CI
>?F
MCAFI
55&
=IH
OH;
JI<F;=C\H
=O;NLI

P?=?M
G;SIL
;
F;
>?
B;=?

;[IM
=IH=?HNL;>;
?H
FIM
=?HNLIM
OL<;HIM
0?
NC?H?H
OH;

?M=IF;LC>;>
JLIG?>CI
>?

;[IM
NL?M
P?=?M
MOJ?LCIL
;
F;
>?
?HNIH=?M
OH;
GILN;FC>;>

CH@;HNCF
>?

JIL
=;>;
GCF
?M
>?=CL
=CH=I
P?=?M
CH@?LCIL
;
F;
>?
F;
>Y=;>;
>?
FIM
;[IM

 
MCH
?G<;LAI
?M
H?=?M;LCI
M?AOCL
NL;<;D;H>I
?H
FIM
JLI<F?G;M
KO?
J?LMCMN?H
?H
F;

MI=C?>;>
G?RC=;H;
F;
>?MCAO;F>;>
>?F
CHAL?MI
?F
=ILL?=NI
=OGJFCGC?HNI
S
?D?L=C=CI
>?

FIM
>?L?=BIM
BOG;HIM
A;L;HNCT;L
F;
M?AOLC>;>
MI=C;F
OHCP?LM;F
;
F;
JI<F;=C\H
?M
>?=CL

;KO?FFIM
;MJ?=NIM
MI=C;F?M
KO?
J?LGCN;H
<LCH>;L
OH
@ONOLI
?H
KO?
F;
MI=C?>;>
N?HA;
FIM

G?>CIM
H?=?M;LCIM
J;L;
>?M;LLIFF;LM?
?H
OH
=IHN?RNI
>?
;GJFCI
L?MJ?NI
;
MOM
A;L;HNZ;M

CH>CPC>O;F?M

"H
?F
1IGI
l);
-IFZNC=;
S
F;
>GCHCMNL;=C\H
-]<FC=;m
>?MN;=;
KO?
?HNL?
F;M

JLCH=CJ;F?M
L?@ILG;M
=IHMNCNO=CIH;F?M
KO?
G;L=;LIH
F;
GI>?LHCT;=C\H
>?F
"MN;>I

*?RC=;HI
S
@ILN;F?=C?LIH
?F
@?>?L;FCMGI
>OL;HN?
?F
J?LCI>I
>?

;

@O?LIH
F;

?L?==C\H
=IGI
?MN;>IM
>?
;D;
;FC@ILHC;
0OL
S
>?
.OCHN;H;
/II
S
F;
CHMN;OL;=C\H

>?
F;
M;G<F?;
>?F
!CMNLCNI
#?>?L;F
=IGI
\LA;HI
>?
L?JL?M?HN;=C\H
=CO>;>;H;
MZ

GCMGI
>?MN;=;
?H
?MN?
J?LCI>I
F;
H;=CIH;FCT;=C\H
>?F
M?=NIL
?FY=NLC=I

,NL;
L?@ILG;

NL;M=?H>?HN?
?H
?MN?
J?LCI>I
S
;HNC=CJXH>IHIM
;
INLIM
J;ZM?M
>?M;LLIFF;>IM
M?
CH=ILJIL;

?H
F;
IHMNCNO=C\H
?F
JLCH=CJCI
>?
CAO;F>;>
;HN?
F;
F?S
>?F
P;L\H
S
F;
GOD?L

"H

=IH
F;
?GCMC\H
>?
F;
)?S
,LAXHC=;
>?
F;
>GCHCMNL;=C\H
-]<FC=;
#?>?L;F

KO?
?MN;<F?=C\
F;M
<;M?M
>?
F;
ILA;HCT;=C\H
>?
F;
>GCHCMNL;=C\H
-]<FC=;
@?>?L;F

=?HNL;FCT;>;
S
J;L;?MN;N;F
M?
FF?P\
;
=;<I
OH;
L?@ILG;
CHN?AL;F
>?
F;
>GCHCMNL;=C\H

-]<FC=;
>?GXM
>?
F;M
0?=L?N;LZ;M
S
!?J;LN;G?HNIM
M?
CH=FOS?LIH
FIM
ILA;HCMGIM

67E57@FD3>;L36AE
>3E
7?BD7E3E
67
B3DF;5;B35;R@
7EF3F3>
K
>AE
\67;5A?;EAE
BS4>;5AE

M?[;F;H>I
=;<?T;M
>?
M?=NIL

@
>3
6O5363
67
>AE

3@F7
>AE
BDA4>7?3E
\@3@5;7DAE
CG7
7@8D7@F343
7>
EF36A
E7

FF?P\
;
=;<I
OH
JLIAL;G;
>?
P?HN;
FCKOC>;=C\H
S
@OMC\H
>?
F;M
?HNC>;>?M
>?F
M?=NIL

J;L;?MN;N;F
=IH
I<D?NI
>?
L?>O=CL
?F
A;MNI
J]<FC=I


J;LNCL
>?
FIM

M?
B;=?H
?H
HO?MNL;
;LN;
*;AH;
L?@ILG;M
CGJILN;HN?M
?H
G;N?LC;

>?
DOMNC=C;
>?MN;=;H>I
F;
L?>O==C\H
>?F
H]G?LI
>?
GCHCMNLIM
>?
F;
0OJL?G;
ILN?
>?

"GEF;5;3
>3
5D735;R@
67>
A@E7<A
67
>3
"G6;53FGD3
767D3>
E7
;@5ADBAD3@
>3E
\9GD3E
67


 Tomo I
La Economía y las Finanzas Públicas

5A@FDAH7DE;3
5A@EF;FG5;A@3>
K
355;R@
67
;@5A@EF;FG5;A@3>;636
E7
EA?7F7
3
>3
D3F;\535;R@

>?F
0?H;>I
?F
HIG<L;GC?HNI
>?
-LI=OL;>IL
$?H?L;F
>?
F;
/?J]<FC=;
S
M?
@;=OFN;
;F

IHAL?MI
J;L;
?RJ?>CL
F?S?M
?H
G;N?LC;
>?
M?AOLC>;>
J]<FC=;
KO?
?MN;<F?T=;H
F;M
<;M?M

>?
=IIL>CH;=C\H
?HNL?
F;
#?>?L;=C\H
?F
!CMNLCNI
#?>?L;F
FIM
?MN;>IM
S
FIM
GOHC=CJCIM
IGI
=IHM?=O?H=C;
>?
OH;
?H@XNC=;
>?G;H>;
MI=C;F
?H
?F
XG<CNI
H;=CIH;F
S
>?
F;M

NL;HM@ILG;=CIH?M
?H
F;
?M@?L;
CHN?LH;=CIH;F
MOLA?H
>CP?LMIM
\LA;HIM
J]<FC=IM
KO?

F;7@7@
5A?A
\@3>;636
BDAF797D
>AE
67D75:AE
67
>AE
9A47D@36AE
8D7@F7
3>
BA67D
BS4>;5A


"H

H;=?
JIL
>?=L?NI
JL?MC>?H=C;F
F;
IGCMC\H
+;=CIH;F
>?
!?L?=BIM
%OG;HIM

 +!%

-;L;

M?
?F?P;
F;
+!%
;
L;HAI
=IHMNCNO=CIH;F
S
?H

M?
=IHMNCNOS?

=IGI
OH;
&HMNCNO=C\H
=IH
JF?H;
;ONIHIGZ;
>?
A?MNC\H
S
JL?MOJO?MN;LC;
"H
G;N?LC;
>?
M?AOLC>;>
>?MN;=;H
FIM
MCAOC?HN?M
;P;H=?M
?H

?H
F;
IHMNCNO=C\H

-IFZNC=;
>?
FIM
"MN;>IM
2HC>IM
*?RC=;HIM
M?
MC?HN;H
F;M
<;M?M
>?
=IIL>CH;=C\H

?H
G;N?LC;
>?
M?AOLC>;>
;F
?MN;<F?=?LM?
KO?
?M
OH;
@OH=C\H
KO?
=IGJ?N?
;
FIM
NL?M

\L>?H?M
>?
AI<C?LHI
S
KO?
YMNIM
M?
=IIL>CH;LXH
J;L;
?MN;<F?=?L
?F
0CMN?G;
+;=CIH;F
>?

0?AOLC>;>
-]<FC=;
S
>?
?MN;
@ILG;
J;M;
;
M?L
OH;
L?MJIHM;<CFC>;>
?RJFZ=CN;
>?F
"MN;>I

*?RC=;HI
"H

M?
CHMNCNOS?
F;
-IFC=Z;
#?>?L;F
-L?P?HNCP;
-;L;
?F
;[I

M?
=L?\

F;
0?=L?N;LZ;
>?
0?AOLC>;>
-]<FC=;
00-
S
?H
 
M?
L?;FCT;
OH;
L?@ILG;
;F
MCMN?G;

J?HCN?H=C;LCI
S
;
F;
M?AOLC>;>
J]<FC=;
#CH;FG?HN?
?H
 
F;
00-
M?
=IHPC?LN?
?H
F;

IGCMC\H
+;=CIH;F
>?
0?AOLC>;>
-]<FC=;
=IGI
\LA;HI
>?J?H>C?HN?
>?
F;
0?=L?N;LZ;

>?
$I<?LH;=C\H

"M
OH;
L?;FC>;>
KO?
FIM
AI<C?LHIM
MC?GJL?
B;H
?MN;>I
JL?I=OJ;>IM
JIL
?F
=IG<;N?
;

F;
=ILLOJ=C\H
MCH
?G<;LAI
@O?
B;MN;

KO?
=IH
F;
=L?;=C\H
>?
F;
0?=L?N;LZ;
>?
F;

IHNL;FILZ;
$?H?L;F
>?
F;
#?>?L;=C\H
0" ,$"#
M?
B;=?
OH
?M@O?LTI
ILC?HN;>I
;

M?HN;L
F;M
<;M?M
J;L;
OH
G?DIL
=IHNLIF
>?
F;
=ILLOJ=C\H
S
F;
CGJOHC>;>
"H

F;

0" ,$"#
M?
NL;HM@ILG\
?H
F;
0?=L?N;LZ;
>?
F;
IHNL;FILZ;
S
!?M;LLIFFI
>GCHCMNL;NCPI

0" ,!*
;
F;
=O;F
M?
F?
MOG;LIH
L?MJIHM;<CFC>;>?M
>?
GI>?LHCT;=C\H

;>GCHCMNL;NCP;
KO?
M?
;=?HNO;LZ;H
;]H
GXM
?H
 
=O;H>I
F;
0" ,!*
M?
=IHPCLNC\

?H
F;
0?=L?N;LZ;
>?
F;
#OH=C\H
-]<FC=;
?H=;LA;>;
>?
FC>?L;L
HO?P;M
L?MJIHM;<CFC>;>?M

=IGI
F;
CGJF?G?HN;=C\H
>?F
M?LPC=CI
JLI@?MCIH;F
>?
=;LL?L;
=IHN?GJF;>I
?H
F?S
>?F

GCMGI
HIG<L?
A@
>3
?;E?3
\@3>;636
67
D78ADL3D
7>
5A?43F7
3
>3
5ADDGB5;R@
E7
H7
@757E3D;A
8ADF3>757D

F;M
@OH=CIH?M
>?
F;
IHN;>OLZ;
*;SIL
>?
%;=C?H>;
 *%
>?
F;
XG;L;
>?
!CJON;>IM

M?
=L?;
G?>C;HN?
L?@ILG;
=IHMNCNO=CIH;F
>?F

>?
DOFCI
>?

F;
O>CNILZ;
0OJ?LCIL

>?
F;
#?>?L;=C\H
);
L?@ILG;
JO<FC=;>;
?H
?F
!,#
?F

>?
;AIMNI
>?
 
>?HIGCH;>;
F;
l/?@ILG;

&H>ZA?H;m
L?=IA?
S
>;
=OGJFCGC?HNI
;
FI
J;=N;>I
?H
FIM
=O?L>IM
MI<L?
!?L?=BIM


 Tomo I
La Economía y las Finanzas Públicas

S
OFNOL;
&H>ZA?H;
G?DIL
=IHI=C>IM
=IGI
=O?L>IM
>?
0;H
H>LYM
S
F;
=O;F
@O?

67
9D3@
D7>7H3@5;3
B3D3
7>
B3PE
K3
CG7
E;9@;\5R
G@
B3DF739G3E
7@
7>
D75A@A5;?;7@FA

S
JLIN?==C\H
>?
FIM
>?L?=BIM
>?
F;M
GCHILZ;M
"H
?MN;
L?@ILG;
M?
B;=?
?RJFZ=CNI
?F

L?=IHI=CGC?HNI
?MN;N;F
S
MI=C;F
>?
FIM
;JILN?M
CH>ZA?H;M
;F
?MN;<F?=?L
KO?
Q9.
#.06L;

A62;2
B;.
0<:=<@606L;
=9B?60B9AB?.9
@B@A2;A.1.
<?646;.9:2;A2
2;
@B@
=B2/9<@
6;1J42;.@

>B2
@<;
.>B299<@
>B2
12@062;12;
12
=</9.06<;2@
>B2
5./6A./.;
2;
29
A2??6A<?6<

.0AB.9
129
=.J@
.9
6;606.?@2
9.
0<9<;6G.06L;
F
>B2
0<;@2?C.;
@B@
=?<=6.@
6;@A6AB06<;2@

@<06.92@
20<;L:60.@
0B9AB?.92@
F
=<9JA60.@
<
=.?A2
12
299.@R
"H
?MN?
IL>?H
>?
C>?;M

M?
JLIBZ<?
N;G<CYH
NI>;
@ILG;
>?
>CM=LCGCH;=C\H
JIL
GINCPIM
YNHC=IM
M?
?MN;<F?=?H

355;A@7E
3\D?3F;H3E
B3D3
7EF7
;?BADF3@F7
E75FAD
BA4>35;A@3>
K
E7
AD67@3
7>
D7EB7FA
3

MOM
OMIM
S
=IMNOG<L?M
J?LI
MI<L?
NI>I
M?
L?=IHI=?
S
A;L;HNCT;
F;
;ONIHIGZ;
>?
MOM

JO?<FIM
S
=IGOHC>;>?M
;F
NC?GJI
KO?
M?
F?M
=IHMC>?L;
MOD?NIM
NCNOF;L?M
>?
>?L?=BIM
;F

CAO;F
KO?
;
FIM
CH>CPC>OIM
KO?
F;M
CHN?AL;H
@

E7
BG4>;5R
7@
7>
;3D;A
'\5;3>
67
>3
767D35;R@
>3
$7K
767D3>
67
,D3@EB3D7@5;3

S
==?MI
;
F;
&H@ILG;=C\H
-]<FC=;
$O<?LH;G?HN;F
>IH>?
M?
MC?HN;H
F;M
<;M?M
J;L;

OH;
=OFNOL;
>?
NL;HMJ;L?H=C;
S
>?
OH
MCMN?G;
>?
L?H>C=C\H
>?
=O?HN;M
;
F;
MI=C?>;>

KO?
;SO>;LX
;
=IG<;NCL
F;
=ILLOJ=C\H
;>?GXM
H;=?
?F
&HMNCNONI
#?>?L;F
>?
==?MI
;

F;
&H@ILG;=C\H
-]<FC=;
l&#&m
?H=;LA;>I
>?
A;L;HNCT;L
KO?
NI>;M
F;M
>?J?H>?H=C;M

@?>?L;F?M
?H
*YRC=I
B;A;H
J]<FC=;
MO
CH@ILG;=C\H
"H
 
M?
?MN;<F?=?
?F
>?L?=BI

67
FA63
B7DEA@3
3
>3
BDAF755;R@
67
EGE
63FAE
B7DEA@3>7E
3>
3557EA
D75F;\535;R@
K

=;H=?F;=C\H
>?
FIM
GCMGIM
;MZ
=IGI
;
G;HC@?MN;L
MO
IJIMC=C\H
#CH;FG?HN?
?F
&#&

?H
 
M?
@ILN;F?=?
=IHMNCNOSYH>IF?
=IGI
\LA;HI
;ON\HIGI
>?
L;HAI
=IHMNCNO=CIH;F
"F
JLI=?MI
>?
L?@ILG;M
?H
G;N?LC;
?F?=NIL;F
B;
C>I
?PIFO=CIH;H>I
=IH
F;
G;>OL?T

>?GI=LXNC=;
>?F
J;ZM
?H

M?
>;
=;<C>;
;
F;
?F?==C\H
>?
FIM
>CJON;>IM
>?
J;LNC>I

JIL
L?JL?M?HN;=C\H
JLIJIL=CIH;F
"H

M?
?MN;<F?=?
?F
>?L?=BI
>?
PINI
>?
FIM

=CO>;>;HIM
=IH
?>;>
>?

;[IM
"H

M?
;GJFZ;
?F
H]G?LI
>?
CHN?AL;HN?M
>?
F;

XG;L;
>?
!CJON;>IM
J;M;H>I
>?

;

>?
FIM
=O;F?M

M?LZ;H
>?
G;SILZ;

L?F;NCP;
S

>?
L?JL?M?HN;=C\H
JLIJIL=CIH;F
-;L;
>C=C?G<L?
>?

M?
CH=L?G?HN;

;

?F
H]G?LI
>?
>CJON;>IM
?F?=NIM
JIL
?F
JLCH=CJCI
>?
L?JL?M?HN;=C\H
JLIJIL=CIH;F

;<?
>?MN;=;L
KO?
?H

M?
>;
OH;
L?@ILG;
=IHMNCNO=CIH;F
KO?
>;
;ONIHIGZ;
;F

&HMNCNONI
#?>?L;F
"F?=NIL;F
&#"
KO?>;H>I
?F
AI<C?LHI
MCH
L?JL?M?HN;=C\H
;FAOH;
?H

?F
IHM?DI
$?H?L;F
KO?
?M
MO
GXRCGI
\LA;HI
>?
>CL?==C\H
F;M
>?=CMCIH?M
L?=;S?LIH

?H
HO?P?
=IHM?D?LIM
MCH
PZH=OFIM
J;LNC>CMN;M
I
AO<?LH;G?HN;F?M
G;L=;H>I
MO

CH>?J?H>?H=C;
=IH
L?MJ?=NI
;
=O;FKOC?L
;ONILC>;>

"H
 
JLI>O=NI
>?
F;
/?@ILG;
-IFZNC=I
"F?=NIL;F
kKO?
@ILG\
J;LN?
>?F
J;KO?N?
>?

F;M
L?@ILG;M
?MNL;NYAC=;Mk
?F
&HMNCNONI
+;=CIH;F
"F?=NIL;F
&+"
L??GJF;T;
;F
&HMNCNONI

#?>?L;F
"F?=NIL;F
&#"
>?MJOYM
>?

;[IM
>?
?RCMN?H=C;
>?
?MN?
]FNCGI
+O?MNLI
J;ZM


 Tomo I
La Economía y las Finanzas Públicas

H?=?MCN;<;
L?HIP;L
?KOCFC<L;L
S
@ILN;F?=?L
MO
GXRCG;
CHMNCNO=C\H
?F?=NIL;F
>IN;LF;
>?

>;67D3L9A
B3D3
>A9D3D
G@
]G<A
7\53L
K
>79;F;?36A
F3@FA
67
>3E
675;E;A@7E
BA>PF;53E

=IGI
>?
F;M
>?=CMCIH?M
=CO>;>;H;M
M?
=L?;
J;L;
>;L
=;O=?
;
FIM
HO?PIM
G?=;HCMGIM

>?
J;LNC=CJ;=C\H
>?GI=LXNC=;
S
;M?AOL;L
FIM
S;
?RCMN?HN?M
@ILN;F?=?L
F;
;ONIHIGZ;

>?F
ILA;HCMGI
?F?=NIL;F
S
;M?AOL;L
MO
GXRCG;
NL;HMJ;L?H=C;
J;L;
INILA;L
=?LN?T;

;
F;
JI<F;=C\H
"F
&+"
=O?HN;
BIS
=IH

HO?P;M
;NLC<O=CIH?M
KO?
FI
=IFI=;H
;
F;

P;HAO;L>C;
CHN?LH;=CIH;F

"F
@ILN;F?=CGC?HNI
CHMNCNO=CIH;F
?M
J;L;
HO?MNLI
J;ZM
OH;
=IH>C=C\H
CH>CMJ?HM;<F?

J;L;
F;
=IHMIFC>;=C\H
>?GI=LXNC=;
?F
>?M;LLIFFI
S
F;
J;T
MI=C;F
"F
&+"
=IHMNCNOCLX
OH

J;LN?;AO;M
?H
F;
BCMNILC;
GI>?LH;
>?
*YRC=I
S;
KO?
M?HN;LX
F;M
<;M?M
>?
OH;
HO?P;

=OFNOL;
JIFZNC=I
?F?=NIL;F
?H
>IH>?
FIM
=CO>;>;HIM
?D?LT;H
HO?PIM
>?L?=BIM
S
;MOG;H

N;G<CYH
HO?P;M
L?MJIHM;<CFC>;>?M
IGI
=IHM?=O?H=C;
>?
F;
L?@ILG;
=IHMNCNO=CIH;F
?F
,#&-"
@O?
;<LIA;>I
S
=I<L;

PCA?H=C;
F;
)?S
$?H?L;F
>?
&HMNCNO=CIH?M
S
-LI=?>CGC?HNIM
"F?=NIL;F?M
S
F;
)?S
$?H?L;F

>?
-;LNC>IM
-IFZNC=IM
JO<FC=;>;M
?H
G;SI
>?
 
?H
>IH>?
M?
?MN;<F?=?H
F;M
HO?P;M

L?AF;M
S
G?=;HCMGIM
>?
J;LNC=CJ;=C\H
N;HNI
J;L;
FIM
J;LNC>IM
JIFZNC=IM
=IGI
J;L;
FIM

=CO>;>;HIM
"H
?MN?
M?HNC>I
JL?=CM;
?H@;NCT;L
KO?
M?
>CMJIH?H
F;M
HO?P;M
=IH>C=CIH?M

?H
@;PIL
>?
FIM
>?L?=BIM
JIFZNC=IM
>?
F;M
GOD?L?M
J;L;
M?L
?F?=N;M
?H
FIM
=;LAIM
>?

L?JL?M?HN;=C\H
JIJOF;L
>?MN;=;H>I
KO?
;BIL;
?M
I<FCA;=C\H
>?
FIM
J;LNC>IM
JIFZNC=IM

JLIGIP?L
F;
J;LC>;>
>?
AYH?LI
?H
=;H>C>;NOL;M
JLIJC?N;LC;M
S
MOJF?HN?M
;F
IHAL?MI

#?>?L;F
S
;
FIM
IHAL?MIM
)I=;F?M
;MZ
=IGI
>?MNCH;L
?F

>?
MO
A;MNI
IL>CH;LCI
J;L;

=;J;=CN;L
;
F;M
GOD?L?M
;>?GXM
M?
;NLC<OS?
;F
IHM?DI
$?H?L;F
>?F
&HMNCNONI
+;=CIH;F

"F?=NIL;F
F;
@;=OFN;>
>?
L?=B;T;L
?F
L?ACMNLI
>?
F;M
=;H>C>;NOL;M
KO?
HI
L?MJ?N?H
?F

BD;@5;B;A
67
B3D;636
67
9O@7DA
>A
CG7
E;9@;\53
G@
3H3@57
EGEF3@5;3>
7@
7>
367>3@FA

>?GI=LXNC=I
>?
F;M
GOD?L?M
"HNL?
INLIM
?F?G?HNIM
>?MN;=;>IM
>?
?MN;
L?@ILG;
M?
?H=O?HNL;H
F;
CH=ILJIL;=C\H

=IHMIFC>;=C\H
S
PC;<CFC>;>
J;L;
F;
L??F?==C\H
=IHM?=ONCP;
>?
M?H;>IL?M
S
>CJON;>IM

@?>?L;F?M
>CJON;>IM
FI=;F?M
JL?MC>?HN?M
GOHC=CJ;F?M
L?AC>IL?M
S
MZH>C=IM
?MN;<F?=?

F;
J;LC>;>
>?
AYH?LI
;MZ
=IGI
?F
?MN;<F?=CGC?HNI
>?
HO?PIM
G?=;HCMGIM
>?

J;LNC=CJ;=C\H
>?GI=LXNC=;
J;L;
FIM
=CO>;>;HIM
N;F?M
=IGI
FI
CHC=C;NCP;
=CO>;>;H;
S

F;
=IHMOFN;
JIJOF;L
"H
?MN?
GCMGI
M?HNC>I
M?
=IHMIFC>;
S
MC?HN;H
F;M
<;M?M
J;L;
KO?

FIM
=CO>;>;HIM
JO?>;H
;==?>?L
;
=;LAIM
>?
?F?==C\H
JIJOF;L
;
NL;PYM
>?
=;H>C>;NOL;M

CH>?J?H>C?HN?M
MCH
F;
CHN?LG?>C;=C\H
>?
FIM
J;LNC>IM
JIFZNC=IM
"H
?MN;
N?MCNOL;
?F

>?
@?<L?LI
>?
 
M?
>IN;
>?
;ONIHIGZ;
=IHMNCNO=CIH;F
;F

IHM?DI
+;=CIH;F
>?
"P;FO;=C\H
>?
F;
-IFZNC=;
>?
!?M;LLIFFI
0I=C;F
!?
CAO;F
@ILG;
M?

BD7E7@F3@
53?4;AE
E;9@;\53F;HAE
5A?A
>3
?A6;\535;R@
3
>3
875:3
67
;@;5;A
67>
53D9A

67
(D7E;67@F7
67
>3
*7BS4>;53
E7
835G>F3
3
>3E
N?3D3E
67>
A@9D7EA
B3D3
D3F;\53D
3


 Tomo I
La Economía y las Finanzas Públicas

12A2?:6;.1<@
0?=L?N;LCIM
>?
"MN;>I
S
M?
=L?;
F;
#CM=;FZ;
$?H?L;F
>?
F;
/?J]<FC=;
=IGI

\LA;HI
=IHMNCNO=CIH;F
;ON\HIGI
"H
F;
G;N?LC;
?H
=IG?HNI
S
;>C=CIH;FG?HN?
;
F;
/?@ILG;
-IFZNC=I
"F?=NIL;F
>?MN;=;H

?F
L?MNI
>?
F;M
L?@ILG;M
?MNL;NYAC=;M
KO?
I=OJ;LIH
OH;
J;LN?
@OH>;G?HN;F
>?
F;
;A?H>;

F?ACMF;NCP;
>OL;HN?
F;
JL?M?HN?
F?ACMF;NOL;
F;M
L?@ILG;M
KO?
@ILN;F?=?H
FIM
>?L?=BIM
S

FC<?LN;>?M
>?
FIM
G?RC=;HIM
F;
/?@ILG;
">O=;NCP;
kKO?
JIL
MOM
;F=;H=?M
M?
;<IL>;

=IH
G;SIL
;GJFCNO>
GXM
;>?F;HN?k
F;
HO?P;
)?S
>?
GJ;LI
S
?F
\>CAI
+;=CIH;F

>?
-LI=?>CGC?HNIM
-?H;F?M
MZ
=IGI
F;
L?@ILG;
KO?
=IHMIFC>;
HO?MNLI
LYACG?H

>?GI=LXNC=I
?
CHMNCNO=CIH;F
S
@ILN;F?=?
HO?MNL;
AI<?LH;<CFC>;>
>?GI=LXNC=;
F;
/?@ILG;

?H
G;N?LC;
>?
1L;HMJ;L?H=C;
"H
?F
1IGI
l);
">O=;=C\H
S
F;
OFNOL;m
>?MN;=;
?F
CGJOFMI
;
F;
?>O=;=C\H
S
F;
=OFNOL;

B;
MC>I
OH;
JL?I=OJ;=C\H
@OH>;G?HN;F
>?F
AI<C?LHI
G?RC=;HI
"M
;MZ
KO?
J;L;
?F

J?LCI>I
>?

;

M?
CGJF?G?HN\
?F
%9.;
12
$;02
K<@
=.?.
9.
E=.;@6L;
F

"27<?.:62;A<
12
9.
1B0.06L;
%?6:.?6.
G7
7>
BD;?7D
;@F7@FA
67
B>3@;\53D
7>
E;EF7?3

?>O=;NCPI
>?HNLI
>?
F;M
;==CIH?M
GXM
L?F?P;HN?M
=IHN?HC>;M
?H
?MN?
CHMNLOG?HNI
M?

CGJF;HN\
?F
FC<LI
>?
N?RNI
AL;NOCNI
J;L;
F;
JLCG;LC;
J;L;
FI
KO?
M?
=L?\
F;
IGCMC\H

+;=CIH;F
>?
FIM
)C<LIM
>?
1?RNI
$L;NOCNI
 ,+)&1"$
S
M?
L?@ILG;LIH
FIM
JF;H?M
S

BDA9D3?3E
67
7EFG6;A
67
BD;?3D;3
K
E75G@63D;3

,3?4;O@
E7
5A@EFDGK7DA@
>AE
76;\5;AE

>?
F;M
?M=O?F;M
HILG;F?M
>?
"MJ?=C;FCT;=C\H
S
0OJ?LCIL
>?
*;?MNLIM
S
F;
2HCP?LMC>;>

-?>;A\AC=;
+;=CIH;F
6
=IH
?F
;JISI
>?F
&HMNCNONI
+;=CIH;F
>?
-LIN?==C\H
;
F;
&H@;H=C;

&+-&
S
>?F
3IFOHN;LC;>I
+;=CIH;F
M?
>CMNLC<OS?LIH
?H
NI>;
F;
/?J]<FC=;
FIM
>?M;SOHIM

?M=IF;L?M
GD3@F7
>3
6O5363
67
>AE
E7E7@F3
E7
67EF;@3DA@
?3KAD7E
D75GDEAE
\@3@5;7DAE
3
>3

?>O=;=C\H
MOJ?LCIL
=L?XH>IM?
CHMNCNO=CIH?M
=IGI
?F
?HNLI
+;=CIH;F
>?
">O=;=C\H

1?=HIF\AC=;
&H>OMNLC;F
S
?F
?HNLI
>?
&HP?MNCA;=C\H
S
>?
"MNO>CIM
P;HT;>IM
>?F
&HMNCNONI

-IFCNY=HC=I
+;=CIH;F
 &+3"013
&-+
FIM
&HMNCNONIM
1?=HIF\AC=IM
/?ACIH;F?M

F;M
OHCP?LMC>;>?M
?MN;N;F?M
;GJFC;LIH
MOM
G;NLZ=OF;M
S
F;M
CHMNCNO=CIH?M
J;LNC=OF;L?M

CHC=C;LIH
MO
?RJ;HMC\H
-;L;
F;
JI<F;=C\H
KO?
HI
M?
CH=ILJIL\
;
F;
?>O=;=C\H
MOJ?LCIL

M?
?GJL?H>C?LIH
JLIAL;G;M
>?
;>C?MNL;GC?HNI
J;L;
?F
NL;<;DI
CH>OMNLC;F
S
;ALZ=IF;
;

NL;PYM
>?
F;M
"M=O?F;M
1?=HIF\AC=;M
ALIJ?=O;LC;M
@
>3
E;9G;7@F7
6O5363
A5GDD;R
G@3
5A@E;67D34>7
7JB3@E;R@
K
6;H7DE;\535;R@
67
>AE

M?LPC=CIM
?>O=;NCPIM
M?
GOFNCJFC=;LIH
F;M
CHMNCNO=CIH?M
?>O=;NCP;M
?H
NI>I
?F
J;ZM
M?

FF?P;LIH
;
=;<I
L?@ILG;M
;
FIM
JF;H?M
S
JLIAL;G;M
>?
?HM?[;HT;
JLCG;LC;
S
M?=OH>;LC;

M?
;=NO;FCT\
F;
P?LMC\H
>?F
FC<LI
>?
N?RNI
AL;NOCNI
S
M?
JLIGOFA;LIH
HO?P;M
F?S?M
?H

G;N?LC;
?>O=;NCP;
S
>?
J;NLCGIHCI
=OFNOL;F
!?MN;=;H
F;
=L?;=C\H
>?F
IHM?DI
+;=CIH;F

>?
#IG?HNI
">O=;NCPI
 ,+#"
?F
?HNLI
>?
"MNO>CIM
>?
*YNI>IM
S
-LI=?>CGC?HNIM

P;HT;>IM
>?
F;
">O=;=C\H
 "*-"
>?F
IHM?DI
+;=CIH;F
>?
C?H=C;
S
1?=HIFIAZ;

 ,+ 61
S
?F
?MN;<F?=CGC?HNI
>?F
0CMN?G;
+;=CIH;F
>?
&HP?MNCA;>IL?M
0+&

 Tomo I
La Economía y las Finanzas Públicas

"H

M?
JLIGOFA;
F;
)?S
#?>?L;F
MI<L?
*IHOG?HNIM
S
7IH;M
LKO?IF\AC=;M

LNZMNC=;M
?
%CMN\LC=;M
=IH
FI
KO?
M?
F?A;FCT;
F;
JLIJC?>;>
H;=CIH;F
>?F
J;NLCGIHCI

BCMN\LC=I
S
;LNZMNC=I
MO
JLIN?==C\H
S
?RJFIL;=C\H

"H

>?HNLI
>?
F;M
JLCH=CJ;F?M
JIFZNC=;M
CGJF?G?HN;>;M
?H
G;N?LC;
>?
">O=;=C\H

S
OFNOL;
M?
?GCN?
F;
)?S
#?>?L;F
>?
">O=;=C\H
KO?
?MN;<F?=C\
;
F;
?>O=;=C\H
=IGI

OH
M?LPC=CI
>?
=;LX=N?L
J]<FC=I
KO?
?D?L=?
?F
"MN;>I
S
F;
CHC=C;NCP;
JLCP;>;
<;DI
F;M

=IH>C=CIH?M
KO?
YMN?
M?[;F?
F;
)?S
ILA;HCT\
;F
MCMN?G;
?>O=;NCPI
H;=CIH;F
?MN;<F?=C\
F;

@OH=C\H
MI=C;F
?>O=;NCP;
F;M
<;M?M
>?F
JLI=?MI
?>O=;NCPI
S
FIM
>?L?=BIM
S
I<FCA;=CIH?M

MI<L?
F;
G;N?LC;

"H
G;LTI
>?

M?
=L?;H
F;M
>?F?A;=CIH?M
>?
F;
0"-
?H
FIM
?MN;>IM

>?
F;
/?J]<FC=;
CHC=C;H>I
;MZ
F;
>?M=?HNL;FCT;=C\H
?>O=;NCP;

IH
F;
?GCMC\H
>?
F;
)?S
>?
-F;H?;=C\H
?H

M?
B;=?
I<FCA;NILC;
F;
?F;<IL;=C\H
>?
FIM

JF;H?M
H;=CIH;F?M
>?
>?M;LLIFFI
=;>;
M?R?HCI
"H
?MN?
J?LCI>I
M?
NL;HM@ILG\
F;
+ILG;F

0OJ?LCIL
>?
*YRC=I
=L?XH>IM?
P;LCIM
=?HNLIM
L?ACIH;F?M
>?
CHP?MNCA;=C\H
?>O=;NCP;
;F

CHN?LCIL
>?
F;
/?J]<FC=;
;JLIP?=B;H>I
F;
CH@L;?MNLO=NOL;
>?
=O;NLI
HILG;F?M
MOJ?LCIL?M

?MN;N;F?M
KO?
M?
NL;HM@ILG;LIH
?H
CHMNCNONIM
>?
CHP?MNCA;=C\H
?>O=;NCP;
*YRC=I
?M
OH
J;ZM
>?
?HILG?
LCKO?T;
=OFNOL;F
JLIP?HC?HN?
>?
F;
>CP?LMC>;>
YNHC=;

=IHI=CGC?HNIM
J;NLCGIHCI
NL;>C=CIH?M
S
F?HAO;D?M
"FFI
L?KOC?L?
>?
OH;
;=NCP;

CHN?LP?H=C\H
J;L;
MO
JLIGI=C\H
@IG?HNI
S
=IHM?LP;=C\H
"H
>C=C?G<L?
>?

M?

>?=L?N;
F;
=L?;=C\H
>?F
IHM?DI
+;=CIH;F
J;L;
F;
OFNOL;
S
F;M
LN?M
 ,+ 2)1

=IGI
\LA;HI
;>GCHCMNL;NCPI
>?M=IH=?HNL;>I
>?
F;
0"-
=OS;
F;<IL
?M
JLIGIP?L
S

>C@OH>CL
F;
=OFNOL;
S
F;M
;LN?M

A@
>3
\@3>;636
67
63D
G@
;?BG>EA
675;6;6A
3>
8767D3>;E?A
76G53F;HA
7@

E7
\D?R

?F
=O?L>I
+;=CIH;F
J;L;
F;
*I>?LHCT;=C\H
>?
F;
">O=;=C\H
XMC=;
JIL
NI>IM
FIM

AI<?LH;>IL?M
>?
F;M
?HNC>;>?M
@?>?L;NCP;M
FIM
L?JL?M?HN;HN?M
>?F
0CH>C=;NI
+;=CIH;F

>?
1L;<;D;>IL?M
>?
F;
">O=;=C\H
S
?F
-L?MC>?HN?
>?
F;
/?J]<FC=;
=IH
?FFI
M?
?MN;<F?=C\

OH;
HO?P;
L?F;=C\H
?HNL?
?F
"MN;>I
F;
MI=C?>;>
S
FIM
HCP?F?M
>?
AI<C?LHI
?HNL?
MZ


B3DF;D
67
7EF7
5G7D6A
7>
9A4;7D@A
8767D3>
FD3@E\D;R
3
>AE
7EF36AE
7>
?3@7<A
K
5A@FDA>

>?
MOM
L?MJ?=NCPIM
MCMN?G;M
?>O=;NCPIM
?H
FIM
HCP?F?M
>?
?>O=;=C\H
<XMC=;
S
HILG;F

>;H>I
CGJOFMI
>?
?MN;
@ILG;
;F
@?>?L;FCMGI
?>O=;NCPI

"H
?F
J?LCI>I


M?
=IHDOHN\
?F
-LIAL;G;
>?
!?M;LLIFFI
">O=;NCPI
KO?

=IHPCLNC\
;
FIM
=C=FIM
JLCG;LCI
S
M?=OH>;LCI
?H
?>O=;=C\H
<XMC=;
S
I<FCA;NILC;
S

JLIGIPC\
OH;
L?@ILGOF;=C\H
>?
FIM
=IHN?HC>IM
S
G;N?LC;F?M
?>O=;NCPIM
J;L;
L?@ILT;L

F;M
=;J;=C>;>?M
<XMC=;M
M?
CGJOFM\
F;
J;LNC=CJ;=C\H
>?
*YRC=I
?H
F;M
?P;FO;=CIH?M

CHN?LH;=CIH;F?M
>?GXM
M?
JO<FC=;LIH
FC<LIM
?H
F?HAO;M
CH>ZA?H;M


A@
>3
\@3>;636
67
D7AD67@3D
>AE
BDAK75FAE
7@
7EF3
?3F7D;3
E7
>>7HR
3
534A
7>
Y(DA9D3?3

+;=CIH;F
>?
">O=;=C\H
 
 m
;MZ
=IGI
?F
>?HIGCH;>I
l-IL
OH;
?>O=;=C\H
>?


 Tomo I
La Economía y las Finanzas Públicas

<O?H;
=;FC>;>
J;L;
NI>IM
2H
?H@IKO?
?>O=;NCPI
J;L;
?F
MCAFI
55&m
S
?F
-LIAL;G;

0?=NILC;F
>?
">O=;=C\H
 
 
*?L?=?H
OH;
;N?H=C\H
?MJ?=C;F
F;M
L?@ILG;M
=IHMNCNO=CIH;F?M
KO?
M?
B;H
;JLI<;>I
FIM

]FNCGIM
;[IM
?H
G;N?LC;
>?
=OFNOL;
S
?>O=;=C\H
?H
;<LCF
>?
 
M?
JLIGOFA\
;KOYFF;

KO?
A;L;HNCT;
;
F;
JI<F;=C\H
?F
>?L?=BI
;F
;==?MI
;
F;
=OFNOL;
S
;F
>CM@LON?
>?
FIM
<C?H?M

S
M?LPC=CIM
KO?
JL?MN;
?F
"MN;>I
?H
F;
G;N?LC;
;MZ
=IGI
?F
?D?L=C=CI
>?
MOM
>?L?=BIM

5G>FGD3>7E

EF3
D78AD?3
E3F;E\LA
7>
5A?BDA?;EA
67
%OJ;5A
5A@
6;H7DEAE
;@EFDG?7@FAE

CHN?LH;=CIH;F?M
=IGI
F;
!?=F;L;=C\H
2HCP?LM;F
>?
!?L?=BIM
%OG;HIM
F;
IHP?H=C\H

G?LC=;H;
MI<L?
!?L?=BIM
%OG;HIM
I
-;=NI
>?
0;H
'IMY
?F
-LINI=IFI
>C=CIH;F

;
F;
IHP?H=C\H
G?LC=;H;
MI<L?
!?L?=BIM
%OG;HIM
?H
*;N?LC;
>?
!?L?=BIM

"=IH\GC=IM
0I=C;F?M
S
OFNOL;F?M
I
-LINI=IFI
>?
0;H
0;FP;>IL
?HNL?
INLIM
"H

 
KO?>;
?MN;<F?=C>I
?H
?F
;LNZ=OFI
_
>?
F;
)?S
#OH>;G?HN;F
KO?
lNI>I
CH>CPC>OI

NC?H?
>?L?=BI
;
L?=C<CL
?>O=;=C\H
"F
"MN;>I
k#?>?L;=C\H
"MN;>IM
!CMNLCNI
#?>?L;F
S

*OHC=CJCIMk
CGJ;LNCLX
?>O=;=C\H
JL??M=IF;L
JLCG;LC;
M?=OH>;LC;
S
G?>C;
MOJ?LCIL

);
?>O=;=C\H
JL??M=IF;L
JLCG;LC;
S
M?=OH>;LC;
=IH@ILG;H
F;
?>O=;=C\H
<XMC=;
YMN;
S

F;
G?>C;
MOJ?LCIL
M?LXH
I<FCA;NILC;Mm
"F

>?
@?<L?LI
>?
 
M?
JLIGOFA\
F;
/?@ILG;
?H
G;N?LC;
>?
?>O=;=C\H
F;
=O;F

J?LGCNCLX
=L?;L
=IH>C=CIH?M
GXM
@;PIL;<F?M
J;L;
?F
G?DIL;GC?HNI
>?
F;
?>O=;=C\H

BS4>;53
7
;@5>GK7
?A6;\535;A@7E
3
>3
$7K
7@7D3>
67
6G535;R@
3EP
5A?A
>3
5D735;R@

>?
F;
)?S
>?F
&HMNCNONI
+;=CIH;F
J;L;
F;
"P;FO;=C\H
>?
F;
">O=;=C\H
&+""
S
F;
)?S

$?H?L;F
>?F
0?LPC=CI
-LI@?MCIH;F
!I=?HN?
"H
@?<L?LI
>?
 
=IH
F;
=L?;=C\H
>?F

&HMNCNONI
+;=CIH;F
J;L;
F;
"P;FO;=C\H
>?
F;
">O=;=C\H
=IGI
\LA;HI
;ON\HIGI
M?

?MN;<F?=C?LIH
F;M
<;M?M
>?F
MCMN?G;
H;=CIH;F
>?
?P;FO;=C\H
?>O=;NCP;
S
>?F
M?LPC=CI

JLI@?MCIH;F
>I=?HN?

"H
>C=C?G<L?
>?
 
M?
JO<FC=;
?F
-LIAL;G;
0?=NILC;F
>?
">O=;=C\H
 
 

=IGI
?F?G?HNI
CH>CMJ?HM;<F?
J;L;
F;
NL;HM@ILG;=C\H
>?
*YRC=I
?H
OH;
MI=C?>;>
>?F

=IHI=CGC?HNI
"H
DOHCI
>?
 
M?
JO<FC=\
?F
-LIAL;G;
"MJ?=C;F
>?
C?H=C;
1?=HIFIAZ;
?
&HHIP;=C\H

 
 
J;L;
;<;NCL
FIM
L?T;AIM
?F
-LIAL;G;
"MJ?=C;F
?H
C?H=C;
1?=HIFIAZ;
?

&HHIP;=C\H
KO?
JLIJC=C;
F;
PCH=OF;=C\H
>?
F;M
CHMNCNO=CIH?M
>?
?>O=;=C\H
MOJ?LCIL
S

FIM
=?HNLIM
>?
CHP?MNCA;=C\H
=IH
FIM
M?=NIL?M
J]<FC=I
MI=C;F
S
JLCP;>I
S
=IHNLC<OS?
;F

8ADF3>75;?;7@FA
67
>3
;@8D37EFDG5FGD3
5;7@FP\53
K
F75@A>R9;53
67>
B3PE

"H
MOG;
NC?H?H
?H
MOM
G;HIM
OH
G;N?LC;F
>?
AL;H
LCAIL
;=;>YGC=I
KO?
B;=?
OH
L?=O?HNI

JOHNO;F
S
MOG;G?HN?
]NCF
>?
FIM
]FNCGIM

;[IM
JIL
FIM
KO?
*YRC=I
B;
NL;HMCN;>I

EFAK
E79GDA
CG7
7EF3
A4D3
63DN
>G93D
3
8DG5FP87D3E
D7]7J;A@7E
K
3
>3
67F7D?;@35;R@
67

CGJILN;HN?M
ILC?HN;=CIH?M
S
FZH?;M
>?
;==C\H


 Tomo I
La Economía y las Finanzas Públicas

1I>I
GC
;AL;>?=CGC?HNI
S
L?=IHI=CGC?HNI
J;L;
FIM
;=;>YGC=IM
@OH=CIH;LCIM

S
?R@OH=CIH;LCIM
?MNO>CIMIM
S
?MJ?=C;FCMN;M
KO?
B;H
=IF;<IL;>I
A?H?LIM;
S

MIFC>;LC;G?HN?
?H
F;
?>C=C\H
>?
?MNIM
=O;NLI
1IGIM
?H
?MJ?=C;F
;F
)C=
*CAO?F
qHA?F

,MILCI
BIHA
0?=L?N;LCI
>?
$I<?LH;=C\H
;F
!L
)OCM
3C>?A;L;S
;MI
0?=L?N;LCI

>?
%;=C?H>;
S
LY>CNI
-]<FC=I
;F
!L
'O;H
'IMY
$O?LL;
<O>
0?=L?N;LCI
>?
*?>CI

G<C?HN?
S
/?=OLMIM
+;NOL;F?M
;F
!L
AOMNZH
;LMN?HM
;LMN?HM
$I<?LH;>IL
>?F

;H=I
>?
*YRC=I
;F
- 
'O;H
*;HO?F
-ILN;F
*;LNZH?T
O>CNIL
0OJ?LCIL
>?
F;

#?>?L;=C\H
;F
!L
"LOPC?F
qPCF;
3CFF?A;M
$I<?LH;>IL
>?F
"MN;>I
>?
*YRC=I
;F
!L

'IMY
qHA?F
$OLLZ;
1L?PC[I
0?=L?N;LCI
$?H?L;F
>?
F;
,LA;HCT;=C\H
J;L;
F;
IIJ?L;=C\H

S
?F
!?M;LLIFFI
"=IH\GC=I
, !"
;F
!L
F?D;H>LI
4?LH?L
4;CH@?F>
!CL?=NIL
J;L;

?F
%?GCM@?LCI
,==C>?HN;F
>?F
#IH>I
*IH?N;LCI
&HN?LH;=CIH;F
;F
!L
%OAI
">O;L>I

?N?N;
*YH>?T
/OCT
!CL?=NIL
>?
F;
0?>?
0O<L?ACIH;F
>?
F;
"-)
?H
*YRC=I
;F

!CJ
AOMNZH
*CAO?F
FIHMI
/;S;
IIL>CH;>IL
>?
F;
;H=;>;
>?F
-/!
S
;
NI>IM

FIM
!CJON;>IM
CHN?AL;HN?M
>?
?MN;
)5&&
)?ACMF;NOL;
KO?
J;LNC=CJ;LIH
?H
?MN;
I<L;
;F

*NLI
-?>LI
qHA?F
IHNL?L;M
)\J?T
!CL?=NIL
$?H?L;F
>?F
?HNLI
>?
"MNO>CIM
>?
F;M

#CH;HT;M
-]<FC=;M
>?
F;
XG;L;
>?
!CJON;>IM
;F
*NLI
F?D;H>LI
/IG?LI
$O>C[I

1CNOF;L
>?
F;
2HC>;>
>?
"P;FO;=C\H
S
IHNLIF
>?
F;
XG;L;
>?
!CJON;>IM
;F
)C=

;LFIM
/?N;
*;LNZH?T
-L?MC>?HN?
>?F
IHM?DI
!CL?=NCPI
>?F
&HMNCNONI
+;=CIH;F
>?

>GCHCMNL;=C\H
-]<FC=;
;F
!L
'IMY
+;LLI
/I<F?M
/?=NIL
>?
F;
2HCP?LMC>;>
+;=CIH;F

ON\HIG;
>?
*YRC=I
;F
!L
0?LACI
)\J?T
SFF\H
!CL?=NIL
$?H?L;F
>?F
&!"
;F
!L

$IHT;FI
%?LHXH>?T
)C=IH;
0?=L?N;LCI
"D?=ONCPI
>?F
,+"3)
;
F;
!L;
0SFPC;

0=BG?FE?M
>?F
3;FF?
1CNOF;L
>?F
&HMNCNONI
+;=CIH;F
>?
"P;FO;=C\H
">O=;NCP;
;F
!L

/;@;?F
1IP;L
S
>?
1?L?M;
-L?MC>?HN?
>?F
IHM?DI
+;=CIH;F
J;L;
F;
OFNOL;
S
F;M
LN?M

;F
!L
!;PC>
*I=N?TOG;
+;P;LLI
&HP?MNCA;>IL
>?F
?HNLI
/?ACIH;F
>?
&HP?MNCA;=CIH?M

*OFNC>CM=CJFCH;LC;M
>?
F;
2+*
;F
)C=
#L;H=CM=I
0OXL?T
!XPCF;
"G<;D;>IL
>?

*YRC=I
?H
;H;>X
;F
)C=
&AH;=CI
-C=B;L>I
-;A;T;
"R
$I<?LH;>IL
>?F
"MN;>I
>?

*YRC=I
;F
!L
0?LACI
$;L=Z;
/;GZL?T
"R
-LI=OL;>IL
$?H?L;F
>?
F;
/?J]<FC=;
;F

!L
#?LH;H>I
0IF;H;
*IL;F?M
"R
0?=L?N;LCI
>?
">O=;=C\H
;F
!L
F?D;H>LI
;LLCFFI

;MNLI
!CL?=NIL
$?H?L;F
>?
F;
#OH>;=C\H
*CAO?F
F?GXH


;F
!L
)OCM
>?
F;
;FF?

-;L>I
GC?G<LI
>?F
IHM?DI
>?
>GCHCMNL;=C\H
>?
F;
#"
;F
)C=
;LFIM
F;TL;EC

$LIMMG;HH
L?=IHI=C>I
JO<FC=CMN;
G?RC=;HI
;F
*;?MNLI
/;]F
*;LNZH?T
FG;TXH

JLIGINIL
>?
?MN;
I<L;
S
;
NI>IM
FIM
>?GXM
;ONIL?M
KO?
B;H
=IF;<IL;>I
J;L;
?HLCKO?=?L

?MN?
FC<LI

1?H?GIM
JIL
>?F;HN?
GO=BIM
L?NIM
KO?
>?<?GIM
;@LIHN;L
;F
CAO;F
KO?
?F
=IHP?H=CGC?HNI

S
F;
PIFOHN;>
J;L;
L?MIFP?LFIM
S
=IH
;O>;=C;
S
J;=C?H=C;
J;L;
;@LIHN;LFIM
HI
B;S

JLI<F?G;
KO?
HI
JO?>;
M?L
L?MO?FNI
-;L;
M?AOCL
;P;HT;H>I
?M
;JL?GC;HN?
=IHN;L
=IH

F;
J;LNC=CJ;=C\H
>?=C>C>;
>?
NI>IM
FIM
;=NIL?M
>?
F;
MI=C?>;>
?MN;GIM
=IGJLIG?NC>IM


 Tomo I
La Economía y las Finanzas Públicas

=IH
*YRC=I
?H
M?AOCL
?GJL?H>C?H>I
HOG?LIM;M
;==CIH?M
=IH
@ILN;F?T;
IJNCGCMGI

L?;FCMN;
S
MC?GJL?
=IH
F;
=?LN?T;
>?
=OGJFCL
F;
JLI@OH>;
L?MJIHM;<CFC>;>
KO?
N?H?GIM

=IH
HO?MNL;
MI=C?>;>
"H
?MN;
I<L;
?H=IHNL;L?GIM
?F?G?HNIM
S
DOC=CIM
=LZNC=IM
KO?
>?M>?
F;
J?LMJ?=NCP;
>?

5363
G@3
67
>3E
F7?NF;53E
3@3>;L363E
5A@EF;FGK7@
G@
EABADF7
CG7
<GEF;\53
B>7@3?7@F7

?F
JILKOY
>?
F;M
L?@ILG;M
?MNLO=NOL;F?M
KO?
?F
-L?MC>?HN?
>?
F;
/?J]<FC=;
JF;HN?\

>?M>?
?F
CHC=CI
>?
MO
>GCHCMNL;=C\H
IH
I<D?NI
>?
M?HN;L
F;M
<;M?M
>?
OH;
?MNLO=NOL;

M;H;
J;L;
JI>?L
;N?H>?L
FIM
JLCH=CJ;F?M
JLI<F?G;M
KO?
;KO?D;<;H
S
=IHNCH];H
MC?H>I

AL;H>?M
I<MNX=OFIM
J;L;
?F
>?M;LLIFFI
H;=CIH;F
?F
-L?MC>?HN?
>?
F;
/?J]<FC=;
=IH

OH
JLIS?=NI
>?
F;LAI
JF;TI
=IH=C<C\
KO?
F;
]HC=;
@ILG;
>?
=IG<;NCL
FIM
=IGJF?DIM

JLI<F?G;M
k=IGI
F;
JI<L?T;
F;
@;FN;
>?
?GJF?I
FIM
?F?P;>IM
ZH>C=?M
>?
CHM?AOLC>;>

J]<FC=;
?F
<;DI
JI>?L
;>KOCMCNCPI
>?
F;
JI<F;=C\H
S
?F
?MN;H=;GC?HNI
?=IH\GC=Ik

?L;
@OH>;G?HN;F
JF;HN?;L
L?@ILG;M
?MNLO=NOL;F?M
>?
@IH>I
?H@I=;>;M
;
FIAL;L
OH;

G;SIL
JLI>O=NCPC>;>
?H
NI>IM
FIM
M?=NIL?M
?
CAO;F>;>
>?
IJILNOHC>;>?M
J;L;
F;
=F;M?

NL;<;D;>IL;

"M
CGJILN;HN?
L?M;FN;L
F;
MI<L?M;FC?HN?
F;<IL
L?;FCT;>;
JIL
F;
)5&&
)?ACMF;NOL;
KO?

?H
BCNI
BCMN\LC=I
JIL
F;
OHC>;>
>?
JLIJ\MCNIM
=IH
?F
"D?=ONCPI
JO>I
=IH=L?N;L
?H
N;H

?M=;MI
NC?GJI
k;J?H;M
>IM
;[IMk
F;M
L?@ILG;M
?H
G;N?LC;
?>O=;NCP;
B;=?H>;LC;
S

67
E79GD;636
EA5;3>
7@7D9OF;53
\@3@5;7D3
K
67
F7>75A?G@;535;A@7E



/?=IHI=?GIM
KO?
F;
H;=C\H
?RCAZ;
N;HNI
>?F
-I>?L
"D?=ONCPI
=IGI
>?F
)?ACMF;NCPI
?F

;=NO;L
=IH
=IGJLIGCMI
L?MJIHM;<CFC>;>
S
>CFCA?H=C;
;
F;
P?T
KO?
=IH
>?N?LGCH;=C\H

S
;O>;=C;
P;FIL?M
H?=?M;LCIM
J;L;
CGJOFM;L
?F
P?L>;>?LI
JLIAL?MI
S
F;
DOMNC=C;
MI=C;F


 Tomo I
La Economía y las Finanzas Públicas


 Tomo I
La Economía y las Finanzas Públicas

-/"0"+1 &s+
$"+"/)
!"
)
,/
;LFIM
/?N;
*;LNZH?T

2HI
>?
FIM
JLCH=CJ;F?M
I<D?NCPIM
KO?
?F
&HMNCNONI
+;=CIH;F
>?
>GCHCMNL;=C\H
-]<FC=;

B;
N?HC>I
>?M>?
MO
@OH>;=C\H
?M
F;
>C@OMC\H
>?
F;
=OFNOL;
;>GCHCMNL;NCP;
?H
?F
XG<CNI

H;=CIH;F
L?ACIH;F
?
CHN?LH;=CIH;F
!?
;BZ
KO?
;
FI
F;LAI
>?
MOM

;[IM
>?
?RCMN?H=C;

B;S;
>?M;LLIFF;>I
OH
JLIAL;G;
?>CNILC;F
ILC?HN;>I
;
F;
JO<FC=;=C\H
>?
I<L;M
>?

CHP?MNCA;=C\H
KO?
=IHNLC<OS;H
;
F;
>CM=OMC\H
>?
FIM
;MOHNIM
J]<FC=IM
-IL
N;F
GINCPI
?M
J;LNC=OF;LG?HN?
M;NCM@;=NILC;
F;
JO<FC=;=C\H
>?
F;
I<L;
=IF?=NCP;


 





;
=;LAI
>?
F;
%
XG;L;
>?

!CJON;>IM
S
?F
&+-
=IIL>CH;>;
JIL
/;]F
*;LNZH?T
FG;TXH
;<?
M?[;F;L
KO?
?MN?

BDAK75FA
5A@EF;FGK7
G@3
5A@F;@G35;R@
67>
7E8G7DLA
;@F7>75FG3>
CG7
E;9@;\5R
>3
3B3D;5;R@

kB;=?
JI=I
GXM
>?
G?>CI
MCAFIk
>?
F;
I<L;
"IE60<

.K<@
12
9.
&2C<9B06L;
S
B;=?

P?CHNC=CH=I
;[IM
>?
F;
=IHM?=O?HN?
"IE60<

.K<@
12
&2C<9B06L;
;G<;M
?>CN;>;M

JIL
?F
#IH>I
>?
OFNOL;
"=IH\GC=;
?
CHN?AL;>;M
=;>;
OH;
=IH
=O;NLI
NIGIM
"F
=;G<CI
?H
F;
L?@?L?H=C;
>?F
NZNOFI
;
F;
/?PIFO=C\H
G?RC=;H;
I<?>?=?
GXM
;
=O?MNCIH?M

>?
F;
J?LNCH?H=C;
KO?
NC?H?
F;
>CM=OMC\H
S
FI
KO?
HIM
NL;HMGCN?
;
FIM
F?=NIL?M
;=NO;F?M
S



"M
FC=?H=C;>I
?H
C?H=C;M
-IFZNC=;M
S
>GCHCMNL;=C\H
-]<FC=;
JIL
F;
2+*
>IH>?
L?;FCT\
N;G<CYH

?MNO>CIM
>?

&HA?HC?LZ;
S
>?
G;?MNLZ;
?H
>GCHCMNL;=C\H

-]<FC=;
B;<C?H>I

=IH=FOC>I
M;NCM@;=NILC;G?HN?

F;M
;=NCPC>;>?M
;=;>YGC=;M
"H
F;
;>GCHCMNL;=C\H
J]<FC=;
M?
B;
>?M?GJ?[;>I
=IGI
0?=L?N;LCI
$?H?L;F
>?

$I<C?LHI
S
0?=L?N;LCI
$?H?L;F

>?F
!?J;LN;G?HNI
>?F
!CMNLCNI
#?>?L;F
!CL?=NIL
$?H?L;F
>?F
&HMNCNONI

);NCHI;G?LC=;HI
>?
F;
IGOHC=;=C\H
">O=;NCP;
&) "
2+"0 ,
!CL?=NIL
$?H?L;F
>?
*;N?LC;F?M

!C>X=NC=IM
S
OFNOL;F?M
;MZ
=IGI
;M?MIL
>?F

0?=L?N;LCI
?H
F;
0"-
%;
MC>I
!CL?=NIL
$?H?L;F
>?
/;>CI

1?F?PCMC\H
S
CH?G;NIAL;@Z;
/1 
>?
F;
0?=L?N;LZ;
>?
$I<?LH;=C\H
!CL?=NIL
$?H?L;F
>?
IGOHC=;=C\H

0I=C;F
>?F
!?J;LN;G?HNI
>?F
!CMNLCNI
#?>?L;F
>?
F;
0?=L?N;LZ;
>?
/?F;=CIH?M
"RN?LCIL?M
S
>IM
P?=?M

>?
F;
0?=L?N;LZ;
>?
">O=;=C\H
-]<FC=;
"H
?F
0?=NIL
-;L;?MN;N;F
B;
MC>I
IHM?D?LI
>?
F;M
MCAOC?HN?M

?HNC>;>?M
0CMN?G;
>?
1L;HMJILN?
IF?=NCPI
*?NLI
0?LPC=CIM
>?
1L;HMJILN?M
"FY=NLC=IM
&H>OMNLC;F
>?

<;MNIM
FG;=?H?M
J;L;
FIM
1L;<;D;>IL?M
>?F
!!#
S
0?LPC=CIM

*?NLIJIFCN;HIM


1;G<CYH
B;

J;LNC=CJ;>I
?H
FIM
IHM?DIM
>?
>GCHCMNL;=C\H
>?
+,1&*"5
"F
+;=CIH;F
&*"/
;H;F

&* &+"

-&-0
S
1")" ,*
#O?
-L?MC>?HN?
>?F
IGCNY
1Y=HC=I
>?F
#C>?C=IGCMI
>?
3CPC?H>;
S
!?M;LLIFFI

2L<;HI
#&3&!"02
S
>?F
IGCNY
1Y=HC=I
S
>?
!CMNLC<O=C\H
>?
#IH>IM
>?F
#C>?C=IGCMI
;M;
-LIJC;
"H

!&%
3E7EADR

>AE
BDA9D3?3E
67
67E57@FD3>;L35;R@
97A9DN\53
K
D78AD?3
36?;@;EFD3F;H3

;BGF36A

#?>?L;F
>?
F;
)3&
)?ACMF;NOL;


*XM
>?
>C?T
;[IM
=IGI
;=;>YGC=I
?H
F;
2+*
"H


CHC=C\
MOM
;=NCPC>;>?M
>I=?HN?M
=IGI
JLI@?MIL
?H
F;
#;=OFN;>
>?
C?H=C;M
-IFZNC=;M
S
0I=C;F?M
S
?H
F;

!CPCMC\H
M?
"MNO>CIM
>?
-IMAL;>I
>?
F;
#;=OFN;>
>?
IHN;>OLZ;
S
>GCHCMNL;=C\H
>?
F;
2+*
;MZ
=IGI

?H
?F
&+-
>IH>?
@O?
GC?G<LI
>?
MO
IHM?DI
!CL?=NCPI
>OL;HN?
M?CM
;[IM
I;ONIL
>?
FIM
FC<LIM
l!?L?=BI

S
VNC=;
>?
F;
&H@ILG;=C\Hm
l*?>CIM
>?
IGOHC=;=C\H
*YRC=I

m
S
l);
A?H>;
-IFZNC=;
"F?=NIL;F



*7]7J;A@7E
A>75F;H3EZ
6;FAD;3>
$39G@3
%OJ;5A


5FG3>?7@F7
7E
(D7E;67@F7
67>
!@EF;FGFA

+;=CIH;F
>?
>GCHCMNL;=C\H
-]<FC=;
S
3C=?JL?MC>?HN?
J;L;
F;
/?AC\H
>?
GYLC=;
);NCH;
>?F
&HMNCNONI

&HN?LH;=CIH;F
>?
C?H=C;M
>GCHCMNL;NCP;M


 Tomo I
La Economía y las Finanzas Públicas

HI
;
OH
>CMN;H=C;GC?HNI
>?
FIM
C>?;F?M
KO?
L?JL?M?HN;
!?MJOYM
>?
NI>I
;
GXM
>?
=C?H

;[IM
>?
F;
L?PIFO=C\H
G?RC=;H;
FIM
;MOHNIM
S
N?G;M
KO?
M?
>CM=ON?H
?H
?F
MCAFI
55&

B;H
=;G<C;>I
;]H
=IH
?F
L?=IHI=CGC?HNI
>?
F;
PCA?H=C;
>?
F;M
?RCA?H=C;M
ILCACH;F?M
"H
F;
?MNLO=NOL;
>?
?MN;
I<L;
;F
CAO;F
KO?
?H
F;M
?>C=CIH?M
;HN?LCIL?M
M?
B;
L?MJ?N;>I

F;
C>?;
>?
ILA;HCT;L
F;
?RJIMC=C\H
;FL?>?>IL
>?
=O;NLI
?D?M
N?GXNC=IM
KO?
MIH
;
FIM
KO?

A476757@
5363
G@A
67
>AE
FA?AE
;
>3
75A@A?P3
K
>3E
\@3@L3E
BS4>;53E
;;
>3
H;63

MI=C;F
CCC
F;
JIFZNC=;
S
F;
;>GCHCMNL;=C\H
J]<FC=;
S
CP
F;
?>O=;=C\H
S
F;
=OFNOL;
;>;
OHI
>?
FIM
NIGIM
>?
F;
I<L;
=IHNC?H?
OH
=IHDOHNI
>?
;LNZ=OFIM
;
=;LAI
>?
FIM

;ONIL?M
GXM
L?JL?M?HN;NCPIM
I
?MJ?=C;FCT;>IM
?H
F;
G;N?LC;
=IGJF?G?HN;>IM
=IH
FIM

>?
@OH=CIH;LCIM
S
JIFZNC=IM
>?
JLCG?L
HCP?F
S
JLI<;>;
NL;S?=NILC;
"H
=IHM?=O?H=C;
M?

B;
=IHMNLOC>I
OH;
J?LMJ?=NCP;
;GJFC;
S
?KOCFC<L;>;
;F
GIG?HNI
>?
;<IL>;L
=;>;
OHI

>?
FIM
N?G;M
JIL
FI
KO?
F;
?MN;GIM
;HN?
OH;
I<L;
NY=HC=;
S
?LO>CN;
;
F;
P?T
)IM
NIGIM
KO?
=IGJIH?H
?F
FC<LI
?MNXH
>CLCAC>IM
;F
J]<FC=I
;GJFCI
?H
A?H?L;F
N;HNI
;

?MJ?=C;FCMN;M
?H
=;>;
OHI
>?
FIM
N?G;M
;MZ
=IGI
;
@OH=CIH;LCIM
S
M?LPC>IL?M
J]<FC=IM

J?LI
N;G<CYH
;F
=CO>;>;HI
CHN?L?M;>I
?H
=IHI=?L
S
=IGJL?H>?L
?F
>?P?HCL
L?=C?HN?
>?F

J;ZM
;>;
OHI
>?
?MNIM
ALOJIM
N?H>LX
;FAI
HIP?>IMI
]NCF
I
MOA?L?HN?
KO?
?H=IHNL;L
;
FI

F;LAI
>?
MOM
JXACH;M
>
BD;?7D
FA?A
67
>3
A4D3
676;536A
3
>3
75A@A?P3
K
>3E
\@3@L3E
BS4>;53E
7>34AD3
G@

L?=O?HNI
>?F
LOG<I
KO?
B;
NIG;>I
?MN?
XG<CNI
N;H
@OH>;G?HN;F
?H
F;
PC>;
J]<FC=;
JIL

MOM
L?J?L=OMCIH?M
?H
F;
PC>;
CHG?>C;N;
>?
F;
A?HN?
-IL
?D?GJFI
HIM
L?=O?L>;
?F
;OA?

?=IH\GC=I
KO?
PCPC\
HO?MNLI
J;ZM
=IHI=C>I
=IGI
?F
>?M;LLIFFI
?MN;<CFCT;>IL
=OSIM

7875FAE
E7
6;E8DGF3DA@
:3EF3
\@3>7E
67
>3
6O5363
67


+7
FD3FR
67>
?A?7@FA
67
?3KAD

=L?=CGC?HNI
?=IH\GC=I
>?
@ILG;
MIMN?HC>;
KO?
B;S;
?RJ?LCG?HN;>I
HO?MNLI
J;ZM

!?
CAO;F
@ILG;
M?
;H;FCT;H
F;M
=;OM;M
>?F
CHC=CI
>?
F;M
L?=OLL?HN?M
=LCMCM
?=IH\GC=;M

3;LCIM
@;=NIL?M
FF?P;LIH
;
F;
?=IHIGZ;
G?RC=;H;
;
?MN;H=;LM?
S
;
>?=L?=?L
?HNL?
?FFIM

?MNX
F;
PIF;NCFC>;>
KO?
?RJ?LCG?HN;LIH
FIM
JL?=CIM
>?F
J?NL\F?I
S
?H
A?H?L;F
?F
?HNILHI

CHN?LH;=CIH;F
IGI
L?MJO?MN;
;
?MN;
MCNO;=C\H
N;H
;>P?LM;
M?
BCTI
CH?PCN;<F?
F;
;JFC=;=C\H
>?
G?>C>;M

?=IH\GC=;M
ILC?HN;>;M
;
>CMGCHOCL
?F
A;MNI
J]<FC=I
"M
?H
F;
>Y=;>;
>?

=O;H>I

>;
CHC=CI
>?
@ILG;
;<C?LN;
F;
;>IJ=C\H
>?
JIFZNC=;M
>?
FC<L?
G?L=;>I
KO?
GXM
N;L>?
M?

=IHI=?LZ;H
=IGI
L?@ILG;M
?MNLO=NOL;F?M
IH
?F
=;G<CI
>?
MCAFI
S
>?
J;LNC>I
?H
F;
JL?MC>?H=C;
>?
F;
/?J]<FC=;
=IG?HT\
;

?MN;<F?=?LM?
OH;
N?H>?H=C;
;
F;
;FT;
>?
FIM
JL?=CIM
>?F
J?NL\F?I
;
HCP?F
CHN?LH;=CIH;F
"MN;

MCNO;=C\H
J?LGCNC\
KO?
F;
;FN?LH;H=C;
JIFZNC=;
M?
MO;PCT;L;
JO?M
A?H?L\
OH;
=ISOHNOL;

@;PIL;<F?
J;L;
F;
L?F;=C\H
GXM
=IIJ?L;NCP;
?HNL?
?F
AI<C?LHI
#?>?L;F
S
FIM
>?
F;M
?HNC>;>?M


 Tomo I
La Economía y las Finanzas Públicas

@?>?L;NCP;M
MOMN?HN;>;
?H
?F
?R=?>?HN?
>?
L?=OLMIM
KO?
JIL
G?>CI
>?
F;M
J;LNC=CJ;=CIH?M

47@7\5;R
3
7EF36AE
K
?G@;5;B;AE


!?M;@ILNOH;>;G?HN?
?MN;
MCNO;=C\H
>?
<IH;HT;
>?
L?=OLMIM
HI
JI>Z;
>OL;L
?N?LH;G?HN?

>
EGD9;?;7@FA
67
>3
5D;E;E
;@F7D@35;A@3>
67

BDA6G5FA
67
>3
7EB75G>35;R@
\@3@5;7D3

>?
;FAOHIM
>?
FIM
JLCH=CJ;F?M
<;H=IM
>?
"MN;>IM
2HC>IM
NOPI
L?J?L=OMCIH?M
?H
NI>I
?F

GOH>I
JIL
FI
KO?
*YRC=I
HI
?M=;J\
;
MO
;F=;H=?

J;LNCL
>?
?HNIH=?M
F;
?=IHIGZ;

G?RC=;H;
B;
FO=B;>I
JIL
M;FCL
;>?F;HN?
S
L?=OJ?L;L
MOM
HCP?F?M
>?
;FNI
=L?=CGC?HNI

?=IH\GC=I
"H
?MN?
M?HNC>I
?F
L?HIP;>I
CHN?LYM
JIL
L?=OJ?L;L
F;
;A?H>;
>?
F;M
L?@ILG;M

?MNLO=NOL;F?M
JIL
J;LN?
>?F
;=NO;F
AI<C?LHI
>?F
-L?MC>?HN?
>?
F;
/?J]<FC=;
"HLCKO?
-?[;

+C?NI
M?
ILC?HN;
;
A?H?L;L
FIM
G?>CIM
KO?
J?LGCN;H
L?;=NCP;L
F;
?=IHIGZ;
"F
M?AOH>I
NIGI
>?
F;
I<L;
>?>C=;>I
;F
N?G;
>?
l);
PC>;
MI=C;Fm
>;
=O?HN;
>?
>IM

AL;H>?M
JLI=?MIM
KO?
;NL;P?M\
F;
MI=C?>;>
G?RC=;H;
;G<IM
ZHNCG;G?HN?
L?F;=CIH;>IM

(AD
G@
>36A
7EFN
7>
BDA57EA
67
GD43@;L35;R@
K
BAD
7>
AFDA
7>
67>
53?4;A
67?A9DN\5A

7

B?=BI
?H
AL;H
J;LN?
FIM
>IM
JLI=?MIM
@O?LIH
JLI>O=NI
>?
F;
CH>OMNLC;FCT;=C\H
;MI=C;>;
;F

=L?=CGC?HNI
?=IH\GC=I
KO?
?RJ?LCG?HN\
?F
J;ZM
"H
?@?=NI
?F
=L?=CGC?HNI
?=IH\GC=I
?D?L=C\
OH;
@O?LN?
JL?MC\H
?H
F;
>CHXGC=;
>?
F;

PC>;
MI=C;F
?H
HO?MNLI
J;ZM
-IL
OH
F;>I
M?HN\
F;M
<;M?M
>?
F;
OL<;HCT;=C\H
?MNI
?M

>?F
>?M;LLIFFI
S
;GJFC;=C\H
>?
F;M
=CO>;>?M
@L?HN?
;F
N?LLCNILCI
LOL;F
KO?
B;<Z;
MC>I

=;L;=N?LZMNC=I
>?
F;
G;SIL
J;LN?
>?
F;
BCMNILC;
>?
HO?MNLI
J;ZM

+I
>?<?GIM
IFPC>;L
KO?
?F
=L?=CGC?HNI
?=IH\GC=I
L?KOC?L?
>?
OH;
G;SIL
=;HNC>;>

>?
@O?LT;
>?
NL;<;DI
?H
JLCH=CJCI
M\FI
JL?I=OJ;>;
JIL
?F
PIFOG?H
F;
=O;F
JIL
I<PC;M

L;TIH?M
HI
JI>Z;
GXM
KO?
JLIP?HCL
>?F
=;GJI
J?LI
GXM
;>?F;HN?
M?
B;
L?KO?LC>I

FD343<36AD7E
53B35;F36AE
K
7\5;7@F7E

7
7EF3
8AD?3
>3
BA4>35;R@
7@
>3E
5;G6367E

;OG?HN\
=;>;
P?T
GXM
MCNO;=C\H
KO?
B;=?
H?=?M;LCI
?F
L?JF;HN?;GC?HNI
>?
F;
F\AC=;

N?LLCNILC;F
IH=L?N;G?HN?
?H
?MN?
=;MI
F;
CO>;>
>?
*YRC=I
B;
MC>I
F;
KO?
B;

?H@L?HN;>I
F;
G;SIL
=;HNC>;>
>?
N?HMCIH?M
(AD
EG
B3DF7
7>
53?4;A
67?A9DN\5A
CG7
E7
:3
97EF36A
3
>A
>3D9A
67
7EFAE
S>F;?AE

M?M?HN;
;[IM
N;G<CYH
B;
?MN;>I
G;L=;>I
N;HNI
JIL
?F
=C=FI
?=IH\GC=I
=IGI
JIL
?F

=OFNOL;F
"H
?@?=NI
?F
=L?=CGC?HNI
?=IH\GC=I
NL;DI
=IGI
=IHM?=O?H=C;
F;
=L?;=C\H

>?
NI>I
OH
MCMN?G;
>?
M;FO>
S
>?
JLIN?==C\H
MI=C;F
KO?
M?
?RJL?M\
?H
?F
MOLACGC?HNI

>?F
"MN;>I
<?H?@;=NIL
IH
?FFI
M?
BCTI
JIMC<F?
?F
;OG?HNI
?H
F;
?MJ?L;HT;
>?
PC>;

>?F
G?RC=;HI
JLIG?>CI
;MZ
=IGI
F;
L?>O==C\H
>?
F;
GILN;FC>;>
CH@;HNCF
!?
?MN;

@ILG;
MOG;>;
;
F;M
<O?H;M
?RJ?=N;NCP;M
>?
>?M;LLIFFI
JLI@?MCIH;F
F;M
@;GCFC;M
@O?LIH

=L?=C?H>I
=;>;
P?T
GXM
?H
H]G?LI
0CH
?G<;LAI
?F
=L?=CGC?HNI
?=IH\GC=I
HI
NL;DI
;J;L?D;>I
=IHMCAI
OH
>?M;LLIFFI

MI=C;F
JIL
?F
=IHNL;LCI
FI
KO?
M?
JL?M?HN\
@O?
OH;
;=?HNO;=C\H
>?
F;
>?MCAO;F>;>


 Tomo I
La Economía y las Finanzas Públicas

75A@R?;53

EF3
E;FG35;R@
E7
:;LA
?3@;\7EF3
5A@
7>
EGD9;?;7@FA
67
BDAF7EF3E
8A53>;L363E

S
GIPCFCT;=CIH?M
>?
>?M=IHN?HNI
MI=C;F
S;
M?;
>?
FIM
G;?MNLIM
FIM
GY>C=IM
I
FIM

?MNO>C;HN?M
0?
NL;N;<;
>?MJOYM
>?
NI>I
>?F
M?=NIL
G?>CI
>?
F;
JI<F;=C\H
@ILG;>;
;

J;LNCL
>?F
=L?=CGC?HNI
?=IH\GC=I
JL?PCI
KO?
=IG?HT;<;
;
P?L
?MN;H=;>;
MO
MCNO;=C\H

0CH
>O>;
L?JL?M?HN\
?F
GIG?HNI
>?
G;SIL
N?HMC\H
;F
KO?
@O?
MOD?NI
?F
MCMN?G;
JIFZNC=I
);
MCNO;=C\H
>?
F;
JI<L?T;
KO?
M?
A?MN\
;@?=N;H>I
;
GXM
>?
F;
GCN;>
>?
F;
JI<F;=C\H

>?F
J;ZM
=;>;
P?T
=IG?HT\
;
=I<L;L
G;SIL
L?F?P;H=C;
?H
F;
;A?H>;
>?
AI<C?LHI

!?M;@ILNOH;>;G?HN?
YMN;
M?
?H=IHNL;<;
=IH=?HNL;>;
?H
FIM
ALOJIM
POFH?L;<F?M

?3KAD;F3D;3?7@F7
BA4>35;R@
DGD3>
6;EB7DE3
97A9DN\53?7@F7
;@6P97@3E
?G<7D7E

36G>FAE
?3KAD7E
K
@;QAE

(AD
F3>
?AF;HA
3
\@3>7E
67>
E;9>A
00
E7
6;A
AD;97@
3>

JLIAL;G;
KO?
B;
CHMNCNO=CIH;FCT;>I
S
@I=;FCT;>I
F;
;N?H=C\H
?H
?F
=IG<;N?
;
F;
JI<L?T;

"F
-LIAL;G;
+;=CIH;F
>?
0IFC>;LC>;>
?F
-LIAL;G;
,JILNOHC>;>?M
>?MJOYM
-LIAL?M;

K
3:AD3
(DAEB7D3
:3@
E;9@;\536A
G@
;?BADF3@F7
7E8G7DLA
BAD
53?4;3D
>3
E;FG35;R@
7@

F;
KO?
PCP?
OH
;GJFCI
M?AG?HNI
>?
F;
JI<F;=C\H
?H
?MN?
J;ZM
"F
NIGI
&&&
?H
F;
J;LN?
JIFZNC=;
;H;FCT;
OHI
>?
FIM
;MJ?=NIM
GXM
?MNO>C;>IM
>?F
MCMN?G;

BA>PF;5A
?7J;53@A
67E67
\@3>7E
67>
E;9>A
B3E36A
K
>3
6O5363
CG7
>>7H3?AE
67
OEF7

?F
>?
F;
NL;HMC=C\H
>?GI=LXNC=;
);
L?F?P;H=C;
>?
F;
NL;HMC=C\H
G?RC=;H;
L;>C=;
?H
MO

53DN5F7D
B75G>;3D
CG7
E7
FD3F3
67
G@
BDA57EA
9D36G3>
67
3B7DFGD3
B35P\53
3>
B>GD3>;E?A

>?HNLI
>?
F;M
CHMNCNO=CIH?M
);
=?HNL;FC>;>
>?F
JLI=?MI
>?
F;
NL;HMC=C\H
M?
O<C=;
?H
?F

XG<CNI
?F?=NIL;F
>?
;BZ
KO?
HI
M?;
AL;NOCN;
F;
>?HIGCH;=C\H
>?
lNL;HMC=C\H
PIN;>;m
);
@?=B;
>?
CHC=CI
>?
F;
NL;HMC=C\H
>?GI=LXNC=;
?M
OH
N?G;
MOD?NI
;
>?<;N?
>?HNLI
>?
FIM

7EB75;3>;EF3E
:3K
CG;7@7E
>3
G4;53@
7@

AFDAE
7@

K
\@3>?7@F7
3>9G@AE
7@


+I
I<MN;HN?
?F
DOC=CI
>?
F;
G;SILZ;
F;
O<C=;
=IH
F;
L?@ILG;
?F?=NIL;F
>?

JIL

MO
CGJILN;H=C;
?H
F;
NL;HM@ILG;=C\H
>?F
MCMN?G;
>?
J;LNC>IM
"MN;
L?@ILG;
@O?
F;
FF;P?

KO?
J?LGCNC\
?F
;<;H>IHI
>?F
MCMN?G;
>?
J;LNC>I
B?A?G\HC=I
J;L;
?F
?MN;<F?=CGC?HNI

>?F
MCMN?G;
>?
JFOL;FCMGI
GI>?L;>I
"H
*YRC=I
N?HZ;
FOA;L
lOH
LCNO;F
?F?=NIL;F
KO?
HI
L?=IAZ;
FI
KO?
?MN;<;
J;M;H>I
?H
?M;

MI=C?>;>
OH;
CHMNCNO=CIH;FC>;>
KO?
?L;
CH=;J;T
>?
?H=;OT;L
S
L?JL?M?HN;L
F;
L?;FC>;>

>?F
J;ZMm
-IL
FI
N;HNI
F;
L?@ILG;
NOPI
?F
JLIJ\MCNI
>?
?H=;OM;L
JIL
F;
PZ;
CHMNCNO=CIH;F

;
F;M
@O?LT;M
JIFZNC=;M
?R=FOC>;M
JIL
?F
LYACG?H
JLCH=CJ;FG?HN?
ALOJIM
>?
CTKOC?L>;
"F

FZGCN?
>?
F;
MCNO;=C\H
M?
BCTI
?PC>?HN?
=IH
F;
H?A;NCP;
>?F
-+
?F
J;LNC>I
>?
IJIMC=C\H

>?
G;SIL
@O?LT;
>?
JL?M?HN;LM?
;
F;M
?F?==CIH?M
JL?MC>?H=C;F?M
>?

>?D;H>I

=IHN?H>?L
MIFI
;
'IMY
)\J?T
-ILNCFFI




-;L;
OH;
CHN?LJL?N;=C\H
>?
FIM
>CP?LMIM
;MJ?=NIM
KO?
=;L;=N?LCT;H
F;
NL;HMC=C\H
>?GI=LXNC=;
P?L
'IMY

4IF>?H<?LA
l);
NL;HMC=C\H
>?GI=LXNC=;
G?RC=;H;
M?CM
N?MCMm
?H
"HLCKO?
0OXL?T
r[CAO?T
=IIL>

;3<>B2@
@</?2
9.
12:<0?.06.
*YRC=I
*CAO?F
qHA?F
-ILL];
# -S0
2+*
 



T/612:
JJ

 

 Tomo I
La Economía y las Finanzas Públicas

);
CHN?LJL?N;=C\H
=IGJ;LNC>;
?M
?HNIH=?M
KO?
F;
L?@ILG;
>?

@O?
F;
KO?
J?LGCNC\

F;
;J?LNOL;
;
F;
JFOL;FC>;>
JIFZNC=;
?H
?F
MCMN?G;
>?
J;LNC>IM
MC?H>I
F;
M?GCFF;
>?F

MCMN?G;
GOFNCJ;LNC>CMN;
KO?
BIS
N?H?GIM
2H
I<D?NCPI
=?HNL;F
KO?
M?
JO?>?
CH@?LCL
?L;
?F
>?
?PCN;L
F;
N?H>?H=C;
B;=C;
?F

<CJ;LNC>CMGI
KO?
M?
?MN;<;
@ILD;H>I
?HNL?
?F
-/&
S
?F
-+

J;LNCL
>?
?HNIH=?M
M?
CHC=C\

OH;
MO=?MC\H
>?
L?@ILG;M
?F?=NIL;F?M
ILC?HN;>;M
;F
G?DIL;GC?HNI
>?
F;
L?JL?M?HN;=C\H

JIFZNC=;
;MZ
=IGI
?H
F;
F?A;FC>;>
S
?KOC>;>
>?F
JLI=?MI
?F?=NIL;F
"H

>;
=IGC?HTI
OH;
HO?P;
>CHXGC=;
>?
F;
PC>;
JIFZNC=;
?H
?F
J;ZM
FIM
AI<C?LHIM

>CPC>C>IM
"H
?@?=NI
>?M>?
?HNIH=?M
HCHA]H
J;LNC>I
>?F
-L?MC>?HN?
B;
=IHN;>I
=IH
F;

?3KADP3
53>;\5363
B3D3
3H3@L3D
EG
397@63
67
D78AD?3E
E;FG35;R@
CG7
>AE
:3
A4>;936A

;
F;
H?AI=C;=C\H
=IH
INL;M
@O?LT;M
JIFZNC=;M
"H
?MN?
M?HNC>I
KOCTX
?F
G;SIL
?M@O?LTI
>?
;=O?L>I
JIFZNC=I
B;MN;
;BIL;
B;
MC>I
?F

-;=NI
JIL
*YRC=I
;F
KO?
M?
FF?A\
=IH
?F
CHC=CI
>?F
;=NO;F
-L?MC>?HN?
0?
NL;N\
>?
OH

=IGJLIGCMI
JIFZNC=I
>?
JLCG?L
HCP?F
?HNL?
FIM
JLCH=CJ;F?M
J;LNC>IM
KO?
J?LGCNC\
F;

3BDA435;R@
67
>3E
D78AD?3E
7EFDG5FGD3>7E
CG7
7EF343@
B7@6;7@F7E
67E67
\@3>7E
67>
E;9>A

J;M;>I
>
FA?A
!.
E7
D7\7D7
F3?4;O@
3
F7?3E
57@FD3>7E
>3
76G535;R@
K
>3
5G>FGD3

+;@
6G63

>3
?7<AD
8AD?3
67
7@8D7@F3D
>AE
67E38PAE
67
G@
B3PE
5D;E;E
75A@R?;53E
5A@];5FAE

MI=C;F?M
LC?MAIM
H;NOL;F?M
;P;H=?
N?=HIF\AC=I
?M
;
NL;PYM
>?
OH;
MI=C?>;>
=IH

G;SIL?M
AL;>IM
>?
?>O=;=C\H
J;L;
JLIJIH?L
L?MJO?MN;M
<;M;>;M
?H
?F
=IHI=CGC?HNI

);
?>O=;=C\H
A?H?L;
5A@\3@L3
7@
>3E
97@7D35;A@7E
BD7E7@F7E
K
H7@;67D3E
?AF;H3
7>

=;G<CI
>?
J;L;>CAG;M
S
GO?P?
F;
=IH=C?H=C;
>?F
CH>CPC>OI
S
F;
=IF?=NCPC>;>
+O?MNL;

L?;FC>;>
HI
?MNX
M?AG?HN;>;
?H
?FF;
=IHPCP?H
FIM
JLI=?MIM
?=IH\GC=IM
JIFZNC=IM

MI=C;F?M
S
=OFNOL;F?M
?H
OH
?HNL;G;>I
=IGJF?DI
KO?
L?=F;G;
HO?MNL;
CHN?FCA?H=C;
J;L;

5A?BD7@67D>AE
K
EA>G5;A@3D
>AE
5A@];5FAE
CG7
E7
97@7D7@
;@7>G6;4>7?7@F7
7@
G@

MCMN?G;
PCPI
KO?
M?
CHN?LL?F;=CIH;
;F
CHN?LCIL
S
;F
?RN?LCIL
"MN;
I<L;
PC?H?
;
=IFG;L
OH
P;=ZI
?H
NYLGCHIM
>?
BCMNILC;
=IHN?GJILXH?;
-IL
N;F

GINCPI
?MN;GIM
M?AOLIM
>?
KO?
?H
MO
=IHDOHNI
;MZ
=IGI
?H
FI
J;LNC=OF;L
=;>;
OHI

>?
FIM
NIGIM
M?
=IHP?LNCLX
?H
G;N?LC;F
I<FCA;>I
>?
=IHMOFN;
?H
F;
CHP?MNCA;=C\H

?MJ?=C;FCT;>;
L?@?L?H=C;
CH?FO>C<F?
?H
F;M
;OF;M
>?
OHCP?LMC>;>?M
J?LI
KO?
N;G<CYH

JI>LX
M?L
=IHMOFN;>;
JIL
;M?MIL?M
=IHMOFNIL?M
I
JIL
FIM
GCMGIM
JIFZNC=IM
AL;>?T=I
F;M
<LCFF;HN?M
=IHNLC<O=CIH?M
>?
F;
=IGOHC>;>
&+-
FIM
IHM?D?LIM
>?

%IHIL
FIM
;MI=C;>IM
S
;=;>YGC=IM
KO?
HI
JI>Z;H
@;FN;L
?H
?MN;
I<L;
KO?
?HA;F;H;

HO?MNLIM

;[IM
>?
PC>;
!?M>?
FO?AI
B;AI
?RN?HMCPI
?F
;AL;>?=CGC?HNI
;
FIM

;=;>YGC=IM
>?
INL;M
CHMNCNO=CIH?M
?>O=;NCP;M
FIM
@OH=CIH;LCIM
J]<FC=IM
KO?
;
J?M;L
>?

>3E
;@F7@E3E
F3D73E
CG7
6747@
5G?B>;D
E7
63@
F;7?BA
B3D3
5A?B3DF;D
EGE
D7]7J;A@7E
K

J?HM;GC?HNI
0CH
>O>;
F;M
J?LMJ?=NCP;M
>?
FIM
F?ACMF;>IL?M
>;H
PC>;
;
F;
>CM=OMC\H
>?

?MNIM
N?G;M
N;H
L?F?P;HN?M
J;L;
F;
PC>;
H;=CIH;F


 Tomo I
La Economía y las Finanzas Públicas
+I
JO?>?
>;LM?
GIG?HNI
GXM
J?LNCH?HN?
J;L;
F;
;J;LC=C\H
>?
F;
JL?M?HN?
I<L;
=IF?=NCP;

KO?
?F
=IHN?RNI
H;=CIH;F
G;L=;>I
JIL
F;
L?@ILG;
S
NL;HM@ILG;=C\H
JLI@OH>;
>?
F;M

CHMNCNO=CIH?M
J]<FC=;M
6
HIM
=IGJF;=?
J;LNC=OF;LG?HN?
KO?
M;FA;
;
F;
FOT
=IGI

JLI>O=NI
>?
F;
=IF;<IL;=C\H
=IH
F;
%
XG;L;
>?
!CJON;>IM
?H
?F
;[I
>?
=?F?<L;=C\H

>?F
M?M?HN;
;HCP?LM;LCI
>?F
&+-


 Tomo I
La Economía y las Finanzas Públicas

/"#,/*/

*V5& ,
-/
,*-/1&/
)
-/,0-"/&!!

qHA?F
$OLLZ;

&+1/,!2 &s+
"HNL?
 
S
 
*YRC=I
JLIGIPC\
S
;JLI<\
?F
J;KO?N?
>?
L?@ILG;M
GXM
CGJILN;HN?

>?
MO
BCMNILC;
GI>?LH;
);M
L?@ILG;M
KO?
?F
$I<C?LHI
>?F
-L?MC>?HN?
-?[;
+C?NI

CGJOFM\
G?>C;HN?
?F
-;=NI
JIL
*YRC=I
S;
B;H
=IG?HT;>I
;
>;L
MOM
JLCG?LIM
@LONIM

$3
D78AD?3
>34AD3>
:3
]7J;4;>;L36A
67
8AD?3
E;9@;\53F;H3
>3
5A@FD3F35;R@
835;>;F3@6A

?F
;==?MI
;F
G?L=;>I
F;<IL;F
@ILG;F
@ILN;F?=C?H>I
F;
;JFC=;=C\H
>?
F;
DOMNC=C;
F;<IL;F

S
JLIGIPC?H>I
F;
CH=FOMC\H
>?
F;M
GOD?L?M
S
>?
FIM
D\P?H?M
;F
G?L=;>I
F;<IL;F
F;

D78AD?3
67
>AE
3?B3DAE
:3
6AF36A
67
?3KAD
7CG;636
K
]G;67L
3>
E;EF7?3
<GDP6;5A
:3

JLIGIPC>I
F;
;>IJ=C\H
>?
OH
=\>CAI
J?H;F
H;=CIH;F
S
B;
M?HN;>I
F;M
<;M?M
J;L;
F;

=L?;=C\H
>?
OH
ILA;HCMGI
;HNC=ILLOJ=C\H
F;
L?@ILG;
?>O=;NCP;
B;
?MN;<F?=C>I
HILG;M

GXM
=F;L;M
S
MCMN?G;M
>?
?P;FO;=C\H
J;L;
FIM
G;?MNLIM
S
F;M
?M=O?F;M
GC?HNL;M
KO?
F;

D78AD?3
\E53>
:3
D78ADL36A
>3
7\5;7@5;3
67>
E;EF7?3
FD;4GF3D;A
K
7>7H36A
7>
5A7\5;7@F7

67
D753G635;R@
\E53>


'FDAE
53?4;AE
67EF3536AE
:3@
E;6A
>3E
?A6;\535;A@7E
7@
?3F7D;3
67
5A?B7F7@5;3

7@
>3
75A@A?P3
7@
EG
5A@<G@FA
5A@
D78AD?3E
7@
>AE
E75FAD7E
\@3@5;7DA
67

N?F?=IGOHC=;=CIH?M
S
?H?LAYNC=I
kFIM
=O;F?M
B;H
MC>I
FC<?L;FCT;>IM
NL;M
?MN;L
GO=BI

NC?GJI
=?LL;>IM
;
F;
=IGJ?N?H=C;k
S
=IH
G?>C>;M
KO?
B;H
@ILN;F?=C>I
F;M
@;=OFN;>?M

>?
FIM
ILA;HCMGIM
L?AOF;>IL?M
-IL
]FNCGI
F;
L?@ILG;
JIFZNC=;
B;
B?=BI
JIMC<F?
F;

L??F?==C\H
>?
F?ACMF;>IL?M
FI
=O;F
>?<?LZ;
=IH@?LCLF?M
OH;
J?LMJ?=NCP;
N?GJIL;F
GXM

;GJFC;
?H
?F
?D?L=C=CI
>?
F;
JIFZNC=;
1I>IM
?MNIM
=;G<CIM
B;H
=IHP?LNC>I
;
*YRC=I
?H

?F
J;ZM
GXM
L?@ILG;>IL
>?
F;
, !"




0?=L?N;LCI
$?H?L;F
>?
F;
,LA;HCT;=C\H
J;L;
F;
IIJ?L;=C\H
S
?F
!?M;LLIFFI
"=IH\GC=IM
, !"
>?M>?

DOHCI
>?
 
"H
*YRC=I
@O?
0?=L?N;LCI
>?
/?F;=CIH?M
"RN?LCIL?M
>?
>C=C?G<L?
>?

;
?H?LI
>?


!?

;
>C=C?G<L?
>?

@O?
0?=L?N;LCI
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
)C=?H=C;>I
?H
"=IHIGZ;
JIL

F;
2+*
G;?MNLZ;
?H

2HCP?LMC>;>
>?
)??>M
?H
$L;H
L?N;[;
S
JIMAL;>I
?H
F;
2HCP?LMC>;>
>?
%;LP;L>

S
F;
2HCP?LMC>;>
>?F
0OL
>?
;FC@ILHC;
?H
"MN;>IM
2HC>IM


 Tomo I
La Economía y las Finanzas Públicas

$/q#& 


)
 1&3&!!
/"#,/*&01
"+
*V5& ,
"0
)
*q0
&+1"+0

"+
)
, !"
-/,-,/ &s+
!"
/" ,*"+! &,+"0
!"
)
, !"
.2"
!"/&3/,+
"+

 &,+"0
&*-,/1+1"0
"+
 
















 "
  

  

  !

+IN;
)IM
?G?LA?HN?M
, !"
CH=FOS?H
;
BCF?
"MNIHC;
%OHALZ;
*YRC=I
-IFIHC;
S
1OLKOZ;
"OLIJ;
>?F

0OL
CH=FOS?
;
$L?=C;
&N;FC;
-ILNOA;F
S
"MJ;[;
#O?HN?
," !
 
@AB16<@
20<;L:60<@
12
9.
$
"IE60<


," !
-O<FCMBCHA
J


+;
4;7@
7EFAE
EA@
3H3@57E
?GK
>A34>7E
7>
47@7\5;A
BAF7@5;3>
67
>3E
D78AD?3E
7E
3S@

GXM
AL;H>?
>?J?H>C?H>I
?H
AL;H
G?>C>;
>?
F;
G;H?L;
?H
=IGI
M?
CGJF?G?HN?H
0C

M?
CGJF?G?HN;H
=ILL?=N;G?HN?
F;
, !"
?MNCG;
KO?
F;M
L?@ILG;M
JI>LZ;H
;OG?HN;L

?F
=L?=CGC?HNI
N?H>?H=C;F
>?F
-&
J?L
=XJCN;
B;MN;
?H
OH
JOHNI
JIL=?HNO;F
;F
;[I

>OL;HN?
F;
JL\RCG;
>Y=;>;
MCGCMGI
F;
;J?LNOL;
;
F;
=IGJ?N?H=C;
>?
M?=NIL?M
;HN?M

JLIN?AC>IM
JI>LZ;
=IHNLC<OCL
;
CH=L?G?HN;L
F;
JLI>O=NCPC>;>
S
F;
CHP?LMC\H
;MZ
=IGI
;

@;=CFCN;L
F;
?RJ;HMC\H
>?
F;
=OIN;
>?
G?L=;>I
>?
F;M
?GJL?M;M
GXM
JLI>O=NCP;M
"MN;M

L?@ILG;M
JI>LZ;H
CAO;FG?HN?
>CMGCHOCL
F;
>?MCAO;F>;>
G?>C;HN?
F;
;GJFC;=C\H
>?
F;M

NL;HM@?L?H=C;M
S
JL?MN;=CIH?M
MI=C;F?M
?F
;OG?HNI
>?
F;M
IJILNOHC>;>?M
L?MOFN;>I
>?

G?DIL?M
HCP?F?M
?>O=;NCPIM
S
F;
J;LNC=CJ;=C\H
?H
FIM
M?=NIL?M
@ILG;F?M
>?
F;
?=IHIGZ;

!?<?GIM
MCH
?G<;LAI
M?L
JLO>?HN?M
?H
HO?MNL;M
?RJ?=N;NCP;M
!CP?LMIM
AI<C?LHIM
?H

>Y=;>;M
;HN?LCIL?M
B;H
CHN?HN;>I
B;=?L
@L?HN?
;
?MNIM
>?M;@ZIM
JIL
G?>CI
>?
>CMNCHN;M

CHC=C;NCP;M
=OSIM
JLI=?MIM
F?ACMF;NCPIM
HI
@O?LIH
=IGJF?N;>IM
I
@O?LIH
J;L=C;FG?HN?

L?P?LNC>;M
>OL;HN?
MO
CGJF?G?HN;=C\H
CGJC>C?H>I
=IH
?FFI
I<N?H?L
FIM
L?MOFN;>IM

?MJ?L;>IM
;
J?M;L
>?
KO?
?F
JLI=?MI
L?@ILGCMN;
?H
=OLMI
S;
B;
=IHM?AOC>I
;P;H=?M

MOMN;H=C;F?M
=IH
<O?H;
J;LN?
>?
F;
F?ACMF;=C\H
M?=OH>;LC;
;JLI<;>;
*YRC=I
N?H>LX


 Tomo I
La Economía y las Finanzas Públicas

KO?
B;=?L
OH
?M@O?LTI
?RNL;IL>CH;LCI
J;L;
;M?AOL;L
F;
=;<;F
CGJF?G?HN;=C\H
>?
?MN;M

L?@ILG;M
-;L;
?FFI
M?LX
CH>CMJ?HM;<F?
JIN?H=C;L
F;
=;J;=C>;>
>?
A?MNC\H
;>GCHCMNL;NCP;

S
L?AOF;NILC;
?H
FIM
>CMNCHNIM
HCP?F?M
>?
AI<C?LHI
B;=?L
@L?HN?
;
FIM
L?NIM
>?
NL;HMJ;L?H=C;

CHN?ALC>;>
S
FO=B;
=IHNL;
F;
=ILLOJ=C\H
?
CGJOHC>;>
S
;M?AOL;L
KO?
?F
MCMN?G;
DO>C=C;F

@IG?HN?
?F
=OGJFCGC?HNI
?
CHN?LJL?N;=C\H
I<D?NCP;
>?
F;M
>?=CMCIH?M
L?AOF;NILC;M

)
0"$2+!
,)
!"
/"#,/*0
-;L;
FIAL;L
OH;
CGJF?G?HN;=C\H
?@?=NCP;
>?
F;M
L?@ILG;M
?MNLO=NOL;F?M
>?
FIM
J;M;>IM

NL?M
;[IM
?F
$I<C?LHI
>?
*YRC=I
H?=?MCN;LX
JLIGIP?L
OH;
M?AOH>;
@;M?
>?
L?@ILG;M

KO?
J?LGCN;
MOJ?L;L
;FAOHIM
INLIM
I<MNX=OFIM
?MNLO=NOL;F?M
S
@IG?HN;L
OH
;=?L=;GC?HNI

;]H
G;SIL
;
G?DIL?M
JLX=NC=;M
>?
F;
, !"

$3
'
:3
;67@F;\536A
G@
5A@<G@FA
67
ND73E
7@
6A@67
E7
D7CG;7D7
;?BG>E3D
@G7H3E

L?@ILG;M
"F
>CM?[I
S
F;
CGJF?G?HN;=C\H
>?
HO?P;M
L?@ILG;M
>?
@IH>I
?H
?MNIM
=;GJIM

JO?>?
;SO>;L
;
CH=L?G?HN;L
?F
=L?=CGC?HNI
JIN?H=C;F
;HO;F
?H

JOHNI
;>C=CIH;F
;MZ

=IGI
=IHNLC<OCL
;
L?>O=CL
F;M
>?MCAO;F>;>?M
KO?
N;HNI
>;[I
B;=?H
;
HO?MNLI
J;ZM

#,/1)" &*&"+1,
!")
"01!,
!"
!"/" %,
(3D3
A4F7@7D
47@7\5;A
B>7@A
67
>3E
D78AD?3E
7EFDG5FGD3>7E
7?BD7@6;63E
BAD
7>
9A4;7D@A

;@5D7?7@F3D
>3
BDA6G5F;H;636
K
?A6;\53D
@G7EFD3
5G>FGD3
75A@R?;53
E7
D7CG7D;DN@

CHMNCNO=CIH?M
DO>C=C;F?M
GXM
@O?LN?M
KO?
JLIGO?P;H
?F
=OGJFCGC?HNI
>?F
G;L=I
F?A;F
S

E73@
53B357E
67
EA>G5;A@3D
>;F;9;AE
67
?3@7D3
7875F;H3
DN\53



 Tomo I
La Economía y las Finanzas Públicas

$/q#& 


")
-"$,
)
"01!,
!"
!"/" %,
"0
/")1&3*"+1"
!V&)
)
)0&#&  &s+
!")
"01!,
!"
!"/" %,
"+
*V5& ,
"0
'
r+!& "
!"

*q0
'


*q0
)1
 

#O?HN?
," !
 
<=
06A
J

=IH
>;NIM
>?
(52
+<?91
B@A602
%?<720A
 
QQQQILF>DOMNC=?JLID?=NILA

0?LX
H?=?M;LCI
@ILN;F?=?L
FIM
\LA;HIM
DO>C=C;F?M
=IHMIFC>;L
?F
JLCH=CJCI
>?
F?A;FC>;>

;<IL>;L
FIM
JLI<F?G;M
>?
M?AOLC>;>
J]<FC=;
S
JL?P?HCL
F;
=ILLOJ=C\H
=IH
G?>C>;M

6;D;9;63E
3
?7<AD3D
>3
7\535;3
67
>AE
FD;4G@3>7E
7@
>3
D7EA>G5;R@
67
3EG@FAE
5;H;>7E

G?L=;HNCF?M
S
J?H;F?M
-;L;
@ILN;F?=?L
?F
=L?=CGC?HNI
S
G;N?LC;FCT;L
F;M
L?@ILG;M

?MNLO=NOL;F?M
M?LX
H?=?M;LCI
=IHN;L
=IH
\LA;HIM
DO>C=C;F?M
GXM
=;J;=?M
>?
B;=?L
=OGJFCL

F;M
F?S?M
S
L?AF;G?HNIM
S
L?MIFP?L
FCNCACIM
"RCMN?
OH
;GJFCI
G;LA?H
J;L;
?F?P;L
F;
=;FC>;>

>?F
MCMN?G;
DO>C=C;F
S
@;=CFCN;L
F;
?D?=O=C\H
>?
FIM
=IHNL;NIM
S
FIM
JLI=?>CGC?HNIM
>?

CHMIFP?H=C;
S
KOC?<L;
FI
=O;F
J?LGCNCLZ;
OH
=L?=CGC?HNI
GXM
>CHXGC=I
>?
F;M
?GJL?M;M
S

JLIGIP?LZ;
G?DIL;M
?H
F;
JLI>O=NCPC>;>
);
>?<CFC>;>
>?F
MCMN?G;
DO>C=C;F
J?H;F
JLIJC=C;
F;
=ILLOJ=C\H
MC
<C?H
?MNI
I<?>?=?

7@
B3DF7
3
>3
;@7\5;7@5;3
67>
BDAB;A
E;EF7?3
>793>
F3?4;O@
7E
5A@E75G7@5;3
67
AFD3E

>?<CFC>;>?M
CHMNCNO=CIH;F?M
-IL
?FFI
?M
OLA?HN?
KO?
?F
HO?PI
ILA;HCMGI
>?
FO=B;
=IHNL;

F;
=ILLOJ=C\H
?GJC?=?
;
;=NO;L
?H
FIM
XG<CNIM
@?>?L;F
S
?MN;N;F
);
=ILLOJ=C\H
@IG?HN;

N;G<CYH
>CP?LM;M
;=NCPC>;>?M
CF?A;F?M
N;F?M
=IGI
?F
CH=OGJFCGC?HNI
>?
F;
HILG;NCP;

NLC<ON;LC;
S
>?
F;M
I<FCA;=CIH?M
KO?
CGJIH?
F;
L?AOF;=C\H
S
F;
?=IHIGZ;
CH@ILG;F
FI

=O;F
;
MO
P?T
L?J?L=ON?
H?A;NCP;G?HN?
?H
F;
JLI>O=NCPC>;>
-;L;
MOJ?L;L
?M;
MCNO;=C\H

M?LX
H?=?M;LCI
@;=CFCN;L
KO?
F;M
?GJL?M;M
JO?>;H
CH=ILJIL;LM?
;
F;
?=IHIGZ;
@ILG;F
N;F

5A?A
BD7HO@
>AE
BDA9D3?3E
67
>3
D78AD?3
\E53>





+IN;
"F
rH>C=?
>?
"MN;>I
>?
!?L?=BI
>?F
4ILF>
'OMNC=?
-LID?=N
4'-
/OF?
I@
);Q
&H>?R
?M
OH;

B?LL;GC?HN;
>?
?P;FO;=C\H
=O;HNCN;NCP;
>CM?[;>;
J;L;
I@L?=?L
OH
J;HIL;G;
>?F
AL;>I
?H
KO?
FIM
J;ZM?M
M?

;J?A;H
;F
"MN;>I
>?
!?L?=BI
?H
F;
JLX=NC=;

 Tomo I
La Economía y las Finanzas Públicas

*"',/
/"$2)1,/&

B7E3D
67
>3
3B7DFGD3
7@
E75FAD7E
8G@63?7@F3>7E
5A?A
7>
7@7D9OF;5A
\@3@5;7DA

I
>?
N?F?=IGOHC=;=CIH?M
?F
>CH;GCMGI
>?
F;
?=IHIGZ;
G?RC=;H;
MCAO?
PCYH>IM?

A4EF35G>;L36A
BAD
D79G>35;A@7E
7J57E;H3E
A
;@@757E3D;3E
9DN\53


$/q#& 

)
/"$2) &s+
$"+"/)
!")
*"/ !,
0&$2"

0&"+!,
/"01/& 1&3
"0 )
!")
r+!& "
!"


!"
)
*"+,0
/"01/& 1&3


)
*q0
/"01/& 1&3



#!%$
 "$&'$













 











 















 


















 







#O?HN?
," !
 
<=
06A
J


]H
MO<MCMN?
OH
AL;H
H]G?LI
>?
L?KOCMCNIM
S
HILG;M
?H
FI
L?F;NCPI
;
F;
=L?;=C\H
>?

?GJL?M;M
S
;F
>?M;LLIFFI
>?
MOM
;=NCPC>;>?M
?H
?F
XG<CNI
?MN;N;F
S
FI=;F
);
IGCMC\H

#?>?L;F
>?
*?DIL;
/?AOF;NILC;
 ,#"*"/
B;
;P;HT;>I
GO=BI
?H
?F
;HXFCMCM
S

E;?B>;\535;R@
67
>3E
@AD?3E
8767D3>7E

+;@
7?43D9A
>3E
?76;63E
67EF;@363E
3
E;?B>;\53D

>3E
@AD?3F;H3E
7EF3F3>7E
K
>A53>7E
:3@
7@8D7@F36A
6;\5G>F367E
5A@E;67D34>7E
CG7
A4>;93@

3
D7]7J;A@3D
EA4D7
CGO
F;BA
67
;@57@F;HAE
E7
BG767@
A8D757D
3
>AE
9A4;7D@AE
>A53>7E
3
\@

>?
KO?
L?>OT=;H
S
?P?HNO;FG?HN?
>?M;J;L?T=;H
F;M
L?AOF;=CIH?M
?R=?MCP;M
?
CHH?=?M;LC;M

0?LX
;>?GXM
CH>CMJ?HM;<F?
G?DIL;L
F;
=;J;=C>;>
>?
HOG?LIMIM
ILA;HCMGIM
S

9A4;7D@AE
>A53>7E
K
7EF3F3>7E
3
\@
67
3E79GD3D
>3
5A:7D7@5;3
7@
>3
;?B>7?7@F35;R@
67

>3E
BA>PF;53E

(3D3
7>>A
E7DN
@757E3D;A
;@F7@E;\53D
>3
8AD?35;R@
K
BDA?AH7D
>3
53>;636

>?
FIM
@OH=CIH;LCIM
FI=;F?M
=IH
CH=?HNCPIM
=F;LIM
KO?
JL?GC?H
?F
<O?H
AI<C?LHI
S

=;MNCAO?H
F;
=ILLOJ=C\H


 Tomo I
La Economía y las Finanzas Públicas

/"#,/*
$/r ,)

);
;ALC=OFNOL;
?M
INL;
XL?;
J?H>C?HN?
>?
OH;
L?@ILG;
>?
@IH>I
OHKO?
?F
M?=NIL

?GJF?;
;F

>?
F;
JI<F;=C\H
;=NCP;
M\FI
L?JL?M?HN;
?F

>?F
-&
2HI
>?
MOM

JLI<F?G;M
JLCH=CJ;F?M
L;>C=;
NI>;PZ;
?H
FIM
I<MNX=OFIM
;
F;
NL;HMGCMC\H
>?
F;
JLIJC?>;>

?DC>;F
KO?
L?JL?M?HN;
F;
GCN;>
>?F
N?LLCNILCI
>?
*YRC=I
"F
MCMN?G;
>?
>?L?=BIM
>?

JLIJC?>;>
>?
?M;M
NC?LL;M
JLIGO?P?
?F
GCHC@OH>CMGI
S
FCGCN;
F;M
?=IHIGZ;M
>?
?M=;F;

OHKO?
F;
L?@ILG;
=IHMNCNO=CIH;F
>?

J?LGCNC\
F;
NL;HMGCMC\H
>?
?MN;M
J;L=?F;M

?H
GXM
>?
>IM
>Y=;>;M
M\FI
?F

>?
F;
NC?LL;
B;
J;M;>I
;
JLIJC?>;>
JLCP;>;
IH

7>
\@
67
3E79GD3D
G@
GEA
?NE
BDA6G5F;HA
67
>3
F;7DD3
6747DP3
7EFG6;3DE7
>3
BAE;4;>;636

67
E;?B>;\53D
67
?3@7D3
E;9@;\53F;H3
7>
BDA57EA
67
D79;EFDA
K
FD3@E?;E;R@

@
7875FA

FIM
>;NIM
GO?MNL;H
KO?
F;M
NL;HMGCMCIH?M
>?
NC?LL;
JO?>?H
=L?;L
CH=?HNCPIM
J;L;
F;

CHP?LMC\H
?
CGJOFM;L
MOMN;H=C;FG?HN?
F;
JLI>O=NCPC>;>
;ALZ=IF;
-IL
INL;
J;LN?
>?<?H
L?=IHMC>?L;LM?
FIM
MO<MC>CIM
;ALZ=IF;M
OHKO?
?F
HCP?F
A?H?L;F

>?
;SO>;M
;F
JLI>O=NIL
?M
<;DI
?H
*YRC=I
?MNX
ILC?HN;>I
B;=C;
?F
;JISI
;
FIM
CHMOGIM

>A
5G3>
F;7@67
3
47@7\5;3D
3
>AE
39D;5G>FAD7E
67
?3KAD7E
D75GDEAE

$3
'
7EFN
67

35G7D6A
5A@
>3
;@F7@5;R@
67>
A4;7D@A
67
%OJ;5A
7JBD7E363
3
\@3>7E
67
 
B3D3

J;M;L
>?
OH
LYACG?H
>?
MO<MC>CIM
;
INLI
>?
CH=?HNCPIM
JLI>O=NCPIM
;MZ
=IGI
J;L;

>C@?L?H=C;L
F;
;ALC=OFNOL;
>?
MO<MCMN?H=C;
>?
F;
;ALC=OFNOL;
=IG?L=C;F
"MN;M
CHC=C;NCP;M

BA6DP3@
5A?B>7?7@F3DE7
5A@
BDA9D3?3E
67
\@3@5;3?;7@FA
5A>75F;HA
3
B7CG7QAE

;ALC=OFNIL?M
F;
?FCGCH;=C\H
AL;>O;F
>?
FIM
MO<MC>CIM
J;L;
?F
<IG<?I
>?
;AO;
S

=IG<OMNC<F?
S
F;
=IHMC>?L;=C\H
>?
;JISIM
>CL?=NIM
;
FIM
CHAL?MIM
LOL;F?M

,*1"

)
!"0&$2)!!
2HI
>?
FIM
AL;H>?M
CGJ?>CG?HNIM
J;L;
M;=;LF?
?F
G;SIL
JLIP?=BI
;
F;M
L?@ILG;M
MIH

F;M
?HILG?M
>?MCAO;F>;>?M
KO?
?RCMN?H
?H
*YRC=I
>IH>?
?F
CHAL?MI
>?F
 
GXM

LC=I
?M

P?=?M
G;SIL
KO?
?F
>?F
 
GXM
JI<L?
?H
=IGJ;L;=C\H
=IH

P?=?M
?H

JLIG?>CI
?H
F;
, !"
"MNO>CIM
L?=C?HN?M
>?
F;
, !"
L?P?F;H
KO?
F;M
>?MCAO;F>;>?M

7@
7>
;@9D7EA
F;7@7@
G@
;?B35FA
@793F;HA
K
7EF36PEF;53?7@F7
E;9@;\53F;HA
EA4D7
7>

=L?=CGC?HNI
;
G?>C;HI
JF;TI
!?
;=O?L>I
=IH
?MNCG;=CIH?M
>?
F;
, !"
?F
;OG?HNI

?H
F;
>?MCAO;F>;>
F?
L?MN\
;
*YRC=I

JOHNIM
JIL=?HNO;F?M
>?
=L?=CGC?HNI
;=OGOF;>I

?HNL?

S
  
0C
<C?H
GO=B;M
>?
F;M
L?@ILG;M
;JLI<;>;M
JO?>?H
N?H?L
OH
CGJ;=NI




," !
 
@AB16<@
20<;L:60<@
12
9.
$
"IE60<


," !
-O<FCMBCHA
J




T/61
J




," !
 
"
(
#(&
-
''
"%) (-
"7('
 
*;S
 
J




," !
 
<0B@
<;
;2>B.96AF
.;1
?<DA5
P
202:/2?


J


 Tomo I
La Economía y las Finanzas Públicas

CGJILN;HN?
MI<L?
F;
>CMGCHO=C\H
>?
F;
>?MCAO;F>;>
KO?>;
NI>;PZ;
OH
F;LAI
=;GCHI
JIL

>?F;HN?
J;L;
=IHMIFC>;L
OH
*YRC=I
GXM
CH=FOS?HN?
?H
?F
KO?
FIM
@LONIM
>?F
=L?=CGC?HNI

E73@
3?B>;3?7@F7
5A?B3DF;6AE
DN\53E





$/q#& 


)
*,3&)&!!
0, &)
"+
*V5& ,
"0
'



"+7/5

"+.;/<
98,;/<
1/7/;+7
2348<
98,;/<







"+7/5

"+.;/<
;3-8<
1/7/;+7
2348<
;3-8<







";8,+,353.+.
./
-+/;
/7
/5
:>37=35


";8,+,353.+.
./
-+/;
/7
/5
:>37=35


70/;38;


$/1>7.8


/.38



>+;=8


$>9/;38;






70/;38;




$/1>7.8

/.38



>+;=8


$>9/;38;

#O?HN?
," !
 
<=
06A
J
 
=IH
>;NIM
>?
," !
 
<DN@
!632
"2.@B?6;4
+299/26;4

$
%B/96@56;4

>
A4;7D@A
67
%OJ;5A
K3
:3
;@FDA6G5;6A
D78AD?3E
E;9@;\53F;H3E
AD;7@F363E
3
6;E?;@G;D

F;
>?MCAO;F>;>
G?DIL;L
F;
=;FC>;>
S
?F
;==?MI
;
F;
?>O=;=C\H
@IG?HN;L
F;
CHN?AL;=C\H
?H

F;
?=IHIGZ;
@ILG;F
S
GCNCA;L
F;
JI<L?T;
"MN;M
JIFZNC=;M
M?
<;M;H
?H
JLIAL;G;M
=IGI

?F
JF;H
>?
NL;HM@?L?H=C;M
GIH?N;LC;M
=IH>C=CIH;>;M
;HN?M
>?HIGCH;>I
-/,$/"0
S

BIS
FF;G;>I
-/,0-"/
>?
G;SIL
;GJFCNO>

"F
-;H?F

GO?MNL;
F;
>CMNLC<O=C\H
>?
FIM
M;F;LCIM
>?
FIM
BCDIM
=OSIM
J;>L?M
NC?H?H
L?GOH?L;=CIH?M
KO?



FIM
O<C=;H
?H
F;
J;LN?
CH@?LCIL
>?
F;
>CMNLC<O=C\H
>?F
CHAL?MI
"F
-;H?F

GO?MNL;
F;
>CMNLC<O=C\H
>?
FIM

M;F;LCIM
>?
FIM
BCDIM
=OSIM
J;>L?M
NC?H?H
L?GOH?L;=CIH?M
KO?
FIM
O<C=;H
?H
F;
J;LN?
MOJ?LCIL
>?F
CHAL?MI

 Tomo I
La Economía y las Finanzas Públicas

$/q#& 


's3"+"0
!"
#*&)&0
!"
)1,0
&+$/"0,0
1&"+"+
*q0

-/,&)&!!
!"
2/0/
"012!&,0
2+&3"/0&1/&,0
.2"
's3"+"0

!"
#*&)&0
!"
',0
&+$/"0,0
10
+"1
!"
*1/& 2) &s+
-,/
.2&+1&)
!"
&+$/"0,0

"+
-,/ "+1'"
 










  

 
  
 

  

  

  

  



G7@F7
+$

3@5A
%G@6;3>
 
3E7
67
63FAE
EA5;A75A@R?;53
B3D3
?OD;53
$3F;@3
K
7>

;LC<?

"H
FI
MO=?MCPI
MCH
?G<;LAI
M?LX
CH>CMJ?HM;<F?
KO?
FIM
JLIAL;G;M
JLIJO?MNIM
JIL
?F

AI<C?LHI
J;L;
I@L?=?L
J?HMCIH?M
OHCP?LM;F?M
S
M?AOLI
>?
>?M?GJF?I
M?;H
JO?MNIM
?H

?3D5:3
3
>3
?3KAD
4D7H7636
BAE;4>7
3
\@
67
?7<AD3D
>3
BDAF755;R@
5A@FD3
>3E
BOD6;63E

>?
CHAL?MIM
S
JLIGIP?L
OH
=L?=CGC?HNI
GXM
CH=FOS?HN?
-IL
MOJO?MNI
B;<LX
MC?GJL?

CG7
5A@E;67D3D
7>
;?B35FA
7@
>3E
\@3@L3E
BS4>;53E

@
?3F7D;3
67
3557EA
3
E7DH;5;AE

67
E3>G6
7>
+79GDA
(ABG>3D
:3
E;9@;\536A
G@
3H3@57
EGEF3@5;3>
:35;3
>3
5A47DFGD3

OHCP?LM;F
MCH
?G<;LAI
HI
NI>;M
F;M
@;GCFC;M
NC?H?H
;==?MI
;
OH;
;N?H=C\H
M;HCN;LC;

67
53>;636

+;
4;7@
:357D
8D7@F7
3
7EF7
6O\5;F
67
53>;636
;?B>;53DP3
7>7H3D
7>
93EFA

E3@;F3D;A
7J;EF7
FA63HP3
G@
3?B>;A
?3D97@
B3D3
?7<AD3D
>3
7\5;7@5;3
67>
E;EF7?3
35FG3>

S
A?H?L;L
;BILLIM
KO?
=IGJ?HM?H
>C=BI
;OG?HNI


 Tomo I
La Economía y las Finanzas Públicas

)
, !"
-2"!"
62!/
);
, !"
S;
?MNX
;SO>;H>I
;
*YRC=I
;
>CM?[;L
FIM
=;G<CIM
H?=?M;LCIM
?H
;FAOH;M

67
7EF3E
ND73E
K
BG767
:357D
?NE

@
>A
CG7
E7
D7\7D7
3>
8ADF3>75;?;7@FA
67>
EF36A

>?
!?L?=BI
B?GIM
F;HT;H>I
OH;
HO?P;
=IIJ?L;=C\H
=IH
?F
$I<C?LHI
>?F
-L?MC>?HN?

-?[;
+C?NI
KO?
<OM=;
?P;FO;L
?F
HCP?F
>?
POFH?L;<CFC>;>
;
F;
=ILLOJ=C\H
?H
XL?;M

=F;P?
>?F
M?=NIL
J]<FC=I
?H
*YRC=I
S
>I=OG?HN;L
F;M
G?DIL?M
JLX=NC=;M
>?
FIM
J;ZM?M

>?
F;
, !"
J;L;
B;=?LF?
@L?HN?
;
?MN?
>?M;@ZI
1;G<CYH
?MN;GIM
?RJFIL;H>I
HO?P;M

PZ;M
>?
=IF;<IL;=C\H
KO?
J?LGCN;H
G?DIL;L
S
GIHCNIL?;L
?F
>?M?GJ?[I
>?F
MCMN?G;
>?

DOMNC=C;
S
M?AOLC>;>
S
=IHNLC<OCL
;
FIM
I<D?NCPIM
>?F
L?=CYH
=L?;>I
0CMN?G;
+;=CIH;F

HNC=ILLOJ=C\H


"H
G;N?LC;
>?
G?DIL;
L?AOF;NILC;
S
=IGJ?NCNCPC>;>
B?GIM
?MN;<F?=C>I
OH
;=O?L>I
=IH

F;
0?=L?N;LZ;
>?
"=IHIGZ;
J;L;
G?>CL
?F
>?M?GJ?[I
L?AOF;NILCI
>?
FIM
"MN;>IM
>?

F;
#?>?L;=C\H
@ILN;F?=?L
F;M
CHMNCNO=CIH?M
>?
F;
JIFZNC=;
L?AOF;NILC;
;
HCP?F
?MN;N;F
S

FI=;F
S
;H;FCT;L
F;M
G?DIL?M
JLX=NC=;M
CHN?LH;=CIH;F?M
MI<L?
?F
>CM?[I
CHMNCNO=CIH;F
S

F;
IJ?L;=C\H
>?
FIM
ILA;HCMGIM
L?AOF;>IL?M
"MN?
JLIS?=NI
CH=FOS?
OH;
;A?H>;
J;L;
?F

@IG?HNI
>?
F;
=IGJ?N?H=C;
?=IH\GC=;
;
NI>IM
FIM
HCP?F?M

);
, !"
N;G<CYH
?MNX
;JIS;H>I
;
*YRC=I
J;L;
KO?
=IGI
=IGJF?G?HNI
;
F;
L?@ILG;

?H?LAYNC=;
CH=L?G?HN?
MOM
CHP?LMCIH?M
?H
CH@L;?MNLO=NOL;
>?
?H?LAZ;
FCGJC;
"H

G;N?LC;
>?
>?MCAO;F>;>
?MN;GIM
=IF;<IL;H>I
=IH
F;
0?=L?N;LZ;
>?F
1L;<;DI
S
-L?PCMC\H

0I=C;F
S
=IH
F;
,LA;HCT;=C\H
&HN?LH;=CIH;F
>?F
1L;<;DI
?H
?F
JLIS?=NI
l IHMNLOS?H>I

!?M;LLIFFI
"GJF?I
S
1L;<;DI
!CAHI
?H
BC;J;M
$O?LL?LI
S
,;R;=;m
KO?
<OM=;

JIH?L
?H
G;L=B;
OH;
M?LC?
>?
;==CIH?M
=IHDOHN;M
?H
G;N?LC;
>?
JLI>O=NCPC>;>
S

NL;<;DI
>?=?HN?
@ILG;=C\H
>O;F
J;L;
D\P?H?M
>?M;LLIFFI
>?
=IGJ?N?H=C;M
NL;<;DI

CH@;HNCF
?
CHN?AL;=C\H
>?
NL;<;D;>IL?M
GCAL;HN?M
NI>I
=IH
?F
JLIJ\MCNI
>?
L?>O=CL

E;9@;\53F;H3?7@F7
>3
BA4D7L3
K
8A?7@F3D
7>
5D75;?;7@FA
;@5>GK7@F7


MCGCMGI
F;
, !"
?MNX
=IHNLC<OS?H>I
;
KO?
*YRC=I
@ILN;F?T=;
MOM
?MNL;N?AC;M
J;L;

CGJOFM;L
F;
JLI>O=NCPC>;>
S
F;
CHHIP;=C\H
JIL
G?>CI
>?
G?DIL;M
?H
F;M
=IGJ?N?H=C;M

>?
F;
JI<F;=C\H
S;
KO?
?F
J;ZM
NC?H?
OH
HCP?F
>?
CHP?LMC\H
J]<FC=;
S
JLCP;>;
?H

CHP?MNCA;=C\H
S
>?M;LLIFFI
?HNL?
=O;NLI
S
=CH=I
P?=?M
JIL
>?<;DI
>?F
>?
F;
, !"
?

CH=FOMCP?
CH@?LCIL
;F
>?
FIM
/& 0
L;MCF
/OMC;
&H>C;
BCH;
0O>X@LC=;





);M
?GCMCIH?M
>?
,
?H
*YRC=I
=L?=C?LIH
>?
G;H?L;
=IHMC>?L;<F?
>OL;HN?
F;M
]FNCG;M
>IM
>Y=;>;M
;F

;OG?HN;L
=?L=;
>?
OH
N?L=CI
?HNL?

S
  
0CH
?G<;LAI
L?@ILG;M
L?=C?HN?M
CH=FOS?H
>CMJIMC=CIH?M

7EB75P\53E
AD;7@F363E
3
7>;?;@3D
>AE
A4EFN5G>AE
B3D3
>3
36AB5;R@
67
7@7D9P3E
D7@AH34>7E
K
3
5A@E;67D3D

7>
GEA
67
57DF;\536AE
H7D67E
K
>3
36AB5;R@
67
>79;E>35;R@
7EB75P\53
B3D3
>3
BDA?A5;R@
67>
GEA
67
7@7D9P3

97AFOD?;53

$3
D75;7@F7
D78AD?3
\E53>
F3?4;O@
BD7E7DHR
7>
EG4E;6;A
B3D3
>3
676G55;R@
357>7D363
67
>3E

CHP?LMCIH?M
?H
A?H?L;=C\H
>?
?H?LAZ;
=IH
@O?HN?M
L?HIP;<F?M
"H
, !"
 
@AB16<@
20<;L:60<@
12

9.
$
"IE60<


=




, !"
 
%<9JA60.@
=.?.
<:2;A.?
9.@
./6961.12@
F
<;<06:62;A<@
12
9<@
"2E60.;<@
=.?.
9.

%?<1B0A6C61.1
F
9.
;;<C.06L;
0?LC?
b*?DIL?M
-IFZNC=;Mb
*;SI
 
J


 Tomo I
La Economía y las Finanzas Públicas

,+ )20&s+
*YRC=I
B;
>;>I
OH
J;MI
GOS
CGJILN;HN?
;F
;JLI<;L
OH
J;KO?N?
CHN?AL;F
>?
L?@ILG;M

KO?
>?
CGJF?G?HN;LM?
=ILL?=N;G?HN?
JLIGIP?LX
OH
=L?=CGC?HNI
GXM
CH=FOS?HN?

MIMN?HC<F?
S
MOMN?HN;<F?
>?
F;
?=IHIGZ;
G?RC=;H;
0CH
?G<;LAI
FIM
L?MOFN;>IM

>?J?H>?LXH
>?F
M?AOCGC?HNI
?
CGJF?G?HN;=C\H
>?
F;M
L?@ILG;M
;MZ
=IGI
>?
F;

=;J;=C>;>
;>GCHCMNL;NCP;
S
>?
CGJ;LNC=C\H
>?
DOMNC=C;
>?F
J;ZM

-IL
?FFI
L?@ILG;M
=IGJF?G?HN;LC;M
?H
FIM
MCMN?G;M
DO>C=C;F
L?AOF;NILCI
S
>?

NL;HM@?L?H=C;M
MI=C;F?M
JI>LZ;H
A?H?L;L
CGJILN;HN?M
;P;H=?M
?H
?F
HCP?F
>?
PC>;
>?
FIM

G?RC=;HIM
G?>C;HN?
F;
>CMGCHO=C\H
>?
FIM
HCP?F?M
>?
>?MCAO;F>;>
S
>?
CH@ILG;FC>;>

);
, !"
?MNX
FCMN;
J;L;
M?AOCL
NL;<;D;H>I
=IH
*YRC=I
J;L;
JLIGIP?L
G?DIL?M
JIFZNC=;M

J;L;
OH;
PC>;
G?DIL


 Tomo I
La Economía y las Finanzas Públicas

),0
t)1&*,0

W,0
!"
-,)r1& 
*,+"1/&
6
")

--")
!")
+ ,
!"
*V5& ,
AOMNZH
;LMN?HM
;LMN?HM

/"02*"+

)IM
]FNCGIM

;[IM
=O<L?H
>CP?LMIM
?JCMI>CIM
?H
FIM
KO?
JL?P;F?=C?LIH
>CMNCHNIM

L?AZG?H?M
GIH?N;LCIM
?H
*YRC=I
!OL;HN?
FIM
JLCG?LIM

;[IM
KO?
;<;L=;
?F
?MNO>CI

 
3

;?B7D3DA@
7ECG7?3E
67
F;BA
67
53?4;A
\<A
A
D79P?7@7E
7@
>AE
5G3>7E

M?
JL?>?N?LGCH;<;
F;
J;LC>;>
=;G<C;LC;
0?
<OM=;<;
KO?
?F
NCJI
>?
=;G<CI
@OH=CIH;L;

5A?A
3@5>3
@A?;@3>
67
>3
75A@A?P3
>A
CG7
D7CG7DP3
BA>PF;53E
\E53>7E
K
?A@7F3D;3E

=IHALO?HN?M
=IH
?F
LYACG?H
=;G<C;LCI
CGJ?L;HN?
+I
I<MN;HN?
BO<I
J?LCI>IM
?H

>AE
CG7
7>
3@5A
7@FD3>
7@8D7@FR
E7D;3E
6;\5G>F367E
B3D3
?3@F7@7D
G@
7@FAD@A
67

?MN;<CFC>;>
>?
JL?=CIM
!C=BIM
J?LCI>IM
=ICH=C>C?LIH
=IH
?F
>?M;LLIFFI
>?
AL;H>?M




AOMNZH
$OCFF?LGI
;LMN?HM
;LMN?HM
H;=C\
?F

>?
DOHCI
>?

?H
F;
CO>;>
>?
*YRC=I
O?HN;

=IH
OH;
G;?MNLZ;

S
OH
>I=NIL;>I

?H
"=IHIGZ;
JIL
F;
2HCP?LMC>;>
>?
BC=;AI


"MNO>C\
F;
FC=?H=C;NOL;
?H
"=IHIGZ;
?H
?F
&HMNCNONI
1?=HIF\AC=I
ON\HIGI
>?
*YRC=I
&1*
>?
>IH>?

E7
9D36GR
5A@
?7@5;R@
:A@ADP\53
7@


>
6A5FAD
3DEF7@E
;@;5;R
EG
53DD7D3
7@

7@
7>
3@5A
67

*YRC=I
?H
>IH>?
I=OJ\
>CP?LMIM
=;LAIM
?H
F;
>CPCMC\H
CHN?LH;=CIH;F
>?F
<;H=I
=?HNL;F
?H
F;
OHC>;>
>?

;@H7EF;935;R@
75A@R?;53
K
7@
>3
A\5;@3
67>
A47D@36AD

7

3

8G@9;R
5A?A
6;D75FAD
7<75GF;HA

?H
?F
#IH>I
*IH?N;LCI
&HN?LH;=CIH;F
#*&
CHMNCNO=C\H
?H
F;
KO?
L?JL?M?HN\
FIM
CHN?L?M?M
>?
"MJ;[;

*YRC=I
?HNLI;GYLC=;
S
3?H?TO?F;
"F
>I=NIL
;LMN?HM
@O?
MO<M?=L?N;LCI
>?F
L;GI
?H
F;
0?=L?N;LZ;
>?

%;=C?H>;
S
LY>CNI
-]<FC=I
0% -
>?
>C=C?G<L?
>?

;
;AIMNI
>?
 
@?=B;
?H
F;
KO?
M?
CH=ILJIL\

;F
#IH>I
*IH?N;LCI
&HN?LH;=CIH;F
=IGI
MO<>CL?=NIL
A?L?HN?
?H
>IH>?
M?
BCTI
=;LAI
>?
F;
L?F;=C\H
>?F

#IH>I
=IH
;JLIRCG;>;G?HN?

J;ZM?M
GC?G<LIM
"F

>?
>C=C?G<L?
>?
 
?F
-L?MC>?HN?
;F>?L\H
FI

HIG<L\
M?=L?N;LCI
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
JO?MNI
KO?
I=OJ\
B;MN;
?F

>?
>C=C?G<L?
>?
 

0C?H>I
M?=L?N;LCI
>?
%;=C?H>;
?F
>I=NIL
;LMN?HM
M?
>?M?GJ?[\
N;G<CYH
=IGI
JL?MC>?HN?
>?F
IGCNY
>?

!?M;LLIFFI
>?F
#*&
S
>?F
;H=I
*OH>C;F
>?
G;LTI
>?
 
;
I=NO<L?
 
"F

>?
>C=C?G<L?
>?
 
@O?

JLIJO?MNI
JIL
?F
-L?MC>?HN?
;F>?L\H
=IGI
HO?PI
CHN?AL;HN?
>?
F;
'OHN;
>?
$I<C?LHI
>?F
;H=I
>?
*YRC=I

-@3
H7L
D3F;\5363
6;5:3
67E;9@35;R@
BAD
7>
+7@36A
67
>3
*7BS4>;53
7>

67
6;5;7?4D7
8G7
@A?4D36A

AI<?LH;>IL
>?F
;H=I
>?
*YRC=I
J;L;
?F
J?LCI>I
>?F

>?
?H?LI
>?
 
;F

>?
>C=C?G<L?
>?F
 

!?M>?
 
?M
GC?G<LI
>?F
$LOJI
!CL?=NIL
0N??LCHA
IGGCNN??
>?F
IHM?DI
>?
"MN;<CFC>;>
#CH;H=C?L;

#0
JIL
MOM
MCAF;M
?H
CHAFYM
"F

>?
?H?LI
>?
 
?F
IHM?DI
>?
>GCHCMNL;=C\H
>?F
;H=I
>?
-;AIM

&HN?LH;=CIH;F?M
&0
JIL
MOM
MCAF;M
?H
CHAFYM
?FCAC\
;F
>I=NIL
;LMN?HM
=IGI
HO?PI
CHN?AL;HN?
>?
>C=BI

IHM?DI

J;LNCL
>?F

>?
DOFCI
>?
 
JL?MC>?
?F
IGCNY
"=IH\GC=I
IHMOFNCPI
"=IHIGC=
IHMOFN;NCP?

IOH=CF
" 
S
F;
/?OHC\H
>?
F;
"=IHIGZ;
*OH>C;F
$FI<;F
"=IHIGS
*??NCHA
$"*
>?F
;H=I

>?
-;AIM
&HN?LH;=CIH;F?M
;HE
@IL
&HN?LH;NCIH;F
0?NNF?G?HNM
&0
;G<IM
?H=IG?H>;>IM
>?
FF?P;L
;

=;<I
F;M
N;L?;M
>?
=IIL>CH;=C\H
S
=IIJ?L;=C\H
?HNL?
<;H=IM
=?HNL;F?M
?H
JLI
>?
F;
?MN;<CFC>;>
GIH?N;LC;

K
\@3@5;7D3
9>A43>

>

67
874D7DA
67
 
8G7
7>79;6A
BAD
>AE
?;7?4DAE
67>
A?;FO
%A@7F3D;A
K

#CH;H=C?LI
&HN?LH;=CIH;F
 *#&
?F
\LA;HI
L?=NIL
>?
F;M
JIFZNC=;M
>?F
#IH>I
*IH?N;LCI
&HN?LH;=CIH;F

#*&
-L?MC>?HN?
>?F
IGCNY
J;L;
OH
J?LCI>I
>?
NL?M
;[IM
;
J;LNCL
>?F

>?
G;LTI
>?
 

 Tomo I
La Economía y las Finanzas Públicas

67E43>3@57E
?35DA75A@R?;5AE
CG7
6;7DA@
>G93D
3
BD7E;A@7E
EA4D7
>3
;@]35;R@
K
3

5D75;7@F7E
6O\5;FE
7@
5G7@F3
5ADD;7@F7

,3>7E
67E43>3@57E
67E7?4A53DA@
7@
5D;E;E
67

<;F;HT;M
>?
J;AIM
S
?H
?F
=IF;JMI
>?F
LYACG?H
=;G<C;LCI
(AEF7D;AD?7@F7
3
B3DF;D
67
>3
5D;E;E
\@3@5;7D3
K
43@53D;3
67

E7
36ABFR
G@
DO9;?7@

67
F;BA
67
53?4;A
]7J;4>7

E;?;E?A
7D3
@757E3D;3
G@3
@G7H3
3@5>3
@A?;@3>
B3D3

F;
?=IHIGZ;
S
F;
JIFZNC=;
GIH?N;LC;
?H@I=;>;
?H
F;
?MN;<CFC>;>
>?
JL?=CIM
B;<LZ;
>?

>?M?GJ?[;L
>C=B;
@OH=C\H
"H
OH
JLCG?L
GIG?HNI
?H
G?>CI
>?
F;
=LCMCM
>?

M?

?MN;<F?=C?LIH
I<D?NCPIM
CHN?LG?>CIM
J;L;
;AL?A;>IM
GIH?N;LCIM
+I
I<MN;HN?
=IH@ILG?

E7
3H3@LR
7@
>3
7EF34;>;L35;R@
67
>3
75A@A?P3
K
7@
7>
5A@FDA>
67
>3
;@]35;R@
E7
8G7

63@6A
G@3
FD3@E;5;R@
:35;3
G@
7ECG7?3
67
A4<7F;HAE
67
;@]35;R@

;5:A
7ECG7?3

<G@FA
5A@
BA>PF;53E
\E53>7E
BDG67@F7E
K
G@
8ADF3>75;?;7@FA
67
>3
D79G>35;R@
\@3@5;7D3

=I;>SOP\
;
;P;HT;L
?H
F;
=L?;=C\H
>?
OH
?HNILHI
>?
?MN;<CFC>;>
>?
JL?=CIM
2H
@;=NIL

KO?
BCTI
JIMC<F?
FI
;HN?LCIL
@O?
?F
=;G<CI
?H
?F
G;L=I
CHMNCNO=CIH;F
>?F
&HMNCNONI
?HNL;F

;F
=O;F
?H

M?
F?
B;<Z;
INILA;>I
;ONIHIGZ;
S
;MCAH;>I
=IGI
I<D?NCPI
JLCILCN;LCI
F;

?MN;<CFC>;>
>?F
JI>?L
;>KOCMCNCPI
>?
F;
GIH?>;
H;=CIH;F

J;LNCL
>?F
;HXFCMCM
>?
F;
JIFZNC=;
GIH?N;LC;
>OL;HN?
FIM
]FNCGIM

;[IM
?H
*YRC=I

?M
JIMC<F?
?RNL;?L
;FAOH;M
F?==CIH?M
0I<L?M;F?
F;
CGJILN;H=C;
KO?
J;L;
F;
JIFZNC=;

GIH?N;LC;
NC?H?H
C
F;
?F?==C\H
>?F
LYACG?H
=;G<C;LCI
CC
F;
;ONIHIGZ;
S
G;H>;NI
>?F

3@5A
7@FD3>
;;;
?3@F7@7D
G@3
BA>PF;53
\E53>
EAEF7@;4>7
K
;H
G@
E;EF7?3
\@3@5;7DA

M;HI
@
BD;?7D
FOD?;@A
>3
7>755;R@
67>
3DD79>A
53?4;3D;A
3875F3
7>
3>53@57
K
]7J;4;>;636

>?F
L?MNI
>?
F;M
JIFZNC=;M
G;=LI?=IH\GC=;M
"H
JLCH=CJCI
GC?HNL;M
G?HIL
M?;
F;

]7J;4;>;636
53?4;3D;3
?3KAD
7E
>3
D;9;67L
CG7
E7
;?BA@7
3>
D7EFA
67
>3E
BA>PF;53E

G;=LI?=IH\GC=;M
CH=FOC>;
F;
GIH?N;LC;
!;>;
F;
LCAC>?T
KO?
CGJIH?H
L?AZG?H?M
>?

?M?
NCJI
YMNIM
M?
;>IJN;LIH
=IGI
OH
G?=;HCMGI
>?
=IGJLIGCMI
KO?
?H
F;
G?>C>;
?H

KO?
@O?L;H
=L?Z<F?M
JI>Z;H
=IHMNCNOCLM?
?H
;H=F;
HIGCH;F
>?
F;
?=IHIGZ;
+I
I<MN;HN?

;HN?
F;
@ILG;=C\H
>?
>?M<;F;H=?M
G;=LI?=IH\GC=IM
?H
>CP?LM;M
I=;MCIH?M
L?MOFN\

MOG;G?HN?
=IGJFC=;>;
F;
>?@?HM;
>?
F;
J;LC>;>
=;G<C;LC;
JIL
FI
KO?
?F
LYACG?H

\@3>?7@F7
5A>3BE343


"H
M?AOH>I
NYLGCHI
?F
=;MI
>?
*YRC=I
CFOMNL;
F;
CGJILN;H=C;
KO?
F;
;ONIHIGZ;
S
OH

G;H>;NI
>?
?MN;<CFC>;>
>?
JL?=CIM
NC?H?H
J;L;
KO?
F;
=IH>O==C\H
>?
F;
JIFZNC=;
GIH?N;LC;

"H
>CP?LM;M
I=;MCIH?M
F;M
>?=CMCIH?M
>?
JIFZNC=;
GIH?N;LC;
?MNOPC?LIH
@O?LN?G?HN?

;@]G7@5;363E
BAD
9A4;7D@AE
CG7
>>7H3DA@
3
534A
BA>PF;53E
\E53>7E
7JB3@E;H3E
CG7

8G7DA@
7@
B3DF7
\@3@5;363E
?76;3@F7
7?;E;R@
67
6;@7DA

!@H3D;34>7?7@F7
7>
D7EG>F36A

\@3>
8G7
G@3
;@]35;R@
7>7H363
K
G@3
;?BADF3@F7
BOD6;63
67
4;7@7EF3D

@
7EF7
E7@F;6A

BG767
3\D?3DE7
CG7
>3
D78AD?3
5A@EF;FG5;A@3>
CG7
AFAD9R
3GFA@A?P3
>793>
3>
3@5A
67

*YRC=I
S
;MCAH\
=IGI
I<D?NCPI
JLCILCN;LCI
F;
JLI=OL;=C\H
>?
F;
?MN;<CFC>;>
>?F
JI>?L


 Tomo I
La Economía y las Finanzas Públicas

;>KOCMCNCPI
>?
F;
GIH?>;
H;=CIH;F
B;
MC>I
OH;
>?
F;M
L?@ILG;M
?MNLO=NOL;F?M
GXM

?RCNIM;M
S
>?
G;SIL
NL;M=?H>?H=C;
J;L;
F;
?=IHIGZ;
>?F
J;ZM
;@3>?7@F7
>3
7JB7D;7@5;3
67
%OJ;5A
?G7EFD3
CG7
>3E
5D;E;E
\@3@5;7D3E
K
43@53D;3E

F;7@7@
G@
5AEFA
67
5A@E;67D35;R@
EA4D7
7>
4;7@7EF3D
67
>3
BA4>35;R@

$3
5D;E;E
\@3@5;7D3

>?

M?
=IG<CH\
=IH
OH;
=LCMCM
<;H=;LC;
KO?
L?KOCLC\
>?
JLIAL;G;M
>?
;JISI
;

>3
43@53
@35;A@3>
\@3@5;36AE
5A@
D75GDEAE
\E53>7E

;5:AE
BDA9D3?3E
7H;F3DA@
G@3

5ADD;63
CG7
:G4;7D3
E;9@;\536A
7>
5A>3BEA
67>
E;EF7?3
43@53D;A
K
G@3
D757E;R@
67

G;SIL?M
JLIJIL=CIH?M
+I
I<MN;HN?
?F
=IMNI
>?F
L?M=;N?
N?LGCH\
MC?H>I
;<MIL<C>I
JIL

>AE
5A@FD;4GK7@F7E

>>A
BGEA
67
?3@;\7EFA
CG7
B3D3
7H;F3D
5D;E;E
E;?;>3D7E
7@
7>
8GFGDA

7D3
;@6;EB7@E34>7
8ADF3>757D
>3
D79G>35;R@
K
EGB7DH;E;R@
67>
E;EF7?3
\@3@5;7DA

&+1/,!2 &s+
"F
JL?M?HN?
=;JZNOFI
;H;FCT;
F;
?PIFO=C\H
>?
F;
JIFZNC=;
GIH?N;LC;
>?F
;H=I
>?
*YRC=I

;
FI
F;LAI
>?
FIM
]FNCGIM

;[IM
"F
J?LCI>I
>?
;HXFCMCM
=O<L?
>CP?LMIM
?JCMI>CIM
?H
FIM

KO?
JL?P;F?=C?LIH
>CMNCHNIM
L?AZG?H?M
GIH?N;LCIM
"H
NYLGCHIM
A?H?L;F?M
>OL;HN?
FIM

JLCG?LIM

;[IM
KO?
;<;L=;
?F
?MNO>CI

;

CGJ?L;LIH
?MKO?G;M
>?
NCJI
>?

53?4;A
\<A
A
D79P?7@7E
7@
>AE
5G3>7E
E7
BD767F7D?;@343
>3
B3D;636
53?4;3D;3

E
675;D

M?
<OM=;<;
KO?
?F
NCJI
>?
=;G<CI
@OH=CIH;L;
=IGI
;H=F;
HIGCH;F
>?
F;
?=IHIGZ;
S

?H
JLCH=CJCI
F;
JIFZNC=;
GIH?N;LC;
N?HZ;
KO?
M?L
=IHALO?HN?
=IH
?F
?MKO?G;
=;G<C;LCI

H;97@F7

(AEF7D;AD?7@F7
3
B3DF;D
67
>3
5D;E;E
\@3@5;7D3
K
43@53D;3
67

E7
36ABFR
G@

DO9;?7@
67
F;BA
67
53?4;A
]7J;4>7
K
>3
BA>PF;53
?A@7F3D;3
7@8A5363
7@
>3
7EF34;>;636

>?
JL?=CIM
M?
=IHPCLNC\
?H
;H=F;
HIGCH;F
>?
F;
?=IHIGZ;
MCGCMGI
M?
FF?P\
;
=;<I

OH
=;G<CI
CGJILN;HN?
?H
?F
G;L=I
CHMNCNO=CIH;F
>?F
&HMNCNONI
?HNL;F
;F
=O;F
?H


M?
F?
INILA\
;ONIHIGZ;
S
M?
F?
;MCAH\
=IGI
I<D?NCPI
JLCILCN;LCI
F;
?MN;<CFC>;>
>?F
JI>?L

;>KOCMCNCPI
>?
F;
GIH?>;
H;=CIH;F
;DI
?MN;M
=IH>C=CIH?M
M?
=IG?HT\
;
NL;HMCN;L

:35;3
G@
7ECG7?3
67
A4<7F;HAE
67
;@]35;R@

;5:A
7ECG7?3
<G@FA
5A@
>3
6;E5;B>;@3

\E53>
K
7>
8ADF3>75;?;7@FA
67
>3
D79G>35;R@
\@3@5;7D3
B7D?;F;R
3H3@L3D
7@
>3
5D735;R@

67
G@
7@FAD@A
67
;@]35;R@
43<3
K
7EF34>7
7@
%OJ;5A

"MN?
=;JZNOFI
M?
?MNLO=NOL;
=IGI
MCAO?
);
M?==C\H

;H;FCT;
?F
J?LCI>I
>?


3

7@
7>
5G3>
BD7H3>75;7DA@
D79P?7@7E
67
F;BA
67
53?4;A
\<A
A
7@
>AE
CG7
E7

JL?>?N?LGCH;<;
F;
J;LC>;>
=;G<C;LC;
);
M?==C\H

?MNO>C;
?F
J?LCI>I
>?

;
 

7@
7>
5G3>
E7
36ABFR
K
?3@FGHA
G@
DO9;?7@
67
]7J;4;>;636
53?4;3D;3
S
F;
JIFZNC=;

GIH?N;LC;
@OH=CIH\
=IGI
;H=F;
HIGCH;F
>?
F;
?=IHIGZ;
);
M?==C\H

?RNL;?
;FAOH;M

F?==CIH?M
;
J;LNCL
>?
F;
?PIFO=C\H
>?
F;
JIFZNC=;
GIH?N;LC;
>OL;HN?
FIM
]FNCGIM

;[IM

"H
J;LNC=OF;L
>?MN;=;
F;
CGJILN;H=C;
KO?
J;L;
F;
JIFZNC=;
GIH?N;LC;
NC?H?H
C
F;
?F?==C\H

>?F
;LL?AFI
=;G<C;LCI
CC
F;
;ONIHIGZ;
S
G;H>;NI
>?F
;H=I
?HNL;F
CCC
G;HN?H?L
OH;

BA>PF;53
\E53>
EAEF7@;4>7
K
;H
G@
E;EF7?3
\@3@5;7DA
E3@A


 Tomo I
La Economía y las Finanzas Públicas

1&-,
!"
*&,
,*,
+ )
+,*&+)
!"
)
" ,+,*r




FI
F;LAI
>?
?MNIM
;[IM
M?
JLI=OL\
KO?
?F
NCJI
>?
=;G<CI
@OH=CIH;L;
=IGI
;H=F;

@A?;@3>
67
>3
75A@A?P3
>A
CG7
D7CG7DP3
BA>PF;53E
\E53>7E
K
?A@7F3D;3E
5A@9DG7@F7E

=IH
?F
LYACG?H
=;G<C;LCI
CGJ?L;HN?
+I
I<MN;HN?
BO<I
J?LCI>IM
?H
FIM
KO?
?F
;H=I

7@FD3>
7@8D7@FR
E7D;3E
6;\5G>F367E
B3D3
?3@F7@7D
G@
7@FAD@A
67
;@]35;R@
43<3
K

?MN;<F?
!C=BIM
J?LCI>IM
=ICH=C>C?LIH
=IH
?F
>?M;LLIFFI
>?
AL;H>?M
>?M<;F;H=?M

?35DA75A@R?;5AE
CG7
6;7DA@
>G93D
3
BD7E;A@7E
EA4D7
>3
;@]35;\H
S
3
5D75;7@F7E
6O\5;FE

7@
5G7@F3
5ADD;7@F7
9DN\53
!

@
3>9G@3E
A53E;A@7E
6;5:AE
67E43>3@57E
A47675;7DA@

3
BA>PF;53E
\E53>7E
7JB3@E;H3E
?;7@FD3E
CG7
7@
AFD3E
A53E;A@7E
E7
3FD;4GK7DA@
3>

=IGJILN;GC?HNI
>?F
M?=NIL
JLCP;>I
"H
NI>IM
FIM
=;MIM
>?M?G<I=;LIH
?H
=LCMCM
>?

<;F;HT;M
>?
J;AIM
S
?H
?F
=IF;JMI
>?F
LYACG?H
=;G<C;LCI
-;L;
;H;FCT;L
FI
;HN?LCIL
?F

J?LCI>I
>?
?MNO>CI
M?
>CPC>?
?H
NL?M
MO<
J?LCI>IM
C
!?P;FO;=C\H
>?

S
>?M;LLIFFI

7EF34;>;L36AD
;;
5D75;?;7@FA
43E36A
7@
BA>PF;53E
\E53>7E
7JB3@E;H3E
K
;;;
5D;E;E
67
>3

>?O>;
?RN?LH;
S
JLIAL;G;M
>?
?MN;<CFCT;=C\H

$/q#& 
&









 



 























 
 

 
















 Tomo I
La Economía y las Finanzas Públicas

!"3)2 &s+
!"

6
!"0//,)),
"01&)&7!,/

 
"H
NYLGCHIM
A?H?L;F?M
;
FI
F;LAI
>?F
J?LCI>I
=IHI=C>I
=IGI
>?M;LLIFFI
?MN;<CFCT;>IL
F;

?=IHIGZ;
G?RC=;H;
?RJ?LCG?HN\
OH;
?N;J;
>?
=L?=CGC?HNI
?=IH\GC=I
=IH
?MN;<CFC>;>

>?
JL?=CIM
*YRC=I
;F
CAO;F
KO?
INLIM
J;ZM?M
>?
GYLC=;
);NCH;
MCAOC\
OH
GI>?FI

>?
=L?=CGC?HNI
?=IH\GC=I
B;=C;
;>?HNLI
JLIGIPC?H>I
F;
CH>OMNLC;FCT;=C\H
>?F
J;ZM

;
NL;PYM
>?
F;
MOMNCNO=C\H
>?
CGJILN;=CIH?M
MCGCMGI
CGJ?L\
OH
LYACG?H
>?
NCJI

67
53?4;A
\<A

@
7E7
5A@F7JFA
>3
BA>PF;53
?35DA75A@\GC=;
?MNOPI
ILC?HN;>;
?H

?3@F7@7D
6;5:A
3DD79>A
53?4;3D;A

EP
>3
6;E5;B>;@3
\E53>
K
?A@7F3D;3
;?B>7?7@F363

>OL;HN?
?MN?
J?LCI>I
J?LGCNC\
KO?
?MN?
LYACG?H
A;H;L;
=L?>C<CFC>;>
S
KO?
F;
J;LC>;>

\<3
67>
B7EA
?7J;53@A
8D7@F7
3>
6R>3D
8G@5;A@3D3
5A?A
3@5>3
@A?;@3>
67
>3
75A@A?P3


!OL;HN?
?MN?
F;JMI
;HN?
F;
@;FN;
>?
OH
G?L=;>I
>?M;LLIFF;>I
>?
P;FIL?M
?F
?H=;D?
F?A;F

?L;
?F
JLCH=CJ;F
CHMNLOG?HNI
KO?
?F
;H=I
>?
*YRC=I
GF;>;LR
B3D3
;@]G;D
7@
7>
@;H7>
67

FCKOC>?T
S
=LY>CNI
?H
F;
?=IHIGZ;

!OL;HN?
?MNIM
;[IM
?H
?F
JF;HI
CHN?LH;=CIH;F
JL?P;F?=C?LIH
FIM
;=O?L>IM
>?
L?NNIH

/AA6E
?76;3@F7
>AE
5G3>7E
>3E
3GFAD;6367E
67
>AE
B3PE7E
\<343@
EG
F;BA
67
53?4;A

L?MJ?=NI
;F
>\F;L
?MN;>IOHC>?HM?
GC?HNL;M
KO?
?F
AI<C?LHI
>?
FIM
"MN;>IM
2HC>IM

7EF34>75P3
G@3
B3D;636
\<3
67>
6R>3D
7@
D7>35;R@
5A@
7>
ADA

7
7EF3
?3@7D3
:34P3

G@
E;EF7?3
67
F;BAE
67
53?4;A
\<A
7@FD7
>AE
B3PE7E
B3DF;5;B3@F7E
7@
6;5:AE
35G7D6AE


+I
I<MN;HN?
?H
;KO?FFIM
=;MIM
?H
FIM
KO?
M?
JL?M?HN;<;
OH
>?M<;F;H=?
>?
=;LX=N?L

@OH>;G?HN;F
?H
F;M
=O?HN;M
?RN?LH;M
>?
OH
J;ZM
M?
J?LGCNZ;
OH
;DOMN?
?H
?F
NCJI
>?

=;G<CI
"H
?MN?
=IHN?RNI
?H
;<LCF
>?

F;M
;ONILC>;>?M
>?
*YRC=I
CGJF?G?HN;LIH
OH;

>?P;FO;=C\H
>?F
J?MI
L?MJ?=NI
;F
>\F;L
?MN;>IOHC>?HM?
"F
NCJI
>?
=;G<CI
J;M\
>?


J?MIM
JIL
>\F;L
;
OH;
J;LC>;>
>?

J?MIM
JIL
>\F;L
HCP?F
KO?
JL?P;F?=C\

>OL;HN?
FIM
MCAOC?HN?M

;[IM
!OL;HN?
FIM
;[IM
JL?PCIM
;
F;
>?P;FO;=C\H
F;
AO?LL;

>?
IL?;
B;<Z;
JLIJC=C;>I
OH;
G;SIL
>?G;H>;
JIL
JLI>O=NIM
H;=CIH;F?M
JIL
J;LN?

>?
FIM
"MN;>IM
2HC>IM
0?
I<M?LP\
OH
;OG?HNI
?H
F;M
L?M?LP;M
CHN?LH;=CIH;F?M
S
;

J?M;L
>?
KO?
F;M
;ONILC>;>?M
NL;N;LIH
>?
;<MIL<?L
FCKOC>?T
>?
F;
?=IHIGZ;
F;
I@?LN;

?A@7F3D;3
E7
7JB3@6;R
ND67@3E
 

3<A
7EF3E
5A@6;5;A@7E
>3
;@]35;R@
3G?7@FR

S
NIG;H>I
?H
=IHMC>?L;=C\H
KO?
YMN;
?L;
G;SIL
?H
*YRC=I
KO?
?H
FIM
"MN;>IM
2HC>IM

>3
B3D;636
\<3
67>
B7EA
D7EB75FA
3>
6R>3D
D7EG>FR
7@
G@3
3BD75;35;R@
67>
F;BA
67
53?4;A

L?;F
F
NYLGCHI
>?
F;
AO?LL;
S
>;>;
F;
L?=?MC\H
?H
"MN;>IM
2HC>IM
F;
>?G;H>;
?RN?LH;




"H
NYLGCHIM
A?H?L;F?M
M?
=IHMC>?L;
KO?
?F
!?M;LLIFFI
"MN;<CFCT;>IL
=ILL?MJIH>?
;F
J?LCI>I
>?


;

,LNCT
*?H;


0CH
?G<;LAI
;FAOHIM
;ONIL?M
=IHMC>?L;H
KO?
FIM
@OH>;G?HNIM
>?
>C=BI

?MKO?G;
M?
M?HN;LIH
?H

1OLL?HN
 ;



-;L;
OH;
>?M=LCJ=C\H
>?N;FF;>;
>?
F;
?MNL;N?AC;
>?
CH>OMNLC;FCT;=C\H
<;M;>;
?H
F;
MOMNCNO=C\H
>?

CGJILN;=CIH?M
P?L
#L;HEI
 

 Tomo I
La Economía y las Finanzas Públicas

>CMGCHOS\
"FFI
DOHNI
=IH
F;
;JL?=C;=C\H
>?F
NCJI
>?
=;G<CI
L?;F
JLIPI=\
KO?
F;

5G7@F3
5ADD;7@F7
E7
FAD@3D3
?NE
67\5;F3D;3

@
7EF7
7@FAD@A
E7
FA?R
>3
675;E;R@
67

>?P;FO;L
?F
J?MI
;<?
G?H=CIH;L
KO?
?H
;KO?FF;
I=;MC\H
F;M
;ONILC>;>?M
>?=L?N;LIH
F;
>?P;FO;=C\H
>?F

J?MI
;
J?M;L
>?
KO?
?F
;H=I
>?
*YRC=I
;]H
>CMJIHZ;
>?
L?M?LP;M
CHN?LH;=CIH;F?M
J;L;

>?@?H>?L
?F
NCJI
>?
=;G<CI
MCGCMGI
F;
J;LC>;>
M?
;DOMN\
>?
OH
HCP?F
;
INLI
MCH
KO?

:G4;7D3
G@
B7D;A6A
7@
7>
CG7
E7
67<3D3
]AF3D
7>
F;BA
67
53?4;A
:3EF3
CG7
OEF7
7@5A@FD3D3

MO
HCP?F
>?
?KOCFC<LCI
 XL>?H;M
 
"H
?F
J?LCI>I
JIMN?LCIL
;
F;
>?P;FO;=C\H
M?

CGJF?G?HN\
OH;
JIFZNC=;
GIH?N;LC;
JLO>?HN?
"H
J;LNC=OF;L
F;
;ONILC>;>
GIH?N;LC;
HI

;=IGI>\
J;MCP;G?HN?
F;
G;SIL
>?G;H>;
>?
>CH?LI
;MI=C;>;
;F
;DOMN?
?H
?F
NCJI
>?

=;G<CI
S
;F
=IHM?=O?HN?
;OG?HNI
?H
FIM
JL?=CIM
>?
FIM
<C?H?M
=IG?L=C;<F?M
1OLL?HN

 

-IMN?LCILG?HN?
;
FI
F;LAI
>?F
>?M;LLIFFI
?MN;<CFCT;>IL
F;M
;ONILC>;>?M
M?
?M@ILT;LIH

BAD
?3@F7@7D
\@3@L3E
BS4>;53E
E3@3E

>>A
<G@FA
5A@
G@
?3@7<A
BDG67@F7
67
>3

JIFZNC=;
GIH?N;LC;
J?LGCNC\
KO?
?F
LYACG?H
=;G<C;LCI
@O?L;
=IHMIFC>XH>IM?
S

36CG;D;7@6A
5D76;4;>;636

@
7E7
5A@F7JFA
BD7H3>75;R
G@3
;@]35;R@
?A67D363
7@
>AE

3QAE

9DN\53
!!

>
F;BA
67
53?4;A
\<A
BG6A
EAEF7@7DE7
E;@
@757E;636
67
CG7
>3E

;ONILC>;>?M
L?=OLLC?L;H
MCMN?GXNC=;G?HN?
;F
OMI
>?
F;M
L?M?LP;M
CHN?LH;=CIH;F?M
J;L;

>?@?H>?L
F;
J;LC>;>
>?F
J?MI
@L?HN?
;F
>\F;L
0C
<C?H
>OL;HN?
;FAOHIM
;[IM
M?
L?ACMNL;LIH

>CMGCHO=CIH?M
?H
?F
HCP?F
>?
F;M
L?M?LP;M
CHN?LH;=CIH;F?M
;
FI
F;LAI
>?
NI>I
?MN?
J?LCI>I

E7
A4E7DHR
G@3
F7@67@5;3
5D75;7@F7
67
OEF3E
9DN\53
!!!

347
EG4D3K3D
CG7
3@F7
>3

;=OGOF;=C\H
>?
L?M?LP;M
CHN?LH;=CIH;F?M
?F
;H=I
>?
*YRC=I
CGJF?G?HN\
G?>C>;M

=IGJ?HM;NILC;M
JLI=OL;H>I
;<MIL<?L
FCKOC>?T
>?
F;
?=IHIGZ;
J;L;
?PCN;L
KO?
M?

97@7D3D3
G@
7J57EA
67
>3
?;E?3
CG7
BG6;7D3
BA@7D
7@
D;7E9A
7>
5A@FDA>
67
>3
;@]35;R@


)I
;HN?LCIL
M?
FIAL\
G?>C;HN?
;DOMN?M
?H
?F
?H=;D?
F?A;F
S
F;
>?=CMC\H
>?F
$I<C?LHI
>?

@A
D75GDD;D
3
\@3@5;3?;7@FA
;@]35;A@3D;A
67>
3@5A
7@FD3>
3H3LAE


EP
7>

F;BA
67
53?4;A
\<A
\@3>?7@F7
>A9DR
5A@EF;FG;DE7
5A?A
G@
3@5>3
@A?;@3>
5D7P4>7
67
>3

75A@A?P3
?7J;53@3
K
7>>A
E7
D7]7<R
7@
@;H7>7E
?A67D36AE
67
;@]35;R@


 Tomo I
La Economía y las Finanzas Públicas

#K
 #K


 L
 #


#$#'$
 %# ! $



'#L

 & ! $

L#$

 





 





 








































>/7=/
+7-8
./
E@3-8
/
 

 
 





7<+A8<
876/68;+=3?8<





>5=>;+
-87H63-+


"M
CGJILN;HN?
>?MN;=;L
KO?
F;
?MN;<CFC>;>
G;=LI?=IH\GC=;
;F=;HT;>;
>OL;HN?
?MN?

J?LCI>I
M?
FIAL\
;
J?M;L
>?
KO?
?F
;H=I
>?
*YRC=I
HI
=IHN;<;
=IH
;ONIHIGZ;
F?A;F

?H
?MIM
;[IM
+I
I<MN;HN?
;FAOH;M
=CL=OHMN;H=C;M
M?
=IG<CH;LIH
J;L;
KO?
?F
&HMNCNONI

?HNL;F
JO>C?L;
@OH=CIH;L
MCH
CHN?L@?L?H=C;M
"H
JLCG?L
NYLGCHI
?F
=IHP?H=CGC?HNI

7@FD7
>3E
3GFAD;6367E
67
>3
OBA53
EA4D7
>3
;?BADF3@5;3
67
>3
6;E5;B>;@3
\E53>

>>A

J?LGCNC\
KO?
?F
@OH=CIH;GC?HNI
>?F
;H=I
?HNL;F
HI
M?
PC?L;
;@?=N;>I
JIL
?F
FF;G;>I

87@R?7@A
67
>3
6A?;@3@5;3
\E53>

@
E79G@6A
FOD?;@A
F3?4;O@
E7
:3
?7@5;A@36A
>3

PCMC\H
S
PIFOHN;>
>?
J?LMIH;D?M
=F;P?
>?HNLI
>?F
;H=I
>?
*YRC=I
S
>?
F;
0?=L?N;LC;

>?
%;=C?H>;
KOC?H?M
CHN?LJOMC?LIH
MO
JL?MNCACI
J?LMIH;F
J;L;
KO?
?F
;H=I
?HNL;F

G;HNOPC?L;
OH;
JIFZNC=;
GIH?N;LC;
?H@I=;>;
?H
F;
?MN;<CFC>;>
>?
JL?=CIM
1OLL?HN

 


/" &*&"+1,
0!,
"+
-,)r1& 0
#&0 )"0
"5-+0&30



-?M?
;
KO?
F;
?=IHIGZ;
G?RC=;H;
B;<Z;
=L?=C>I
;
N;M;M
>?
=L?=CGC?HNI
?F?P;>;M
S
?H
OH

3?4;7@F7
67
;@]35;R@
5A@FDA>363
>AE
>;?;F3@F7E
67
>3
7EFD3F79;3
67
;@6GEFD;3>;L35;R@
E7

B;=Z;H
=;>;
P?T
GXM
?PC>?HN?M
*XLKO?T
S
0CFP;
 
"HNL?
INL;M
FCGCN;=CIH?M
>C=B;


 Tomo I
La Economía y las Finanzas Públicas

?MNL;N?AC;
>CMNILMCIH;<;
FIM
JL?=CIM
L?F;NCPIM
JLIJC=C;H>I
OH
M?MAI
;HNC

?RJILN;>IL

?H
?F
;J;L;NI
JLI>O=NCPI
H;=CIH;F
MP
3
\@3>7E
67>
67E3DDA>>I
?MN;<CFCT;>IL
S;
M?

A4E7DH343
G@3
?A67D35;R@
7@
7>
D;F?A
67
5D75;?;7@FA
75A@R?;5A
K
G@
?3KAD
6O\5;F

?H
=O?HN;
=ILLC?HN?
 XL>?H;M
  
"H
?F
JF;HI
CHN?LH;=CIH;F
;
JLCH=CJCIM
>?
FIM

;[IM

*YRC=I
?H@L?HN\
OH
?HNILHI
?RN?LHI
=IGJF?DI
=;L;=N?LCT;>I
N;HNI
JIL
OH;

L?=?MC\H
GOH>C;F
KO?
;@?=N\
;
F;
?=IHIGZ;
H;=CIH;F
=IGI
JIL
?F
=IF;JMI
>?F
MCMN?G;

>?
L?NNIH
4II>M
?H
;AIMNI
>?

"F
$I<C?LHI
>?
"MN;>IM
2HC>IM
>?JL?=C\
?F
>\F;L

S
FI
>?MPCH=OF\
>?F
ILI
-IL
MO
J;LN?
F;M
;ONILC>;>?M
?H
*YRC=I
IJN;LIH
JIL
G;HN?H?L

>3
B3D;636
\<3
67>
B7EA
8D7@F7
3>
6R>3D

"H
?MN?
=IHN?RNI
?F
$I<C?LHI
>?
*YRC=I
>?=C>C\
CGJF?G?HN;L
OH;
JIFZNC=;
?RJ;HMCP;

J;L;
?MNCGOF;L
F;
?=IHIGZ;
S
;N?H>?L
H?=?MC>;>?M
MI=C;F?M
KO?
;
J?M;L
>?F
=L?=CGC?HNI

?=IH\GC=I
KO?
B;<Z;
L?ACMNL;>I
?F
J;ZM
M?
B;<Z;H
;=OGOF;>I
;
FI
F;LAI
>?F
NC?GJI
"F

JLCH=CJ;F
G?>CI
J;L;
FF?P;L
;
=;<I
>C=B;
JIFZNC=;
@O?
OH;
?RJ;HMC\H
>?F
A;MNI
J]<FC=I

\@3@5;363
5A@
D75GDEAE
BD;?3D;AE
67>
3@5A
7@FD3>
K
5A@
G@
?3KAD
7@67G63?;7@FA

?RN?LHI
;<?
G?H=CIH;L
KO?
;H=I
>?
*YRC=I
?RN?LH\
JL?I=OJ;=C\H
;HN?
?F
=L?=C?HN?

6O\5;F
\E53>
5GKA
\@3@5;3?;7@FA
D7CG7DP3
67
G@3
G;SIL
?RJ;HMC\H
GIH?N;LC;
-IL

=IHMCAOC?HN?
?F
&HMNCNONI
?HNL;F
JLI=OL\
=IGJ?HM;L
FI
;HN?LCIL
;
NL;PYM
>?
;OG?HNIM

?H
?F
?H=;D?
F?A;F
KO?
?H
?MIM
;[IM
M?AOZ;
MC?H>I
?F
JLCH=CJ;F
CHMNLOG?HNI
;
>CMJIMC=C\H

>?F
;H=I
?HNL;F
J;L;
L?AOF;L
F;
FCKOC>?T
?H
F;
?=IHIGZ;
 ;P;TIM

0CH

7?43D9A
7EAE
7E8G7DLAE
D7EG>F3DA@
;@EG\5;7@F7E
K
3@5A
67
%OJ;5A
CG7
53D75P3
67

3GFA@A?P3
>793>
E;9G;R
?A@7F;L3@6A
G@3
9D3@
B3DF7
67>
6O\5;F
BS4>;5A
ND67@3E




B7E3D
67
CG7
>3
35F;H;636
75A@R?;53
D7BG@F343
>3
;@]35;R@
E7
357>7D\
9DN\53
!.


MCGCMGI
?F
NCJI
>?
=;G<CI
L?;F
M?
;JL?=C\
S
F;M
=O?HN;M
?RN?LH;M
;LLID;LIH
=L?=C?HN?M

6O\5;FE
7@
>3
5G7@F3
5ADD;7@F7

@
7EF7
7E57@3D;A
E7
BD7E7@FR
G@3
BOD6;63
67
5A@\3@L3

?H
F;
GIH?>;
H;=CIH;F
S
JIL
=IHMCAOC?HN?
M?
I<M?LP;LIH
M;FC>;M
>?
=;JCN;F
IGI

L?MJO?MN;
F;M
;ONILC>;>?M
NOPC?LIH
KO?
OM;L
F;M
L?M?LP;M
CHN?LH;=CIH;F?M
J;L;
NL;N;L
>?

JL?M?LP;L
F;
J;LC>;>
=;G<C;LC;
+I
I<MN;HN?
>;>I
?F
GIHNI
FCGCN;>I
>?
F;M
L?M?LP;M

6;5:3
;@F7DH7@5;R@
@A
BA6P3
?3@F7@7DE7
;@67\@;63?7@F7
9DN\53
.

7EBGOE
67


3QAE
67
?3@F7@7D
G@3
B3D;636
\<3
7>
B7EA
E7
67H3>GR
7@
E7BF;7?4D7
67

>A
CG7

BDAHA5R
G@3
;@]35;R@
FA63HP3
?3KAD
K
7875FAE
36H7DEAE
EA4D7
>3
35F;H;636
75A@R?;53


@
7EF7
7@FAD@A
E7
4GE5R
D7EF34>757D
>3
5A@\3@L3
?76;3@F7
G@
35G7D6A
5A@
7>
A@6A

*IH?N;LCI
&HN?LH;=CIH;F
#*&
S
F;
CGJF?G?HN;=C\H
>?
OH
JLIAL;G;
>?
?MN;<CFCT;=C\H

43E36A
7@
>3
6;E5;B>;@3
\E53>
K
?A@7F3D;3



-;L;
OH;
>?M=LCJ=C\H
>?N;FF;>;
>?
F;M
FCGCN;HN?M
>?
F;
CH>OMNLC;FCT;=C\H
<;M;>;
?H
F;
MOMNCNO=C\H
>?

CGJILN;=CIH?M
P?L
*XLKO?T
S
0CFP;
 
S
XL>?H;M
  

 Tomo I
La Economía y las Finanzas Públicas

#K
' #K
'
 L
 #

 #$#'$
 %# ! $


'#L

 & ! $

L#$








 

































 

 










 

 

>/7=/
+7-8
./
E@3-8
/
  >/7=/
8<
.+=8<
./
58<
+G8<



</

  

 
 

+G8<
./
+7-+

/7=;+5
7<+A8<
876/68;+=3?8<


87.8
./
>5=>;+
-87H63-+

+=8<

98<=/;38;/<
+

</
8,=>?3/;87
./
/<<6+-2/;

31>/5
A
(/;7/;
5/4+7.;8


0CH
?G<;LAI
?F
>?M=O<LCGC?HNI
>?
CGJILN;HN?M
S;=CGC?HNIM
>?
J?NL\F?I
;
JLCH=CJCIM
>?


JLIPI=\
OH
=;G<CI
>?
LOG<I
?H
F;
JIFZNC=;
G;=LI?=IH\GC=;
HN?
F;
J?LMJ?=NCP;

>?
JL?=CIM
?F?P;>IM
>?F
J?NL\F?I
F;M
;ONILC>;>?M
;>IJN;LIH
HO?P;G?HN?
JIFZNC=;M

\E53>7E
7JB3@E;H3E
\@3@5;363E
5A@
67G63
67>
7JF7D;AD
K
5A@
7?;E;R@
67
6;@7DA

$3

?=IHIGZ;
G?RC=;H;
L?ACMNL\
OH
J?LCI>I
>?
;OA?
?=IH\GC=I
I<M?LPXH>IM?
N;M;M

?F?P;>;M
>?
=L?=CGC?HNI
?=IH\GC=I
HN?
F;
?O@ILC;
KO?
>?MJ?LN\
?F
l<IIGm
J?NLIF?LI

?F
M?=NIL
JLCP;>I
N;G<CYH
CH=OLLC\
?H
OH
G;SIL
A;MNI
JIL
FI
KO?
F;
>?O>;
>?
F;
<;H=;
S

>?F
M?=NIL
JLCP;>I
N;G<CYH
GIMNL\
OH
CH=L?G?HNI
>?
=IHMC>?L;=C\H
 XL>?H;M
  

MZ
?H
OH
=IHN?RNI
?H
?F
KO?
?F
NCJI
>?
=;G<CI
?MN;<;
JL?>?N?LGCH;>I
M?
JL?M?HN;LIH

67
@G7H3
5G7@F3
67E43>3@57E
?35DA75A@R?;5AE
63@6A
>G93D
3
G@3
?3KAD
;@]35;R@

9DN\53
!.
3
G@3
3BD75;35;R@
D73>
67>
B7EA
K
3
G@
5D75;7@F7
6O\5;F
7JF7D@A



JLCH=CJCIM
>?
FIM
;[IM

F;
?=IHIGZ;
G?RC=;H;
;F
CAO;F
KO?
?F
L?MNI
>?
F;M

?=IHIGZ;M
?H
>?M;LLIFFI
?H@L?HN\
>CP?LMIM
=BIKO?M
OH
;OG?HNI
?H
F;M
N;M;M
>?
CHN?LYM

CHN?LH;=CIH;F?M
>?LCP;>I
>?
OH;
JIFZNC=;
GIH?N;LC;
L?MNLC=NCP;
?H
FIM
"MN;>IM
2HC>IM

OH
?M=?H;LCI
>?
L?=?MC\H
?H
?M?
J;ZM
S
JLCH=CJ;FG?HN?
OH;
CGJILN;HN?
>CMGCHO=C\H

?H
FIM
JL?=CIM
CHN?LH;=CIH;F?M
>?F
J?NL\F?I
"FFI
A?H?L\
>O>;M
MI<L?
F;
MIMN?HC<CFC>;>


 Tomo I
La Economía y las Finanzas Públicas

67>
6O\5;F
7@
5G7@F3
5ADD;7@F7
K
67
>3
B3D;636
67>
B7EA
8D7@F7
3>
6R>3D
BAD
>A
CG7

M?
I<M?LP;LIH
M;FC>;M
>?
=;JCN;F
"H
@?<L?LI
>?

F;M
;ONILC>;>?M
>?=L?N;LIH
OH;

>?P;FO;=C\H
>?F
J?MI
+I
I<MN;HN?
N;G<CYH
M?
;HOH=C;LIH
;OG?HNIM
CGJILN;HN?M
;

>AE
E3>3D;AE
K
3@F7
>3
3GE7@5;3
67
G@
3<GEF7
\E53>
>3
67E5A@\3@L3
BD7H3>75;R
K
>3E

M;FC>;M
>?
=;JCN;F?M
=IHNCHO;LIH
-IMN?LCILG?HN?
NL;M
F;
L?>O==C\H
>?
F;M
L?M?LP;M

CHN?LH;=CIH;F?M
?H
;AIMNI
>?
?M?
;[I
F;M
;ONILC>;>?M
>?F
J;ZM
;HOH=C;LIH
OH;
GIL;NILC;

3>
B39A
67
>3
67G63
7JF7D@3
9DN\53
.

P3E
?NE
F3D67
7>
BD;?7DA
67
E7BF;7?4D7
E7

?RJLIJC\
F;
<;H=;
G?RC=;H;
;F
NC?GJI
KO?
M?
?MN;<F?=C\
OH
=IHNLIF
A?H?L;FCT;>I
>?

=;G<CIM
;<?
>?MN;=;L
KO?
;F
GIG?HNI
>?
F;
?RJLIJC;=C\H
F;
<;H=;
M?
?H=IHNL;<;
?H

OH;
JIMC=C\H
GOS
@LXACF
"HNL?
INLIM
@;=NIL?M
M?
B;<Z;
L?ACMNL;>I
OH;
=IHP?LMC\H
>?

=O?HN;M
<;H=;LC;M
>?
J?MIM
;
>\F;L?M
JIL
FI
KO?
F;
<;H=;
?MN;<;
?RJO?MN;
;F
LC?MAI
>?

>?P;FO;=C\H
!?
?MN;
G;H?L;
CHC=C\
OH;
=LCMCM
KO?
B;<LZ;
>?
;@?=N;L
=IHMC>?L;<F?G?HN?
?F
<C?H?MN;L

>?
F;
JI<F;=C\H
>?F
J;ZM
?H
;KO?F
GIG?HNI
S
?H
FIM
;[IM
MO<M?=O?HN?M
"MN?
J?LCI>I

67<R
H7D
CG7
>3E
BA>PF;53E
\E53>7E
7JB3@E;H3E
\@3@5;363E
?76;3@F7
7?;E;R@
?A@7F3D;3

SI
?H>?O>;GC?HNI
?RN?LHI
MIF;G?HN?
CGJOFM;H
>?
G;H?L;
NL;HMCNILC;
;
F;
;=NCPC>;>

?=IH\GC=;
!C=B;M
JIFZNC=;M
A?H?L;H
>?M<;F;H=?M
G;=LI?=IH\GC=IM
KO?
M?
NL;>O=?H

7@
BD7E;A@7E
;@]35;A@3D;3E
K
7@
G@
5D75;7@F7
6O\5;F
7@
5G7@F3
5ADD;7@F7

3<A
7EF3E

5A@6;5;A@7E
G@
DO9;?7@
67
F;BA
67
53?4;A
\<A
F;7@67
3
7J357D43D
6;5:A
67E7CG;>;4D;A
K

F;
J;LC>;>
=;G<C;LC;
>?D;
>?
@OH=CIH;L
=IGI
OH
;H=F;
HIGCH;F
=L?Z<F?
>?
F;
?=IHIGZ;

"H
]FNCG;
CHMN;H=C;
F;M
;ONILC>;>?M
M?
P?Z;H
I<FCA;>;M
;
>?P;FO;L
?F
NCJI
>?
=;G<CI

\<A

>>A
6363
>3
67E5A@\3@L3
67
>AE
397@F7E
75A@R?;5AE
K
>3
BOD6;63
67
5D76;4;>;636

67
>3E
BA>PF;53E
?35DA75A@R?;53E
;@F7@E;\5343
7>
87@R?7@A
;@]35;A@3D;A


/&0&0
!"
)
!"2!
6
-/,$/*0
!"
"01&)&7 &s+




J;LNCL
>?

F;M
;ONILC>;>?M
>?F
J;ZM
CH=FOC>I
?F
;H=I
>?
*YRC=I
?H@L?HN;LIH

?S>F;B>7E
67E38PAE

>
B39A
67
>3
67G63
7JF7D@3
E;9@;\5R
CG7
7>
B3PE
FD3@E\D;7D3
3>

?RN?LCIL
J;LN?
>?
;BILLI
CHN?LHI
FI
KO?
FCGCN\
?F
=L?=CGC?HNI
$;PCNI
S
/?S?M
-LOH?>;


"L;
CH>CMJ?HM;<F?
=ILL?ACL
?F
?R=?MI
>?
;<MIL=C\H
>IGYMNC=;
MI<L?
?F
JLI>O=NI

K
7>
5A@E75G7@F7
6O\5;F
7@
5G7@F3
5ADD;7@F7
3EP
5A?A
:357D
8D7@F7
3>
BDA4>7?3

>?
F;
>?O>;
?RN?LH;
"H
?MN?
=IHN?RNI
M?
CGJF?G?HN;LIH
JLIAL;G;M
>?
;DOMN?
KO?

CH=FOZ;H
;OG?HNIM
?H
CGJO?MNIM
G?HIL?M
MO<MC>CIM
S
L?=ILN?M
>?F
A;MNI
J]<FC=I
;MZ

=IGI
>CM=CJFCH;
GIH?N;LC;
>C=CIH;FG?HN?
F;
J;LC>;>
HIGCH;F
M?
;DOMN;<;
>?
@ILG;

J?LC\>C=;
<OM=;H>I
OH;
>?JL?=C;=C\H
>?F
NCJI
>?
=;G<CI
L?;F
KO?
@;PIL?=C?L;
;
F;M

?RJILN;=CIH?M
H?N;M
">Q;L>M

/?MJ?=NI
;
F;
H?AI=C;=C\H
>?
F;
>?O>;
?RN?LH;

7@
G@3
BD;?7D3
7F3B3
E7
5A@E;9G;R
CG7
>3
5A?G@;636
\@3@5;7D3
;@F7D@35;A@3>
AFAD93D3


 Tomo I
La Economía y las Finanzas Públicas

L?=OLMIM
;>C=CIH;F?M
%?LHXH>?T
1LCFFI
 
"FFI
M?
FF?P\
;
=;<I
?H
?F
G;L=I
>?

;=O?L>IM
KO?
F;M
;ONILC>;>?M
>?F
J;ZM
MOM=LC<C?LIH
=IH
?F
#*&
A?A
D7EG>F36A
67>
3<GEF7
?35DA75A@R?;5A
>3
;@]35;R@
?AEFDR
;@;5;3>?7@F7
G@3

N?H>?H=C;
>?M=?H>?HN?
;OHKO?
J?LG;H?=C?H>I
?H
HCP?F?M
?F?P;>IM
0CH
?G<;LAI
F;

;=NCPC>;>
?=IH\GC=;
=IHNCHO\
>?JLCGC>;
*YRC=I
M?
PCI
;@?=N;>I
JIL
FIM
MCMGIM
>?

M?JNC?G<L?
>?

S
NC?GJI
>?MJOYM
JIL
OH;
=;Z>;
?H
FIM
JL?=CIM
>?F
J?NL\F?I
"H
?MN?

?M=?H;LCI
FIM
;P;H=?M
KO?
M?
B;<Z;H
;F=;HT;>I
?H
G;N?LC;
>?
;DOMN?
G;=LI?=IH\GC=I

M?
PC?LIH
=IGJLIG?NC>IM
MCGCMGI
F;
JLX=NC=;
>?
L?=OLLCL
J?LC\>C=;G?HN?
;

>?P;FO;=CIH?M
HIGCH;F?M
J;L;
G;HN?H?L
OH
NCJI
>?
=;G<CI
>?JL?=C;>I
=IHNLC<OS\
;F

D7BG@F7
67
>3
;@]35;R@

67?NE
>3
36AB5;R@
67
?76;63E
67
;@6;L35;R@
67
BD75;AE
K

E3>3D;AE
5A36KGHR
3
CG7
>3
BDAB;3
;@]35;R@
FGH;7D3
G@
8G7DF7
5A?BA@7@F7
;@7D5;3>


$3
;@]35;R@
3>53@LR
@;H7>7E
67
FD7E
6P9;FAE
7@


@
6;5;7?4D7
67
7E7
3QA
E7

>3@LR
7>
>>3?36A
(35FA
67
+A>;63D;636
5A@R?;53
(+
B3D3
5A@FDA>3D
>3
;@]35;R@



>C@?L?H=C;
>?
FIM
JLIAL;G;M
CGJF?G?HN;>IM
?H
;[IM
JL?PCIM
?F
-0"
;>?GXM
>?

;@5ADBAD3D
7>7?7@FAE
ADFA6AJAE
5A?A
3<GEF7E
\E53>7E
K
D7EFD;55;R@
?A@7F3D;3
F3?4;O@

NIG;<;
?H
=IHMC>?L;=C\H
?F?G?HNIM
B?N?LI>IRIM
=IGI
=IHNLIF?M
>?
JL?=CIM
S
M;F;LCIM

';LKO?
S
1YFF?T

0?
;>IJN;LIH
G?>C>;M
J;L;
>CMGCHOCL
?F
=IGJIH?HN?
CH?L=C;F

67
>3
;@]35;R@

(AD
7<7?B>A
E7
675;6;R
CG7
>AE
E3>3D;AE
E7
3<GEF3D3@
5A@E;67D3@6A

>3
;@]35;R@
7EB7D363
K
@A
>3
A4E7DH363
5A?A
:3EF3
7E7
?A?7@FA
E7
:34P3
:75:A


E;?;E?A
3@F7
7>
7>7H36A
FD3EB3EA
67
?AH;?;7@FAE
53?4;3D;AE
3
>3
;@]35;R@
>3E

;ONILC>;>?M
<OM=;LIH
OM;L
?F
NCJI
>?
=;G<CI
=IGI
;H=F;
HIGCH;F
>?F
JLIAL;G;
;HNC

;@]35;A@3D;A

>
;@;5;A
67>
B35FA
E7
;?B>7?7@FR
G@
3<GEF7
;?BADF3@F7
67
>3
B3D;636

=;G<C;LC;
J;L;
JIMN?LCILG?HN?
G;HN?H?LF;
=IHMN;HN?
?H

1I>I
FI
;HN?LCIL
M?
FF?P\

;
=;<I
?H
OH
;G<C?HN?
>?
=IH=?LN;=C\H
?HNL?
?F
AI<C?LHI
?GJL?M;LCIM
S
NL;<;D;>IL?M

$AE
D7EG>F36AE
;@;5;3>7E
67>
(+
8G7DA@
@AF34>7E
K3
CG7
>3
;@]35;R@
E7
D76G<A
67
?3@7D3

E;9@;\53F;H3
9DN\53
.!

347
E7Q3>3D
CG7
7@
7EAE
3QAE
F3?4;O@
E7
?A6;\53DA@

>AE
;@EFDG?7@FAE
?76;3@F7
>AE
5G3>7E
7>
3@5A
7@FD3>
;@]GP3
EA4D7
>3
>;CG;67L
7@

F;
?=IHIGZ;
"H
J;LNC=OF;L
;HN?
?F
>?M;LLIFFI
KO?
B;<Z;
?RJ?LCG?HN;>I
?F
G?L=;>I

>?
P;FIL?M
AO<?LH;G?HN;F?M
M?
MOMNCNOS\
?F
?H=;D?
F?A;F
JIL
IJ?L;=CIH?M
>?
G?L=;>I

;<C?LNI

@
36;5;R@
3
>3
D76G55;R@
67
>3
;@]35;R@
7D3
5>3D3
>3
@757E;636
67
D735F;H3D
>3
35F;H;636

?=IH\GC=;
>?MJOYM
>?
P;LCIM
;[IM
>?
?MN;H=;GC?HNI
-;L;
?FFI
M?
L?KO?LZ;H
>?
L?=OLMIM

>?F
?RN?LCIL
S
>CMGCHOCL
F;
=;LA;
KO?
L?JL?M?HN;<;
F;
>?O>;
?RN?LH;
MZ
?H


*YRC=I
L??MNLO=NOL\
>C=B;
>?O>;
?H
?F
G;L=I
>?F
FF;G;>I
%9.;
?.1F
KO?
J;LNZ;
>?

F;
=IHMC>?L;=C\H
>?
KO?
J;ZM?M
=IGI
*YRC=I
?H@L?HN;<;H
OH
JLI<F?G;
>?
MIFP?H=C;



);
>?O>;
JLCP;>;
M?
L??MNLO=NOL\
=IH
?F
;JISI
>?F
#C>?C=IGCMI
>?
I<?LNOL;
>?
/C?MAI
;G<C;LCI

#& ,/ 
S
F;
J;LNC=CJ;=C\H
>?F
;H=I
>?
*YRC=I
?H
>C=BI
JLI=?MI
 XL>?H;M
  

 Tomo I
La Economía y las Finanzas Públicas

S
HI
OHI
>?
FCKOC>?T
-IL
=IHMCAOC?HN?
?F
;FCPCI
>?
F;
>?O>;
?L;
J;LN?
@OH>;G?HN;F

>?
>C=BI
JF;H
OH;>I
;
FI
;HN?LCIL
M?
L?=IHI=C\
KO?
J;L;
JLIGIP?L
?F
=L?=CGC?HNI

?=IH\GC=I
?L;
CH>CMJ?HM;<F?
OH
HO?PI
GI>?FI
>?
>?M;LLIFFI
KO?
CGJFC=;<;
=;G<CIM

7EFDG5FGD3>7E

EP
E7
;@F7@E;\53DA@
>3E
D78AD?3E
CG7
7@
?3F7D;3
67
3B7DFGD3
5A?7D5;3>

S
>?MCH=ILJIL;=C\H
>?
?HNC>;>?M
>?F
M?=NIL
J]<FC=I
M?
B;<Z;H
CHC=C;>I
;
G?>C;>IM
>?

FIM
 


JLCH=CJCIM
>?
FIM
;[IM

M?
;HOH=C\
F;
JLCP;NCT;=C\H
>?
F;
<;H=;
S
F;
>?=CMC\H
>?

H?AI=C;L
OH
NL;N;>I
>?
FC<L?
=IG?L=CI
=IH
FIM
"MN;>IM
2HC>IM
"H
?MN?
=IHN?RNI

G?DIL\
F;
J?L=?J=C\H
MI<L?
F;
?=IHIGZ;
G?RC=;H;
"FFI
DOHNI
=IH
F;
FC<?L;FCT;=C\H

\@3@5;7D3
5A@FD;4GKR
3
G@
B7D;A6A
67
;?BADF3@F7E
7@FD363E
67
53B;F3>7E

D3@
B3DF7
67

YMN;M
@O?LIH
CHP?LMCIH?M
>?
JILN;@IFCI
>?
=ILNI
JF;TI
KO?
JLIJC=C;LIH
JLCH=CJ;FG?HN?

OH;
?RJ;HMC\H
CGJILN;HN?
>?F
=IHMOGI
FI
KO?
=I;>SOP\
;
OH
?R=?MI
>?
;<MIL=C\H

>IGYMNC=;
MI<L?
?F
JLI>O=NI
S
;
OH
G;SIL
6O\5;F
7@
5G7@F3
5ADD;7@F7
);
<;H=;

L?=C?HN?G?HN?
JLCP;NCT;>;
=IHNLC<OS\
;
>C=B;
?RJ;HMC\H
INILA;H>I
=LY>CNIM
;<?

E7Q3>3D
CG7
7@
G@
5A@F7JFA
67
G@3
;@EG\5;7@F7
D79G>35;R@
K
EGB7DH;E;R@
\@3@5;7D3
>AE

<;H=IM
HI
MC?GJL?
FF?P;LIH
;
=;<I
OH;
;>?=O;>;
?P;FO;=C\H
>?
LC?MAIM
/?MJ?=NI
;
F;

JIFZNC=;
=;G<C;LC;
;
J;LNCL
>?

M?
;>IJN\
OH
LYACG?H
>?
<;H>;M
?MN;<F?=CYH>IM?

OH
JCMI
J;L;
?F
NCJI
>?
=;G<CI
;MZ
=IGI
OH
N?=BI
KO?
M?
C<;
;DOMN;H>I
;
FI
F;LAI
>?F

NC?GJI
!OL;HN?

F;
?=IHIGZ;
G?RC=;H;
?RJ?LCG?HN\
=BIKO?M
;>P?LMIM
?RN?LHIM
?

CHN?LHIM
-IL
OH;
J;LN?
;OG?HN;LIH
F;M
N;M;M
>?
CHN?LYM
CHN?LH;=CIH;F?M
-IL
INL;

6;H7DEAE
35A@F75;?;7@FAE
BA>PF;5AE
;@F7D@AE
?;@3DA@
>3
5A@\3@L3
67
>AE
397@F7E

?=IH\GC=IM
-;L;
B;=?L
@L?HN?
;
F;M
>O>;M
MI<L?
F;
MIMN?HC<CFC>;>
>?F
LYACG?H

=;G<C;LCI
S
;
F;M
M;FC>;M
>?
=;JCN;F
F;M
;ONILC>;>?M
?GCNC?LIH
NZNOFIM
>?
>?O>;
>?
=ILNI

JF;TI
>?HIGCH;>IM
?H
GIH?>;
?RNL;HD?L;
1"0,,+,0
MZ
FIM
CHP?LMCIHCMN;M

MOMNCNOS?LIH
MOM
N?H?H=C;M
>?
NZNOFIM
>?
=ILNI
JF;TI
>?HIGCH;>IM
?H
J?MIM
 "1"0
JIL

1"0,,+,0

J?M;L
>?
?MN;M
G?>C>;M
F;
JL?MC\H
MI<L?
?F
NCJI
>?
=;G<CI
=IHNCHO\

S
?F
;H=I
>?
*YRC=I
;HN?
F;
L?>O==C\H
?H
F;M
L?M?LP;M
CHN?LH;=CIH;F?M
S;
HI
?MNOPI

7@
5A@6;5;A@7E
67
6787@67D
>3
B3D;636
53?4;3D;3
9DN\53
.!!


\@3>7E
67>
;[I
F;M

;ONILC>;>?M
M?
PC?LIH
@ILT;>;M
;
B7D?;F;D
>3
]AF35;R@
67>
B7EA

$3
35G?G>35;R@
67

>?M<;F;H=?M
G;=LI?=IH\GC=IM
=IH>O=Z;
>?
HO?PI
;
OH;
=LCMCM
>?
<;F;HT;
>?
J;AIM
"H

?MN;
I=;MC\H
>C=BIM
>?M<;F;H=?M
?L;H
;NLC<OC<F?M
JLCGIL>C;FG?HN?
;F
=IGJILN;GC?HNI

>?F
M?=NIL
JLCP;>I
;<?
>?MN;=;L
KO?
F;M
BID;M
>?
<;F;H=?
>?
>C=BI
M?=NIL
CH=FOC>;

F;
<;H=;
GIMNL;<;H
>?M=;F=?M
=;G<C;LCIM
CGJILN;HN?M
;DI
?MN;M
=IH>C=CIH?M
F;

>?P;FO;=C\H
=;G<C;LC;
F;
G?HIL
;=NCPC>;>
?=IH\GC=;
S
FIM
LC?MAIM
KO?
B;<Z;
NIG;>I

F;
<;H=;
;@?=N;LIH
F;
MIFP?H=C;
>?
FIM
<;H=IM

"F
JF;H
L;>S
M?
;NLC<OS?
;
+C=BIF;M
L;>S
KOC?H
@OHAC\
=IGI
0?=L?N;LCI
>?F
1?MILI
>?
FIM
"MN;>IM



2HC>IM
>?
M?JNC?G<L?
>?

B;MN;
?H?LI
>?


 Tomo I
La Economía y las Finanzas Públicas

#K
'
#K
'

 L
 #

#$#'$
 %# ! $


'#L

 &
! $

L#$

 








 

    



 






































>/7=/
+7-8
./
E@3-8
/
 
>/7=/
/<<6+-2/;
31>/5
A
(/;7/;
5/4+7.;8






;@3>?7@F7
D7EG>F3
B3D36R<;5A
CG7
6GD3@F7
>AE
3QAE
7@
>AE
CG7
E7
97EFR
K
\@3>?7@F7

7EF3>>R
G@3
5D;E;E
\@3@5;7D3
CG7
7@FD7
AFDAE
7875FAE
BDAB;5;R
G@
3G?7@FA
5A@E;67D34>7

7@
>3
;@]35;R@
E7
:3K3
>>7H36A
3
534A
G@3
D78AD?3
67
9D3@
FD3@E57@67@5;3
B3D3
7>

@OH=CIH;GC?HNI
>?F
;H=I
?HNL;F
S
?H
A?H?L;F
J;L;
F;
?=IHIGZ;
>?F
J;ZM
"H


?HNL\
?H
PCAIL
OH;
L?@ILG;
=IHMNCNO=CIH;F
KO?
INILA\
;ONIHIGZ;
F?A;F
;F
;H=I
>?

*YRC=I
S
KO?
?MN;<F?=C\
KO?
YMN?
N?H>LZ;
=IGI
I<D?NCPI
JLCILCN;LCI
F;
JLI=OL;=C\H
>?
F;

?MN;<CFC>;>
>?F
JI>?L
;>KOCMCNCPI
>?
F;
GIH?>;
H;=CIH;F
!?
;=O?L>I
;
F;
)?S
HCHAOH;

3GFAD;636
BG767
A4>;93D
3>
3@5A
7@FD3>
3
AFAD93D
\@3@5;3?;7@FA

E;?;E?A
>3

'OHN;
>?
$I<C?LHI
>?F
&HMNCNONI
?HNL;F
?MN;LZ;
CHN?AL;>;
JIL
OH
$I<?LH;>IL
S
=O;NLI

0O<AI<?LH;>IL?M
KO?
M?LZ;H
HIG<L;>IM
>?
G;H?L;
?M=;FIH;>;
"MNIM
HIG<L;GC?HNIM

=ILL?MJIH>?H
;F
-L?MC>?HN?
>?
F;
/?JO<FC=;
J?LI
L?KOC?L?H
>?
F;
;JLI<;=C\H
>?F
0?H;>I


!C=B;
L?@ILG;
=IGI
M?
;H;FCT;
?H
F;M
MCAOC?HN?M
M?==CIH?M
B;<LZ;
>?
M?L
@OH>;G?HN;F

J;L;
F;
JIFZNC=;
GIH?N;LC;
CGJF?G?HN;>;
?H
FIM
]FNCGIM

;[IM


 Tomo I
La Economía y las Finanzas Públicas


-,)r1& 
*,+"1/&
,*,
+ )
+,*&+)
!"
)
" ,+,*r


 

B3DF;D
67
>3
5D;E;E
\@3@5;7D3
67

>3E
3GFAD;6367E
E7
H;7DA@
8ADL363E
3
36ABF3D

G@
DO9;?7@
67
F;BA
67
53?4;A
]7J;4>7

@
3CG7>
?A?7@FA
:34P3
6G63E
EA4D7
>3

=IHP?HC?H=C;
>?
>C=BI
;LL?AFI
=;G<C;LCI
J;L;
OH;
?=IHIGZ;
J?KO?[;
S
;<C?LN;
0?

;LAOG?HN;<;
KO?
<;DI
OH
LYACG?H
>?
?M?
NCJI
B;<LZ;
OH;
PIF;NCFC>;>
?R=?MCP;
-IL
?FFI

M?
J?HM\
KO?
>C=BI
LYACG?H
M?LZ;
NL;HMCNILCI
0CH
?G<;LAI
=IH
?F
J;MI
>?F
NC?GJI
>C=BI

F7?AD7E
D7EG>F3DA@
;@8G@636AE
?;7@FD3E
CG7
>AE
47@7\5;AE
67
>3
]7J;4;>;636
53?4;3D;3

M?
BC=C?LIH
=;>;
P?T
GXM
?PC>?HN?M
*;LNZH?T
 
MZ
>C=BI
LYACG?H
M?
=IHMNCNOS\

?H
J;LN?
@OH>;G?HN;F
>?F
G;L=I
>?
=IH>O==C\H
>?
F;
JIFZNC=;
G;=LI?=IH\GC=;

+I
I<MN;HN?
?L;
H?=?M;LC;
OH;
HO?P;
;H=F;
HIGCH;F
J;L;
F;
?=IHIGZ;
S
F;
JIFZNC=;

GIH?N;LC;
B;<LZ;
>?
>?M?GJ?[;L
>C=B;
@OH=C\H
"H
OH
JLCG?L
GIG?HNI
?H
G?>CI
>?

F;
=LCMCM
>?

M?
?MN;<F?=C?LIH
I<D?NCPIM
CHN?LG?>CIM
J;L;
;AL?A;>IM
GIH?N;LCIM

+I
I<MN;HN?
=IH@ILG?
M?
;P;HT\
?H
F;
?MN;<CFCT;=C\H
>?
F;
?=IHIGZ;
S
?H
?F
=IHNLIF
>?

>3
;@]35;R@
E7
8G7
63@6A
G@3
FD3@E;5;R@
:35;3
G@
7ECG7?3
67
A4<7F;HAE
67
;@]35;\H

;5:A
7ECG7?3
<G@FA
5A@
BA>PF;53E
\E53>7E
BDG67@F7E
K
G@
8ADF3>75;?;7@FA
67
>3

D79G>35;R@
\@3@5;7D3
5A36KGHR
3
3H3@L3D
7@
>3
5D735;R@
67
G@
7@FAD@A
67
7EF34;>;636

>?
JL?=CIM
-;L;
;H;FCT;L
FI
;HN?LCIL
?F
MCAOC?HN?
J?LCI>I
>?
?MNO>CI
M?
>CPC>?
?H
>IM

EG4 B7D;A6AE
;
D;E;E
K
FD3@E;5;R@
:35;3
G@
7ECG7?3
67
A4<7F;HAE
67
;@]35;R@
K
;;;

DO9;?7@
67
A4<7F;HAE
67
;@]35;R@


/&0&0
6
1/+0& &s+
% &
2+
"0.2"*
!"
,'"1&3,0
!"

&+#) &s+

 
!OL;HN?

M?
CGJF?G?HN;LIH
>CP?LM;M
G?>C>;M
J;L;
B;=?L
@L?HN?
;
F;
=LCMCM

\@3@5;7D3

(D;?7DA
B3D3
5ADD79;D
7>
7J57EA
67
34EAD5;R@
6A?OEF;53
EA4D7
7>
BDA6G5FA

E7
>>7HR
3
534A
G@
;?BADF3@F7
3<GEF7
\E53>

+79G@6A
B3D3
BD7E7DH3D
>3
5A@\3@L3
67

>AE
;@H7DE;A@;EF3E
7>
A4;7D@A
67
%OJ;5A
@79A5;R
G@
B3CG7F7
67
3KG63
\@3@5;7D3
5A@

F;
=IGOHC>;>
CHN?LH;=CIH;F
?H
?F
KO?
J;LNC=CJ;LIH
?F
$I<C?LHI
>?
"MN;>IM
2HC>IM
S

?F
#*&
1?L=?LI
J;L;
;N?H>?L
?F
JLI<F?G;
>?
F;
<;H=;
M?
CGJF?G?HN\
OH
JLIAL;G;
>?

D7E53F7
\@3@5;36A
5A@
D75GDEAE
\E53>7E


(3D3
5A@F7@7D
>3E
BD7E;A@7E
;@]35;A@3D;3E
3EA5;363E
5A@
>3
67H3>G35;R@
67
>3
?A@763

H;=CIH;F
?L;
H?=?M;LC;
OH;
HO?P;
;H=F;
HIGCH;F
J;L;
F;
?=IHIGZ;
S
F;
JIFZNC=;

GIH?N;LC;
B;<LZ;
>?
>?M?GJ?[;L
?M;
@OH=C\H

JLCH=CJCIM
>?

M?
>?=C>C\

?MN;<F?=?L
I<D?NCPIM
=O;HNCN;NCPIM
J;L;
;AL?A;>IM
GIH?N;LCIM
0?
;LAOG?HN\
KO?
;F




-;L;
OH;
>?M=LCJ=C\H
>?N;FF;>;
>?
NI>IM
FIM
JLIAL;G;M
KO?
CGJF?G?HN;LIH
F;M
;ONILC>;>?M
S
KO?

@ILG;LIH
J;LN?
>?F
L?M=;N?
<;H=;LCI
P?L
*OLCFFI
 

 Tomo I
La Economía y las Finanzas Públicas

;@]G;D
7@
>3
7HA>G5;R@
67
OEFAE
7>
3@5A
7@FD3>
BA6P3
3875F3D
>3E
F3E3E
67
;@F7DOE

K
7@
S>F;?3
;@EF3@5;3
3
>3
;@]35;R@

EP
E7
7EF34>75;R
5A?A
A4<7F;HA
;@F7D?76;A
G@

FZGCN?
;
F;
N;M;
>?
=L?=CGC?HNI
>?
F;
<;M?
GIH?N;LC;
+I
I<MN;HN?
?MN;
?MNL;N?AC;
L?MOFN\

;@EG\5;7@F7
B3D3
7EF34;>;L3D
>3E
7JB75F3F;H3E
67
;@]35;R@
3DEF7@E
K
/7D@7D



@FD7
AFDAE
835FAD7E
674;6A
3
CG7
6GD3@F7
B7D;A6AE
67
5D;E;E
7
;@]35;R@
7>7H363
>3

H7>A5;636
67>
6;@7DA
7E
?GK
;@7EF34>7

(AD
5A@E;9G;7@F7
E7
?A6;\5R
>3
7EFD3F79;3
67

JIFZNC=;
GIH?N;LC;
"H
;>C=C\H
;
F;M
G?N;M
=O;HNCN;NCP;M
J;L;
?F
=L?=CGC?HNI
>?
F;
<;M?

?A@7F3D;3
E7
39D79R
>3
BAE;4;>;636
67
?A6;\53D
>3E
F3E3E
67
;@F7DOE
7@
53EA
67
CG7

?FFI
@O?L;
H?=?M;LCI
-;L;
FF?P;L
;
=;<I
?MNI
]FNCGI
M?
?MN;<F?=C\
OH
I<D?NCPI
MI<L?
FIM

M;F>IM
;=OGOF;>IM
;
FI
F;LAI
>?
OH
J?LCI>I
>?

>Z;M
?H
F;M
=O?HN;M
=ILLC?HN?M
KO?

F;
<;H=;
=IG?L=C;F
G;HNC?H?
=IH
?F
;H=I
?HNL;F
MCGCMGI
G?>C;HN?
?F
FF;G;>I

l=ILNIm
?F
&HMNCNONI
?HNL;F
JI>Z;
A?H?L;L
JL?MCIH?M
;F
;FT;
MI<L?
F;
N;M;
>?
CHN?LYM

-@3
D7EBG7EF3
67
BA>PF;53
5A@9DG7@F7
5A@FD;4GKR
3
D7EF34>757D
>3
5A@\3@L3
67
>AE

CHP?LMCIHCMN;M
;MZ
=IGI
;
?MN;<CFCT;L
?F
NCJI
>?
=;G<CI
S
F;M
N;M;M
>?
CHN?LYM
+I
I<MN;HN?

F;
;=NCPC>;>
?=IH\GC=;
?RJ?LCG?HN\
OH;
=IHNL;==C\H
CGJILN;HN?
?H

J?LI
?H
FIM

;[IM
E;9G;7@F7E
E7
D75GB7DR

(AD
EG
B3DF7
>3
;@]35;R@
CG7
:34P3
3G?7@F36A
67
?3@7D3

HIN;<F?
>?MJOYM
>?
F;
>?P;FO;=C\H
=IG?HT\
;
GIMNL;L
OH;
N?H>?H=C;
>?M=?H>?HN?

2H
@;=NIL
KO?
=IHNLC<OS\
;
FIM
<O?HIM
L?MOFN;>IM
KO?
;LLID\
F;
JIFZNC=;
GIH?N;LC;
@O?

KO?
?F
;H=I
?HNL;F
?H
=IHALO?H=C;
=IH
MO
G;H>;NI
=IHMNCNO=CIH;F
M?
?H@I=\
?H
?F

5A@FDA>
67
>3
;@]35;R@

-@
7>7?7@FA
CG7
:;LA
BAE;4>7
>A
3@F7D;AD
8G7
>3
675;E;R@
67

CG7
>3
5D;E;E
43@53D;3
E7
3F7@6;7D3
5A@
D75GDEAE
\E53>7E
3DEF7@E
K
/7D@7D



!?
?MN;
@ILG;
?F
;H=I
?HNL;F
HI
M?
?H=IHNL\
?H
OH;
>CMSOHNCP;
?HNL?
=IG<;NCL
F;

;@]35;R@
K
3F7@67D
>AE
BDA4>7?3E
67
>AE
43@5AE

*7EB75FA
3
7EFAE
S>F;?AE
E7
7H;F\
OH;

=ILLC>;
KO?
BO<C?L;
JLIPI=;>I
?F
=IF;JMI
>?F
MCMN?G;
<;H=;LCI
+I
I<MN;HN?
?F
=IMNI

67
>AE
BDA9D3?3E
67
3BAKA
3
>3
43@53
\@3@5;36AE
5A@
D75GDEAE
\E53>7E
E;9@;\5R
G@

=IMNI
CGJILN;HN?
J;L;
F;
JI<F;=C\H
>?F
J;ZM

;DI
?MN;M
=CL=OHMN;H=C;M
L?MOFN\
I<PC;

>3
@757E;636
67
8ADF3>757D
>3
D79G>35;R@
K
EGB7DH;E;R@
67>
E75FAD
\@3@5;7DA
B3D3
7H;F3D

=LCMCM
MCGCF;L?M
?H
?F
@ONOLI
"H
FIM
;[IM
JIMN?LCIL?M
;
F;
=LCMCM
FIM
I<D?NCPIM
=O;HNCN;NCPIM
J;L;
;AL?A;>IM

?A@7F3D;AE
K
>3
BAE;4;>;636
67
CG7
7>
3@5A
7@FD3>
?A6;\53D3
>3E
F3E3E
67
;@F7DOE

G?>C;HN?
?F
l=ILNIm
M?
G;HNOPC?LIH
=IGI
?F?G?HNIM
>?
F;
?MNL;N?AC;
>?
JIFZNC=;

?A@7F3D;3

E;?;E?A
>AE
F7?AD7E
67
CG7
>3
]7J;4;>;636
53?4;3D;3
5A@6G5;DP3
3
G@3



-;L;
OH;
>?M=LCJ=C\H
>?N;FF;>;
>?
?MN?
G?=;HCMGI
=IHMOFN;L
?F
>I=OG?HNI
l);
IH>O==C\H
>?
F;
-IFZNC=;

*IH?N;LC;
>?F
;H=I
>?
*YRC=I
;
NL;PYM
>?F
/YACG?H
>?
0;F>IM
=OGOF;>IMm
>?F
;H=I
>?
*YRC=I


"H

FIM
J;MCPIM
>?F
#IH>I
;H=;LCI
>?
-LIN?==C\H
;F
BILLI
#,-/,
M?
=IHPCLNC?LIH

7@
67G63
BS4>;53
K
7@
7E7
?A?7@FA
7>
5AEFA
\E53>
67>
D7E53F7
E7
7EF;?R
7@


BAD
5;7@FA
67>
(!

%?LHXH>?T
1LCFFI
S
3CFF;A\G?T
 
"H
?M?
GCMGI
;[I
?F
#,-/,
@O?
MOMNCNOC>I
JIL
?F
&HMNCNONI

>?
-LIN?==C\H
;F
BILLI
&-

 Tomo I
La Economía y las Finanzas Públicas

HA>3F;>;636
7J57E;H3
D7EG>F3DA@
;@8G@636AE
BAD
>A
CG7
7>
DO9;?7@
67
>;4D7
]AF35;R@
E7

JL?M?LP\
"H
?M?
J?LCI>I
CHC=C\
OH;
NL;HMC=C\H
AL;>O;F
B;=C;
OH
LYACG?H
>?
I<D?NCPIM

67
;@]35;R@
,GDD7@F
4


B3DF;D
67

E7
B>3@F73DA@
A4<7F;HAE
67
;@]35;R@

3@G3>7E

(AEF7D;AD?7@F7
7@

E7
\<R
G@3
?7F3
67
;@]35;R@
67

BAD
5;7@FA
B3D3



E;?;E?A
E7
FD3L3DA@
?7F3E
;@F7D?76;3E
67
;@]35;R@
B3D3

;@]35;R@
@A

?3KAD
3


BAD
5;7@FA
K
B3D3

;@]35;R@
@A
?3KAD
3


BAD
5;7@FA

G@36A
3

>A
3@F7D;AD
3@5A
67
%OJ;5A
5A?7@LR
3
BG4>;53D
7>
!@8AD?7
,D;?7EFD3>
67
!@]35;R@

?H
 
MCGCMGI
M?
;LAOG?HN\
KO?
;
FI
F;LAI
>?F
NC?GJI
F;
=ILL?F;=C\H
?HNL?
F;

43E7
?A@7F3D;3
K
>3
;@]35;R@
E7
:34P3
FAD@36A
5363
H7L
?NE
;@7EF34>7
7
;?BD7675;4>7

;H=I
>?
*YRC=I
 
;DI
?MN;M
=IH>C=CIH?M
M?
NIG\
F;
>?=CMC\H
>?
;<;H>IH;L

FIM
I<D?NCPIM
>?
;AL?A;>IM
GIH?N;LCIM
S
?F
;H=I
?HNL;F
M?
?H@I=\
?R=FOMCP;G?HN?

7@
G@
A4<7F;HA
7JB>P5;FA
67
;@]35;R@

;@3>?7@F7
7>
7ECG7?3
67
A4<7F;HAE
67
;@]35;R@

E7
36ABFR
A\5;3>?7@F7
7@



/V$&*"+
!"
,'"1&3,0
!"
&+#) &s+
 
 
@
7>
BDA9D3?3
?A@7F3D;A
B3D3
 
3@5A
67
%OJ;5A
3@G@5;R
67
?3@7D3
A\5;3>

CG7
36ABF343
G@
7ECG7?3
67
A4<7F;HAE
67
;@]35;R@
5A?A
?3D5A
67
5A@6G55;R@
67
>3

JIFZNC=;
GIH?N;LC;
MZ
<;DI
?MN?
?MKO?G;
;H=I
>?
*YRC=I
NIG;LZ;
F;M
>?=CMCIH?M
>?

JIFZNC=;
GIH?N;LC;
;
J;LNCL
>?
OH
;HXFCMCM
>?N;FF;>I
>?
NI>;M
F;M
P;LC;<F?M
KO?
CH=C>?H

EA4D7
7>
5A?BADF3?;7@FA
67
>3
;@]35;R@

@
FOD?;@AE
97@7D3>7E
6;5:A
7ECG7?3
F;7@7

=IGI
JLCH=CJ;F?M
=;L;=N?LZMNC=;M
F;M
MCAOC?HN?M
;
/?=IHI=CGC?HNI
>?
F;
?MN;<CFC>;>
>?
JL?=CIM
=IGI
I<D?NCPI
>?
F;
JIFZNC=;

GIH?N;LC;
<
ONIHIGZ;
>?F
;H=I
?HNL;F
5
*O9;?7@
67
F;BA
67
53?4;A
]7J;4>7

6
@G@5;A
67
A4<7F;HAE
67
;@]35;R@
67
>3D9A
B>3LA

?
2H;
?MNL;N?AC;
>?
=IGOHC=;=C\H
NL;HMJ;L?HN?
S
L?H>C=C\H
>?
=O?HN;M

B7E3D
67
CG7
>3
36AB5;R@
67
7EF7
7ECG7?3
E7
A\5;3>;LR
7@
 
H3D;AE
67
EGE
7>7?7@FAE

S;
?MN;<;H
JL?M?HN?M
;HN?M
>?
?M?
;[I
IGI
M?
G?H=CIH\
>?M>?

*YRC=I
=O?HN;

=IH
OH
;H=I
?HNL;F
;ON\HIGI
=OSI
I<D?NCPI
JLCILCN;LCI
?M
F;
=IHM?=O=C\H
>?
F;

?MN;<CFC>;>
>?F
JI>?L
;>KOCMCNCPI
>?
F;
GIH?>;
H;=CIH;F
MCGCMGI
;
L;ZT
>?
F;
=LCMCM

\@3@5;7D3
67

>3E
3GFAD;6367E
67>
B3PE
:34P3@
36ABF36A
G@
DO9;?7@
67
F;BA
67

53?4;A
]7J;4>7

*7EB75FA
3
>3
67\@;5;R@
67
A4<7F;HAE
67
;@]35;R@
67
>3D9A
B>3LA
7@


3@5A
67
%OJ;5A
7EF34>75;R
G@3
?7F3
B7D?3@7@F7
67
;@]35;R@
67

BAD
5;7@FA

67\@;63
7@
FOD?;@AE
67>
rH>C=?
+;=CIH;F
>?
-L?=CIM
;F
IHMOGC>IL
&+- 
MCGCMGI


 Tomo I
La Economía y las Finanzas Públicas

FA?3@6A
7@
5A@E;67D35;R@
CG7
>3
;@]35;R@
7@
7>
5ADFA
B>3LA
BG767
H7DE7
3875F363
BAD

>CP?LMIM
@;=NIL?M
KO?
?MNXH
@O?L;
>?F
;F=;H=?
>?
F;
;ONILC>;>
GIH?N;LC;
M?
?MN;<F?=C\

OH
CHN?LP;FI
>?
P;LC;<CFC>;>
>?
GXM
I
G?HIM
OH
JOHNI
JIL=?HNO;F
?H
NILHI
;
F;
G?N;

J?LG;H?HN?
>?

JIL
=C?HNI

-IL
MO
J;LN?
F;
G;SIL
NL;HMJ;L?H=C;
S
L?H>C=C\H
>?
=O?HN;M
M?
FIAL\
G?>C;HN?
>CP?LMIM

H7:P5G>AE
67
5A?G@;535;R@

@

E7
67\@;R
G@
53>7@63D;A
B3D3
>3E
675;E;A@7E
67

JIFZNC=;
GIH?N;LC;
MZ
YMN;M
M?
>;H
;
=IHI=?L
?H
@?=B;M
JL??MN;<F?=C>;M
G?>C;HN?

=IGOHC=;>IM
KO?
?RJFC=;H
FIM
;LAOG?HNIM
KO?
F;M
MOMN?HN;H
>?GXM
=IGI
M?

G?H=CIH\
>?M>?
?F
;[I

?F
;H=I
>?
*YRC=I
JO<FC=;
OH
&H@ILG?
1LCG?MNL;F
KO?

M?
JL?M?HN;
;F
J]<FC=I
;
NL;PYM
>?
OH;
=IH@?L?H=C;
>?
JL?HM;
"F
?M@O?LTI
JIL
G?DIL;L

F;
=IGOHC=;=C\H
>?F
;H=I
?HNL;F
B;
MC>I
J?LG;H?HN?
S
=IGI
GO?MNL;
>?
?FFI
;
J;LNCL

>?
 
M?
=IG?HT;LIH
;
JO<FC=;L
F;M
GCHON;M
>?
F;M
>?=CMCIH?M
>?
JIFZNC=;
GIH?N;LC;

KO?
=IHNC?H?H
CH@ILG;=C\H
GXM
?RN?HM;
MI<L?
F;M
=IH>C=CIH?M
S
L;TIH?M
KO?
FF?P;LIH

;
F;
'OHN;
>?
$I<C?LHI
>?
;H=I
>?
*YRC=I
;
NIG;L
OH;
>?=CMC\H
?H
J;LNC=OF;L

;@3>?7@F7
5347
67EF353D
CG7
7@
7EFAE
3QAE
F3?4;O@
E7
?A6;\5R
>3
;@EFDG?7@F35;R@
67

F;
JIFZNC=;
GIH?N;LC;
"H
 
?F
I<D?NCPI
MI<L?
F;M
=O?HN;M
=ILLC?HN?M
>?
F;
<;H=;
>?D\

67
\<3DE7
EA4D7
>AE
E3>6AE
35G?G>36AE
K
5A?7@LR
3
67F7D?;@3DE7
EA4D7
7>
E3>6A
\@3>

>C;LCI
-IMN?LCILG?HN?
;HN?
FIM
;P;H=?M
?H
G;N?LC;
>?
?MN;<CFC>;>
G;=LI?=IH\GC=;

K
7>
?3KAD
67E3DDA>>A
67
>AE
?7D536AE
\@3@5;7DAE
E7
5A@E;67DR
CG7
7EF34>757D
G@

I<D?NCPI
IJ?L;=CIH;F
MI<L?
F;M
N;M;M
>?
CHN?LYM
?L;
OH
J;MI
H;NOL;F
;H=I
>?
*YRC=I

 
!?
?MN;
G;H?L;
?H
 
M?
;HOH=C\
KO?
F;
N;M;
>?
@IH>?I
CHN?L<;H=;LCI
;
OH
>Z;

MOMNCNOCLZ;
;F
l=ILNIm
=IGI
I<D?NCPI
IJ?L;=CIH;F
>?
F;
JIFZNC=;
GIH?N;LC;
>
7ECG7?3
67
A4<7F;HAE
67
;@]35;R@
E7
5A@H;DF;R
7@
G@
B;>3D
8G@63?7@F3>
67>
?3D5A
67

=IH>O==C\H
>?
F;
JIFZNC=;
G;=LI?=IH\GC=;
?H
*YRC=I
!C=BI
G;L=I
M?
=IGJF?G?HN\

5A@
6;E5;B>;@3
\E53>
K
5A@
G@
8ADF3>75;?;7@FA
67
>3
D79G>35;R@
K
EGB7DH;E;R@
\@3@5;7D3


>
?3@7<A
D7EBA@E34>7
67
>3
BA>PF;53
\E53>
BAD
B3DF7
67
>3E
3GFAD;6367E
B7D?;F;R

7>;?;@3D
>AE
34G>F36AE
67E43>3@57E
\E53>7E
CG7
%OJ;5A
:34P3
7JB7D;?7@F36A
7@
7>

J;M;>I
"FFI
;
MO
P?T
=IHNLC<OS\
;
KO?
?F
J;ZM
FIAL;L;
HCP?F?M
MIMN?HC<F?M
>?
>?O>;

J]<FC=;
MCGCMGI
F;
?MNLO=NOL;
>?
F;
GCMG;
G?DIL\
);
>?O>;
>?HIGCH;>;
?H
GIH?>;

?RNL;HD?L;
=IGI
JIL=?HN;D?
>?
F;
>?O>;
NIN;F
>CMGCHOS\
;
F;
P?T
KO?
?F
JF;TI
>?
F;

?;E?3
3G?7@FR
>A
CG7
D76G<A
>3
HG>@7D34;>;636
67
>3E
\@3@L3E
BS4>;53E

(AD
EG
B3DF7

3
D3PL
67
>3
5D;E;E
\@3@5;7D3
67

E7
5A?7@L3DA@
3
36ABF3D
355;A@7E
7@53?;@363E

3
8ADF3>757D
>3
D79G>35;R@
K
EGB7DH;E;R@
67>
E75FAD
\@3@5;7DA

@FD7
AFD3E
?76;63E

E7
?A6;\5R
7>
?3D5A
D79G>3FAD;A
B3D3
7>;?;@3D
>AE
9D3@67E
67E53>57E
53?4;3D;AE

KO?
B;<Z;H
N?HC>I
F;M
BID;M
>?
<;F;H=?
>?
FIM
<;H=IM
MCGCMGI
M?
;<LC\
?F
M?=NIL

<;H=;LCI
;
F;
J;LNC=CJ;=C\H
>?
<;H=IM
?RNL;HD?LIM
"MNIM
?M@O?LTIM
=I;>SOP;LIH
;
=L?;L

OH
M?=NIL
<;H=;LCI
M;HI
S
<C?H
=;JCN;FCT;>I
MCGCMGI
FIM
?M@O?LTIM
JIL
G?DIL;L
F;


 Tomo I
La Economía y las Finanzas Públicas

D79G>35;R@
K
EGB7DH;E;R@
\@3@5;7D3
8G7DA@
5A@F;@GAE
K
E7
3H3@LR
7@
>3
36AB5;R@
67
>3E

G?DIL?M
JLX=NC=;M
CHN?LH;=CIH;F?M
?H
?MN;
G;N?LC;
"H
?MN?
=IHN?RNI
GXM
L?=C?HN?G?HN?

M?
CGJF?G?HN;LIH
F;M
>CMJIMC=CIH?M
L?@?L?HN?M
;
;MCF?;
&&&
S
?H
 
M?
=L?\
OH

IHM?DI
>?
"MN;<CFC>;>
#CH;H=C?L;
=IH
F;
J;LNC=CJ;=C\H
>?F
;H=I
?HNL;F
?HNL?
INL;M

;ONILC>;>?M
!OL;HN?
?MNIM
;[IM
?MN?
G;L=I
>?
=IH>O==C\H
>?
F;
JIFZNC=;
G;=LI?=IH\GC=;
J?LGCNC\

5A@FDA>3D
>3
;@]35;\H
S
;P;HT;L
?H
F;
=L?;=C\H
>?
OH
?HNILHI
?MN;<CFC>;>
>?
JL?=CIM

7@
%OJ;5A

@
7EF7
5A@F7JFA
>3
;@]35;R@
97@7D3>
CG7
7@
>3
6O5363
67

>>79R
3

;F=;HT;L
HCP?F?M
>?
NL?M
>ZACNIM
>CMGCHOS\
;
HCP?F?M
=?L=;HIM
;

JIL
=C?HNI
OH;>I

3
>A
3@F7D;AD
>3
;@]35;R@
5A?7@LR
3
]G5FG3D
67
?3@7D3
?A67D363
7@
FAD@A
3
G@

HCP?F
KO?
?M
?F
GXM
<;DI
>?M>?
KO?
M?
=;F=OF;
?F
&+-
;H=I
>?
*YRC=I
  
-IL

5A@E;9G;7@F7
>3
;@]35;R@
7@
%OJ;5A
B3ER
67
E7D
G@
BDA57EA
EG?3?7@F7
HA>NF;>
3
G@A

?NE
7EF34>7

E;?;E?A
>3
B7DE;EF7@5;3
67
>3
;@]35;R@
F3?4;O@
6;E?;@GKR
:;CG;3D

 
MZ
;HN?
?MNIM
L?MOFN;>IM
JIMCNCPIM
;OG?HN\
F;
=L?>C<CFC>;>
?H
?F
=IGJLIGCMI
>?F

;H=I
>?
*YRC=I
=IH
F;
?MN;<CFC>;>
>?
JL?=CIM
-IL
FI
KO?
F;
JIFZNC=;
GIH?N;LC;

?H@I=;>;
?H
JLI=OL;L
F;
?MN;<CFC>;>
>?F
JI>?L
;>KOCMCNCPI
>?
F;
GIH?>;
H;=CIH;F
M?

=IHMNCNOS\
=IGI
OH
;H=F;
HIGCH;F
=L?Z<F?
>?
F;
?=IHIGZ;
"FFI
J?LGCNC\
?F
;H=F;D?

67
>3E
7JB75F3F;H3E
67
;@]35;R@
67
>AE
397@F7E
75A@R?;5AE

EP
6;5:3E
7JB75F3F;H3E

5A?7@L3DA@
3
?AEFD3D
G@
5A?BADF3?;7@FA
5A@9DG7@F7
5A@
G@
7@FAD@A
67
;@]35;R@

<;D;
S
?MN;<F?
$;L=Z;
3?L>]
 
AOCF;L
?N
;F
 
"H
J;LNC=OF;L
?F
HCP?F
>?
YMN;M

5A?7@LR
3
5A@H7D97D
3>
A4<7F;HA
67
;@]35;R@
7EF34>75;6A
BAD
>3
3GFAD;636
?A@7F3D;3


>?GXM
F;
>CMJ?LMC\H
>?
F;M
GCMG;M
GIMNL\
OH;
L?>O==C\H
=IGI
L?MOFN;>I
>?
F;
G;SIL

=?LNC>OG<L?
JL?P;F?=C?HN?
?H
OH
;G<C?HN?
>?
?MN;<CFC>;>
>?
JL?=CIM
347
EG4D3K3D
CG7
>A
3@F7D;AD
B7D?;F;R
G@
8G@5;A@3?;7@FA
?NE
7\5;7@F7
67>
E;EF7?3
67

BD75;AE
7@
>3
75A@A?P3
>A
CG7
E7
D7]7<R
7@FD7
AFD3E
5AE3E
7@
G@3
D76G55;R@
;?BADF3@F7

67>
7875FA
FD3EB3EA
67
]G5FG35;A@7E
67>
F;BA
67
53?4;A
EA4D7
>3
;@]35;R@
3B;EFDN@

7F

3>

 
9DN\53
.!!!

>>A
7E
EG?3?7@F7
D7>7H3@F7
K3
CG7
5A?A
E7
67E5D;4;R
7@

M?==CIH?M
JL?PC;M
FIM
;DOMN?M
?H
?F
NCJI
>?
=;G<CI
HIGCH;F
B;<Z;H
MC>I
OH
@;=NIL
KO?

7@
6;H7DEAE
?A?7@FAE
:34P3
BDAHA536A
3G?7@FAE
;?BADF3@F7E
7@
>3
;@]35;R@


 Tomo I
La Economía y las Finanzas Públicas

#K '

 L  # * %"!


!
'#L
  &




 


 




































>/7=/
+7-8
./
E@3-8
/
 

>
3H3@57
7@
>3
5D735;R@
67
G@
7@FAD@A
67
;@]35;R@
43<3
K
7EF34>7
:3
E;6A
@AF34>7

>>A
3
B7E3D

>?
KO?
F;
?=IHIGZ;
G?RC=;H;
HI
B;
?MN;>I
?R?HN;
>?
=BIKO?M
;>P?LMIM
>?
=IHMC>?L;=C\H
"HNL?

OEFAE
EA4D7E3>7
>3
5D;E;E
\@3@5;7D3
;@F7D@35;A@3>
CG7
E;
4;7@
5A?7@LR
7@

7@
7>
?7D536A

BCJIN?=;LCI
>?
FIM
"MN;>IM
2HC>IM
LXJC>;G?HN?
M?
?RN?H>C\
;F
L?MNI
>?
F;M
?=IHIGZ;M
S
;
L;ZT

67>
5A>3BEA
67>
43@5A
67
;@H7DE;R@
$7:?3@
DAF:7DE
E7
;@F7@E;\5R
7@
E7BF;7?4D7
67



);
G;SIL
;P?LMCR@
3>
D;7E9A
7@
>AE
?7D536AE
\@3@5;7DAE
;@F7D@35;A@3>7E
K
>3
?7@AD
35F;H;636

?=IH\GC=;
AFI<;F
;@?=N;LIH
;
F;
?=IHIGZ;
H;=CIH;F
0?
L?ACMNL\
OH
J?LCI>I
>?
CH?MN;<CFC>;>

7@
7>
?7D536A
53?4;3D;A
K
7@
>AE
?7D536AE
\@3@5;7DAE
6A?OEF;5AE

@F7
6;5:A
7E57@3D;A
7>

$I<C?LHI
#?>?L;F
S
?F
;H=I
>?
*YRC=I
CGJF?G?HN;LIH
OH;
M?LC?
>?
G?>C>;M
?H=;GCH;>;M
;

L?MN;<F?=?L
?F
@OH=CIH;GC?HNI
IL>?H;>I
>?
>C=BIM
G?L=;>IM
S
?H
=IHM?=O?H=C;
;
JL?M?LP;L
F;

7EF34;>;636
\@3@5;7D3


MZ
;HN?
F;
G;SIL
PIF;NCFC>;>
>?F
NCJI
>?
=;G<CI
S
F;
G?HIL
FCKOC>?T
?H
?F
G?L=;>I

=;G<C;LCI
F;M
;ONILC>;>?M
NIG;LIH
F;
>?=CMC\H
>?
OM;L
J;LN?
>?
F;M
L?M?LP;M

CHN?LH;=CIH;F?M
J;L;
CHN?LP?HCL
G?>C;HN?
>CP?LMIM
G?=;HCMGIM
?H
>C=BI
G?L=;>I

;<?
M?[;F;L
KO?
>C=B;M
CHN?LP?H=CIH?M
HI
NOPC?LIH
=IGI
JLIJ\MCNI
>?@?H>?L
OH

HCP?F
JL?>?N?LGCH;>I
>?F
NCJI
>?
=;G<CI
MCHI
KO?
<OM=;<;H
GI>?L;L
F;
PIF;NCFC>;>



-;L;
OH;
>?M=LCJ=C\H
>?N;FF;>;
>?
F;M
G?>C>;M
CHMNLOG?HN;>;M
J;L;
L??MN;<F?=?L
?F
<O?H
@OH=CIH;GC?HNI

67>
?7D536A
53?4;3D;A
K
67
>AE
?7D536AE
\@3@5;7DAE
6A?OEF;5AE
H7D
7>
!@8AD?7
EA4D7
>3
!@]35;R@
67

;H=I
>?
*YRC=I
'OFCI
0?JNC?G<L?
 
S
0C>;IOC
2A
.9
  



);
JIFZNC=;
=;G<C;LC;
?MNX
;
=;LAI
>?
F;
IGCMC\H
>?
;G<CIM
CHN?AL;>;
JIL
F;
0?=L?N;LZ;
>?
%;=C?H>;

S
?F
;H=I
>?
*YRC=I

 Tomo I
La Economía y las Finanzas Públicas

JL?P;F?=C?HN?
?H
?F
G?L=;>I
=;G<C;LCI
;MZ
=IGI
JLIP??L
>?
FCKOC>?T
;F
GCMGI
"MNI

]FNCGI
?L;
H?=?M;LCI
?HNL?
INLIM
@;=NIL?M
JIL
OH;
>?G;H>;
?RNL;IL>CH;LC;
>?
>\F;L?M
KO?

B;<Z;
MOLAC>I
;
L;ZT
>?
F;
>?JL?=C;=C\H
=;G<C;LC;
!C=B;
>?G;H>;
JLIP?HZ;
>?
;FAOH;M

5ADBAD35;A@7E
?7J;53@3E
CG7
F7@P3@
BAE;5;A@7E
67
D;7E9A
7@
67D;H36AE
\@3@5;7DAE

=IGJF?DIM
1;F?M
CHN?LP?H=CIH?M
=IHNLC<OS?LIH
;
?MN;<CFCT;L
?F
G?L=;>I
=;G<C;LCI

MCGCMGI
F;M
L?M?LP;M
CHN?LH;=CIH;F?M
M?
=IGJF?G?HN;LIH
=IH
?F
?MN;<F?=CGC?HNI
>?

OH;
FZH?;
>?
CHN?L=;G<CI
>?
>CPCM;M
?HNL?
?F
;H=I
>?
*YRC=I
S
F;
/?M?LP;
#?>?L;F

>?
FIM
"MN;>IM
2HC>IM
"M
J?LNCH?HN?
M?[;F;L
KO?
?H
 
*YRC=I
=IHNL;N\
F;
)ZH?;

>?
LY>CNI
#F?RC<F?
# )
=IH
?F
#*&
JIL
OH
GIHNI
CHC=C;F
;JLIRCG;>I
>?


GCFFIH?M
>?
>\F;L?M
S
KO?
M?
;GJFC\
?H
 
;

GCFFIH?M
>?
>\F;L?M
FI
KO?

:3
5A36KGH36A
3
?7<AD3D
>3
5A@\3@L3
67
>AE
397@F7E
75A@R?;5AE
7@
>3
75A@A?P3

G?RC=;H;
/?MJ?=NI
;
F;
JIFZNC=;
G;=LI?=IH\GC=;
YMN;
N;G<CYH
M?
;DOMN\
?H
L?MJO?MN;
;
F;

5D;E;E
\@3@5;7D3
;@F7D@35;A@3>

@
>A
D787D7@F7
3
>3
BA>PF;53
\E53>
3
?76;63
CG7

F;
=LCMCM
;@?=N\
;
F;
?=IHIGZ;
H;=CIH;F
?F
$I<C?LHI
#?>?L;F
FF?P\
;
=;<I
?M@O?LTIM

CGJILN;HN?M
J;L;
;N?HO;L
?F
CGJ;=NI
>?
F;
=LCMCM
MI<L?
F;
;=NCPC>;>
?=IH\GC=;
S
MI<L?
?F

<C?H?MN;L
>?
F;
JI<F;=C\H
"HNL?
?MN;M
G?>C>;M
>?MN;=\
OH;
G;SIL
CHP?LMC\H
J]<FC=;
?H

CH@L;?MNLO=NOL;
+I
I<MN;HN?
>OL;HN?
 
F;
L?=?MC\H
L?MOFN\
GXM
M?P?L;
>?
FI
KO?
M?

B;<Z;
;HNC=CJ;>I
;DI
?MN;M
=IH>C=CIH?M
M?
I<M?LP\
OH;
>CMGCHO=C\H
?H
FIM
CHAL?MIM

67>
E75FAD
BS4>;5A
BAD
>A
CG7
D7EG>FR
@757E3D;A
8ADF3>757D
>3
BAE;5;R@
\E53>
67>
B3PE


(3D3
7>>A
7>
A@9D7EA
3BDA4R
G@3
D78AD?3
\E53>
B3D3
 

@
5G3@FA
3
>3
BA>PF;53
?A@7F3D;3
>3E
B7DEB75F;H3E
B3D3
>3
;@]35;\H
?GJ?IL;LIH
?H

>AE
S>F;?AE
?7E7E
67

3@F7
G@3
67BD75;35;R@
E;9@;\53F;H3
67>
F;BA
67
53?4;A


;DI
?MN;M
=IH>C=CIH?M
;OHKO?
?F
J;HIL;G;
J;L;
F;
;=NCPC>;>
?=IH\GC=;
M?
B;<Z;

>?N?LCIL;>I
?F
;H=I
?HNL;F
>?=C>C\
G;HN?H?L
MCH
=;G<CIM
F;
N;M;
>?
JIFZNC=;
"FFI

7@
D7EBG7EF3
3
G@3
BD7A5GB35;R@
EA4D7
BD7E;A@7E
;@]35;A@3D;3E
CG7
BG6;7DA@
:347D

3875F36A
@793F;H3?7@F7
3
>3E
7JB75F3F;H3E
67
;@]35;R@

&A
A4EF3@F7
B3D3
7@FA@57E
>3E

;ONILC>;>?M
GIH?N;LC;M
?H
?=IHIGZ;M
;P;HT;>;M
=IGI
FIM
"MN;>IM
2HC>IM
S;
B;<Z;H

CGJF?G?HN;>I
L?=ILN?M
?H
MOM
N;M;M
>?
JIFZNC=;
-IL
=IHMCAOC?HN?
F;
JIMNOL;
>?
JIFZNC=;

GIH?N;LC;
>?
*YRC=I
L?MJ?=NI
;
F;
>?
>C=B;M
?=IHIGZ;M
M?
L?MNLCHAC\
-IMN?LCILG?HN?
;

BD;@5;B;AE
67

>3
;@]35;R@
CG7
:34P3
D7BG@F36A
D7FA?R
@G7H3?7@F7
G@3
F7@67@5;3

>?M=?H>?HN?
GC?HNL;M
KO?
F;M
J?LMJ?=NCP;M
J;L;
F;
;=NCPC>;>
?=IH\GC=;
?GJ?IL;LIH

*?HIL?M
JL?=CIM
CHN?LH;=CIH;F?M
>?
FIM
<C?H?M
JLCG;LCIM
S
OH;
G;SIL
BIFAOL;
?H
F;

75A@A?P3
3KG63DA@
3
D76G5;D
>3E
BD7E;A@7E
;@]35;A@3D;3E

3<A
7EF3E
5A@6;5;A@7E
K

FA?3@6A
7@
5A@E;67D35;R@
CG7
>3E
7JB75F3F;H3E
67
;@]35;R@
B7D?3@75P3@
4;7@
3@5>363E

?F
;H=I
>?
*YRC=I
CHC=C\
OH
=C=FI
>?
L?F;D;GC?HNI
GIH?N;LCI
L?>O=C?H>I
F;
N;M;
>?

JIFZNC=;
>?

JIL
=C?HNI
?H
?H?LI
>?
 
;

JIL
=C?HNI
?H
DOFCI
>?F
GCMGI
;[I



(3D3
G@3
67E5D;B5;R@
67F3>>363
67
>3
D7EBG7EF3
67
BA>PF;53
?35DA75A@R?;53
3@F7
>3
5D;E;E
\@3@5;7D3

CHN?LH;=CIH;F
P?L
0C>;IOC
2A
.9
  

 Tomo I
La Economía y las Finanzas Públicas

"H
FIM
;[IM
JIMN?LCIL?M
F;
=IH>O==C\H
>?
F;
JIFZNC=;
GIH?N;LC;
?H
*YRC=I
MCAOC\

?H@L?HN;H>I
L?NIM
>?
=IHMC>?L;=C\H
)IM
<;H=IM
=?HNL;F?M
?H
?=IHIGZ;M
;P;HT;>;M
KO?

B;<Z;H
L?>O=C>I
MOM
N;M;M
>?
JIFZNC=;
;
HCP?F?M
=?L=;HIM
;
=?LI
L?=OLLC?LIH
;
;==CIH?M
>?

BA>PF;53
@A
5A@H7@5;A@3>7E
5A@
>3
\@3>;636
67
BDAH77D
G@
7EFP?G>A
?A@7F3D;A
36;5;A@3>

;
MOM
?=IHIGZ;M
"HNL?
>C=B;M
G?>C>;M
>?MN;=;LIH
FIM
JLIAL;G;M
>?
=IGJL;M
>?

;=NCPIM
;MZ
=IGI
F;
AOZ;
@ONOL;
>?
N;M;M
>?
CHN?LYM
<?D.?1
4B61.;02
1;F?M
G?>C>;M

5A@FD;4GK7DA@
3
BD7H7@;D
7>
5A>3BEA
67
>AE
E;EF7?3E
\@3@5;7DAE
K
7@
3>9G@AE
B3PE7E

=IGI
FIM
"MN;>IM
2HC>IM
;JIS;LIH
F;
L?=OJ?L;=C\H
>?
F;
;=NCPC>;>
?=IH\GC=;
+I

I<MN;HN?
>C=B;M
G?>C>;M
N;G<CYH
=I;>SOP;LIH
;
OH
J?LCI>I
>?
?HNL;>;M
G;MCP;M
>?

=;JCN;F
;
?=IHIGZ;M
?G?LA?HN?M
=IGI
F;
>?
*YRC=I
"HNL?
INLIM
?@?=NIM
JLIJC=C;LIH

BD7E;A@7E
:35;3
>3
3BD75;35;R@
67
>3E
?A@763E
67
>AE
B3PE7E
D757BFAD7E
67
6;5:AE
]G<AE


1;G<CYH
JLIJC=C;LIH
JL?MCIH?M
CGJILN;HN?M
;
F;
<;D;
?H
F;M
N;M;M
>?
CHN?LYM
>IGYMNC=;M
S

OH;
N?H>?H=C;
B;=C;
G;SIL?M
JL?=CIM
>?
FIM
;=NCPIM


J;LNCL
>?
 
F;
>CM=OMC\H
=IG?HT\
;
ACL;L
?H
NILHI
;
F;
HILG;FCT;=C\H
>?
F;M

=IH>C=CIH?M
GIH?N;LC;M
?H
FIM
"MN;>IM
2HC>IM
JIL
FI
KO?
?F
LC?MAI
>?
OH;
L?P?LMC\H

7@
>AE
]G<AE
67
53B;F3>
B3ER
3
E7D
>3
BD;@5;B3>
BD7A5GB35;R@

$3
;@57DF;6G?4D7
EA4D7
7>

JLI=?MI
>?
L?NCLI
>?F
?MNZGOFI
GIH?N;LCI
JIL
J;LN?
>?
F;
/?M?LP;
#?>?L;F
B;
=IHNLC<OC>I

3
3>9G@AE
7B;EA6;AE
67
;@7EF34;>;636
\@3@5;7D3
7@
>3
75A@A?P3
9>A43>
CG7
3875F3DA@

3
BDN5F;53?7@F7
FA63E
>3E
75A@A?P3E
;@5>G;63
>3
?7J;53@3

EP
7@
>3
B3DF7
\@3>
67>

J?LCI>I
KO?
=O<L?
?MN?
?MNO>CI
F;M
;ONILC>;>?M
>?F
J;ZM
CH=FOC>I
?F
;H=I
>?
*YRC=I

?H@L?HN;H
L?NIM
CGJILN;HN?M
+I
I<MN;HN?
?M
CGJILN;HN?
>?MN;=;L
KO?
;=NO;FG?HN?

*YRC=I
M?
?H=O?HNL;
?H
G?DIL?M
=IH>C=CIH?M
J;L;
B;=?L
@L?HN?
;
=BIKO?M
?RN?LHIM

;>P?LMIM
KO?
?H
?F
J;M;>I
)IM
L?NIM
S
>?M;@ZIM
MIH
>?
=IHMC>?L;=C\H
J?LI
?F
;H=I

?HNL;F
=O?HN;
=IH
OH
G;SIL
G;LA?H
>?
G;HCI<L;
J;L;
=IH>O=CL
F;
JIFZNC=;
GIH?N;LC;

:34;7@6A
>3
F3E3
67
;@]35;R@
5A@H7D9;6A
3
>3
?7F3
B7D?3@7@F7
67

BAD
5;7@FA
67E67

CHC=CIM
>?
 


/"#)"5&,+"0
#&+)"0

J;LNCL
>?F
;HXFCMCM
MI<L?
F;
=IH>O==C\H
>?
F;
JIFZNC=;
GIH?N;LC;
S
?F
J;J?F
>?F
;H=I

?HNL;F
>OL;HN?
FIM
]FNCGIM

;[IM
?H
*YRC=I
?M
JIMC<F?
?RNL;?L
;FAOH;M
F?==CIH?M
"H

J;LNC=OF;L
MI<L?M;F?
F;
CGJILN;H=C;
KO?
J;L;
F;
JIFZNC=;
GIH?N;LC;
NC?H?H
C
F;
?F?==C\H

>?F
LYACG?H
=;G<C;LCI
CC
F;
;ONIHIGZ;
S
G;H>;NI
>?F
;H=I
?HNL;F
CCC
F;
CGJ?LCIM;

@757E;636
67
?3@F7@7D
\@3@L3E
BS4>;53E
E3@3E
K
;H
G@
E;EF7?3
\@3@5;7DA
E3@A

"H
JLCG?L
NYLGCHI
F;
?F?==C\H
>?F
LYACG?H
=;G<C;LCI
GXM
;JLIJC;>I
J;L;
OH;

?=IHIGZ;
B;
MC>I
OH
N?G;
MOG;G?HN?
CGJILN;HN?
?H
?F
J;M;>I
S
FI
MCAO?
MC?H>I
BIS
?H


 Tomo I
La Economía y las Finanzas Públicas

>Z;
!OL;HN?
FIM
]FNCGIM

;[IM
F;
?=IHIGZ;
G?RC=;H;
NL;HMCN\
JIL
>CP?LMIM
;LL?AFIM

53?4;3D;AE
67E67
G@
DO9;?7@
67
F;BA
67
53?4;A
\<A
:3EF3
G@A
67
>;4D7
]AF35;R@
5A?A

?F
PCA?HN?
);
?RJ?LC?H=C;
>?
*YRC=I
=IHMN;N;
KO?
F;
?F?==C\H
>?F
;LL?AFI
=;G<C;LCI

3875F3
7>
3>53@57
K
]7J;4;>;636
67>
D7EFA
67
>3E
BA>PF;53E
?35DA75A@R?;53E
CG7
>3E

3GFAD;6367E
67>
B3PE
BG767@
;?B>7?7@F3D

@
BD;@5;B;A
BG767
3\D?3DE7
CG7
?;7@FD3E

?7@AD
E73
>3
]7J;4;>;636
53?4;3D;3
?3KAD
7E
>3
D;9;67L
CG7
E7
;?BA@7
3>
D7EFA
67

F;M
JIFZNC=;M
G;=LI?=IH\GC=;M
CH=FOC>;
F;
JIFZNC=;
GIH?N;LC;
MZ
=O;H>I
M?
;>IJN\

G@
DO9;?7@
67
F;BA
67
53?4;A
\<A
E7
D7@G@5;R
3
>3
BAE;4;>;636
67
;?B>7?7@F3D
G@3

JIFZNC=;
GIH?N;LC;
CH>?J?H>C?HN?
S;
KO?
?MN;
N?HZ;
?H@I=;LM?
?H
JL?M?LP;L
?F
;LL?AFI

=;G<C;LCI
!;>;
F;
LCAC>?T
KO?
CGJIH?H
L?AZG?H?M
>?
?M?
NCJI
YMNIM
M?
;>IJN;LIH
=IGI

OH
G?=;HCMGI
>?
=IGJLIGCMI
KO?
?H
F;
G?>C>;
?H
KO?
@O?L;H
=L?Z<F?M
J?LGCNZ;H

9G;3D
>3E
7JB75F3F;H3E
67
;@]35;\H
S
JIL
=IHMCAOC?HN?
=IHMNCNOCLM?
?H
;H=F;
HIGCH;F

>?
F;
?=IHIGZ;
+I
I<MN;HN?
;HN?
F;
@ILG;=C\H
>?
>?M<;F;H=?M
G;=LI?=IH\GC=IM
?H

>CP?LM;M
I=;MCIH?M
L?MOFN\
MOG;G?HN?
=IGJFC=;>;
F;
>?@?HM;
>?
F;
J;LC>;>
=;G<C;LC;

BAD
>A
CG7
7>
DO9;?7@
\@3>?7@F7
5A>3BE343


B3DF;D
67
>3
5D;E;E
67

*YRC=I
IJN\

BAD
>3
>;4D7
]AF35;R@
67
>3
?A@763
@35;A@3>
K
>3E
3GFAD;6367E
7@8D7@F3DA@
7>
D7FA
67

=IHMNCNOCL
OH;
HO?P;
;H=F;
HIGCH;F
J;L;
F;
?=IHIGZ;
);
JIFZNC=;
GIH?N;LC;
?H@I=;>;

?H
F;
?MN;<CFC>;>
>?
JL?=CIM
=OGJFC\
>C=B;
@OH=C\H
S
?F
J;ZM
NL;HMCN\
>?
G;H?L;
?RCNIM;

:35;3
G@
7ECG7?3
67
A4<7F;HAE
67
;@]35;R@

"H
M?AOH>I
NYLGCHI
?F
=;MI
>?
*YRC=I
CFOMNL;
F;
CGJILN;H=C;
KO?
F;
;ONIHIGZ;
S
OH

G;H>;NI
>?
?MN;<CFC>;>
>?
JL?=CIM
NC?H?H
J;L;
KO?
F;
=IH>O==C\H
>?
F;
JIFZNC=;
GIH?N;LC;

"H
>CP?LM;M
I=;MCIH?M
F;M
>?=CMCIH?M
>?
JIFZNC=;
GIH?N;LC;
?MNOPC?LIH
@O?LN?G?HN?

;@]G7@5;363E
BAD
9A4;7D@AE
CG7
>>7H3DA@
3
534A
BA>PF;53E
\E53>7E
7JB3@E;H3E
CG7

8G7DA@
7@
B3DF7
\@3@5;363E
?76;3@F7
7?;E;R@
67
6;@7DA

!@H3D;34>7?7@F7
7>
D7EG>F36A

\@3>
8G7
G@3
;@]35;R@
7>7H363
K
G@3
;?BADF3@F7
BOD6;63
67
4;7@7EF3D
B3D3
>3
BA4>35;R@


;DI
?MN;M
=CL=OHMN;H=C;M
M?
@O?
@ILG;H>I
OH
=IHM?HMI
?H
NILHI
;
F;
C>?;
>?
KO?
M?LZ;

=IHP?HC?HN?
KO?
F;M
>?=CMCIH?M
>?
JIFZNC=;
GIH?N;LC;
M?
;CMF;L;H
>?
JL?MCIH?M
JIFZNC=;M

>?
=ILNI
JF;TI
INILAXH>IF?
;ONIHIGZ;
;F
;H=I
?HNL;F
S
OH
I<D?NCPI
>?
?MN;<CFC>;>
>?

JL?=CIM
=IH
OH
BILCTIHN?
>?
F;LAI
JF;TI
IGI
M?
G?H=CIH\
;
J;LNCL
>?

?F
G;L=I

CHMNCNO=CIH;F
>?
F;
JIFZNC=;
GIH?N;LC;
M?
L?@ILG\
?H
?M?
M?HNC>I
);
)?S
?MN;<F?=?
KO?

@;@9G@3
3GFAD;636
BA6DN
A4>;93D
3>
3@5A
7@FD3>
3
AFAD93D
\@3@5;3?;7@FA

1I>I
FI

;HN?LCIL
M?HN\
F;M
<;M?M
J;L;
KO?
F;
JIFZNC=;
GIH?N;LC;
>?
;H=I
>?
*YRC=I
DOHNI

5A@
BA>PF;53E
\E53>7E
BDG67@F7E
K
G@3
D79G>35;R@
3675G363
67>
E75FAD
\@3@5;7DA

5A36KGH3D3
3
>3
5D735;R@
67
G@
7@FAD@A
67
;@]35;R@
43<3
K
7EF34>7

(G767
3\D?3DE7

KO?
F;
L?@ILG;
=IHMNCNO=CIH;F
KO?
INILA\
;ONIHIGZ;
F?A;F
;F
;H=I
>?
*YRC=I
S
;MCAH\

=IGI
I<D?NCPI
JLCILCN;LCI
F;
JLI=OL;=C\H
>?
F;
?MN;<CFC>;>
>?F
JI>?L
;>KOCMCNCPI
>?
F;

GIH?>;
H;=CIH;F
B;
MC>I
JIMC<F?G?HN?
F;
L?@ILG;
?MNLO=NOL;F
GXM
?RCNIM;
S
>?
G;SIL

NL;M=?H>?H=C;
J;L;
F;
?=IHIGZ;
>?F
J;ZM


 Tomo I
La Economía y las Finanzas Públicas

MCGCMGI
?F
=;MI
>?
*YRC=I
BA@7
67
?3@;\7EFA
CG7
636AE
>AE
5AEFAE
67
>3
;@]35;R@

F;
?MN;<CFC>;>
>?
JL?=CIM
HI
?M
OH
I<D?NCPI
KO?
M?
=IHNL;JIHA;
;F
=L?=CGC?HNI
?=IH\GC=I

S
KO?
?F
=OGJFCGC?HNI
>?F
FF;G;>I
lG;H>;NI
]HC=Im
;
@;PIL
>?
F;
?MN;<CFC>;>
>?

JL?=CIM
?M
?H
F;
JLX=NC=;
F;
G?DIL
S
G;SIL
=IHNLC<O=C\H
KO?
?F
;H=I
?HNL;F
JO?>?

B;=?L
;F
=L?=CGC?HNI
?=IH\GC=I
)IM
?JCMI>CIM
67
;@]35;R@
7>7H363
7@
@G7EFDA
B3PE

=ICH=C>C?LIH
=IH
J?LCI>IM
>?
<;DI
=L?=CGC?HNI
S
?H
;FAOHIM
=;MIM
>?
=IHNL;==C\H

75A@R?;53
9DN\53
!0

>>A
A47675;R
3
CG7
>AE
5AEFAE
K
6;EFADE;A@7E
67
>3
;@]35;R@

F7@6P3@
3
;@F7@E;\53DE7
5G3@6A
YMN;
?L;
?F?P;>;
;@?=NXH>IM?
H?A;NCP;G?HN?
?F

=L?=CGC?HNI
?=IH\GC=I
MCGCMGI
?MNIM
=IMNIM
N?H>C?LIH
;
GI>?L;LM?
;
G?>C>;
KO?

M?
@O?
;P;HT;>I
?H
F;
=L?;=C\H
>?
OH
;G<C?HN?
G;=LI?=IH\GC=I
?MN;<F?
A?H?LXH>IM?

OH
?HNILHI
JLIJC=CI
J;L;
F;M
;=NCPC>;>?M
JLI>O=NCP;M
+I
I<MN;HN?
N;G<CYH
KO?>\
=F;LI

KO?
F;
?MN;<CFC>;>
>?
JL?=CIM
HI
<;MN;
J;L;
FIAL;L
OH
=L?=CGC?HNI
?F?P;>I
S
MIMN?HC>I

-;L;
?MNI
]FNCGI
M?
L?KOC?L?
;>?GXM
>?
?MN;<CFC>;>
>?
JL?=CIM
>?
OH;
?MNLO=NOL;
>?

CH=?HNCPIM
KO?
CGJOFM?
F;
JLI>O=NCPC>;>
S
=IGJ?NCNCPC>;>
>?
F;
?=IHIGZ;

#K )
C)!
# %!
! L!

 L



'#L
  &


  
  






       

 
>/7=/
<=+.F<=3-+<
./5
87.8
87/=+;38
7=/;7+-387+5
+7-8
./
E@3-8
/
 

1;G<CYH
;
FI
F;LAI
>?
?MN?
?HM;SI
KO?>;
=F;LI
KO?
F;
?MN;<CFC>;>
>?
JL?=CIM
HI
M?
JO?>?

>A9D3D
B>7@3?7@F7
E;@
\@3@L3E
BS4>;53E
E3@3E

@
G@
7JFD7?A
5G3@6A
>AE
34G>F36AE

6O\5;FE
\E53>7E
8G7DA@
\@3@5;36AE
5A@
5DO6;FA
67>
3@5A
7@FD3>
63@6A
>G93D
3

6A?;@3@5;3
\E53>
>AE
D79P?7@7E
53?4;3D;AE
5A>3BE343@
>>7H3@6A
3
3>FAE
5AEFAE
7@


 Tomo I
La Economía y las Finanzas Públicas

NYLGCHIM
>?
?GJF?I
;=NCPC>;>
?=IH\GC=;
S
<C?H?MN;L
J;L;
NI>;
F;
JI<F;=C\H
-?LI

N;G<CYH
J;L;
OH
<O?H
;H=F;D?
>?
F;M
P;LC;<F?M
HIGCH;F?M
>?
F;
?=IHIGZ;
KO?
FF?P?
;
F;

7EF34;>;636
67
BD75;AE
7@
G@
7@FAD@A
67
F;BAE
67
53?4;A
]7J;4>7E
7E
;@6;EB7@E34>7
CG7

>3E
\@3@L3E
BS4>;53E
E7
?3@F7@93@
E3@3E

;@3>?7@F7
>3
7JB7D;7@5;3
67
%OJ;5A
?G7EFD3
CG7
>3E
5D;E;E
\@3@5;7D3E
K
43@53D;3E

NC?H?H
OH
=IMNI
=IHMC>?L;<F?
MI<L?
?F
<C?H?MN;L
>?
F;
JI<F;=C\H
IGI
M?
G?H=CIH\

>3
8AD?35;R@
67
34G>F36AE
67E43>3@57E
?35DA75A@R?;5AE
K
\@3@5;7DAE
BDAHA5R
7@

>CP?LM;M
I=;MCIH?M
?F
=IF;JMI
>?F
LYACG?H
=;G<C;LCI
S
?F
CHC=CI
>?
=LCMCM
>?
>CP?LM;

ZH>IF?
-IL
OH;
J;LN?
;
JLCH=CJCIM
>?
FIM
;[IM

F;
?=IHIGZ;
H;=CIH;F
NOPI
KO?
FC>C;L

=IH
F;
=LCMCM
>?
F;
>?O>;
?RN?LH;
);
NL;HM@?L?H=C;
H?N;
>?
L?=OLMIM
;F
?RN?LCIL
;MI=C;>;

=IH
?F
J;AI
>?
>C=B;
>?O>;
@O?
OH
F;MNL?
KO?
;@?=N\
H?A;NCP;G?HN?
;
F;
?=IHIGZ;

G?RC=;H;
>OL;HN?
OH
J?LCI>I
JLIFIHA;>I
"F
?MN;H=;GC?HNI
?=IH\GC=I
S
F;
JYL>C>;
?H

7>
BA67D
36CG;E;F;HA
67
>3
?A@763
@35;A@3>
E;9@;\53DA@
G@3
D76G55;R@
7@
>AE
@;H7>7E

67
H;63
67
>3
BA4>35;R@

(AD
AFD3
B3DF7
>3
5D;E;E
\@3@5;7D3
67

E7
5A?4;@R
5A@
G@3

5D;E;E
43@53D;3
CG7
D7CG;D;R
67
BDA9D3?3E
67
3BAKA
3
>3
43@53
@35;A@3>
\@3@5;36AE

5A@
D75GDEAE
\E53>7E

;5:AE
BDA9D3?3E
7H;F3DA@
G@3
5ADD;63
CG7
:G4;7D3
E;9@;\536A

?F
=IF;JMI
>?F
MCMN?G;
<;H=;LCI
S
OH;
L?=?MC\H
>?
G;SIL?M
JLIJIL=CIH?M
+I
I<MN;HN?

?F
=IMNI
>?F
L?M=;N?
N?LGCH\
MC?H>I
;<MIL<C>I
JIL
FIM
=IHNLC<OS?HN?M
)I
;HN?LCIL
JOMI

67
?3@;\7EFA
CG7
B3D3
7H;F3D
5D;E;E
E;?;>3D7E
7@
7>
8GFGDA
7D3
;@6;EB7@E34>7
8ADF3>757D

>3
D79G>35;R@
K
EGB7DH;E;R@
67>
E;EF7?3
\@3@5;7DA

+;
4;7@
E7
3H3@L\
?H
>C=B;
G;N?LC;

S
M?
FIAL\
OH
M?=NIL
<;H=;LCI
M;HI
S
<C?H
=;JCN;FCT;>I
FIM
HCP?F?M
>?
=LY>CNI
;

JLI>O=NI
J?LG;H?=C?LIH
?H
HCP?F?M
CH@?LCIL?M
;
FIM
I<M?LP;>IM
?H
FIM
;[IM
JL?PCIM

;
F;
=LCMCM
>?

"H
?MN?
M?HNC>I
?F
L?NI
?M
FIAL;L
OH;
G;SIL
=IHNLC<O=C\H
>?
F;

<;H=;
;F
=L?=CGC?HNI
?=IH\GC=I
S
KO?
?FFI
M?
;F=;H=?
MCH
JIH?L
?H
LC?MAI
F;
?MN;<CFC>;>

\@3@5;7D3
67>
B3PE


 Tomo I
La Economía y las Finanzas Públicas

&)&,$/#r
AOCF;L
H;
*;LZ;
$;<LC?F
O;>L;
F;O>C;
/;GZL?T
S
!;HC?F
0XG;HI
 

Y@5>3<7
67
>3E
7JB75F3F;H3E
67
;@]35;R@
3@F7
5:ACG7E
67
A87DF3
36H7DEAEZ


*IH?N;LC;
3IFOG?H
5553&
+I

;H=I
>?
*YRC=I
 
l-LIAL;G;
*IH?N;LCI
J;L;
 m
3@5A
67
%OJ;5A



Y!@8AD?7
EA4D7
>3
!@]35;R@Z

"G>;A +7BF;7?4D7

3@5A
67
%OJ;5A



Y!@8AD?7
EA4D7
>3
!@]35;R@Z

"G>;A +7BF;7?4D7

3@5A
67
%OJ;5A
 

Y!@8AD?7
EA4D7
>3
!@]35;R@Z

'5FG4D7 ;5;7?4D7

XL>?H;M
"HLCKO?
 
l);
?=IHIGZ;
G?RC=;H;
?H
?F
>CF;N;>I
MCAFI
55


 m
?H
6@A<?6.
:J;6:.
12
9.
20<;<:J.
:2E60.;.




">CNIL
0;H>L;

(OHNT
#C=E?L
"F
IF?ACI
>?
*YRC=I
XL>?H;M
"HLCKO?

l);
JIFZNC=;
?=IH\GC=;
?H
*YRC=Im
#IH>I
>?
OFNOL;

"=IH\GC=;
;LMN?HM
AOMNZH
S
F?D;H>LI
4?LH?L

l*?RC=IoM
GIH?N;LS
JIFC=S
@L;G?QILE

G@67D
3
]A3F;@9
7J5:3@97
D3F7
D79;?7Z

;H=I
>?
*YRC=I
!I=OG?HNI
>?

&HP?MNCA;=C\H
 
;JCMNLXH
;LFIM
/;]F
&<;LL;
S
*;HO?F
/;GIM
#L;H=C;
 
l"F
NL;MJ;MI
>?

GIPCGC?HNIM
>?F
NCJI
>?
=;G<CI
;
FIM
JL?=CIM
OH
;HXFCMCM
J;L;
F;
?=IHIGZ;

G?RC=;H;m
;H=I
>?
*YRC=I
!I=OG?HNI
>?
&HP?MNCA;=C\H
 

;P;TIM
)?LG;
*;HO?F

l CH=O?HN;
;[IM
>?
JIFZNC=;
GIH?N;LC;m
?H
6;0B2;A.

.K<@
12
.;0.
2;A?.9
2;@.F<@
0<;:2:<?.A6C<@
">CNIL
"LH?MNI
#?LHXH>?T

%OLN;>I
#IH>I
>?
OFNOL;
"=IH\GC=;
S
;H=I
>?
*YRC=I
BCKOC;L
!;HC?F
HNIHCI
+ILC?A;
S
*;HO?F
/;GIM
#L;H=C;
 
l2H
?H@IKO?

67
E7D;7E
67
F;7?BA
B3D3
BDA43D
G@
53?4;A
7@
B7DE;EF7@5;3
67
>3
;@]35;R@
>3

?RJ?LC?H=C;
>?
*YRC=Im
;H=I
>?
*YRC=I
!I=OG?HNI
>?
&HP?MNCA;=C\H
 


">Q;L>M
0?<;MNCXH

l0NLO=NOL;F
;>DOMNG?HN
JIFC=C?M
CH
BCABFS
CH>?<N?>

=IOHNLC?Mm
"H
2C29<=6;4
0<B;A?F
12/A
.;1
20<;<:60
=2?3<?:.;02
">CNIL
'

0;=BM
+;NCIH;F
OL?;O
I@
"=IHIGC=
/?M?;L=B
#L;HEI
-;NLC=?
 
l1B?
JOTTF?
I@
);NCH
G?LC=;H
?=IHIGC=
>?P?FIJG?HNm


*AI?3@
3@6
$;FF>7\7>6
(G4>;E:7DE

3D5P3
.7D6S
+3@F;39A

 

YHA>G5;R@
67
>3E
7JB75F3F;H3E
67
;@]35;R@
7@

*YRC=Im
;H=I
>?
*YRC=I
!I=OG?HNI
>?
&HP?MNCA;=C\H
 

$;PCNI
';PC?L
S
-;<FI
/?S?M
-LOH?>;

l!?O>;
?RN?LH;
S
=L?=CGC?HNI

?=IH\GC=;m
&*"#
%?LHXH>?T
1LCFFI
#;OMNI
 
l);
?=IHIGZ;
>?
F;
>?O>;m
#IH>I
>?
OFNOL;

"=IH\GC=;


 Tomo I
La Economía y las Finanzas Públicas

%?LHXH>?T
1LCFFI
#;OMNI
S
F?D;H>LI
3CFF;A\G?T
 
l"F
?HCAGXNC=I
MCMN?G;

<;H=;LCI
G?RC=;HI
=IHN?GJILXH?Im
?HNLI
>?
"MNO>CIM
"MJCHIT;
6AF?MC;M
"3DCG7
3D>AE
K
$G;E
,7>>7L

 

Y>
5A?43F7
3
>3
;@]35;R@Z

D;<3>4A

*XLKO?T
$L;=C?F;
S
0?LACI
0CFP;
;MN;[?>;
 
lOA?
S
>?=;>?H=C;
>?
OH

JLIS?=NI
CH>OMNLC;FCT;>IL

m
?H
9.C2@
12
9.
56@A<?6.
20<;L:60.
12

"IE60<
12@2:=2K<
12
9.?4<
=9.G<
@649<@
,*
P
,,
">CNIL
$L;=C?F;
*XLKO?T

#IH>I
>?
OFNOL;
"=IH\GC=;
S
IHM?DI
+;=CIH;F
J;L;
F;
OFNOL;
S
F;M
LN?M
*;LNZH?T
)IL?HT;
 
l);
JIFZNC=;
=;G<C;LC;
S
GIH?N;LC;
?H
*YRC=I
F?==CIH?M
>?

G@3
6O5363
67
]AF35;R@
53?4;3D;3Z

!
*7H;EF3
67
5A@A?P3

&A



*?MMG;=B?L
*CAO?F
S
4?LH?L
F?D;H>LI
 
l);
JIFZNC=;
GIH?N;LC;
?H
*YRC=I


 m
$;=?N;
>?
"=IHIGZ;
&1*
+I

1IGI

*OLCFFI
'IMY
HNIHCI
 
l);
<;H=;
>?MJOYM
>?
F;
JLCP;NCT;=C\H
OA?
=LCMCM
S

L?IL>?H;GC?HNIm
?H
B.;1<
29
@A.1<
@2
6G<
.;>B2?<
">CNIL
$OMN;PI
>?F

HA?F
)?=NOL;M
>?
"F
1LCG?MNL?
"=IH\GC=I

#IH>I
>?
OFNOL;
"=IH\GC=;
'DF;L
%7@3
@FA@;A

 

Y>
67E3DDA>>A
7EF34;>;L36AD
D7]7J;A@7E
EA4D7
G@3

YJI=;m
#IH>I
>?
OFNOL;
"=IH\GC=;
0C>;IOC
'IMY
*;HO;F
/;GIM
#L;H=C;
S
$;<LC?F
O;>L;
  
Y,:7
9>A43>
\@3@5;3>

=LCMCM
;H>
JIFC=S
L?MJIHM?
CH
*?RC=Im
?H
(52
9</.9
?6@6@
.;1
6;.;06.9

;A2?:216.A6<;
6;
:2?46;4
".?82A
0<;<:62@
&0
-;J?LM
+I

1OLL?HN
">O;L>I
 ;
l);M
NL?M
?N;J;M
>?
F;
;ONIHIGZ;
>?F
;H=I
?HNL;F
?H

*YRC=Im
;H=I
>?
*YRC=I
!I=OG?HNI
>?
&HP?MNCA;=C\H
 
 
1OLL?HN
">O;L>I
 <
l"F
;H=I
>?
*YRC=I
?H
?PIFO=C\H
NL;HMC=C\H
B;=C;
?F

7ECG7?3
67
A4<7F;HAE
67
;@]35;R@Z

@N>;E;E
5A@R?;5A
HA>

00!!
@S?




2HCP?LMC>;>
ON\HIG;
*?NLIJIFCN;H;


 Tomo I
La Economía y las Finanzas Públicas

)
&*-,/1+ &
!"
)
#&0 )&7 &s+
02-"/&,/

"+
")
!"1"
)"$&0)1&3,
'O;H
*;HO?F
-ILN;F
*;LNZH?T

&+1/,!2 &s+

);
O>CNILZ;
0OJ?LCIL
>?
F;
#?>?L;=C\H
0#
?M
OH
=IGJIH?HN?
G?>OF;L
>?
F;

?MNLO=NOL;
CHMNCNO=CIH;F
>?
L?H>C=C\H
>?
=O?HN;M
>?F
"MN;>I
*?RC=;HI
IGI
\LA;HI

;ORCFC;L
>?
F;
XG;L;
>?
!CJON;>IM
F;
0#
=IHNLC<OS?
;
G;HN?H?L
?F
?KOCFC<LCI

?HNL?
FIM
JI>?L?M
=;L;=N?LZMNC=;
<XMC=;
>?
NI>I
LYACG?H
>?GI=LXNC=I
-LO?<;
>?
F;

CGJILN;H=C;
>?
?MN;
CHMNCNO=C\H
MIH
F;M
G]FNCJF?M
L?@ILG;M
F?A;F?M
L?;FCT;>;M
B;MN;
F;

@?=B;
=IH
?F
JLIJ\MCNI
>?
@ILN;F?=?L
MO
G;H>;NI
S
A;L;HNCT;L
MO
;ONIHIGZ;
NY=HC=;
S

>?
A?MNC\H
!?M>?
F;
JLIGOFA;=C\H
?H

>?
F;
)?S
>?
LL?AFI
>?
F;
>GCHCMNL;=C\H

>?
F;
%;=C?H>;
-]<FC=;
KO?
>CI
ILCA?H
;
F;
IHN;>OLZ;
*;SIL
>?
%;=C?H>;
 *%

E7
:3@
636A
B3EAE
39;93@F36AE
B3D3
5A@8AD?3D
G@3
7@F;636
67
\E53>;L35;R@
EGB7D;AD

@O?LN?
JLI@?MCIH;F
?
CH>?J?H>C?HN?
+O?MNLI
JLCG?L
N?RNI
=IHMNCNO=CIH;F
S;
L?=IHI=Z;

>3
FD3E57@67@5;3
67
>3
\E53>;L35;R@
EGB7D;AD
5A?A
?753@;E?A
67
5A@FDA>
67>
3B3D3FA

<OLI=LXNC=I
MCH
?G<;LAI
?F
?H>?<F?
>CM?[I
DOLZ>C=I
>?
F;
*%
HI
;SO>\
;
KO?

>C=BI
JLCH=CJCI
M?
G;N?LC;FCT;L;
"MN;
=IH>C=C\H
J?L>OL\
JIL
GXM
>?

;[IM
S;
KO?

]HC=;G?HN?
M?
L?;FCT;LIH
;>?F;HNIM
G;LACH;F?M
?H
F;
?MNLO=NOL;
F?A;F
S
;>GCHCMNL;NCP;

>?
F;
*%

7E67
G@3
B7DEB75F;H3
:;EFRD;53
>3
\E53>;L35;R@
EGB7D;AD
7?B7LR
3
BAE;5;A@3DE7

=IH
PCAIL
?H
F;
;A?H>;
J]<FC=;
;
G?>C;>IM
>?
F;
>Y=;>;
>?
 
);M
L?@ILG;M

5A@EF;FG5;A@3>7E
67

K

7@
?3F7D;3
67
\E53>;L35;R@
EGB7D;AD
d367>3@F7
E7

67E5D;47@d
8G7DA@
>3E
CG7
E7@F3DA@
>3E
43E7E
67>
?A67>A
@AD?3F;HA
35FG3>
67
>3
+


O>CNIL
0OJ?LCIL
>?
F;
#?>?L;=C\H
"F

>?
>C=C?G<L?
>?
 
G?>C;HN?
OH;
PIN;=C\H
>?
GXM
>?F
 



>?F
-F?HI
>?
F;
%
XG;L;
>?
!CJON;>IM
'O;H
*;HO?F
-ILN;F
*;LNZH?T
@O?
?F?=NI
O>CNIL
0OJ?LCIL
>?

F;
#?>?L;=C\H
J;L;
?F
J?LCI>I
 
j
 
"F
-
-ILN;F
*;LNZH?T
?M
=IHN;>IL
J]<FC=I
?AL?M;>I
>?
F;

#;=OFN;>
>?
IHN;>OLZ;
S
>GCHCMNL;=C\H
>?
F;
2HCP?LMC>;>
+;=CIH;F
ON\HIG;
>?
*YRC=I
O?HN;
=IH

?MNO>CIM
>?
JIMAL;>I
?H
?F
-LIAL;G;
>?
!CL?==C\H
>?
"GJL?M;M
!

>?F
&HMNCNONI
-;H;G?LC=;HI
>?
FN;

!CL?==C\H
>?
"GJL?M;M
&-!"
S
=IH
*;?MNLZ;
?H
>GCHCMNL;=C\H
-]<FC=;
JIL
?F
&HMNCNONI
>?
"MNO>CIM

+GB7D;AD7E
7@
6?;@;EFD35;R@
(S4>;53

'EF7@F3
>3E
57DF;\535;A@7E
BDA87E;A@3>7E
5A?A
A@F36AD
(S4>;5A

7DF;\536A
BAD
7>
!@EF;FGFA
%7J;53@A
67
A@F36AD7E
(S4>;5AE
5A?A
7DF;\76
!@F7D@3>
G6;FAD
!
5A@


D75A@A5;?;7@FA
;@F7D@35;A@3>
AFAD936A
BAD
,:7
!@EF;FGF7
A8
!@F7D@3>
G6;FADE
7DF;\76

D3G6
J3?;@7D


5A@
D75A@A5;?;7@FA
;@F7D@35;A@3>
AFAD936A
BAD
>3
EEA5;3F;A@
A8

7DF;\76
D3G6
J3?;@7DE
K

7DF;\76
!@F7D@3>
A@FDA>E
G6;FAD
!
5A@

D75A@A5;?;7@FA
;@F7D@35;A@3>
AFAD936A
BAD
,:7
!@EF;FGF7

@IL
&HN?LH;F
IHNLIFM
/?=C<C\
?F
L;>@IL>
;>GOM
*?GILC;F
Q;L>
L?=IHI=CGC?HNI
>?
G;SIL
JL?MNCACI

INILA;>I
JIL
1B?
&HMNCNON?
I@
&HN?LH;F
O>CNILM

 Tomo I
La Economía y las Finanzas Públicas

>
A@9D7EA
67
>3
-@;R@
>>7HR
3
534A
>3E
?A6;\535;A@7E
F7@6;7@F7E
3
5A@8AD?3D
G@

\LA;HI
;O>CNIL
@?>?L;F
CH>?J?H>C?HN?
S
NY=HC=;G?HN?
M\FC>I
"H
MZHN?MCM
?MNIM
=;G<CIM

F?A;F?M
F?
MOG;LIH
;ONIHIGZ;
S
@;=OFN;>?M
;
F;
0#
FI
=O;F
@O?
OH
@;=NIL
>?N?LGCH;HN?

J;L;
KO?
F;
;O>CNILZ;
AO<?LH;G?HN;F
M?
JIMC=CIH;L;
=IGI
?F
?D?
L?=NIL
>?
F;
PCACF;H=C;

>?F
OMI
>?
FIM
L?=OLMIM
J]<FC=IM
0CH
MIMF;S;L
?F
P;FIL
>?
?MN;M
G?DIL;M
DOLZ>C=;M
?M
CGJILN;HN?
M?[;F;L
KO?
?F
>CM?[I

CHMNCNO=CIH;F
>?
F;
0#
?M
J?L@?=NC<F?
"F
>CH;GCMGI
S
?PIFO=C\H
=IHMN;HN?
>?F
;J;L;NI

<OLI=LXNC=I
HIM
I<FCA;
;
HI
=?M;L
?H
F;
N;L?;
>?
>?M;LLIFF;L
HO?PIM
G?=;HCMGIM
J;L;

BAF7@5;3D
7>
;?B35FA
67
>3
\E53>;L35;R@
EGB7D;AD

>9G@3E
67
>3E
ND73E
EGE57BF;4>7E
67

?7<AD3
K3
:3@
E;6A
;67@F;\5363E
BAD
H3D;AE
3GFAD7E
JIL
?D?GJFI
FIM
JF;TIM
>?
?HNL?A;

>?
F;
O?HN;
-]<FC=;
S
>?F
&H@ILG?
>?
/?MOFN;>IM
>?
F;
/?PCMC\H
S
#CM=;FCT;=C\H

0OJ?LCIL
>?
F;
O?HN;
-]<FC=;
&/
F;
HI
?RCMN?H=C;
>?
;O>CNILZ;M
?H
NC?GJI
L?;F

F;
=IGOHC=;=C\H
S
=IF;<IL;=C\H
=IH
F;
0?=L?N;LZ;
>?
F;
#OH=C\H
-]<FC=;
0#-
F;M

7@F;6367E
67
\E53>;L35;R@
67
>AE
9A4;7D@AE
7EF3F3>7E
K
7>
(A67D
"G6;5;3>
K
BAD
S>F;?A

F;
>?<CFC>;>
>?
FIM
G?=;HCMGIM
>?
M;H=C\H
"GJ?LI
?MN?
?HM;SI
M?
=?HNL;
?H
INLI

?F?G?HNI
JI=I
G?H=CIH;>I
S
KO?
?M
?M?H=C;F
J;L;
A;L;HNCT;L
KO?
F;
JLX=NC=;
>?

;O>CNILZ;M
N?HA;
OH
?@?=NI
JIMCNCPI
?H
F;
A?MNC\H
AO<?LH;G?HN;F
HIM
L?@?LCGIM
;
F;

G?>C;=C\H
?HNL?
F;
0#
S
F;
XG;L;
>?
!CJON;>IM
'OMN;G?HN?
?F
;LAOG?HNI
>?
?MN?

7@E3KA
7E
CG7
B3D3
?3J;?;L3D
7>
;?B35FA
67
>3
\E53>;L35;R@
3@G3>
7E
@757E3D;A
CG7

?HNL?
;G<;M
J;LN?M
M?
?MN;<F?T=;
OH;
?MNL?=B;
=IF;<IL;=C\H
"H
=IH=IL>;H=C;
?F
JLIJ\MCNI
>?
?MN?
?HM;SI
?M
GIMNL;L
JILKOY
?M
OH
CGJ?L;NCPI

G?DIL;L
F;M
@ILG;M
>?
=IF;<IL;=C\H
?HNL?
F;
0#
S
F;
XG;L;
>?
!CJON;>IM
MCGCMGI

;H;FCT;L?GIM
FIM
=;G<CIM
KO?
?H
?MN?
M?HNC>I
M?
PCMFOG<L;H
=IGI
L?MOFN;>I
>?
F;

;JLI<;=C\H
>?F
0CMN?G;
+;=CIH;F
HNC=ILLOJ=C\H

3?L
'IBH
*
=E?LG;H
l/?J?HM;L
F;
?MNLO=NOL;
CHMNCNO=CIH;F
J;L;
F;
L?H>C=C\H
>?
=O?HN;M
>?F
"MN;>I



G?RC=;HIm
?H
);
;ONIHIGZ;
=IHMNCNO=CIH;F
>?
F;
O>CNILZ;
0OJ?LCIL
>?
F;
#?>?L;=C\H
'IBH
=E?LG;H

S
YM;L
MNO>CFFI
=IIL>CH;>IL?M
*YRC=I
!#
2+*
&&'
 

*;OLC=CI
*?LCHI
&H@ILG?

MI<L?
F;
?PIFO=C\H
S
?F
>?M?GJ?[I
>?
F;
O>CNILZ;
0OJ?LCIL
>?
F;
#?>?L;=C\H
*YRC=I
!#
&!"
0#

  
"3;?7
ND67@3E
>
7EF36A
67
>3
\E53>;L35;R@
K
7>
5A@FDA>
>79;E>3F;HA
3>
BA67D
7@
%OJ;5A

*YRC=I
!#
2+*
&&'
 
 

/I<?LNI
/I>LZAO?T
l);
CHN?L;==C\H
>?
FIM
=IHNLIF?M
CHN?LHIM

S
?RN?LHIM
?H
?F
=IG<;N?
;
F;
=ILLOJ=C\Hm
0#
5&&&
?LN;G?H
+;=CIH;F
>?
"HM;SI
MI<L?
#CM=;FCT;=C\H

0OJ?LCIL
S
/?H>C=C\H
>?
O?HN;M
*YRC=I
!#
0#
+IPC?G<L?
 



 Tomo I
La Economía y las Finanzas Públicas

3+ "0
+,/*1&3,0
"+
*1"/&
!"
#&0 )&7 &s+
02-"/&,/


 
$3
\E53>;L35;R@
EGB7D;AD
;@9D7ER
5A@
8G7DL3
7@
>3
397@63
J]<FC=;
?H
F;
>Y=;>;
>?

 
$L;=C;M
;
F;
F;<IL
>?
F;
)3&


S
F;
)3&&

 
F?ACMF;NOL;M

E7
3BDA43DA@
>3E
?A6;\535;A@7E
5A@EF;FG5;A@3>7E
CG7
6;7DA@
>G93D
3
>3
5D735;R@
67
>3

0#
IGI
M;<?GIM
F;
*%
?RCMNC\
JIL
GXM
>?

;[IM
MCH
?G<;LAI
MOM
@;=OFN;>?M

S
=;J;=C>;>?M
;>GCHCMNL;NCP;M
?MNOPC?LIH
GOS
;=IN;>;M
"MNI
CGJC>C\
KO?
>C=B;

CHMNCNO=C\H
@O?L;
OH
=IHNL;J?MI
L?;F
J;L;
FIM
?D?=ONIL?M
>?F
A;MNI
J]<FC=I
S
N;GJI=I

JO>I
=IHMNCNOCLM?
=IGI
?F
GI>?FI
;
M?AOCL
JIL
F;M
?HNC>;>?M
@?>?L;NCP;M

!?

;

FIM
ALOJIM
J;LF;G?HN;LCIM
>?
F;M
JLCH=CJ;F?M
@O?LT;M
JIFZNC=;M
>?F

B3PE
BD7E7@F3DA@
H3D;3E
;@;5;3F;H3E
5A@
7>
A4<7FA
67
?7<AD3D
K
3\3@L3D
>3
\E53>;L35;R@

MOJ?LCIL
-LI>O=NI
>?
FI
;HN?LCIL
?H
DOFCI
>?

M?
JLIGOFA;LIH
F;M
L?@ILG;M
;
FIM

;LNZ=OFIM


S

=IHMNCNO=CIH;F?M
S
?H
>C=C?G<L?
>?F

M?
;JLI<\
F;
)?S

>?
#CM=;FCT;=C\H
0OJ?LCIL
>?
F;
#?>?L;=C\H
)#0#
EF3E
?A6;\535;A@7E
3?B>;3DA@

S
JL?=CM;LIH
F;M
;NLC<O=CIH?M
>?
F;
0#
"HNL?
F;M
GXM
CGJILN;HN?M
M?
?H=O?HNL;H

\E53>;L3D
>AE
;@9D7EAE
K
79D7EAE
67
>AE
FD7E
(A67D7E
67
>3
-@;R@
>3E
7@F;6367E

@?>?L;NCP;M
FIM
GOHC=CJCIM
S
FIM
J;LNC=OF;L?M
?P;FO;L
?F
=OGJFCGC?HNI
>?
FIM
I<D?NCPIM

>?
FIM
JLIAL;G;M
@?>?L;F?M
CHP?MNCA;L
;=NIM
S
IGCMCIH?M
KO?
JI>LZ;H
=IHMNCNOCL

=IH>O=N;M
CFZ=CN;M
I
CLL?AOF;L?M
L?MJ?=NI
;F
OMI
>?
L?=OLMIM
@?>?L;F?M
?HNL?
INL;M

7
?3@7D3
7EB75P\53
>3
$+
5>3D;\5R
5GN>7E
6747DP3@
67
E7D
>AE
BD;@5;B;AE
67
>3

\E53>;L35;R@
EGB7D;AD
>793>;636
3@G3>;636
BAEF7D;AD;636
67\@;F;H;636
;?B3D5;3>;636

K
5A@\34;>;636


"H
G;SI
>?F
 
F;
)5
)?ACMF;NOL;
;JLI<\
INL;
M?LC?
>?
L?@ILG;M
=IHMNCNO=CIH;F?M

=IH
FIM
MCAOC?HN?M
JLIJ\MCNIM
?MN;<F?=?L
KO?
F;
L?PCMC\H
>?
F;
O?HN;
-]<FC=;
?M
OH;

@;=OFN;>
?R=FOMCP;
>?
F;
XG;L;
>?
!CJON;>IM
>CMJIH?L
KO?
F;
0#
JO?>?
L?;FCT;L

;O>CNILZ;M
>?
>?M?GJ?[I
;>?F;HN;L
?F
JF;TI
>?
F;
JL?M?HN;=C\H
>?
F;
O?HN;
-]<FC=; 

7>7H3D
3
D3@9A
5A@EF;FG5;A@3>
>AE
BD;@5;B;AE
67
>3
\E53>;L35;R@
EGB7D;AD
7JBG7EFAE

7@
>3
$+
>793>;636
3@G3>;636
BAEF7D;AD;636
67\@;F;H;636
;?B3D5;3>;636
K

5A@\34;>;636
;@EF;FG;D
>3E
7J57B5;A@7E
3
>AE
BD;@5;B;AE
67
3@G3>;636
K
BAEF7D;AD;636

?A6;\53D
>3
875:3
67
7@FD793
67>
!*
?HNL?
INLIM
;MJ?=NIM




3?L
0#
#CM=;FCT;=C\H
0OJ?LCIL
?H
*YRC=I
/?@ILG;M
;
F;
IHMNCNO=C\H
-IFZNC=;
>?
FIM
"MN;>IM
2HC>IM

*?RC=;HIM
S
;
F;
)?S
/?AF;G?HN;LC;
*YRC=I
!#
0#
XG;L;
>?
!CJON;>IM
 
>CMJIHC<F?
?H

BNNJQQQ;M@AI<GROJFI;>M:JO<FC=;=CIH?M:N?=HC=;M:;HCPJ>@



%;MN;
?M?
GIG?HNI
?F
;LNZ=OFI

>?
F;
IHMNCNO=C\H
-IFZNC=;
>?
FIM
"MN;>IM
2HC>IM
*?RC=;HIM

 -"2*
?MN;<F?=Z;
KO?
F;
O?HN;
-]<FC=;
>?<Z;
JL?M?HN;LM?
>?HNLI
>?
FIM
>C?T
JLCG?LIM
>Z;M
>?
DOHCI

);
L?@ILG;
>?
 
;>?F;HN\
F;
@?=B;
FZGCN?
>?
?HNL?A;
;F

>?
;<LCF
>CMJIMC=C\H
PCA?HN?
B;MN;
F;
@?=B;



);
L?@ILG;
>?
 
;LNZ=OFI

>?
F;
-"2*
;>?F;HN\
JI=I
GXM
>?
OH
G?M
F;
?HNL?A;
>?F
&/
0?

>CMJOMI
=IGI
HO?P;
@?=B;
FZGCN?
?F

>?
@?<L?LI
;HN?LCILG?HN?
F;
?HNL?A;
M?
L?;FCT;<;
;
GXM
N;L>;L
?F


>?
G;LTI


 Tomo I
La Economía y las Finanzas Públicas

(AEF7D;AD?7@F7
5A@
7>
A4<7FA
67
5A@5D7F3D
>3E
?A6;\535;A@7E
5A@EF;FG5;A@3>7E
3@F7E

G?H=CIH;>;M
?H
G;SI
>?F
 
F;
)#0#
@O?
MOMNCNOC>;
JIL
F;
)?S
>?
#CM=;FCT;=C\H
S

/?H>C=C\H
>?
O?HN;M
>?
F;
#?>?L;=C\H
)#/ #
F;
=O;F
MCAO?
PCA?HN?
"MN;
HO?P;

>7K
BD;@5;B3>?7@F7
D79G>3
>AE
5A@57BFAE
67
93EFA
CG7
EA@
\E53>;L34>7E
K
67E5D;47

FIM
JLI=?>CGC?HNIM
J;L;
F;
L?;FCT;=C\H
>?
;O>CNILZ;M
S
J;L;
F;
>?N?LGCH;=C\H
>?
>;[IM

K
B7D<G;5;AE
K
7>
\@53?;7@FA
67
D7EBA@E34;>;6367E

'FD3
@AH7636
E;9@;\53F;H3
67
>3

)#/ #
@O?
F;
CHNLI>O==C\H
>?F
-LIAL;G;
J;L;
F;
#CM=;FCT;=C\H
>?F
$;MNI
#?>?L;FCT;>I

-/,#&0

$AE
BDA57EAE
>79;E>3F;HAE
CG7
6;7DA@
AD;97@
3
>3E
?A6;\535;A@7E
D787D;63E
EA@
D7]7<A

67>
5A@E7@EA
EA5;3>
7@
FAD@A
3>
H3>AD
67
>3
\E53>;L35;R@
B3D3
>3
H;63
;@EF;FG5;A@3>
67>

J;ZM
+I
=;<?
>O>;
>?
KO?
F;
=L?;=C\H
>?
F;
0#
B;
M?LPC>I
J;L;
?H=;OM;L
F;M
>?G;H>;M

5;G6363@3E
7@
D7>35;R@
5A@
7>
GEA
67
>AE
D75GDEAE
K
>3
7\535;3
67
>3E
BA>PF;53E

@

=IHDOHNI
F;M
L?@ILG;M
=IHMNCNO=CIH;F?M
S
F;M
F?S?M
=IGJF?G?HN;LC;M
;HN?M
>?M=LCN;M

:3@
5D736A
G@
?A67>A
67
\E53>;L35;R@
DA4GEFA
3D?R@;5A
K
D36;53>?7@F7
EGB7D;AD
3>

CGJ?L;HN?
?H
YJI=;M
>?
F;
*%
"H
?F
JF;HI
HILG;NCPI
M?
B;H
A?H?L;>I
GO=BIM

=;G<CIM
?H=;GCH;>IM
;
;=L?=?HN;L
F;M
@;=OFN;>?M
=;J;=C>;>?M
S
;ONIHIGZ;
>?
F;

0#
S
?H
?F
JF;HI
IJ?L;NCPI
F;
CHMNCNO=C\H
B;
>?M;LLIFF;>I
MCMN?G;M
>?
A?MNC\H
>?
F;

53>;636
43E36AE
7@
>3
;67@F;\535;R@
67
D;7E9AE
>A
5G3>
83HAD757
>3
?7<AD3
5A@F;@G3

@

67\@;F;H3
67E67
EG
5D735;R@
>3
+
:3
7JB7D;?7@F36A
G@
D78ADL3?;7@FA
BDA9D7E;HA

?
CH=?M;HN?
-?M?
;
NI>;M
?MN;M
G?DIL;M
S
INL;M
KO?
HI
M?
L?M?[;LIH
;KOZ
?M
CH>O>;<F?
KO?
F;

\E53>;L35;R@
@757E;F3
3\3@L3DE7
5A?A
G@
?753@;E?A
7875F;HA
67
D7@6;5;R@
67
5G7@F3E

+;

<C?H
M?
B;H
>;>I
J;MIM
B;=C;
;>?F;HN?
J;L;
KO?
F;
F;<IL
>?
F;
0#
N?HA;
OH
CGJ;=NI
=;>;

P?T
G;SIL
?H
F;
=;FC>;>
>?
F;
A?MNC\H
J]<FC=;
F;
L?=OLL?H=C;
>?
I<M?LP;=CIH?M
>?LCP;>;M

>?
F;
L?PCMC\H
;HO;F
;
F;
O?HN;
-]<FC=;
?M
OH
CH>C=;NCPI
>?
KO?
;]H
?RCMN?H
=F;LIM

>?@?=NIM
?H
NI>;
F;
?MNLO=NOL;
CHMNCNO=CIH;F
>?
PCACF;H=C;
S
=IHNLIF
CHN?LAO<?LH;G?HN;F
>?F

J;ZM
>?
F;
=O;F
@ILG;
J;LN?
F;
0#
=IGI
L?MJIHM;<F?
>?F
=IHNLIF
?RN?LHI
F;
0?=L?N;LZ;

>?
F;
#OH=C\H
-]<FC=;
0#-
=IGI
?H=;LA;>;
>?F
=IHNLIF
CHN?LHI
F;M
?HNC>;>?M
>?

\E53>;L35;R@
67
>AE
9A4;7D@AE
7EF3F3>7E
K
7>
(A67D
"G6;5;3>

.3D;AE
3GFAD7E
B;H
M?[;F;>I
;

F;
>?M=IH?RC\H
S
@;FN;
>?
=IF;<IL;=C\H
?HNL?
?MN;M
CHMNCNO=CIH?M
=IGI
F;M
=;OM;M
>?
KO?
F;

;O>CNILZ;
AO<?LH;G?HN;F
;]H
HI
M?
B;S;
=IHMNCNOC>I
?H
OH
CHMNLOG?HNI
>?
NL;HM@ILG;=C\H


3?L
*;OLC=CI
*?LCHI
&H@ILG?
MI<L?
F;
?PIFO=C\H
S
?F
>?M?GJ?[I
>?
F;
O>CNILZ;
0OJ?LCIL
>?
F;



#?>?L;=C\H

3?L
0?LACI
)\J?T
SFF\H
S
*;OLC=CI
*?LCHI
l);
L?H>C=C\H
>?
=O?HN;M
?H
*YRC=I
J?LMJ?=NCP;M
S
L?NIMm



?H
*;OLC=CI
*?LCHI
0?LACI
)\J?T
SFF\H
S
$OCFF?LGI
?DO>I
=IIL>CH;>IL?M
);
?MNLO=NOL;
>?
F;

L?H>C=C\H
>?
=O?HN;M
?H
*YRC=I
*YRC=I
!#
2+*
&&'
&!"
  


F?D;H>L;
/ZIM
XT;L?M

S
'ILA?
';PC?L
/IG?LI
l);
@L;AG?HN;=C\H
CHMNCNO=CIH;F
>?
F;
L?H>C=C\H
>?
=O?HN;Mm
?H
0?LACI
)\J?T

SFF\H
*;OLC=CI
*?LCHI
S
)IOL>?M
*IL;F?M
=IIL>CH;>IL?M
%;=C;
OH;
JIFZNC=;
>?
L?H>C=C\H
>?
=O?HN;M

?H
*YRC=I
*YRC=I
!#
0#
/?>
JIL
F;
/?H>C=C\H
>?
O?HN;M
 



 Tomo I
La Economía y las Finanzas Públicas

>?
FIM
P;FIL?M
S
JLX=NC=;M
>?
FIM
M?LPC>IL?M
J]<FC=IM

OH;>I
;
FI
;HN?LCIL
B;<LZ;
KO?

G?H=CIH;L
?F
PZH=OFI
?HNL?
F;
0#
S
F;
XG;L;
>?
!CJON;>IM
-IL
@ILNOH;
>?MJOYM
>?
F;
;JLI<;=C\H
>?
F;
)#/ #
?F
>?<;N?
MI<L?
F;
H?=?MC>;>
>?

3BG@F3>3D
>3
\E53>;L35;R@
EGB7D;AD
@A
E7
;@F7DDG?B;R

7E67

K
:3EF3
>3
875:3
E7

BCTI
=;>;
P?T
GXM
?PC>?HN?
F;
H?=?MC>;>
>?
=IHMNLOCL
OH
GI>?FI
CHN?AL;F
>?
=IG<;N?
;

F;
=ILLOJ=C\H
0+
=?HNL;>I
?H
F;M
;=NCPC>;>?M
>?
;O>CNILZ;
$L;=C;M
;
F;
=IHDOH=C\H

>?
F;M
?RCA?H=C;M
>?
G]FNCJF?M
M?=NIL?M
MI=C;F?M
S
>CP?LM;M
MCNO;=CIH?M
=ISOHNOL;F?M
M?

A?H?L\
F;
P?HN;H;
>?
IJILNOHC>;>
KO?
MOM=CN\
F;
>CM=OMC\H
?H
?F
IHAL?MI
>?
F;
2HC\H
>?

P;LC;M
JLIJO?MN;M
J;L;
=L?;L
OH
MCMN?G;
H;=CIH;F
J;L;
?F
=IG<;N?
;
F;
=ILLOJ=C\H

IGI
M;<?GIM
?F

>?
;<LCF
>?
 
?F
0?H;>I
>?
F;
/?J]<FC=;
)5&&
)?ACMF;NOL;

;JLI<\
F;
L?@ILG;
=IHMNCNO=CIH;F
J;L;
F;
=L?;=C\H
>?F
0+
S
;
F;
@?=B;
YMN;
B;
MC>I

;P;F;>;
JIL
F;
G;SILZ;
>?
FIM
=IHAL?MIM
FI=;F?M
)IM
?D?M
=?HNL;F?M
>?
F;
L?@ILG;
MIH
FIM

L?F;NCPIM
;F
@ILN;F?=CGC?HNI
>?
F;M
=IGJ?N?H=C;M
>?
F;
0#
FAOHIM
JOHNIM
>?MN;=;<F?M

EA@
>3
7>;?;@35;R@
67
>AE
BD;@5;B;AE
67
3@G3>;636
K
BAEF7D;AD;636
>3
\E53>;L35;R@
67>

*3?A

>3
D73>;L35;R@
67
3G6;FADP3E
6GD3@F7
7>
7<7D5;5;A
\E53>
7@
5GDEA
K
>3
7@FD793
67

CH@ILG?M
=O;NLCG?MNL;F?M
>?
;O>CNILZ;
"MNIM
>IM
]FNCGIM
JOHNIM
L?JL?M?HN;LIH
G?DIL;M

E;9@;\53F;H3E
D7EB75FA
3
>3
D7>35;R@
+ N?3D3
67
;BGF36AE


>
E;9G;7@F7
3B3DF36A
BD7E7@F3
G@3
E7D;7
67
D7]7J;A@7E
7@
FAD@A
3
>3
D7>7H3@5;3
67
>3

CHN?L;==C\H
?HNL?
F;
0#
S
F;
XG;L;
>?
!CJON;>IM
>?GXM
M?
;H;FCT;
?F
;F=;H=?

JLI<;<F?
>?
F;M
G?DILZ;M
KO?
?F
0+
JLIJIH?
?H
?MN;
G;N?LC;

-/, "0,0
)"$&0)1&3,0
6
#&0 )&7 &s+
02-"/&,/
2+

0&+"/$&
+" "0/&
-IL
FI
A?H?L;F
FIM
?MNO>CIM
MI<L?
?F
H?RI
?HNL?
F;
0#
S
F;
XG;L;
>?
!CJON;>IM

M?
B;H
=?HNL;>I
?H
?F
N?G;
>?
F;
;ONIHIGZ;
1L;>C=CIH;FG?HN?
FIM
?MJ?=C;FCMN;M

B;H
;LAOG?HN;>I
KO?
?MN?
PZH=OFI
JO?>?
M?L
HI=CPI
?H
N;HNI
F?
L?MN;
CH>?J?H>?H=C;

3
>3
>34AD
\E53>;L36AD3

+A@
5A?G@7E
>AE
B>3@F73?;7@FAE
7@
83HAD
67
>3
3GFA@A?P3

NIN;F
S
JIL
FI
N;HNI
?H
=IHNL;
>?F
CHPIFO=L;GC?HNI
;=NCPI
>?
F;
0#
?H
FIM
>?<;N?M

J;LF;G?HN;LCIM
!?M>?
HO?MNL;
J?LMJ?=NCP;
?F
=IHN;=NI
?HNL?
F;
0#
S
FIM
>CJON;>IM

HI
JIH?
?H
LC?MAI
F;
CGJ;L=C;FC>;>
HC
F;
=;FC>;>
>?
FIM
CH@ILG?M
KO?
YMN;
?GCN?
MCHI




3?L
YM;L
MNO>CFFI
lO>CNILZ;
0OJ?LCIL
>?
F;
#?>?L;=C\H
IHN?HC>I
;F=;H=?M
A;L;HNZ;M
S
@ILN;F?=CGC?HNI
>?
MO

;ONIHIGZ;
=IHMNCNO=CIH;Fm
?H
);
;ONIHIGZ;
=IHMNCNO=CIH;F
>?
F;
O>CNILZ;
0OJ?LCIL
>?
F;
#?>?L;=C\H
'IBH
=E?LG;H

K
OE3D
EFG6;>>A
5AAD6;@36AD7E
%OJ;5A



-&% !!"

 

;?O7
;9G7DA3
&7D;
Y*7]7J;A@7E
EA4D7

F;
ONIHIGZ;
>?
F;
O>CNILZ;
0OJ?LCIL
>?
F;
#?>?L;=C\H
S
>?
F;M
"HNC>;>?M
>?
#CM=;FCT;=C\H
0OJ?LCIL?M
)I=;F?Mm
?H
);

;ONIHIGZ;
=IHMNCNO=CIH;F
>?
F;
O>CNILZ;
0OJ?LCIL
>?
F;
#?>?L;=C\H
'IBH
=E?LG;H
S
YM;L
MNO>CFFI
=IIL>CH;>IL?M

*YRC=I
!#
2+*
&&'
 




 Tomo I
La Economía y las Finanzas Públicas

NI>I
FI
=IHNL;LCI
>C=B;
;LNC=OF;=C\H
JO?>?
JIN?H=C;L
MO
;F=;H=?
"M
H?=?M;LCI
;>P?LNCL

CG7
;@67B7@67@5;3
@A
E;9@;\53
3;E>3?;7@FA
@;
7>;?;@35;R@
67
?753@;E?AE
67
5A@FDA>


@
D73>;636
7@
7>
N?4;FA
67
>3
\E53>;L35;R@
EGB7D;AD
>3
;@67B7@67@5;3
E7
D7>35;A@3

5A@
>3
E7B3D35;R@
7@FD7
7>
7@F7
3G6;FAD
K
7>
7@F7
3G6;F36A
>3
3GE7@5;3
67
;@]G7@5;3E

?R\A?H;M
?H
NI>I
?F
JLI=?MI
>?
;O>CNILZ;
>?M>?
F;
JF;H?;=C\H
B;MN;
F;
?D?=O=C\H
S
F;

;ONI>?N?LGCH;=C\H
>?
F;M
JIFZNC=;M
>?
A?MNC\H
CHN?LH;
&H>?J?H>?H=C;
S
F;
L?H>C=C\H
>?
=O?HN;M
HI
MIH
NYLGCHIM
=IHNL;>C=NILCIM
2H;
?HNC>;>

67
\E53>;L35;R@
EGB7D;AD
;@67B7@6;7@F7
67
?3@7D3
@3FGD3>
BG767
D7EBA@67D
3>
(A67D

)?ACMF;NCPI
MCH
?MN;L
MOJ?>CN;>;
;
HCHAOH;
;A?H>;
J;LNC>CMN;
I
>?
AI<C?LHI
"MNI
?M
FI

MO=?>?
?H
?F
=;MI
>?
F;
0#
IGI
M;<?GIM
?H
?F
MCMN?G;
JIFZNC=I
G?RC=;HI
OH;
>?

F;M
@OH=CIH?M
>?
F;
XG;L;
>?
!CJON;>IM
?M
=IHNLIF;L
F;
?D?=O=C\H
JL?MOJO?MN;LC;
S

J;L;
?FFI
M?
;ORCFC;
>?
F;
0#
"H
=IH=IL>;H=C;
?MN?
\LA;HI
;O>CNIL
?HNL?A;
CH@ILG?M

J?LC\>C=;G?HN?
S
;NC?H>?
F;M
MIFC=CNO>?M
KO?
L?;FCT;H
FIM
>CJON;>IM
>?
G;H?L;
>CL?=N;

I
;KO?FF;M
JLIP?HC?HN?M
>?
F;
IGCMC\H
>?
3CACF;H=C;
IGI
M?
G?H=CIH\
;F
CHC=CI
?F
;LAOG?HNI
KO?
AOZ;
?MN?
?HM;SI
?M
KO?
F;
CHN?L;==C\H

?HNL?
F;
0#
S
F;
XG;L;
>?
>CJON;>IM
?M
OH
@;=NIL
>?=CMCPI
J;L;
;=L?=?HN;L
FIM
?@?=NIM

67
>3
\E53>;L35;R@
EGB7D;AD

$AE
53?4;AE
7@
7>
?3D5A
@AD?3F;HA
67E5D;FAE
7@
7>

;J;LN;>I
JL?PCI
NOPC?LIH
L?J?L=OMCIH?M
JIMCNCP;M
?H
?MN;
G;N?LC;
MCH
?G<;LAI
;]H
?M

H?=?M;LCI
L?@ILT;L
>C=BIM
?MKO?G;M
>?
=IGOHC=;=C\H

"H
JLCH=CJCI
HI
B;S
KO?
J?L>?L
>?
PCMN;
KO?
F;
@OH=C\H
JLCH=CJ;F
>?
F;
0#
?H
N;HNI

\LA;HI
;ORCFC;L
>?
F;
XG;L;
>?
!CJON;>IM
?M
<LCH>;LF?
CH@ILG;=C\H
IJILNOH;

CGJ;L=C;F
I<D?NCP;
S
]NCF
J;L;
F;
NIG;
>?
>?=CMCIH?M
=NO;FG?HN?
?MNI
M?
L?;FCT;
;

NL;PYM
>?
F;
?HNL?A;
S
F;M
L?OHCIH?M
JIMN?LCIL?M
>?
;HXFCMCM
>?F
&/
S
>?
INLIM
CH@ILG?M

=IGI
?F
>?
P;H=?
>?
$?MNC\H
#CH;H=C?L;
S
?F
>?
P;H=?M
?H
F;
0IFP?HN;=C\H
>?

,<M?LP;=CIH?M
S
==CIH?M
!?M>?
HO?MNL;
J?LMJ?=NCP;
?MNIM
>I=OG?HNIM
>?<?H
M?L

OH;
@O?HN?
JLCG;LC;
>?
CH@ILG;=C\H
J;L;
FIM
F?ACMF;>IL?M
S;
KO?
JLIJIL=CIH;H
OH

J;HIL;G;
A?H?L;F
MI<L?
?F
=IGJILN;GC?HNI
>?
FIM
?HN?M
J]<FC=IM
?H
L?F;=C\H
=IH
?F

?D?L=C=CI
JL?MOJO?MN;LCI

3K
CG7
D75AD63D
CG7
>3
\E53>;L35;R@
@A
7E
G@
\@
7@
EP
?;E?A
E;@A
G@
?76;A
B3D3
5A@A57D

=\GI
M?
OM;H
FIM
L?=OLMIM
J]<FC=IM
S
?H
=IHM?=O?H=C;
?@?=NO;L
;==CIH?M
N?H>C?HN?M
;

5ADD79;D
67EH;35;A@7E
A
34GEAE

(AD
67\@;5;R@
>3
\E53>;L35;R@
7EFN
FDG@53
E;
>3
67F755;R@

>?
;HIG;FZ;M
HI
>?LCP;
?H
F;
CGJF?G?HN;=C\H
>?
G?>C>;M
J;L;
F;
L?J;L;=C\H
>?
>;[IM

"PC>?HN?G?HN?
?MN;M
;==CIH?M
MIH
>?
>CP?LM;
H;NOL;F?T;
FAOH;M
NC?H?H
L?J?L=OMCIH?M

J;LNC=OF;L?M
?M
>?=CL
MOM
?@?=NIM
M?
I<M?LP;H
=;MI
JIL
=;MI
-IL
?D?GJFI
F;M
M;H=CIH?M

J?=OHC;LC;M
F;M
L?=IG?H>;=CIH?M
S
F;M
>?HOH=C;M
>?
B?=BIM
KO?
L?;FCT;
F;
0#
NC?H?H
?F

BDABRE;FA
67
?A6;\53D
G@3
E;FG35;R@
5A@5D7F3
67D;H363
67
>AE
:3>>3L9AE
67
G@3
3G6;FADP3


-IL
INLI
F;>I
?RCMN?H
G?>C>;M
=OSIM
?@?=NIM
JO?>?H
?RN?H>?LM?
;
NI>;
F;
?MNLO=NOL;

AO<?LH;G?HN;F
S
HI
]HC=;G?HN?
;
=;MIM
CH>CPC>O;F?M
+IM
L?@?LCGIM
;
FIM
=;G<CIM
>?


 Tomo I
La Economía y las Finanzas Públicas

IL>?H
F?A;F
S
;
F;M
;MCAH;=CIH?M
JL?MOJO?MN;LC;M
-L?=CM;G?HN?
?MNIM
>IM
;MJ?=NIM
MIH
>?

F;
=IGJ?N?H=C;
>?
F;
XG;L;
>?
!CJON;>IM

"H
FI
;HN?LCIL
L;>C=;
F;
CGJILN;H=C;
>?
F;
CHN?LFI=O=C\H
?HNL?
F;
0#
S
F;
XG;L;
>?

!CJON;>IM
);
CH@ILG;=C\H
KO?
F;
0#
A?H?L;
?H
AL;H
G?>C>;
JO?>?
;FCG?HN;L
F;

6;E5GE;R@
B3D>3?7@F3D;3
EA4D7
D78AD?3E
36?;@;EFD3F;H3E
FD3@EB3D7@5;3
\E53>
67G63

J]<FC=;
A;MNI
@?>?L;FCT;>I
?HNL?
INLIM
N?G;M
0CH
?G<;LAI
?MNI
>?J?H>?
>?
KOY
N;HNI

FIM
F?ACMF;>IL?M
;JLIP?=B?H
?MN?
L?=OLMI
CH@ILG;NCPI
);
F;<IL
NY=HC=;
>?
F;
0#
MCH
>O>;

;FAOH;
JO?>?
M?L
]NCF
J;L;
F;
NIG;
>?
>?=CMCIH?M
JIFZNC=;M
"H
=IHDOHNI
FIM
CH@ILG?M
>?

;O>CNILZ;
JL?M?HN;H
OH;
MZHN?MCM
A?H?L;F
>?F
>?M?GJ?[I
>?F
M?=NIL
J]<FC=I
S
?RJIH?H

?PC>?H=C;
=IH=L?N;
MI<L?
F;M
>?<CFC>;>?M
?MNLO=NOL;F?M
S
FIM
JLI<F?G;M
IJ?L;NCPIM
>?F

;J;L;NI
AO<?LH;G?HN;F

,3?4;O@
:3K
CG7
?7@5;A@3D
CG7
3
FD3HOE
67
>3
\E53>;L35;R@
E7
A4F;7@7
G@
6;39@REF;5A

BD75;EA
EA4D7
>3
7\535;3
K
7\5;7@5;3
67
>AE
BDA9D3?3E
BS4>;5AE

$3E
3G6;FADP3E
5A@

8D75G7@5;3
D7H7>3@
CG7
>3E
BA>PF;53E
@A
97@7D3@
>AE
47@7\5;AE
EA5;3>7E
7EB7D36AE
A

;@5>GE;H7
?G7EFD3@
CG7
?G5:3E
H757E
>AE
D75GDEAE
E7
GF;>;L3@
B3D3
\@3@5;3D
35F;H;6367E

=IGJF?N;G?HN?
;D?H;M
;
FIM
JLIAL;G;M
"H
MOG;
MC
FIM
>CJON;>IM
?GJF?;H
>C=B;

CH@ILG;=C\H
>?
G;H?L;
?MNL;NYAC=;
JI>LZ;H
MOLACL
CHC=C;NCP;M
F?ACMF;NCP;M
KO?
;N;=;LZ;H

F;M
=;OM;M
>?
F;M
@;FF;M
>?F
AI<C?LHI
I
M?
JI>LZ;H
A?H?L;L
FIM
;=O?L>IM
H?=?M;LCIM
J;L;

?A6;\53D
7>
D7B3DFA
BD7EGBG7EF3D;A
K
3EP
7H;F3D
CG7
5A@F;@S7
7>
67EHPA
67
D75GDEAE
K
7>

>CMJ?H>CI
!?HNLI
>?
F;
0#
JL?P;F?=?
?F
=IGJLIGCMI
>?
;JILN;L
;HXFCMCM
LI<OMNIM
MI<L?
?F

?D?L=C=CI
JL?MOJO?MN;LCI
J;L;
CH=C>CL
>?
G;H?L;
JIMCNCP;
?H
?F
NL;<;DI
F?ACMF;NCPI

+;NOL;FG?HN?
?F
>?<;N?
J;LF;G?HN;LCI
NC?H?
OH;
>CHXGC=;
MCHAOF;L
KO?
L?MJIH>?

3
G@3
;@\@;636
67
;@57@F;HAE

>
D7FA
5A@E;EF7
7@
:357D
CG7
>AE
63FAE
CG7
3DDA<3
>3

\E53>;L35;R@
E7
5A@H;7DF3@
7@
G@A
?NE
67
7EAE
;@57@F;HAE

>
7ECG7?3
35FG3>
;?B;67

KO?
?MNI
M?
=IH=L?N?
);
JL?M?HN;=C\H
>?F
&/
M?
L?;FCT;
=;NIL=?
G?M?M
>?MJOYM
>?F
=C?LL?

67>
7<7D5;5;A
\E53>
CG7
E7
D7H;E3
7E
675;D
@A
5A;@5;67
5A@
7>
53>7@63D;A
BD7EGBG7EF3D;A

FI
=O;F
JLX=NC=;G?HN?
;HOF;
F;
IJILNOHC>;>
>?
CH=C>?H=C;
>?
?MN?
CH@ILG?
);M
L?=C?HN?M

L?@ILG;M
J;L;
F;
=L?;=C\H
>?F
0+
;FN?L;LXH
?MN;
=IH>C=C\H
?H
?F
F;LAI
JF;TI
!?M>?
HO?MNL;

J?LMJ?=NCP;
J;L;
KO?
?F
=IHI=CGC?HNI
JL?=CMI
KO?
JLIP??
F;
;O>CNILZ;
AO<?LH;G?HN;F

M?
=IHPC?LN;
?H
OH
CHMOGI
=F;P?
J;L;
F;
=IHMNLO==C\H
>?
;A?H>;M
F?ACMF;NCP;M
F;
G?DIL

;FN?LH;NCP;
?H
?F
=ILNI
JF;TI
?M
=IHNCHO;L
@IG?HN;H>I
F;
=IF;<IL;=C\H
=IH
FIM
>CJON;>IM

*XM
;>?F;HN?
M?
>?M=LC<?H
;FAOH;M
>?
F;M
?MNL;N?AC;M
KO?
F;
0#
B;
>?M;LLIFF;>I
J;L;

@;=CFCN;L
?F
CHN?L=;G<CI
>?
CH@ILG;=C\H
=IH
FIM
F?ACMF;>IL?M


 Tomo I
La Economía y las Finanzas Públicas

3+ "0
"+
)
&+1"/), 2 &s+
"+1/"
)
0#
6
)
q*/
!"

!&-21!,0
$3
D78AD?3
5A@EF;FG5;A@3>
67>

7@
?3F7D;3
67
\E53>;L35;R@
>3
5G3>
6;A
AD;97@
3

>3
$*
EGE5;FR
3H3@57E
E;9@;\53F;HAE
7@
>3
5A@EFDG55;R@
67
?7<AD7E
7ECG7?3E
67

6;N>A9A
7@FD7
>3
+
K
>3
N?3D3
67
;BGF36AE

@
BD;?7D
>G93D
E7
?A6;\5R
7>
3DFP5G>A


=IHMNCNO=CIH;F
J;L;
?MN;<F?=?L
KO?
?F
&/
M?LZ;
MIG?NC>I
;
F;
=IHMC>?L;=C\H
>?F
-F?HI
>?

F;
XG;L;
>?
!CJON;>IM
k;HN?LCILG?HN?
]HC=;G?HN?
M?
?HNL?A;<;H
FIM
CH@ILG?M
FI
=O;F

I<MN;=OFCT;<;
?F
>?<;N?
=IH
F;
0#k
"H
M?AOH>I
FOA;L
=IH
?MN;
L?@ILG;
M?
;>?F;HN;LIH

FIM
JF;TIM
>?
?HNL?A;
>?
F;
O?HN;
-]<FC=;
S
>?F
&/
>?F

>?
DOHCI
;F

>?
;<LCF
S
>?F


>?
G;LTI
;F

>?
@?<L?LI
L?MJ?=NCP;G?HN?
$3
?A6;\535;R@
67
>AE
B>3LAE
>793>7E
3@F7E
67E5D;FAE
;@5D7?7@FR
7>
53DN5F7D
7EFD3FO9;5A

>?
F;
CH@ILG;=C\H
KO?
A?H?L;
F;
0#
MCGCMGI
F;
I<FCA;NILC?>;>
>?
F;
L?PCMC\H
>?F
&/

?H
?F
-F?HI
>?
F;
XG;L;
>?
!CJON;>IM
A?H?L\
OH
N?LL?HI
JLIJC=CI
J;L;
?F
>?<;N?
>?
FIM

D7EG>F36AE
67
>3
\E53>;L35;R@
3@G3>

7E38ADFG@363?7@F7
7>
;?B35FA
67
7EF3
?76;63
8G7

?M=;MI
JILKO?
F;
JL?M?HN;=C\H
S
>CM=OMC\H
>?F
&/
;F
L?;FCT;LM?
GXM
>?
OH
;[I
>?MJOYM
>?

KO?
M?
?D?L=C?LIH
FIM
L?=OLMIM
MCAOC\
>?M@;M;>;
>?F
JLI=?MI
>?
JF;H?;=C\H
JL?MOJO?MN;LC;

$3
D75GDD7@5;3
67
A4E7DH35;A@7E
67D;H363E
67
>3
\E53>;L35;R@
3@G3>
67
>3
G7@F3
(S4>;53

67?G7EFD3
CG7
>3E
?A6;\535;A@7E
67>

@A
:3@
B7D?;F;6A
97@7D3D
BDA57EAE
7875F;HAE

>?
CHN?L=;G<CI
>?
CH@ILG;=C\H
?HNL?
F;
0#
S
FIM
>CJON;>IM
;>;
;[I
?F
&/
S
FIM

CH@ILG?M
>?
;O>CNILZ;
JL?M?HN;H
JLX=NC=;G?HN?
?F
GCMGI
>C;AH\MNC=I
H?A;NCPI
MI<L?

?F
M?=NIL
J]<FC=I
JLIAL;G;M
MCH
JF;H?;=C\H
HC
=IIL>CH;=C\H
MO<=IHNL;N;=CIH?M
=IH

J;LNC=OF;L?M
JLI=?MIM
>?
FC=CN;=C\H
CLL?AOF;L?M
IGCMCIH?M
?H
F;
JL?M?HN;=C\H
>?
L?JILN?M

B36DA@7E
67
47@7\5;3D;AE
;@7J35FAE
6GB>;5;6367E
7@
>3
7@FD793
67
3BAKAE
EG47<7D5;5;AE

7@67G63?;7@FA
7F5

EFA
D7]7<3
>3
7J;EF7@5;3
67
BDA4>7?3E
7EFDG5FGD3>7E
D7>35;A@36AE

=IH
?F
>CM?[I
CHMNCNO=CIH;F
S
F;M
=;J;=C>;>?M
>?
A?MNC\H
>?
F;M
ILA;HCT;=CIH?M
J]<FC=;M

IGI
S;
FI
G?H=CIH;GIM
J;L;
;@LIHN;L
?MNIM
L?NIM
?M
H?=?M;LCI
@ILN;F?=?L
F;
MCH?LAC;

?HNL?
F;
0#
S
F;
XG;L;
>?
!CJON;>IM
;
NL;PYM
>?
F;
IGCMC\H
>?
3CACF;H=C;

"F
>?<?L

>?
F;
0#
?M
?HNL?A;L
CH@ILG;=C\H
IJILNOH;
KO?
ILC?HN?
F;
NIG;
>?
>?=CMCIH?M
S
F;

L?MJIHM;<CFC>;>
>?
FIM
>CJON;>IM
?M
?GJF?;L
>C=BI
L?=OLMI
>?M>?
OH;
PCMC\H
>?
JIFZNC=;

J]<FC=;
"H
INL;M
J;F;<L;M
B;S
KO?
NL;HMCN;L
B;=C;
OH
?MKO?G;
?H
?F
KO?
F;
;O>CNILZ;

9G47D@3?7@F3>
3KG67
7@
>3
67\@;5;R@
67
>AE
BDA4>7?3E
BS4>;5AE
K
7@
7>
6;E7QA
67
>3E

;FN?LH;NCP;M
>?
MIFO=C\H
"F
JOHNI
?M
CGJOFM;L
F;
=L?;=C\H
>?
G?DIL;M
?H
?F
;H>;GC;D?

F?A;F
>?
F;
;>GCHCMNL;=C\H
J]<FC=;
S
?PCN;L
KO?
F;
;MCAH;=C\H
>?F
JL?MOJO?MNI
L?MJIH>;

;
F;
CH?L=C;
S
HI
;
=LCN?LCIM
L;=CIH;F?M
>?
FI
=IHNL;LCI
?M
GOS
JLI<;<F?
KO?
;[I
=IH

3QA
>3E
5A@5>GE;A@7E
67
>3
\E53>;L35;R@
E7
D7B;F3@


 Tomo I
La Economía y las Finanzas Públicas

F
G;LA?H
>?
FIM
JLIAL?MIM
KO?
M?
JO?>;H
FIAL;L
?H
?F
JF;HI
HILG;NCPI
F;
0#
?H
?MN?

3QA
;@5ADBADR
H3D;AE
53?4;AE
E;9@;\53F;HAE
7@
>3
7EFDG5FGD3
67>
!*
BD75;E3?7@F7
5A@

?F
JLIJ\MCNI
>?
G?DIL;L
F;
>CMJIMC=C\H
>?
F;
CH@ILG;=C\H

=IHNCHO;=C\H
M?
>?M=LC<?H

FIM
L;MAIM
=?HNL;F?M
>?
?MN;M
CHHIP;=CIH?M
"H
JLCG?L
FOA;L
M?
BCTI
OH
L?>CM?[I
>?F
=IHN?HC>I
>?F
CH@ILG?
"F
1IGI
"D?=ONCPI
>?F

&/
KO?
M?
ONCFCT\
B;MN;
?F
 
@O?
MOMNCNOC>I
JIL
?F
&H@ILG?
$?H?L;F
>?F
&/

"F
1IGI

"D?=ONCPI
CH=FOZ;
FIM
L?MOFN;>IM
L?F?P;HN?M
>?
NI>;M
F;M
;O>CNILZ;M
JL;=NC=;>;M
JIL

$LOJI
#OH=CIH;F
;MZ
=IGI
OH;
MZHN?MCM
>?
F;M
I<M?LP;=CIH?M
S
;==CIH?M
JLIGIPC>;M

JIL
F;
0#
;>;
;J;LN;>I
JL?M?HN;<;
OH;
M?==C\H
>?M=LCJNCP;
MI<L?
F;
=I<?LNOL;
>?

>3
\E53>;L35;R@
K
>AE
:3>>3L9AE
57@FD3>7E

67?NE
E7
;@5>GP3@
H3D;3E
F34>3E
EA4D7

F;
?PIFO=C\H
>?F
?D?L=C=CI
JL?MOJO?MN;LCI
JIL
0?=NIL?M
S
/;GIM
>GCHCMNL;NCPIM
S

L?MJ?=NI
;F
=OGJFCGC?HNI
>?
F;M
G?N;M
>?
FIM
JLIAL;G;M
JL?MOJO?MN;LCIM
>?
;=O?L>I

=IH
F;
*;NLCT
>?
&H>C=;>IL?M
J;L;
/?MOFN;>IM
*&/
"F
=IHN?HC>I
>?
?MN?
CH@ILG?
?L;

GOS
?RN?HMI
S
>?N;FF;>I
J?LI
>C@Z=CF
>?
;MCGCF;L
<OH>;<;H
F;M
N;<F;M
>C@Z=CF?M
>?
F??L

S
KO?
HI
H?=?M;LC;G?HN?
;JILN;<;H
>;NIM
=F;P?M
;F
>?<;N?
MI<L?
F;M
>?<CFC>;>?M
>?F

M?=NIL
J]<FC=I

$3
67EH7@F3<3
BD;@5;B3>
67>
,A?A
<75GF;HA
7D3
CG7
6;\5G>F343
5A@A57D
>3E

JLI<F?GXNC=;M
IGCMCIH?M
I
CLL?AOF;LC>;>?M
=IH=L?N;M
?H
F;M
KO?
CH=OLL?H
FIM

?D?=ONIL?M
>?F
A;MNI
"H
=;G<CI
?F
&H@ILG?
$?H?L;F
>?F
&/
NC?H?
OH;
ILC?HN;=C\H

G;L=;>;G?HN?
JLX=NC=;
);
M?==C\H
>?HIGCH;>;
Y_D73E
5>3H7
5A@
D;7E9A
;67@F;\5363E

7@
>3
\E53>;L35;R@
67
>3
G7@F3
(S4>;53Z
NC?H?
?F
I<D?NCPI
>?
DOMN;G?HN?
?RJIH?L

KOY
;MJ?=NIM
>?F
KO?B;=?L
AO<?LH;G?HN;F
MIH
>?
;N?H=C\H
JLCILCN;LC;
-;L;
?FFI
M?

;67@F;\53DA@
>3E
E;9G;7@F7E
FD757
qL?;M
F;P?

&HN?ALC>;>
AO<?LH;G?HN;F

OFNOL;
;>GCHCMNL;NCP;
<;M;>;
?H
F;
A?MNC\H
>?
LC?MAIM
S
=OGJFCGC?HNI
>?

I<D?NCPIM

/?H>C=C\H
>?
=O?HN;M
>?F
A;MNI
@?>?L;FCT;>I


!@8AD?35;R@
EA4D7
47@7\5;3D;AE
67
>AE
BDA9D3?3E
EA5;3>7E


/?P?F;=C\H
>?
J;MCPIM
S
A;MNI

&HN?AL;=C\H
?@?=NCP;
>?
F;
J;LNC=CJ;=C\H
=CO>;>;H;
?H
F;
A?MNC\H
>?

JLIAL;G;M
J]<FC=IM

>KOCMC=CIH?M
=IHNL;N;=CIH?M
I
CHP?LMCIH?M
KO?
=OGJF?H
F;
HILG;
J?LI

KO?
HI
L?JL?M?HN;H
F;M
G?DIL?M
=IH>C=CIH?M
J;L;
?F
"MN;>I

-LIS?=NIM
>?
CH@L;?MNLO=NOL;
MCH
JF;H?;=C\H
MOJ?LPCMC\H
HC
M?AOCGC?HNI


 Tomo I
La Economía y las Finanzas Públicas


-;LNC=CJ;=C\H
>?
CHN?LG?>C;LCIM
?H
F;
>CMJ?LMC\H
>?F
A;MNI
J]<FC=I
 
0O<?D?L=C=CIM

&H=ILJIL;=C\H
>?
1?=HIFIAZ;M
>?
F;
&H@ILG;=C\H
?H
?F
?D?L=C=CI

AO<?LH;G?HN;F

-LIAL;G;M
J]<FC=IM
>OJFC=;>IM
S
MCH
=IIL>CH;=C\H

0?LPC=CIM
MOGCHCMNL;>IM
JIL
J;LNC=OF;L?M

E;?;E?A
BAD
?76;A
67
FO5@;53E
67
3@N>;E;E
K
5>3E;\535;R@
67
D;7E9AE
E7
A4FGHA
>3

MCAOC?HN?
NCJIFIAZ;

/C?MAIM
"MNL;NYAC=IM
MIH
;KO?FFIM
KO?
;@?=N;H
>?
G;H?L;
NL;HMP?LM;F
;F

8G@5;A@3?;7@FA
67>
3B3D3FA
9G47D@3?7@F3>
67\@7@
7>
3?4;7@F7
7@
7>
CG7

M?
>?M;LLIFF;H
F;M
;=NCPC>;>?M
>?
FIM
?HN?M
J]<FC=IM


*;7E9AE
67
*7@6;5;R@
67
G7@F3EFD3@EB3D7@5;3
E7
D7\7D7
3
>AE
N?4;FAE

7@
>AE
CG7
>3
D7H7>35;R@
67
>3
;@8AD?35;R@
BS4>;53
@A
7E
EG\5;7@F7
KA

J?LNCH?HN?
J;L;
OH;
NIG;
I<D?NCP;
>?
>?=CMCIH?M
HC
J;L;
OH
;>?=O;>I

?M=LONCHCI
>?
>CMNCHNIM
;=NIL?M
MI=C;F?M
CHN?L?M;>IM


*;7E9AE
67
'B7D35;R@
>G67
3
35F;H;6367E
7EB75P\53E
CG7
>>7H3
3
534A

7>
3B3D3FA
9G47D@3?7@F3>
K
CG7
3@F7
67\5;7@5;3E
97@7D3>;L363E
7@
EG

CGJF?G?HN;=C\H
NC?H?H
OH
?@?=NI
?H
?F
;AL?A;>I
L?MJ?=NI
;F
OMI
A?H?L;F

>?
FIM
L?=OLMIM
J]<FC=IM
S
MO
CGJ;=NI
MI=C;F
"H
MZHN?MCM
?H
F;M
NL?=?
qL?;M
F;P?
JO?>?H
G;HC@?MN;LM?
OHI
I
P;LCIM
>?
FIM
LC?MAIM

;HN?M
G?H=CIH;>IM
);
G;AHCNO>
>?
FIM
LC?MAIM
?MNX
?H
@OH=C\H
>?
F;M
>CG?HMCIH?M

36?;@;EFD3F;H3E
CG7
3875F7@
\@3@L3E
BS4>;53E
5G?B>;?;7@FA
@AD?3F;HA
5G?B>;?;7@FA

>?
L?MOFN;>IM
S
J?L=?J=C\H
MI=C;F
IH
?F
>?M;LLIFFI
>?
?MN;
G?NI>IFIAZ;
F;
0#

3BG7EF3
BAD
G@
7EF;>A
67
7JBAE;5;R@
67
>AE
D7EG>F36AE
67
>3
\E53>;L35;R@
3@G3>
?G5:A

GXM
=F;LI
JLX=NC=I
S
JL?=CMI


>C=CIH;FG?HN?
M?
CH=FOS\
INL;
CHHIP;=C\H
CGJILN;HN?
-IL
JLCG?L;
P?T
M?
FF?P\
;
=;<I

7>
5N>5G>A
67
>AE
47@7\5;AE
\@3@5;7DAE
K
@A
\@3@5;7DAE
97@7D36AE
BAD
>3
\E53>;L35;R@

EGB7D;AD
F3>
5A?A
>A
D73>;L3@
BAD
7<7?B>A
$3
'\5;@3
67
*7@6;5;R@
67
G7@F3E
67>

A4;7D@A
67
EF36AE
-@;6AE
67
?OD;53
'
BAD
EGE
E;9>3E
7@
;@9>OE
K
>3
'\5;@3

+;=CIH;F
>?
O>CNILZ;
>?F
/?CHI
2HC>I
+,
JIL
MOM
MCAF;M
?H
CHAFYM

);
]FNCG;
HIP?>;>
>?F
&H@ILG?
$?H?L;F
>?F
&/
KO?
HIM
AOMN;LZ;
>?MN;=;L
?M
F;

;@5>GE;R@
67
G@
9DGBA
67
BDABG7EF3E
67
?A6;\535;A@7E
>793>7E

@
7>
@7JA

67>


 Tomo I
La Economía y las Finanzas Públicas

&H@ILG?
$?H?L;F
M?
?HFCMN;H
M?M?HN;
S
=CH=I
JIMC<F?M
=;G<CIM
?H
KOCH=?
IL>?H;GC?HNIM

DOLZ>C=IM
>CMNCHNIM
S
=CH=I
CHC=C;NCP;M
>?
=L?;=C\H
>?
HO?PIM
CHMNLOG?HNIM
F?A;F?M
"MN;

D7>35;R@
7E
B3DF;5G>3D?7@F7
BDAH75:AE3
BADCG7
;@5>GK7
G@3
4D7H7
<GEF;\535;R@
67
5363

OH;
>?
F;M
JLIJO?MN;M

>
!@8AD?7
97@7D3>
7E
G@
?A6A
AD;9;@3>
67
63D
3
5A@A57D
>AE
D7EG>F36AE
67
>3
\E53>;L35;R@

;HO;F
?H
P;LCIM
M?HNC>IM
"H
JLCG?L
FOA;L
F;
CH@ILG;=C\H
?MNX
ILA;HCT;>;
>?
OH
GI>I

F\AC=I
=IB?L?HN?
S
MCGJF?
>?
?HN?H>?L
FI
=O;F
@;PIL?=?
MO
;JLIP?=B;GC?HNI
"H

M?AOH>I
JILKO?
F;
CHNLI>O==C\H
>?
F;M
XL?;M
>?
LC?MAI
S
F;M
JLIJO?MN;M
HILG;NCP;M

GOFNCJFC=;
F;
ONCFC>;>
J;L;
FIM
NIG;>IL?M
>?
>?=CMCIH?M
0C
<C?H
?F
&H@ILG?
$?H?L;F
?M

OH
CHMNLOG?HNI
P;FCIMI
J;L;
F;
=CO>;>;HZ;
S
INL;M
J;LN?M
CHN?L?M;>;M
JILKO?
?RJFC=;
=IH

5>3D;636
5GN>
7E
7>
A4<7FA
67
>3
\E53>;L35;R@
EGB7D;AD
K
5GN>7E
8G7DA@
>3E
5A@5>GE;A@7E

JLCH=CJ;F?M
>?
F;
L?PCMC\H
>?
F;
O?HN;
-]<FC=;
FIM
NIG;>IL?M
>?
>?=CMC\H
?H=IHNL;LXH

?H
YF
OH
P;FIL
;AL?A;>I
S;
KO?
=IHNC?H?
?PC>?H=C;
MI<L?
FIM
LC?MAIM
JLCH=CJ;F?M
?H

F;
A?MNC\H
J]<FC=;
"H
MOG;
F;M
G?DIL;M
>?
?MN?
HO?PI
@ILG;NI
>?
JL?M?HN;=C\H
>?
F;

MZHN?MCM
>?F
&/
?MNXH
?H=;GCH;>;M
;
@;=CFCN;L
F;
CHN?LJL?N;=C\H
>?
FIM
>;NIM
S
=IH
?FFI

;@57@F;H3D
EG
3BD7:7@E;R@
BAD
B3DF7
67
>AE
>79;E>36AD7E

%A6;\535;A@7E
EGD9;63E
67
>3

L?@ILG;
=IHMNCNO=CIH;F
KO?
>CI
ILCA?H
;F
0CMN?G;
+;=CIH;F
HNC=ILLOJ=C\H



A?A
E7
7JB>;5R
7@
7>
E79G@6A
3B3DF36A
>3E
D75;7@F7E
?A6;\535;A@7E
3>
F7JFA

5A@EF;FG5;A@3>
7@
?3F7D;3
67
5A?43F7
3
>3
5ADDGB5;R@
;@]G;DN@
BAE;F;H3?7@F7
7@
>3

;LNC=OF;=C\H
?HNL?
F;
0#
S
F;
XG;L;
>?
!CJON;>IM
)IM
=;G<CIM
@OH>;G?HN;F?M
MIH

>IM
F;
CH=FOMC\H
>?
FIM
CH@ILG?M
CH>CPC>O;F?M
>?
;O>CNILZ;
S
F;M
;O>CNILZ;M
?H
NC?GJI

L?;F

);
L?@ILG;
>?F
;LNZ=OFI

=IHMNCNO=CIH;F
JL?PY
F;
?HNL?A;
>?
NL?M
CH@ILG?M

=O;NLCG?MNL;F?M
"F
JLCG?LI
S
?F
M?AOH>I
M?
?HNL?A;LXH
?H
DOHCI
S
I=NO<L?

D7EB75F;H3?7@F7
67>
3QA
\E53>
E;9G;7@F7
3>
CG7
E7
7H3>S3
7>
F7D57DA
<G@FA
5A@
7>

&H@ILG?
$?H?L;F
>?F
&/
M?
JL?M?HN;LX
?F

>?
@?<L?LI
>?F
;[I
MCAOC?HN?
;F
>?
F;
?HNL?A;

>?
F;
O?HN;
-]<FC=;
"MN?
GCMGI
;LNZ=OFI
=IHN?GJF;
F;
L?;FCT;=C\H
?H
=C?LNIM
=;MIM

>?
;O>CNILZ;M
?H
NC?GJI
L?;F
EF3E
;@@AH35;A@7E
BD7F7@67@
CG7
>3
\E53>;L35;R@
EGB7D;AD
BG763
;@5;6;D
67
?3@7D3

?@?=NCP;
?H
F;
=IHMNLO==C\H
>?
F;
;A?H>;
F?ACMF;NCP;
>?
F;
XG;L;
>?
!CJON;>IM
)IM

CH@ILG?M
J;L=C;F?M
MCH
>O>;
M?LXH
OH
CHMOGI
P;FCIMI
MC
M?
PCH=OF;H
=IH
F;
?N;J;

JL?MOJO?MN;LC;
"M
>?=CL
MC
FIM
F?ACMF;>IL?M
?RJFIN;H
?M;
CH@ILG;=C\H
J;L;
=ILL?ACL
F;M

3E;9@35;A@7E
67
D75GDEAE
A
B3D3
D73>;L3D
AFDA
F;BA
67
?A6;\535;A@7E
67
AD67@
>793>


-IL
MO
J;LN?
F;M
;O>CNILZ;M
?H
NC?GJI
L?;F
M?LXH
OH
L?=OLMI
P?HN;DIMI
J;L;
;>P?LNCL

MC
?RCMN?H
;HIG;FZ;M
?H
;FAOH;
JIFZNC=;
S
?H
=IHM?=O?H=C;
CHMNLOG?HN;L
;
NC?GJI

G?>C>;M
=ILL?=NCP;M


 Tomo I
La Economía y las Finanzas Públicas

IGI
M?
B;
?RJO?MNI
;
FI
F;LAI
>?
?MN?
>I=OG?HNI
?H
?F
?MKO?G;
;=NO;F
F;
CH@ILG;=C\H

>?LCP;>;
>?
F;M
;O>CNILZ;M
HI
?M
>?F
NI>I
IJILNOH;
S;
KO?
M?
?HNL?A;
GXM
>?
OH
;[I

67EBGOE
67>
5;7DD7
67>
7<7D5;5;A
\E53>
5A@
>AE
@G7HAE
B7D;A6AE
CG7
5A@F7?B>3
7>
+&

?MNI
M?
JI>LZ;
L?P?LNCL

,+ )20&,+"0

2H;
;ONYHNC=;
L?H>C=C\H
>?
=O?HN;M
CGJFC=;
F;
=IHMNLO==C\H
>?
;LL?AFIM
>OL;>?LIM

>793>7E
A
36?;@;EFD3F;HAE
3
>AE
BDA4>7?3E
BS4>;5AE

+;
4;7@
>3
\E53>;L35;R@
F;7@7
7E3

CGJILN;HN?
@OH=C\H
=ILL?=NCP;
?H
?MN?
?HM;SI
JF;HN?;GIM
KO?
?H
J;LN?
MO
JIN?H=C;F

?MNX
?H
@OH=C\H
>?
F;
CHN?LFI=O=C\H
KO?
M?
?MN;<F?T=;
=IH
FIM
>CJON;>IM
);M
L?@ILG;M

=IHMNCNO=CIH;F?M
>?

S
>?F
 
CHNLI>OD?LIH
G?DIL;M
CGJILN;HN?M
?H
>C=B;

?3F7D;3
@A
A4EF3@F7
>3E
?A6;\535;A@7E
67D;H363E
67
>3
3BDA435;R@
67>
+&
E7DN@

>3E
CG7
D73>?7@F7
3>F7D7@
7>
?A67>A

@
67\@;F;H3
>3
5D735;R@
67
7EF7
@G7HA
7ECG7?3

67
9A47D@3@L3
CG7
E;9@;\53
7>
+&
FD3EFA53DN
7@
7>
>3D9A
B>3LA
>AE
BD;@5;B;AE
K

JLX=NC=;M
>IGCH;HN?M
?H
?F
=IHNLIF
AO<?LH;G?HN;F

0CH
>O>;
J;L;
L?@ILT;L
?F
PZH=OFI
?HNL?
FIM
F?ACMF;>IL?M
S
F;
0#
?F
>CM?[I
CHMNCNO=CIH;F

?M
=F;P?
MCH
?G<;LAI
N;G<CYH
M?
JO?>?H
A?H?L;L
=;G<CIM
>?MN;=;<F?M
;
NL;PYM
>?

CHHIP;=CIH?M
IJ?L;NCP;M
F
L?MJ?=NI
?MN?
?HM;SI
>?MN;=\
FIM
;P;H=?M
>?
F;
0#
?H

5G3@FA
3
>3
BD7E7@F35;R@
67
>AE
D7EG>F36AE
67
>3
\E53>;L35;R@
67
>3
G7@F3
(S4>;53

>

HO?PI
@ILG;NI
>?F
&H@ILG?
$?H?L;F
>?F
&/
?MNX
>CM?[;>I
J;L;
=;JN;L
?F
CHN?LYM
A?H?L;F

J?LI
N;G<CYH
J;L;
M?L
OH
CHMNLOG?HNI
?MNL;NYAC=I
KO?
;SO>?
;
CH=C>CL
?H
F;
;A?H>;

F?ACMF;NCP;

@
5A@5>GE;R@
B3D3
CG7
>3
\E53>;L35;R@
EGB7D;AD
H7D6367D3?7@F7
E73
G@3
:7DD3?;7@F3

>?
=;G<CI
ILA;HCT;=CIH;F
?M
JL?=CMI
KO?
?RCMN;
OH;
MCH?LAC;
?HNL?
F;
0#
S
F;
XG;L;

>?
!CJON;>IM
)IM
JLI<F?G;M
L?=OLL?HN?M
?H
F;
?D?=O=C\H
>?F
A;MNI
M?
JI>LZ;H
?PCN;L

I
GCHCGCT;L
=IH
CHMNLOG?HNIM
>?
JIFZNC=;
L?@ILG;M
;F
G;L=I
F?A;F
I
=;G<CIM
?H
F;

6;EFD;4G5;R@
67>
BD7EGBG7EFA
3>;?7@F36AE
BAD
>3
;@8AD?35;R@
ABADFG@3
5A@\34>7

=?LN?L;
S
JL?=CM;
KO?
;JILN;
F;
0#


 Tomo I
La Economía y las Finanzas Públicas

&)&,$/#r
=E?LG;H
'IHB
*
l/?J?HM;L
F;
?MNLO=NOL;
CHMNCNO=CIH;F
J;L;
F;
L?H>C=C\H

>?
=O?HN;M
>?F
"MN;>I
G?RC=;HIm
?H
!.
.BA<;<:J.
0<;@A6AB06<;.9
12
9.

B16A<?J.
'B=2?6<?
12
9.
212?.06L;
'IBH
=E?LG;H
S
YM;L
MNO>CFFI

=IIL>CH;>IL?M
*YRC=I
!#
2+*
&&'
 


0#
6@0.96G.06L;
'B=2?6<?
2;
"IE60<
&23<?:.@
.
9.
<;@A6AB06L;
%<9JA60.
12

9<@
@A.1<@
);61<@
"2E60.;<@
F
.
9.
!2F
&249.:2;A.?6.
*YRC=I
!#

0#
XG;L;
>?
!CJON;>IM
 

>CMJIHC<F?
?H
BNNJQQQ;M@
AI<GROJFI;>M:JO<FC=;=CIH?M:N?=HC=;M:;HCPJ>@
MNO>CFFI
YM;L
lO>CNILZ;
0OJ?LCIL
>?
F;
#?>?L;=C\H
IHN?HC>I
;F=;H=?M

A;L;HNZ;M
S
@ILN;F?=CGC?HNI
>?
MO
;ONIHIGZ;
=IHMNCNO=CIH;Fm
?H
!.

.BA<;<:J.
0<;@A6AB06<;.9
12
9.
B16A<?J.
'B=2?6<?
12
9.
212?.06L;
'IBH

=E?LG;H
S
YM;L
MNO>CFFI
=IIL>CH;>IL?M
*YRC=I
!#
2+*
&&'

 



;9G7DA3
&7D;
;?O7

Y*7]7J;A@7E
EA4D7
>3
GFA@A?P3
67
>3
G6;FADP3

0OJ?LCIL
>?
F;
#?>?L;=C\H
S
>?
F;M
"HNC>;>?M
>?
#CM=;FCT;=C\H
0OJ?LCIL?M

)I=;F?Mm
?H
!.
.BA<;<:J.
0<;@A6AB06<;.9
12
9.
B16A<?J.
'B=2?6<?
12
9.

212?.06L;
'IBH
=E?LG;H
S
YM;L
MNO>CFFI
=IIL>CH;>IL?M
*YRC=I

!#
2+*
&&'
 


)\J?T
SFF\H
0?LACI
S
*;OLC=CI
*?LCHI
l);
L?H>C=C\H
>?
=O?HN;M
?H

*YRC=I
J?LMJ?=NCP;M
S
L?NIMm
?H
*;OLC=CI
*?LCHI
0?LACI
)\J?T
SFF\H

S
$OCFF?LGI
?DO>I
=IIL>CH;>IL?M
!.
2@A?B0AB?.
12
9.
?2;1606L;
12

0B2;A.@
2;
"IE60<
*YRC=I
!#
2+*
&&'
&!"
  


*?LCHI
*;OLC=CI
;3<?:2
@</?2
9.
2C<9B06L;
F
29
12@2:=2K<
12
9.
B16A<?J.

'B=2?6<?
12
9.
212?.06L;
*YRC=I
!#
0#
 


/I>LZAO?T
/I<?LNI
l);
CHN?L;==C\H
>?
FIM
=IHNLIF?M
CHN?LHIM
S
?RN?LHIM
?H

?F
=IG<;N?
;
F;
=ILLOJ=C\Hm
?H
0#
,
2?A.:2;
#.06<;.9
12
;@.F<

@</?2
6@0.96G.06L;
'B=2?6<?
F
&2;1606L;
12
B2;A.@
*YRC=I
!#
0#

HIPC?G<L?
 


/ZIM
XT;L?M
F?D;H>L;
S
'ILA?
';PC?L
/IG?LI
l);
@L;AG?HN;=C\H
CHMNCNO=CIH;F

>?
F;
L?H>C=C\H
>?
=O?HN;Mm
?H
0?LACI
)\J?T
SFF\H
*;OLC=CI
*?LCHI

S
)IOL>?M
*IL;F?M
=IIL>CH;>IL?M
.06.
B;.
=<9JA60.
12
?2;1606L;
12

0B2;A.@
2;
"IE60<
*YRC=I
!#
0#
/?>
JIL
F;
/?H>C=C\H
>?
O?HN;M

 




 Tomo I
La Economía y las Finanzas Públicas


 Tomo I
La Economía y las Finanzas Públicas

"3,)2 &s+
!"
)0
&+01&12 &,+"0
!"
#&0 )&7 &s+

02-"/&,/
"+
*V5& ,
F?D;H>LI
/IG?LI
$O>C[I

%;=?L
OH;
BCMNILCIAL;@Z;
HI
?M
=IM;
M?H=CFF;
J?LI
>;>I
KO?
?M
OH
=;GCHI
L?=ILLC>I

I@L?=?
G?HIM
LC?MAIM
;F
L?F;NIL
"H
=;G<CI
;HNC=CJ;L
?F
@ONOLI
=IH
<;M?
?H
F;M

?RJ?LC?H=C;M
MC?GJL?
L?MOFN;
GXM
>?FC=;>I
KOZ
CHN?HN;L?GIM
;G<;M
=IM;M
-IL

OH;
J;LN?
L?=IL>;L
;F
F?=NIL
;FAOHIM
JOHNIM
=?HNL;F?M
>?
F;
?PIFO=C\H
BCMN\LC=;
>?

>3E
;@EF;FG5;A@7E
67
\E53>;L35;R@
EGB7D;AD
67>
%OJ;5A
;@67B7@6;7@F7
B7DA
F3?4;O@

;JOHN;L
=\GI
?H
F;M
NL;HM@ILG;=CIH?M
DOLZ>C=I
CHMNCNO=CIH;F?M
GXM
L?=C?HN?M
?
CH=FOMI

;@3534363E
7E
BAE;4>7
BDABA@7D
G@
E3>FA
5G3>;F3F;HA
3
G@
E;EF7?3
67
\E53>;L35;R@
CG7

>?D?
>?
M?L
L?;=NCPI
=CL=OHM=LCNI
;
F;
J?LM?=O=C\H
>?
FIM
G;FIM
=IGJILN;GC?HNIM
S

J;M?
;
@OH=CIH;L
=IGI
CHMNLOG?HNI
JLIMJ?=NCPI
KO?
=IHNLC<OS;
;
OH
G?DIL
>CM?[I
S

36?;@;EFD35;R@
67
>3E
\@3@L3E
BS4>;53E


);
=LIHIFIAZ;
>?
F;M
NL;HM@ILG;=CIH?M
KO?
B;
N?HC>I
?F
G;L=I
F?A;F
?
CHMNCNO=CIH;F
J;L;

>3
\E53>;L35;R@
EGB7D;AD
K
>3
D7@6;5;R@
67
5G7@F3E
?3@;\7EF3
>3
76;\535;R@
B3EA
3
B3EA

67
G@
E;EF7?3
67?A5DNF;5A
K
?A67D@A
67
5A@FDA>
67>
BA67D
>A
5G3>
@A
E;9@;\53
CG7
7EF7

M?;
OH
=;GCHI
FCH?;F
S
JLIAL?MCPI
MCHI
KO?
JO?>?
L?=IHI=?LM?
=IGI
JLIAL?MCPI
?H
FI

?M?H=C;F
;OHKO?
HI
?R?HNI
>?
NLIJC?TIM
S
OH;
J?LG;H?HN?
=;LL?L;
J;L;
G;HN?H?LM?
;F

>Z;
L?MJ?=NI
>?
F;
>CHXGC=;
MI=C;F
JIFZNC=;
S
?=IH\GC=;
>?
HO?MNLI
J;ZM

7
?3@7D3
E;@RBF;53
E7
A8D757
>3
BAE;4;>;636
67
5A@EG>F3D
>3E
9DN\53E



K


?H
F;M
KO?
M?
JO?>?H
>?N;FF;L
FIM
;=IHN?=CGC?HNIM
>?N?LGCH;HN?M
JIL
FI
KO?
NI=;
;
F;

5D735;R@
A
D78AD?3
67
>3E
;@EF;FG5;A@7E
67
\E53>;L35;R@
EGB7D;AD

&AE
3GJ;>;3?AE
67

OH;
;H;FIAZ;
?H
F;
KO?
F;M
>CMN;H=C;M
?HNL?
FIM
JOHNIM
>?HIN;H
F;
?RN?HMC\H
>?
FIM
;[IM

?HNL?
=;>;
;=IHN?=CGC?HNI




"M
?AL?M;>I
>?
F;
#;=OFN;>
>?
!?L?=BI
>?
F;
2HCP?LMC>;>
+;=CIH;F
ON\HIG;
>?
*YRC=I
=O?HN;

5A@
7>
7DF;\536A
(DA87E;A@3>
7@
A@F34;>;636
K
G6;FADP3
G47D@3?7@F3>
7@
7>
!@EF;FGFA
%7J;53@A

>?
IHN;>IL?M
-]<FC=IM
F;
"MJ?=C;FC>;>
?H
1?ILZ;
S
-LX=NC=;
>?
F;
/?H>C=C\H
>?
O?HN;M
O>CNILZ;
S

;E53>;L35;R@
+GB7D;AD
5A@
%7@5;R@
A@ADP\53
7@
7>
!@EF;FGFA
&35;A@3>
67
6?;@;EFD35;R@
(S4>;53


,<NOPI
?F
!I=NIL;>I
?H
!?L?=BI
=IH
F;
>CMNCH=C\H
'B::.
B:
!.B12
?H
F;
2HCP?LMC>;>
-;H;G?LC=;H;

"D?L=?
F;
>I=?H=C;
?H
FIM
JIMAL;>IM
S
J?LN?H?=?
;
FIM
=F;OMNLIM
>I=NIL;F?M
>?
F;M
2HCP?LMC>;>?M
HXBO;=

*YRC=I
+ILN?
-;H;G?LC=;H;
S
>?F
&HMNCNONI
+;=CIH;F
>?
>GCHCMNL;=C\H
-]<FC=;
"M
;ONIL
>?F
)C<LI

l&HHIP;=C\H
'O>C=C;Fm
JO<FC=;>I
JIL
F;
">CNILC;F
-ILL];
S
F;
2HCP?LMC>;>
-;H;G?LC=;H;
"HNL?
MOM
=;LAIM

>?MN;=;H
0O<=IHNL;FIL
>?
MOHNIM
'OLZ>C=IM
?H
F;
IHNL;FILZ;
$?H?L;F
>?F
&#"
0AB.9:2;A2
2@
29
(6AB9.?

12
9.
);61.1
12
C.9B.06L;
F
<;A?<9
)
12
9.
<:6@6L;
12
*6469.;06.
12
9.
B16A<?J.
'B=2?6<?
12

9.
212?.06L;
12
9.
H:.?.
12
6=BA.1<@
2920A<
=<?

29
%92;<
12
9.
!,
!246@9.AB?.
=.?.
29
=2?J<1<





F
0<;
=?L??<4.
12
#<:/?.:62;A<
=.?.
29
=2?J<1<



C<A.1<
=<?
29
%92;<
12
9.
!,

!246@9.AB?.
"F;<IL;=C\H
G;SI
 

 Tomo I
La Economía y las Finanzas Públicas

$3E
9DN\53E
@AE
B7D?;F7@
;67@F;\53D
H;EG3>?7@F7
B7D;A6AE
67
B7D?3@7@5;3
3EP
5A?A

J?LCI>IM
>?
=;G<CIM
;=?F?L;>IM
JLIJCIM
>?
F;M
YJI=;M
KO?
B;
;NL;P?M;>I
HO?MNLI
J;ZM

7@
EG
FD3@E8AD?35;R@
7@
>AE
CG7
>3E
7@F;6367E
67
\E53>;L35;R@
EG8D;7DA@
5A@EF3@F7E

MI<L?M;FNIM
"H
?M;
J?LMJ?=NCP;
BCMN\LC=;
?M
HINILCI
KO?
PCPCGIM
OH;
HO?P;
YJI=;
>?

=;G<CIM
;=?F?L;>IM
>?
>CM?[IM
JLIPCMCIH;F?M
KO?
MIH
MOMNCNOC>IM
;
OH
LCNGI
;=?F?L;>I

-;L;
;JL?=C;L
?F
LCNGI
>?
?MNIM
=;G<CIM
MC
BC=CYL;GIM
OH;
=IGJ;L;=C\H
>?
F;
BCMNILC;
>?

>3
\E53>;L35;R@
EGB7D;AD
67>
%OJ;5A
;@67B7@6;7@F7
5A@
>3
67
G@
3QA
@3FGD3>
F7@6DP3?AE

KO?
F;
=L?;=C\H
>?
F;
IHN;>OLZ;
*;SIL
>?
%;=C?H>;
?H

?KOCP;F?
;F

>?
?H?LI

GC?HNL;M
KO?
F;
IHMNCNO=C\H
-IFZNC=;
>?

;=;?=?
?F

>?
G;LTI
);
JLCG?L;
)?S

,LAXHC=;
>?
F;
IHN;>OLZ;
*;SIL
>?
%;=C?H>;

F;
N?H?GIM
?F

>?
G;SI
"HNL?

?F

>?
DOHCI
S
?F

>?
;AIMNI
M?
>;H
F;M
NL;HM@ILG;=CIH?M
>?F
J?LCI>I
L?PIFO=CIH;LCI

?MNI
?M
F;
=L?;=C\H
>?
F;
!CL?==C\H
>?
IHN;<CFC>;>
>?
$FIM;
>?
F;
0% -
S
F;
HO?P;

)?S
,LAXHC=;
>?
F;
IHN;>OLZ;
*;SIL
>?
%;=C?H>;

S

L?MJ?=NCP;G?HN?
+I
P?LZ;GIM
H;>;
HO?PI
B;MN;
F;
=L?;=C\H
>?
F;
)?S
>?
-L?MOJO?MNI
IHN;<CFC>;>
S

$;MNI
-]<FC=I

KO?
=ILL?MJIH>?
;F

>?
I=NO<L?
S
F;
)?S
>?
/?MJIHM;<CFC>;>?M

>?
FIM
0?LPC>IL?M
-]<FC=IM

KO?
M?LZ;
?F

>?
HIPC?G<L?
"HNL?
FIM
>Z;M

S

>?
>C=C?G<L?
M?
>;H
FIM
=;G<CIM
=IHMNCNO=CIH;F?M
KO?
J?LGCN?H
?F

ILCA?H
;
F;
O>CNILZ;
0OJ?LCIL
>?
F;
#?>?L;=C\H
S
F;M
)?S?M
>?
#CM=;FCT;=C\H
0OJ?LCIL

>?
F;
#?>?L;=C\H
 
S
>?
#CM=;FCT;=C\H
S
/?H>C=C\H
>?
O?HN;M
>?
F;
#?>?L;=C\H

 
#CH;FG?HN?
?F

>?
>C=C?G<L?
M?
?MNX
>CM=ONC?H>I
F;
L?@ILG;
?H
G;N?LC;

;HNC=ILLOJ=C\H
>?F
;[I
 


 Tomo I
La Economía y las Finanzas Públicas

$/q#& 

"3,)2 &s+
%&01s/& 
!"
)
#&0 )&7 &s+

02-"/&,/
"+
*V5& ,
!,*&+&,
"0-W,)

!?M>?
FO?AI
?F
JLI=?MI
>?
NL;HM@ILG;=C\H
HI
M?
?HNC?H>?
MCH
JIH?L
?H
=IHN?RNI
F;M

L?@ILG;M
>;>I
KO?
?F
MCMN?G;
?H
=O?MNC\H
?M
OH;
L?MJO?MN;
;
H?=?MC>;>?M
?G?LA?HN?M
>?

F;
?PIFO=C\H
>?F
"MN;>I
S
>?
F;
MI=C?>;>
)IM
J?LCI>IM
>?
?MN;<CFC>;>
F;M
=ISOHNOL;M
>?

53?4;A
K
>AE
BDA57EAE
67
357>7D363
FGD4G>7@5;3
EA@
D7]7<A
67
E7?7<3@F7E
5A@6;5;A@7E

?H
F;
?MNLO=NOL;
JIFZNC=;
S
;>GCHCMNL;NCP;
>?F
J;ZM
3?L?GIM
;
=IHNCHO;=C\H
S
M\FI
>?

?3@7D3
EA?7D3
5;@5A
B7D;A6AE
:;EFRD;5AE
7@
>3
7HA>G5;R@
67
>3
\E53>;L35;R@
EGB7D;AD

?H
*YRC=I


,),+&
"F
=IHNLIF
>?
F;
B;=C?H>;
L?;F
=IGJ;LN?
OH
?F?G?HNI
=IG]H
=IH
F;
;=NO;F
>?GI=L;=C;

L?JO<FC=;H;
;
M;<?L
KO?
?RCMN?
OH
JLIJC?N;LCI
I
;FAOC?H
=IH
>?L?=BI
L?MJ?=NI
>?

OH
J;NLCGIHCI
;HN?
?F
=O;F
M?
NC?H?
KO?
L?H>CL
=O?HN;
>?F
OMI
KO?
L?;FC=?H
INLIM
S;

M?;H
;>GCHCMNL;>IL?M
A?MNIL?M
I
G;H>;N;LCIM
"GJ?LI
?F
=IHNLIF
>?
F;
B;=C?H>;
L?;F

L?MJIH>?
;
OH
JLCH=CJCI
?HN?L;G?HN?
>CMNCHNI
;F
KO?
?H=IHNL;GIM
?H
F;
>?GI=L;=C;

L?JO<FC=;H;
S;
KO?
M?LX
?F
GIH;L=;
?F
NCNOF;L
>?F
>?L?=BI
S
;HN?
YF
?M
;HN?
KOC?H

6747DN@
F3@FA
ES46;FAE
5A?A
8G@5;A@3D;AE
67
>3
:35;7@63
D7@6;D
5G7@F3E

@
7EB75P\5A

M?
F?
LCH>?
=O?HN;M
>?F
J;AI
L?=IF?==C\H
S
?HNL?A;
>?
FIM
NLC<ONIM
=ILL?MJIH>C?HN?M
!?


 Tomo I
La Economía y las Finanzas Públicas

;BZ
KO?
F;
IHN;>OLZ;
*;SIL
>?
%;=C?H>;
?M
;HN?
NI>I
OH
G?=;HCMGI
>?
L?=;O>;=C\H

\E53>
K
@A
67
5A@FDA>
67>
7<7D5;5;A
67
>AE
D75GDEAE

"H
?F
MCAFI
53
"MJ;[;
?H=;L;
OH
BCNI
BCMN\LC=I
?H
JLCG?L
FOA;L
;J;L?=?
=IGI
?MN;>I

OHCN;LCI
NI>;
P?T
KO?
=IH
;HN?LCILC>;>
;
F;
L?=IHKOCMN;
S
FIM
?MJIHM;F?M
>?
FIM
L?S?M

=;N\FC=IM
JL?P;F?=Z;H
L?CHIM
>CPC>C>IM
S
GIH;LKOZ;M
>?MILA;HCT;>;M
JIL
INLI
F;>I

=IH
?F
>?M=O<LCGC?HNI
>?
GYLC=;
PC?H?
;J;L?D;>;
F;
>CMJIMC=C\H
>?
HO?P;M
LCKO?T;M

KO?
@ILG;LXH
J;LN?
G?>C;HN?
?F
>?HIGCH;>I
.OCHNI
/?;F
>?
F;
B;=C?H>;
>?
F;
=ILIH;

+I
?M
>?
?RNL;[;L
KO?
HO?P;M
IJILNOHC>;>?M
S
JCHA^?M
A;H;H=C;M
JLIJOFM?H
?F
GINIL

>?
F;
P?HN;D;
?F
F;NLI=CHCI
S
F;
=ILLOJ=C\H
?HNL?
HOG?LIMIM
l<OM=IH?Mm
I
lJZ=;LIMm
S

JIL
?FFI
KO?
M?
<OMKO?
=ILN;L
?F
J;MI
;
MOM
JL?N?HMCIH?M
G?>C;HN?
NLC<OH;F?M
>?
=O?HN;M

S
IC>IL?M
>?MNCH;>IM
;
F;
JLIN?==C\H
>?
FIM
>?L?=BIM
N;HNI
>?
FIM
M]<>CNIM
=IGI
>?F

GIH;L=;
IH
;HN?LCILC>;>
;F
>?M=O<LCGC?HNI
>?
GYLC=;
M?
?MN;<F?=C\
OH
G?=;HCMGI
>?
=IHNLIF

>?
F;M
;L=;M
L?;F?M
"H

S

'O;H
&&
>?
;MNCFF;
=L?\
F;
IHN;>OLZ;
*;SIL
>?

O?HN;M
KO?
M?LZ;
L?ILA;HCT;>;
JIL
?F
"GJ?L;>IL
;LFIM
3
?H

IH
F;
?RN?HMC\H
>?
OH
>CF;N;>I
CGJ?LCI
F;
L?=;O>;=C\H
?L;
OH
;MOHNI
=IGJFC=;>I
S

JIL
?FFI
M?
?MN;<F?=C\
OH
G?=;HCMGI
KO?
=IHMCMNZ;
M?A]H
HIM
?RJIH?
0IF;L?M
?H
KO?

);
IHN;>OLZ;
*;SIL
>?
%;=C?H>;
;MCAH;<;
;
=;>;
=CL=OHM=LCJ=C\H

N?LLCNILC;F
F;M
=IHNLC<O=CIH?M
KO?
?L;H
I<D?NI
>?
L?J;LNCGC?HNI
S
;=IL>;<;

?F
G?>CI
GXM
;>?=O;>I
J;L;
B;=?L
?@?=NCP;M
F;M
=;HNC>;>?M
;MCAH;>;M

!;>IM
FIM
A;MNIM
KO?
I=;MCIH;<;
F;
J?L=?J=C\H
>?
F;M
L?HN;M
M?
IJN;<;

JIL
?F
?H=;<?T;GC?HNI
S
?H
G;SIL
G?>C>;
JIL
?F
;LL?H>;GC?HNI
"H
?F

BD;?7D
53EA
>3
5ADA@3
EG4DA9343
F7?BAD3>?7@F7
EGE
67D75:AE
\E53>7E
3>

L?CHI
JIL
=IH>O=NI
>?
MOM
L?JL?M?HN;HN?M
?H
F;M
ILN?M
;
=;G<CI
>?
OH;

3BADF35;R@
\<3

@
7>
E79G@6A
>3E
D7@F3E
E7
EG43EF343@
3>
?7<AD
BAEFAD

=IH
F;
GCMG;
=IH>C=C\H

"F
IHM?DI
0OJL?GI
>?
%;=C?H>;
=IGI
NLC<OH;F
MOJL?GI
?M
?MN;<F?=C>I
JIL
?F
L?S

;LFIM
&
?H

"H
?F
=;MI
>?
F;
+O?P;
"MJ;[;
?F
=IHNLIF
>?F
NLC<ONI
M?
L?GIHN;

;F
;[I

?M
>?=CL
;J?H;M

;[IM
>?MJOYM
>?
F;
=IHKOCMN;
-L?PC;G?HN?
%?LHXH

ILNYM
B;<Z;
?MN;<F?=C>I
L?=;O>;>IL?M
>?F
.OCHNI
/?;F
S
?M?
;[I
M?
@OH>;
;>?GXM
OH

1LC<OH;F
*;SIL
>?
O?HN;M
"MN?
MCMN?G;
AIT;
>?
N;HN;
?MN;<CFC>;>
=IGI
JO?>?
>;LF?

OH;
JLIFIHA;>;
=IFIHC;
KO?
M?
?RNC?H>?
?H
GYLC=;
JIL
;JLIRCG;>;G?HN?
NL?M=C?HNIM

;[IM
"M
;MZ
KO?
>OL;HN?
?MN?
J?LCI>I
MIFI
M?
JO?>?
>;L
=O?HN;
>?
;FAOH;M
L?@ILG;M
?H




0IF;L?M
*;HO?F
$=
6A
J


 Tomo I
La Economía y las Finanzas Públicas

F;
=IGJIMC=C\H
S
F;
JL?=CMC\H
>?
MOM
;NLC<O=CIH?M
S
JI>?L?M
>?
F;
IHN;>OLZ;
*;SIL

?MJ?=C;FG?HN?
?H
?F
;[I

=IH
F;M
,L>?H;HT;M
>?F
-;L>I
>?
#?FCJ?
&&
"H
 
?F

IHM?DI
0OJL?GI
>?
%;=C?H>;
M?
@OH>C\
=IH
F;
IHN;>OLZ;
*;SIL
>?
%;=C?H>;
S
;>KOC?L?

OH;
?MNLO=NOL;
=IF?AC;>;
KO?
=IHM?LP;
B;MN;
F;
@?=B;


&+!"-"+!"+ &
6
#,/* &s+
!"
)
/"-t)& 

"F
;LNZ=OFI

53&
>?
F;
IHMNCNO=C\H
>?
X>CT

=IHN?GJF;<;
F;
@;=OFN;>?M
>?
F;M

ILN?M
J;L;
?R;GCH;L
S
;JLI<;L
F;M
=O?HN;M
>?
F;
CHP?LMC\H
>?
FIM
=;O>;F?M
J]<FC=IM
"H

F;
GCMG;
FZH?;
M?
JLIHOH=C;<;
?F
!?=L?NI
IHMNCNO=CIH;F
J;L;
F;
)C<?LN;>
>?
F;
GYLC=;

%7J;53@3
  
CG7
7@
EG
3DFP5G>A

\<343
>3
3FD;4G5;R@
B3D3
CG7
7>
+GBD7?A
A@9D7EA

)?ACMF;NCPI
?R;GCH;L;
S
;JLI<;L;
F;M
=O?HN;M
>?
L?=;O>;=C\H
?
CHP?LMC\H
>?
F;
%;=C?H>;

-]<FC=;
"H
F;
YJI=;
>?
F;
&H>?J?H>?H=C;
OH;
>?
F;M
JLCG?L;M
S
GXM
OLA?HN?M
H?=?MC>;>?M
=IHMCMN?

?H
;M?AOL;L
F;
NLC<ON;=C\H
;F
HO?PI
"MN;>I
*?RC=;HI
JIL
FI
KO?
M?
G;HNC?H?
F;
F\AC=;

KO?
;GJ;L;<;
;F
PC?DI
MCMN?G;
S
M?
L?HO?P;
F;
IHN;>OLZ;
*;SIL
>?
%;=C?H>;
"H
F;

IHMNCNO=C\H
>?

?F
;LNZ=OFI

M?[;F;<;
KO?
?L;
OH;
@;=OFN;>
?R=FOMCP;
>?F
IHAL?MI

$?H?L;F
l#CD;L
FIM
A;MNIM
A?H?L;F?M
?MN;<F?=?L
F;M
=IHNLC<O=CIH?M
H?=?M;LC;M
J;L;
=O<LCLFIM

;LL?AF;L
MO
L?=;O>;=C\H
>?N?LGCH;L
MO
CHP?LMC\H
S
NIG;L
;HO;FG?HN?
=O?HN;M
;F
AI<C?LHIm
MCGCMGI
?H
?F
;LNZ=OFI

@L;==C\H
3&&&
M?[;F;<;
=IGI
I<FCA;=C\H
>?
FIM
?MN;>IM

lL?GCNCL
;HO;FG?HN?
;
=;>;
OH;
>?
F;M
XG;L;M
>?F
IHAL?MI
$?H?L;F
HIN;
=CL=OHMN;H=C;>;

S
=IGJL?HMCP;
>?
FIM
CHAL?MIM
S
?AL?MIM
>?
NI>;M
F;M
N?MIL?LZ;M
KO?
B;S;
?H
MOM
L?MJ?=NCPIM

>CMNLCNIM
=IH
L?F;=C\H
>?F
ILCA?H
>?
OHIM
S
INLIM
>?F
?MN;>I
?H
KO?
M?
B;FF?H
FIM
L;GIM
>?

CH>OMNLC;
;ALZ=IF;
G?L=;HNCF
S
@;<LCFm
>
E;9>A
0!0
BG767
D7EG?;DE7
5A?A
G@
3D6GA
BDA57EA
BAD
3\D?3D
7>
BA67D
K
EA47D3@P3

67>
EF36A
%7J;53@A
7@FD7
AFDAE
?AF;HAE
BAD
>3
7EFDG5FGD3
\E53>
EG?3?7@F7
6O4;>
K

67\5;F3D;3
CG7
67B7@6P3
7@
4G7@3
?76;63
67
7?BDOEF;FAE
7JFD3@<7DAE
K
CG7
BAD
7>>A
674P3

;M?AOL;L
JIL
NI>IM
FIM
G?>CIM
F;
=;JN;=C\H
>?
FIM
NLC<ONIM
>?
F;
MI=C?>;>
0IF;L?M
?RJIH?
JILG?HILCT;>;G?HN?
F;M
PC=CMCNO>?M
>?F
N?GJL;HI
AI<C?LHI
G?RC=;HI
KO?

]G5FS3
7@FD7
>3
67\@;5;R@
57@FD3>;EF3
K
>3
8767D3>;EF3
K
CG7
@A
F7D?;@3
BAD
35A?A63DE7

;F
GI>?FI
?OLIJ?I
I
;F
HILN?;G?LC=;HI
"M
JIL
?FFI
KO?
>OL;HN?
F;
JLCG?L;
GCN;>
>?F

MCAFI
5&5
M?
;>?F;HN;
S
M?
>;
G;L=B;
;NLXM
?H
L?J?NC>;M
I=;MCIH?M
?H
FI
KO?
L?MJ?=N;
;
F;

=L?;=C\H
>?
F;
IHN;>OLZ;
*;SIL
>?
%;=C?H>;
I
?F
1LC<OH;F
*;SIL
>?
O?HN;M
"H
NI>I




T12:

 Tomo I
La Economía y las Finanzas Públicas

=;MI
>?M>?
;KO?FF;
@?=B;
M?
N?HZ;
;
F;
XG;L;
>?
!CJON;>IM
=IGI
L?=?JNIL;
>?
F;M
=O?HN;M

>?F
?D?=ONCPI
;OHKO?
F;M
>CG?HMCIH?M
>?
F;
;>GCHCMNL;=C\H
J]<FC=;
?L;H
GOS
L?>O=C>;M
?H

;KO?FF;
YJI=;
2H;
AL;>O;F
?MN;<CFCT;=C\H
I=OLL?
;
J;LNCL
>?
F;
IHMNCNO=C\H
#?>?L;FCMN;
>?

KO?

=IHM;AL;
FI
KO?
JO?>?
M?L
PCMNI
=IGI
?F
;ONYHNC=I
MOLACGC?HNI
>?F
"MN;>I
*?RC=;HI

5A@
>3E
$7K7E
67
*78AD?3

CGP
G@3
H7L
67>;@7363
>3
8AD?3
67
9A4;7D@A
K
7>
B7D\>
67

F;
;>GCHCMNL;=C\H
J]<FC=;
N;G<CYH
M?
>?N?LGCH;H
F;M
=;L;=N?LZMNC=;M
>?F
MCMN?G;
>?

\E53>;L35;R@
3
E347D
>3
5D735;R@
67
@G7H3
5G7@F3
67
>3
A@F36GDP3
%3KAD
67
35;7@63

>?J?H>C?HN?
>?
F;
XG;L;
>?
!CJON;>IM
>?
=IH@ILGC>;>
;
F;
L?MIFO=C\H
>?

);

IHMNCNO=C\H
>?

INILA;<;
;
F;
XG;L;
>?
!CJON;>IM
?H
MO
;LNZ=OFI

?F
l?R;G?H

K
HAF35;R@
67
>AE
BD7EGBG7EFAE
67>
3QA
\E53>
E;9G;7@F7
3
675D7F3D
>3E
5A@FD;4G5;A@7E
B3D3

=O<LCLFIM
S
;
F;
L?PCMC\H
>?
F;
=O?HN;
>?F
;[I
;HN?LCIL
KO?
JL?M?HN?
?F
?D?=ONCPIm
0CH
?G<;LAI
G?HIM
>?
OH
;[I
J;M\
;HN?M
>?
KO?
M?
>?LIA;L;
F;
IHMNCNO=C\H
S
=IG?HT;L;

?F
JLI=?MI
>?HIGCH;>I
-F;H
>?
1;=O<;S;
>?
=O[I
=IHM?LP;>IL
!OL;HN?

;[IM
?F

@OH=CIH;GC?HNI
>?
F;
IHN;>OLZ;
?MNOPI
;HOF;>I
>?
@;=NI
?F
PIFOG?H
>?F
=LY>CNI
=IHNL;N;>I

F;
?M=;M?T
>?
CHAL?MIM
KO?
>?J?H>Z;H
>?
HO?PIM
?GJLYMNCNIM
?RNL;HD?LIM
S
F;
CH?MN;<CFC>;>

JIFZNC=;
ILCFF;LIH
;
F;
GIL;NILC;
>?
J;AIM
S
;
CH=C>?HN?M
>?
CHN?LP?H=C\H
=IGI
F;
FF;G;>;

$O?LL;
>?
FIM
-;MN?F?M
S
MI<L?
NI>I
;
F;
&HN?LP?H=C\H
#L;H=?M;
!OL;HN?
?MN?
J?LZI>I
F;
JLCILC>;>
>?
F;
IHN;>OLZ;
?L;
L?=OJ?L;L
?F
J;AI
>?
;>?O>IM
;
F;

B;=C?H>;
J]<FC=;
S
M?F?==CIH;L
;KO?FFIM
=IGJLIGCMIM
>?F
"MN;>I
KO?
M?LZ;H
J;A;>IM
;

>C@?L?HN?M
;=L??>IL?M
N;HNI
CHN?LHIM
=IGI
?RN?LHIM
"F
;[I

?F
"MN;>I
=?HNL;FCMN;

7?3@36A
67
Y$3E
+;7F7
$7K7EZ
@A
?A6;\5R
>3
A@F36GDP3
%3KAD
67
35;7@63

(3D3


F;
IHN;>OLZ;
M?
CHN?AL\
;F
1LC<OH;F
>?
O?HN;M


 Tomo I
La Economía y las Finanzas Públicas

$/q#& 

"3,)2 &s+
%&01s/& 
!"
)
#&0 )&7 &s+

02-"/&,/
"+
*V5& ,
&+!"-"+!"+ &
/"#,/*
6
-,/#&/&1,


/"#,/*
6
-,/#&/&1,
!?
CGJILN;H=C;
?M
?F
>?=L?NI
>?F

>?
HIPC?G<L?
>?

=IH@ILG?
;F
=O;F
?F
IHAL?MI

\<R

53D35F7DPEF;53E
CG7
674P3
5G?B>;D
7>
;@8AD?7
3@G3>
67
>3
5G7@F3
67
>3
767D35;R@
7@

MO
=IGJIH?HN?
>?
CHAL?MIM
S
?AL?MIM
2H
;[I
>?MJOYM
M?
L?@ILG\
F;
IHMNCNO=C\H
J;L;
>;L

;
F;
XG;L;
>?
!CJON;>IM
F;
@;=OFN;>
>?
lPCACF;L
JIL
G?>CI
>?
OH;
=IGCMC\H
CHMJ?=NIL;

?H
MO
M?HI
?F
?R;=NI
>?M?GJ?[I
>?
F;M
@OH=CIH?M
>?
F;
=IHN;>OLZ;
G;SILm
LNZ=OFI


;J;LN;>I

@L;==C\H
&&&

(AEF7D;AD?7@F7
5A?A
7E
4;7@
E34;6A
5A@
7>
36H7@;?;7@FA
67>
BAD\D;3FA
E7
63
G@
E3>FA

=O;FCN;NCPI
?H
F;
;>GCHCMNL;=C\H
?
CHMNCNO=CIH;FCT;=C\H
>?F
J;ZM
)IM
;[IM

S

@O?LIH

>AE
BD;?7DAE
7@
CG7
>3E
\@3@L3E
BS4>;53E
8G7DA@
EGB7D3H;F3D;3E
K
BAD
>A
F3@FA
7>
O@83E;E

>?
F;
IHN;>OLZ;
*;SIL
N?HZ;
KO?
;>;JN;LM?
;
F;M
HO?P;M
L?;FC>;>?M
>?F
J;ZM
IH
OH;

%;=C?H>;
>CLCAC>;
L;=CIH;FG?HN?
=IH
OH;
G;SIL
@O?HN?
>?
CHAL?MIM
NCG<L?M
AL;PXG?H?M

CGJO?MNIM
?N=YN?L;
"H

M?
?GCN?
?F
/?AF;G?HNI
>?
F;
IHN;>OLZ;
*;SIL
>?
%;=C?H>;

6A@67
E7
67\@7
5A?A
8G@5;R@
4NE;53
67
>3
?;E?3
Y9>AE3D
>3
5G7@F3
67>
F7EADA
8767D3>Z

0IF;L?M
$=
6A
JJ



3?L
N;G<CYH
-;FF;L?M
';=CHNI
B?@<
0<:=92A<
12
2?205<
"2E60.;<
&
-;T



*YRC=I
 
J



 Tomo I
La Economía y las Finanzas Públicas


/"3,)2 &s+
6
-,01/"3,)2 &s+

);
?N;J;
JIMNL?PIFO=CIH;LC;
;N?MNCAO;
>IM
CGJILN;HN?M
JL?=?>?HN?M
-;L;
?F
IHAL?MI

IHMNCNOS?HN?
>?

?L;
CH=O?MNCIH;<F?
?F
>?L?=BI
S
?F
>?<?L
>?F
-I>?L
)?ACMF;NCPI

>?
CHMJ?==CIH;L
F;
G;L=B;
>?
NI>IM
FIM
;=NIM
>?F
$I<C?LHI
S
?H
F;
L?>;==C\H
>?
F;

IHMNCNO=C\H
>?

?F
;LNZ=OFI

G;H>;N;<;
lKO?
?F
IHAL?MI
M?
L?OHCLX
?F
>Z;

JLCG?LI
>?
M?JNC?G<L?
>?
=;>;
;[I
J;L;
=?F?<L;L
M?MCIH?M
IL>CH;LC;M
?H
F;M
=O;F?M
M?

I=OJ;LX
>?
FIM
;MOHNIM
MCAOC?HN?M

&

/?PCM;L
F;
=O?HN;
J]<FC=;
>?F
;[I
;HN?LCIL
KO?
M?LX
JL?M?HN;>;
;
F;

XG;L;
>?
!CJON;>IM
>?HNLI
>?
FIM

JLCG?LIM
>Z;M
>?
F;
;J?LNOL;
>?

M?MCIH?M
);
L?PCMC\H
HI
M?
FCGCN;LX
;
CHP?MNCA;L
MC
F;M
=;HNC>;>?M
A;MN;>;M

?MNXH
I
HI
>?
;=O?L>I
=IH
F;M
J;LNC>;M
L?MJ?=NCP;M
>?F
-L?MOJO?MNI
MCHI

CG7
E7
7JF7@67DN
3>
7J3?7@
67
>3
7J35F;FG6
K
<GEF;\535;R@
67
>AE
93EFAE

B?=BIM
S
;
F;M
L?MJIHM;<CFC>;>?M
;
KO?
BO<C?L?
FOA;L
);
)?S
,LAXHC=;
>?
F;
IHN;>OLZ;
*;SIL
>?
%;=C?H>;
?GCNC>;
?H

;=IL>?
=IH
F;

57@FD3>;L35;R@
67>
BA67D
CG7
53D35F7D;LR
>3
7F3B3
67
B35;\535;R@
BAED7HA>G5;A@3D;3
E7

=IH=?HNL;<;
?H
F;
ILA;HCT;=C\H
CHN?LH;
>?
F;
IHN;>OLZ;
*;SIL
S
>?
F;M
=;L;=N?LZMNC=;M

KO?
>?<?LZ;
L?OHCL
?F
NCNOF;L
>?
>C=BI
\LA;HI
=IH=?HNLXH>IM?
JIL
N;HNI
?H
;MJ?=NIM
>?

=;LX=N?L
ILAXHC=I
"H
?MN;
F?S
M?
?FCGCH\
F;
=;J;=C>;>
KO?
N?HZ;
F;
IHN;>OLZ;
J;L;
=IHMCAH;L
>CL?=N;G?HN?

;HN?
OH
DO?T
;
FIM
?GJF?;>IM
KO?
NOPC?L;H
L?MJIHM;<CFC>;>
=LCGCH;F
I
J?=OHC;LC;
=IGI

?RCMNZ;
>?M>?

"H
MO
FOA;L
M?
?MN;<F?=Z;
KO?
>?<Z;
lJIH?L
?H
=IHI=CGC?HNI
>?
F;

XG;L;
>?
!CJON;>IM
;
NL;PYM
>?
MO
=IGCMC\H
CHMJ?=NIL;m
!?
G;SIL
JLIS?==C\H
@O?
F;
L?@ILG;
>?
FIM
;[IM


M?
L?@ILG\
F;
=IHMNCNO=C\H

?F

>?
>C=C?G<L?
>?

J;L;
CH=FOCL
?HNL?
F;M
@;=OFN;>?M
?R=FOMCP;M
>?
F;
XG;L;
>?

!CJON;>IM
;LNZ=OFI

l3CACF;L
JIL
G?>CIM
>?
OH;
IGCMC\H
?H
MO
M?HI
?F
?R;=NI

>?M?GJ?[I
>?
F;M
@OH=CIH?M
>?
F;
IHN;>OLZ;
*;SILm
"F

>?
>C=C?G<L?
>?F
;[I


E7
BG4>;5R
7@
7>
;3D;A
'\5;3>
67
>3
767D35;R@
>3
$7K
'D9N@;53
67
>3
A@F36GDP3

%3KAD
67
35;7@63
CG7
D78G@6R
7E7
RD93@A
67
\E53>;L35;R@
EGB7D;AD

(7D?3@75;R
EG

=;LX=N?L
?M?H=C;F
=IGI
\LA;HI
NY=HC=I
>?MNCH;>I
;
F;
L?PCMC\H
>?
F;
=O?HN;
J]<FC=;
>?F

AI<C?LHI
@?>?L;F
S
>?F
!?J;LN;G?HNI
>?F
!CMNLCNI
#?>?L;F
S
MO
?D?L=C=CI
?MN;LZ;
<;DI

?F
=IHNLIF
>?
F;
=IGCMC\H
>?
3CACF;H=C;
>?MCAH;>;
JIL
F;
XG;L;
>?
!CJON;>IM
=IGI

?MN;<F?=?
?H
MO
;LNZ=OFI
_


 Tomo I
La Economía y las Finanzas Públicas

$/q#& 

"3,)2 &s+
%&01s/& 
!"
)
#&0 )&7 &s+

02-"/&,/
"+
*V5& ,
-,01/"3,)2 &s+

IH@ILG?
;F
;LNZ=OFI
d
>?
>C=B;
F?S
M?
L?PCM;LZ;
MC
?F
CHAL?MI
S
?F
A;MNI
J]<FC=I
?L;H

;=IL>?M
=IH
F;M
F?S?M
S
?F
JL?MOJO?MNI
;JLI<;>IM
;
N;F
?@?=NI
N;G<CYH
?MN;<F?=C\
KO?

E7
3F7@67DP3
3
>3
3B>;535;R@
67>
93EFA
67
?3@7D3
7\5;7@F7

$AE
5;5>AE
B3D3
>3
D7H;E;R@

>7
\<343@
CG7
E7
674P3
D7@6;D
3
>3
A?;E;R@
67
BD7EGBG7EFA
K
5G7@F3
67
>3
N?3D3

OH
CH@ILG?
JL?PCI
>?HNLI
>?
FIM
>C?T
JLCG?LIM
>Z;M
>?F
G?M
>?
HIPC?G<L?
MCAOC?HN?M

;
F;
JL?M?HN;=C\H
>?
F;
=O?HN;
J]<FC=;
;MZ
=IGI
?HNL?A;L
?F
CH@ILG?
>?F
L?MOFN;>I
>?

F;
L?PCMC\H
>?
F;
=O?HN;
J]<FC=;
>?F
AI<C?LHI
@?>?L;F
FIM
JLCG?LIM
>Z;M
>?F
G?M
>?

E7BF;7?4D7
67>
3QA
E;9G;7@F7
3>
67
EG
D757B5;R@

+7
5A@F7?B>343
3E;?;E?A
\E53>;L3D
>AE

MO<MC>CIM
=IH=?>C>IM
JIL
?F
AI<C?LHI
@?>?L;F
;
FIM
?MN;>IM
ILA;HCMGIM
J;L;?MN;N;F?M
S

GOHC=CJCIM
?HNL?
INLIM
%;S
KO?
>?MN;=;L
KO?
>?M>?
;KO?FF;
YJI=;
M?
=IHN?GJF;<;
S;
F;

H?=?MC>;>
>?
?MN;<F?=?L
=IIL>CH;=C\H
=IH
F;
0?=L?N;LZ;
>?
-LIAL;G;=C\H
S
-L?MOJO?MNI

3
\@
67
G@;8AD?3D
@AD?3E
BDA576;?;7@FAE
?OFA6AE
K
E;EF7?3E
67
5A@F34;>;636
3EP

=IGI
HILG;M
>?
;O>CNILZ;
AO<?LH;G?HN;F?M


"H
F;
G?H=CIH;>;
)?S
M?
=IHN?GJF;<;
OH;
;GJFC;
A;G;
>?
CHMNLOG?HNIM
>?
;O>CNILZ;

KO?
J?LGCNCLZ;H
;<;L=;L
=O;FKOC?L
;=NCPC>;>
>?
FIM
ILA;HCMGIM
J]<FC=IM
NI>;
P?T
KO?
F;

IHN;>OLZ;
*;SIL
G;H?D;<;
N;HNI
OH
?H@IKO?
>?
L?AOF;LC>;>
=IGI
OHI
IJ?L;=CIH;F

-IL
]FNCGI
F;
IHN;>OLZ;
*;SIL
>CMJIHZ;
>?
OH
G?=;HCMGI
J;L;
F;
?P;FO;=C\H

AO<?LH;G?HN;F
=IH
OH
=;LX=N?L
BCMN\LC=I
<OM=;<;
?HN?H>?L
?F
ILCA?H
NL;HM@ILG;=CIH?M

S
L?MOFN;>IM
>?
=;>;
ILA;HCMGI
?P;FO;>I

@L
0IF;L?M
$=
6A
JJ






 Tomo I
La Economía y las Finanzas Públicas

);M
L?@ILG;M
=IHMNCNO=CIH;F?M
>?
FIM
;[IM

S

;F
;LNZ=OFI

IHMNCNO=CIH;F

?MN;<F?=?H
KO?
?F
"D?=ONCPI
@?>?L;F
B;LX
FF?A;L
;
F;
XG;L;
>?
!CJON;>IM
F;
CHC=C;NCP;

>?
F?S
>?
CHAL?MIM
S
?F
JLIS?=NI
>?
JL?MOJO?MNI
J;L;
?F
;[I
MCAOC?HN?
"H
F;
L?@ILG;
>?


E7
\<R
5A?A
>P?;F7
7>
S>F;?A
6P3
67
@AH;7?4D7
B3D3
F3>
7875FA
K
7@
>3
D78AD?3
67


M?
;HNC=CJ\
;F
>Z;

>?F
GCMGI
G?M
I
=O;H>I
?F
-L?MC>?HN?
CHC=C?
MO
?H=;LAI
?F


>?
>C=C?G<L?
@
5G3@FA
3
>3
?3F7D;3
EGEF3@F;H3
67
>3
\E53>;L35;R@
EGB7D;AD
7@
>3
D78AD?3
67>
3QA


>3
8D355;R@
!.
67>
3DFP5G>A

\<343
G@
B>3LA
B3D3
>3
7@FD793
67
>3
5G7@F3
BS4>;53

>?F
;[I
;HN?LCIL
KO?
M?LZ;
>?HNLI
>?
FIM
>C?T
JLCG?LIM
>Z;M
>?F
G?M
>?
DOHCI
0CH

7?43D9A
B3D3
7>
3QA

E7
D78AD?R
6;5:3
8D355;R@
B3D3
7EB75;\53D
CG7
>3
7@FD793

HI
M?
B;LZ;
;
F;
IGCMC\H
-?LG;H?HN?
MCHI
;
F;
XG;L;
>?
!CJON;>IM
FI
=O;F
?M

=IHM?=O?HN?
=IH
?F
B?=BI
>?
KO?
M?
NL;N;
>?
OH;
@;=OFN;>
?R=FOMCP;
>?
?MN;
]FNCG;

F;
L?PCMC\H
>?
F;
=O?HN;
J]<FC=;
GCMG;
KO?
M?
CHMNLOG?HN;LZ;
=IH
F;
;SO>;
>?
F;

IHN;>OLZ;
*;SIL
>?
%;=C?H>;
"H
HIPC?G<L?
>?

?F
1CNOF;L
>?F
"D?=ONCPI
#?>?L;F
JL?M?HN\
OH;
CHC=C;NCP;
>?

L?@ILG;M
;
FIM
;LNZ=OFIM



S

>?
F;
IHMNCNO=C\H
-IFZNC=;
>?
FIM
"MN;>IM

-@;6AE
%7J;53@AE
CG7
B>3@F7343
53?4;AE
EGEF3@5;3>7E
3>
?A67>A
67
\E53>;L35;R@


"FF;
JF;HN?;<;
?R;GCH;L
S
L?ILA;HCT;L
?F
MCMN?G;
>?
=IHNLIF
S
?P;FO;=C\H
?H
?F
J;ZM

J;L;
FI
=O;F
M?
JLIJIHZ;
MOMNCNOCL
;
F;
IHN;>OLZ;
*;SIL
>?
%;=C?H>;
S
=L?;L
OH;

;O>CNILZ;
MOJ?LCIL
>?
F;
#?>?L;=C\H
=IGI
\LA;HI
>?
F;
XG;L;
>?
!CJON;>IM
>?

=;LX=N?L
NY=HC=I
CGJ;L=C;F
S
=IH
JF?H;
;ONIHIGZ;
>?
A?MNC\H


 Tomo I
La Economía y las Finanzas Públicas

1)

/"#,/*0
)
/1r 2),

,+01&12 &,+)

@?<L?LI


>?
I=NO<L?
>?
 
>?
DOFCI
>?
 
>?
DOFCI
>?
  
G;SI
 
 
LNZ=OFI

0IH
@;=OFN;>?M
?R=FOMCP;M
>?
F;
XG;L;
>?
!CJON;>IM
&&
3CACF;L
JIL
G?>CI

>?
OH;
IGCMC\H
>?
&&
IIL>CH;L
S
?P;FO;L
MCH
J?LDOC=CI
>?
MO
;ONIHIGZ;
NY=HC=;
S
>?
A?MNC\H
?F

MO
M?HI
?F
?R;=NI
67E7?B7QA
67
>3E
8G@5;A@7E
67
>3
7@F;636
67
\E53>;L35;R@
EGB7D;AD
67
>3
767D35;R@
7@

>?M?GJ?[I
>?
F;M
FIM
NYLGCHIM
KO?
>CMJIHA;
F;
)?S
@OH=CIH?M
>?
F;

IHN;>OLZ;
*;SIL
&&&
!?LIA;>;

&3
JLI<;L
;HO;FG?HN?
?F

&3
JLI<;L

JL?MOJO?MNI
>?
?AL?MIM
>?
F;

;HO;FG?HN?
?F

#?>?L;=C\H
JL?PCI
?R;G?H

JL?MOJO?MNI
>?
?AL?MIM

>CM=OMC\H
S
?H
MO
=;MI

>?
F;
#?>?L;=C\H

?A6;\535;R@
67>
BDAK75FA
7@H;36A

JL?PCI
?R;G?H

JIL
?F
?D?=ONCPI
@?>?L;F
OH;
P?T

>CM=OMC\H
S
?H
MO

;JLI<;>;M
F;M
=IHNLC<O=CIH?M

&3
"R;GCH;L
>CM=ONCL
S
;JLI<;L
;HO;FG?HN?
53EA
?A6;\535;R@
67>

KO?
;
MO
DOC=CI
>?<?H
>?=L?N;LM?

?F
JL?MOJO?MNI
>?
?AL?MIM
>?
F;
#?>?L;=C\H
JLIS?=NI
?HPC;>I
JIL

J;L;
=O<LCLFI
MCGCMGI
JI>LX

>CM=ONC?H>I
JLCG?LI
F;M
=IHNLC<O=CIH?M
KO?
;
?F
"D?=ONCPI
@?>?L;F

;ONILCT;L
?H
>C=BI
JL?MOJO?MNI

MO
DOC=CI
>?<?H
>?=L?N;LM?
J;L;
=O<LCLFI
;MZ
OH;
P?T
;JLI<;>;M

F;M
?LIA;=CIH?M
JFOLC;HO;F?M
J;L;

=IGI
L?PCM;L
F;
=O?HN;
J]<FC=;
>?F
;[I
;HN?LCIL F;M
=IHNLC<O=CIH?M

;KO?FFIM
JLIS?=NIM
>?
CHP?LMC\H
?H

KO?
;
MO
DOC=CI

CH@L;?MNLO=NOL;
KO?
M?
>?N?LGCH?H

>?<?H
>?=L?N;LM?
J;L;

=IH@ILG?
;
FI
>CMJO?MNI
?H
F;
F?S

=O<LCLFI
;MZ
=IGI

L?AF;G?HN;LC;
F;M
?LIA;=CIH?M

L?PCM;L
F;
=O?HN;

=ILL?MJIH>C?HN?M
>?<?LXH
CH=FOCLM?

J]<FC=;
>?F
;[I

?H
FIM
MO<M?=O?HN?M
JL?MOJO?MNIM
>?

;HN?LCIL
?AL?MIM

i
O;H>I

CHC=C?
MO

?H=;LAI

?H
F;
@?=B;

JL?PCMN;
JIL

?F
;LNZ=OFI

i 
?F

-F;TI
J;L;
F;
JL?M?HN;=C\H
>?
F;
CHC=C;NCP;
>?
?D?=ONCPI

)?S
>?
&HAL?MIM
S
JLIJO?MN;
>?
JL?MOJO?MNI

>?
M?JNC?G<L? @?>?L;F
B;LX

J;L;
?F
;[I
MCAOC?HN? );
XG;L;
>?
!CJON;>IM
>?<?LX
;JLI<;L
?F
FF?A;L
;
F;


>?
HIPC?G<L? JL?MOJO?MNI
>?
?AL?MIM
>?
F;
#?>?L;=C\H
;
GXM
XG;L;

N;L>;L
?F
>Z;

>?F
G?M
>?
HIPC?G<L? F;
8i9
;

GXM
N;L>;L

?F
>Z;


>?F
G?M
>?

HIPC?G<L?

"HNL;LX
?H

PCAIL
?H

 

#O?HN?
"F;<IL;=C\H
JLIJC;
=IH
<;M?
?H
*IL;
!IH;NNI
?=CFC;
l);
;JLI<;=C\H
>?F
-L?MOJO?MNI
>?

"AL?MIM
>?
F;
#?>?L;=C\Hm
$=
6A
JJ




 Tomo I
La Economía y las Finanzas Públicas

"MNIM
=;G<CIM
HI
I=OLL?H
MCH
OH
=IHN?RNI
KO?
FIM
?RJFCKO?
MIH
L?MOFN;>I
>?
F;
G;SIL

>CP?LMC>;>
JIFZNC=;
>?F
J;ZM
S
?F
>?<CFCN;GC?HNI
>?F
MCMN?G;
>?
J;LNC>I
B?A?G\HC=I
2H;

GXM
>CP?LM;
L?JL?M?HN;=C\H
?H
F;M
XG;L;M
CGJFC=\
OH;
G;SIL
=LCNC=C>;>
S
?P;FO;=C\H

JIFZNC=;
>?
F;
;=NO;=C\H
>?F
AI<C?LHI
S
>?M?G<I=;
?H
?F
;[I

=IH
F;
JYL>C>;
>?

F;
G;SILZ;
;<MIFON;
JIL
J;LN?
>?
OH
GCMGI
J;LNC>I

J;LNCL
>?
?M?
;[I
I<M?LP;GIM

G@
67E3DDA>>A
357>7D36A
67
>3E
355;A@7E
67
\E53>;L35;R@
EGB7D;AD
G@
6;BGF36A

J?LN?H?=C?HN?
;
OH
J;LNC>I
>CMNCHNI
;F
>?F
NCNOF;L
>?F
?D?=ONCPI
JL?MC>?
F;
IGCMC\H
>?

3CACF;H=C;
>?
F;
IHN;>OLZ;
*;SIL
>?
%;=C?H>;


)1"/++ &
,
1/+0& &s+

)
!"*, / &

$/q#& 

"3,)2 &s+
%&01s/& 
!"
)
#&0 )&7 &s+

02-"/&,/
"+
*V5& ,
)1"/++ &

@
G@3
H3>AD35;R@
:;EFRD;53
@A
BG767
B3E3DE7
BAD
3>FA
G@
?AH;?;7@FA
67
;@]G<A
?GFGA


+I
M?
JI>LZ;
?HN?H>?L
F;
>?HIGCH;>;
NL;HMC=C\H
;
F;
>?GI=L;=C;
?H
*YRC=I
MC
HI

@O?L;
AL;=C;M
;
OH
LI<OMN?=CGC?HNI
>?
F;
@OH=C\H
>?
=IHNLIF
AO<?LH;G?HN;F
S
>?
G;SIL

=IGJLIGCMI
=IH
F;
L?H>C=C\H
>?
=O?HN;M
-LIJC;G?HN?
>C=BI
M?
NL;N;
>?
OH;
;FN?LH;H=C;

7>75FAD3>
7@
>3
5G3>
BA67?AE
;67@F;\53D
H3D;AE
:;FAE
CG7
@A
5ADD7EBA@67@
3
G@
Y3@F7E
K

OH
>?MJOYMm
MCHI
GXM
<C?H
=IGI
;
IF?;>;M
KO?
B;H
C>I
JLIAL?MCP;G?HN?
L?@ILG;H>I

F;M
=;L;=N?LZMNC=;M
CHMNCNO=CIH;F?M
>?
HO?MNLI
J;ZM
JIHCYH>IF;M
;
NIHI
=IH
F;M
N?H>?H=C;M

;@F7D@35;A@3>7E
7@
?3F7D;3
67
\E53>;L35;R@
5A@FDA>
K
9A47D@3@L3


 Tomo I
La Economía y las Finanzas Públicas

"H
JLCG?L
FOA;L
?F

>?
DOFCI
>?

M?
L?@ILG;LIH
FIM
;LNZ=OFIM



S

>?

>3
A@EF;FG5;R@
(A>PF;53
67
>AE
EF36AE
-@;6AE
%7J;53@AE
3
\@
67
5D73D
>3
7@F;636
67

\E53>;L35;R@
EGB7D;AD
67
>3
8767D35;R@


*?>C;HN?
F;
)?S
>?
#CM=;FCT;=C\H
0OJ?LCIL
>?
F;
#?>?L;=C\H
>?F

>?
>C=C?G<L?
>?


;LL;H=\
?MN;
?N;J;
HO?P;
M?[;F;>;
JIL
F;
=L?;=C\H
>?
F;
O>CNILZ;
0OJ?LCIL
>?

F;
#?>?L;=C\H
0#
?H
MOMNCNO=C\H
>?
F;
IHN;>OLZ;
*;SIL
>?
%;=C?H>;
MCGCMGI

?H
F;
XG;L;
>?
!CJON;>IM
M?
=L?\
F;
2HC>;>
>?
"P;FO;=C\H
S
IHNLIF
=IGI
\LA;HI

NY=HC=I
;F
M?LPC=CI
>?
F;
IGCMC\H
>?
3CACF;H=C;
-IL
FI
KO?
NI=;
;
F;
IGCMC\H
>?
3CACF;H=C;
YMN;
@O?
OH
\LA;HI
F?ACMF;NCPI
?MN;<F?=C>I

JIL
F;
=IHMNCNO=C\H
>?M>?

B;MN;

"H
?MN?
;[I
J;M\
;
M?L
L?AOF;>I
JIL
F;
)?S

>?
#CM=;FCT;=C\H
S
/?H>C=C\H
>?
O?HN;M
>?
F;
#?>?L;=C\H
;MZ
=IGI
JIL
?F
;LNZ=OFI


HOG?L;F

>?
F;
)?S
,LAXHC=;
>?F
IHAL?MI
$?H?L;F
);
HO?P;
)?S
?MN;<F?=C\
F;
;ONIHIGZ;
NY=HC=;
S
>?
A?MNC\H
>?
F;
0#
lJ;L;
>?=C>CL

EA4D7
EG
AD93@;L35;R@
;@F7D@3
8G@5;A@3?;7@FA
K
D7EA>G5;A@7EZ

,3?4;O@
E7
\<3DA@

5A?A
EG<7FAE
67
>3
\E53>;L35;R@
3
>AE
BA67D7E
67
>3
-@;R@
>AE
7@F7E
BS4>;5AE

@?>?L;F?M
CH=FOMI
;KO?FFIM
KO?
NC?H?H
?F
=;LX=N?L
>?
;ON\HIGIM
;MZ
=IGI
;
FIM
?MN;>IM

S
GOHC=CJCIM
J?LMIH;M
@ZMC=;M
S
GIL;F?M
KO?
?D?LT;H
L?=OLMIM
J]<FC=IM
@?>?L;F?M
$3
\E53>;L35;R@
5A?BD7@67
>3
36?;@;EFD35;R@
?3@7<A
5GEFA6;3
K
3B>;535;R@
67
>AE

CHAL?MIM
?AL?MIM
@IH>IM
S
?H
A?H?L;F
>?
NI>IM
FIM
L?=OLMIM
J]<FC=IM
KO?
ONCFCT;H
;

\@
67
H7D;\53D
CG7
6;5:3
97EF;R@
E7
3<GEF7
3
>3E
6;EBAE;5;A@7E
>793>7E
D79>3?7@F3D;3E

S
;>GCHCMNL;NCP;M
;JFC=;<F?M
;MZ
=IGI
;F
=OGJFCGC?HNI
>?
FIM
JLIAL;G;M
M?[;F;>IM
*;HN?HC?H>I
?F
JLCH=CJCI
>?
JIMN?LCILC>;>
F;
=CN;>;
)?S
?MN;<F?=C\
OH
=C=FI
>?

\E53>;L35;R@
F3>
CG7
>3
5G7@F3
BS4>;53
67>
3QA
3@F7D;AD
F7@6DP3
CG7
E7D
BD7E7@F363
BAD

?F
"D?=ONCPI
@?>?L;F
;
F;
XG;L;
>?
!CJON;>IM
FIM
>C?T
JLCG?LIM
>Z;M
>?F
G?M
>?
DOHCI

1;G<CYH
M?
=IHN?GJF;<;
?H
?F
IL>?H;GC?HNI
KO?
FIM
JI>?L?M
>?
F;
2HC\H
S
FIM
?HN?M

J]<FC=IM
@?>?L;F?M
?HNL?A;LZ;H
;
F;
XG;L;
OH
l&H@ILG?
>?
;P;H=?
>?
F;
A?MNC\H

\@3@5;7D3Z
EA4D7
>AE
3H3@57E
8PE;5AE
K
\@3@5;7DAE
67
>AE
BDA9D3?3E
8767D3>7E

;JLI<;>IM

+7
7EF34>75;R
F3?4;O@
5A?B>7F3@6A
7>
5;5>A
67
\E53>;L35;R@
>3
7@FD793
67
G@
Y!@8AD?7

>?
L?MOFN;>IMm
;
JL?M?HN;LM?
;
GXM
N;L>;L
?F

>?
G;LTI
>?F
;[I
MCAOC?HN?
;
;KOYF
?H

KO?
F;
XG;L;
L?=C<;
F;
O?HN;
-]<FC=;
-IMN?LCILG?HN?
M?
L?@ILG\
F;
)?S
J?LGCNC?H>I
KO?
@O?L;
F;
O>CNILZ;
KOC?H
>?N?LGCH;L;

>CL?=N;G?HN?
FIM
>;[IM
S
J?LDOC=CIM
JIL
F;
;@?=N;=C\H
;
F;
B;=C?H>;
J]<FC=;
@?>?L;F

A
3>
B3FD;?A@;A
67
>AE
7@F7E
8767D3>7E
K
\@53D
6;D75F3?7@F7
3
>AE
D7EBA@E34>7E
>3E


 Tomo I
La Economía y las Finanzas Públicas

CH>?GHCT;=CIH?M
S
F;M
M;H=CIH?M
J?=OHC;LC;M
=ILL?MJIH>C?HN?M
LN

>?
F;
)?S
=IH

OH
=;LX=N?L
L?M;L=CNILCI
;
>C@?L?H=C;
>?
F;
L?MJIHM;<CFC>;>
;>GCHCMNL;NCP;
KO?
JO?>?H

>?N?LGCH;L
FIM
\LA;HIM
>?
=IHNLIF
CHN?LHI
1I>;PZ;
?H
?MN;
?N;J;
M?
P?LZ;H
CGJILN;HN?M
=;G<CIM
;F
G;L=I
=IHMNCNO=CIH;F
"F

>?

G;SI
>?
 
M?
L?@ILG;LIH
FIM
;LNZ=OFIM




S

>?
F;
IHMNCNO=C\H

-IFZNC=;
>?
FIM
"MN;>IM
2HC>IM
*?RC=;HIM
=IH
?F
JLIJ\MCNI
>?
G?DIL;L
F;
=;FC>;>
>?F

93EFA
BS4>;5A
K
8ADF3>757D
>3
\E53>;L35;R@
EGB7D;AD
7@
%OJ;5A

(AD
G@3
B3DF7
E7
835G>FR

;F
IHAL?MI
>?
F;
2HC\H
J;L;
F?ACMF;L
?H
G;N?LC;
>?
=IHN;<CFC>;>
AO<?LH;G?HN;F
FI

KO?
>CI
JC?
;
OH
0CMN?G;
>?
IHN;<CFC>;>
$O<?LH;G?HN;F
S
=IH
?FFI
M?
?MN;<F?=C?LIH

BD;@5;B;AE
B3D3
>3
\E53>;L35;R@
7@
>AE
7EF36AE
K
7>
;EFD;FA
767D3>

+7
B>3@F7R
7EF34>757D

KO?
NI>I
;KOYF
KO?
?D?L=C?L;
L?=OLMIM
J]<FC=IM
@?>?L;F?M
I<M?LP;L;
FIM
JLCH=CJCIM
>?

7\5;7@5;3
7\535;3
FD3@EB3D7@5;3
K
:A@D367L

(3D3
3H3@L3D
:35;3
>3
5A@8AD?35;R@
67

G@
E;EF7?3
@35;A@3>
67
\E53>;L35;R@
8G7
8G@63?7@F3>
CG7
E7
835G>F3D3
3>
A@9D7EA
67

F;
2HC\H
J;L;
F?ACMF;L
?H
G;N?LC;
>?
=IHN;<CFC>;>
AO<?LH;G?HN;F
KO?
M?
?MN;<F?=C?L;H

>AE
BD;@5;B;AE
67
>3
\E53>;L35;R@
B3D3
>3E
7@F;6367E
8767D3F;H3
CG7
E7
A4>;93D3
3
>3E

7@F;6367E
\E53>;L363E
3
>>7H3D
5A@FDA>
K
D79;EFDA
5A@F34>7
B3FD;?A@;3>
K
BD7EGBG7EF3D;A

KO?
M?
G;H>;N;L;
;
F;M
F?ACMF;NOL;M
>?
F;M
?HNC>;>?M
@?>?L;NCP;M
=IHN;L
=IH
?HNC>;>?M

7EF3F3>7E
67
\E53>;L35;R@
6AF363E
67
3GFA@A?P3
FO5@;53
K
67
97EF;R@

);
CHC=C;NCP;
JOMI
YH@;MCM
?H
KO?
?F
A;MNI
>?
FIM
?MN;>IM
S
GOHC=CJCIM
>?
F;
@?>?L;=C\H

@O?L;
?P;FO;>I
?H
=O;HNI
;
FIM
L?MOFN;>IM
I<N?HC>IM
;F
CAO;F
KO?
FIM
>?GXM
L?=OLMIM

@?>?L;F?M
>?GXM
?H@;NCT;<;
KO?
FIM
L?=OLMIM
@?>?L;F?M
>?MNCH;>IM
;
F;M
?HNC>;>?M

@?>?L;NCP;M
S
FIM
GOHC=CJCIM
L?JL?M?HN;<;H
OH
;FNI
JIL=?HN;D?
>?F
JL?MOJO?MNI
>?F
A;MNI

BDA9D3?34>7
BAD
>A
CG7
E7
67F7D?;@R
CG7
>AE
7@F7E
\E53>;L36AE
>>7H3D3@
G@
5A@FDA>
K

L?ACMNLI
=IHN;<F?
J;NLCGIHC;F
;>?GXM
>?F
JL?MOJO?MN;LCI
@
7EF7
5A@<G@FA
67
D78AD?3E
E7
3<GEF3DA@
>AE
F;7?BAE
67>
5;5>A
67
\E53>;L35;R@

EP

@O?
CGJILN;HN?
J;L;
?F
NL;<;DI
J;LF;G?HN;LCI
>?
F;
XG;L;
>?
!CJON;>IM
KO?
M?
L?>OD?L;

?F
NC?GJI
>?
?HNL?A;
S
L?PCMC\H
>?
F;
O?HN;
-]<FC=;
S
KO?
?F
CH@ILG?
>?F
L?MOFN;>I

>?
F;
L?PCMC\H
>?
F;
O?HN;
-]<FC=;
@O?L;
MIG?NC>I
;
F;
=IHMC>?L;=C\H
>?F
JF?HI
>?
F;

XG;L;
>?
!CJON;>IM
S
N?HA;
?F
=;LX=N?L
>?
J]<FC=I
"H
=IH=L?NI
F;
JL?M?HN;=C\H
>?F

&H@ILG?
KO?>\
J;L;
?F

>?
;<LCF
>?F
;[I
MCAOC?HN?
;MZ
=IGI
F;
?HNL?A;
>?F
l&H@ILG?

>?F
/?MOFN;>I
>?
F;
/?PCMC\H
S
#CM=;FCT;=C\H
0OJ?LCILm
KO?
LCH>?
F;
0#
J;L;
?F


>?
@?<L?LI
>?F
;[I
JIMN?LCIL
;
F;
L?=?J=C\H
"F
>C=N;G?H
>?F
JF?HI
>?
F;
XG;L;
>?

!CJON;>IM
MI<L?
F;
L?PCMC\H
S
=IHN?HC>I
>?
F;
=O?HN;
J]<FC=;
>?<?LZ;
>;LM?
?H
OH
JF;TI

KO?
P?H=?
?F

>?
I=NO<L?
>?F
;[I
MCAOC?HN?
;F
>?
F;
JL?M?HN;=C\H
>?
F;
O?HN;
-]<FC=;

HO3E7
>3
DN\53






3Y;M?
BNNJQQQMB=JAI<GR)0% -*;L=I'OLC>C=I IHN;<CFC>;>$O<?LH;G?HN;F-;ACH;M0 $
;MJR

 Tomo I
La Economía y las Finanzas Públicas

3H;6
.;>>3@G7H3
67\@7
3>
+;EF7?3
&35;A@3>
67
;E53>;L35;R@
5A?A
Y7>
5A@<G@FA
67

JLCH=CJCIM
S
;=NCPC>;>?M
?MNLO=NOL;>IM
S
PCH=OF;>IM
?HNL?
MZ
KO?
<OM=;H
?MN;<F?=?L

OH
;G<C?HN?
>?
=IIL>CH;=C\H
?@?=NCP;
?HNL?
NI>IM
FIM
\LA;HIM
AO<?LH;G?HN;F?M
>?

\E53>;L35;R@
7@
7>
B3PE
B3D3
FD343<3D
5A@
G@3
?;E?3
H;E;R@
BDA87E;A@3>
5A@
7EFN@63D7E

MCGCF;L?M
P;FIL?M
YNC=IM
S
=;J;=C>;>?M
NY=HC=;M
J;L;
>;L
=?LNC>OG<L?
;
FIM
?HN?M

;O>CN;>IM
S
A;L;HNCT;L
;
F;
=CO>;>;HZ;
KO?
F;
L?PCMC\H
>?F
OMI
>?
FIM
L?=OLMIM
J]<FC=IM

M?
BC=C?L;
>?
G;H?L;
IL>?H;>;
MCMN?GXNC=;
?
CHN?AL;Fm

$/q#& 

"1-0
!")
& ),
-/"02-2"01)

#" '
%"
 !!
 ) ")
 & 



 & 

#"! 
%
 !!
#"!

 "!


#" !

%"

!!  "!

!

 !##!"



#)

 !!

 !! !"  !



!")


 




"!

 )
%

!#!)
%
$!


 "
#"
*


 !
%


 "


&!!




#" '
 

 "

 "!
*!


& 

"  


%


" !
#"!

 "!

 "
 )



 

(
! 
!
 !!
#"
*






%

 "



!"


!
& 

#O?HN?
"F;<IL;=C\H
JLIJC;

);
JLCG?L;
?N;J;
?H
F;
PC>;
>?
F;
0#
=IH=FOS\
?F
;[I
 
=O;H>I
M?
?GCNC\
OH;

HO?P;
)?S
>?
#CM=;FCT;=C\H
S
/?H>C=C\H
>?
O?HN;M
>?
F;
#?>?L;=C\H
JO<FC=;>;
?H

7>
;3D;A
'\5;3>
67
>3
767D35;R@
7>

67
?3KA
67


@
6;5:3
@AD?3
E7
5D73@

\9GD3E
CG7
D7BD7E7@F3@
3H3@57E
D7EB75FA
67
>3
@AD?3F;H3
BD75767@F7
7EB75;3>?7@F7

0?
>;H
@;=OFN;>?M
;
F;
O>CNILZ;
0OJ?LCIL
>?
F;
#?>?L;=C\H
J;L;
L?;FCT;L

;O>CNILZ;M
>?
>?M?GJ?[I
?H
?F
=OGJFCGC?HNI
>?
FIM
I<D?NCPIM
S
G?N;M
>?
FIM

JLIAL;G;M
@?>?L;F?M
;MZ
=IGI
F;
;NLC<O=C\H
>?
?@?=NO;L
L?=IG?H>;=CIH?M
;

>AE
7@F7E
\E53>;L36AE
B3D3
?7<AD3D
>3
97EF;R@
BS4>;53

A@
7>>A
E7
7EB75;\53

F;
PIFOHN;>
>?
B;=?L
YH@;MCM
?H
KO?
?F
A;MNI
@O?L;
?P;FO;>I
?H
=O;HNI
;
FIM

L?MOFN;>IM
I<N?HC>IM

3CFF;HO?P;
)IG?FZ
!;PC>
l/?H>C=C\H
>?
=O?HN;M
S
AI<C?LHIM
FI=;F?M
L?NIM
S
J?LMJ?=NCP;Mm
?H
3;LCIM



6@0.96G.06L;
A?.;@=.?2;06.
F
?2;1606L;
12
0B2;A.@
!
XG;L;
>?
!CJON;>IM
30#
2"
*YRC=I

 
J


 Tomo I
La Economía y las Finanzas Públicas


0?
?MN;<F?=C\
OH
-LIAL;G;
J;L;
F;
#CM=;FCT;=C\H
>?F
$;MNI
#?>?L;FCT;>I

-/,#&0
=IH
?F
JLIJ\MCNI
>?
>;L
M?AOCGC?HNI
;
F;M
L?PCMCIH?M
L?;FCT;>;M

BAD
>3E
7@F;6367E
>A53>7E
67
\E53>;L35;R@


(3D3
7@6GD757D
>3
\E53>;L35;R@
BD7H7@F;H3
K
:357D>3
?NE
7875F;H3
367?NE

>?
INILA;L
;
F;
O>CNILZ;
0OJ?LCIL
>?
F;
#?>?L;=C\H
F;
=;J;=C>;>
>?
B;=?L

D7CG7D;?;7@FAE
67
;@8AD?35;R@
3
>AE
EG<7FAE
67
\E53>;L35;R@
F3?4;O@
E7

F?
INILA;H
@;=OFN;>?M
J;L;
M;H=CIH;L
?F
CH=OGJFCGC?HNI
?H
F;
JL?M?HN;=C\H

67>
!@8AD?7
67
+;FG35;R@
J57B5;A@3>
CG7
E73
D7CG7D;6A
K
E7
\<3
G@
B>3LA

67

6P3E
:N4;>7E
3
>3E
7@F;6367E
\E53>;L363E
B3D3
>3
EA>H7@F35;R@
67
>3E

I<M?LP;=CIH?M
L?=IG?H>;=CIH?M
S
;==CIH?M
JLIGIPC>;M
"F
CH=OGJFCGC?HNI

>?
=O;FKOC?L;
>?
?MNIM
M?LX
M;H=CIH;>I
G?>C;HN?
F;
CGJIMC=C\H
>?
GOFN;M

J?=OHC;LC;M

-IL
]FNCGI
NC?H?
KO?
>?MN;=;LM?
KO?
F;
HO?P;
)?S
=IHN?GJF;
OH
=;JZNOFI

MI<L?
l IHNL;FILZ;
0I=C;Fm
=OSI
I<D?NCPI
?M
KO?
F;
IGCMC\H
JO?>;
L?=C<CL

J?NC=CIH?M
MIFC=CNO>?M
S
>?HOH=C;M
@OH>;>;M
S
GINCP;>;M
JIL
F;
MI=C?>;>

=CPCF
F;M
=O;F?M
JI>LXH
M?L
=IHMC>?L;>;M
JIL
F;
O>CNILZ;
0OJ?LCIL
>?
F;

#?>?L;=C\H
?H
?F
JLIAL;G;
;HO;F
>?
;O>CNILZ;M
S
=OSIM
L?MOFN;>IM
>?<?LXH

M?L
;AL?A;>IM
;F
&H@ILG?
>?F
/?MOFN;>I
"F
=C=FI
>?
L?@ILG;M
NI>;PZ;
N?H>LX
OH;
=O;LN;
IF?;>;
KO?
M?
>;
;
J;LNCL
>?
F;
/?@ILG;

A@EF;FG5;A@3>
3>
DFP5G>A

BG4>;5363
7@
7>
;3D;A
'\5;3>
67
>3
767D35;R@
7>

67

39AEFA
67
 
>3
5G3>
E7Q3>3
G@
@G7HA
D75ADF7
3>
5;5>A
67
\E53>;L35;R@
);
XG;L;
=IH=FOCLX
F;
L?PCMC\H
>?
F;
O?HN;
-]<FC=;
;
GXM
N;L>;L
?F

>?

I=NO<L?
>?F
;[I
MCAOC?HN?
;F
>?
MO
JL?M?HN;=C\H
=IH
<;M?
?H
?F
;HXFCMCM
>?

MO
=IHN?HC>I
S
?H
F;M
=IH=FOMCIH?M
NY=HC=;M
>?F
CH@ILG?
>?F
L?MOFN;>I
>?
F;

7@F;636
67
\E53>;L35;R@
EGB7D;AD
67
>3
767D35;R@
3
CG7
E7
D7\7D7
7>
3DFP5G>A


>?
?MN;
IHMNCNO=C\H
MCH
G?HIM=;<I
>?
KO?
?F
NLXGCN?
>?
F;M
I<M?LP;=CIH?M

D75A?7@635;A@7E
K
355;A@7E
BDA?AH;63E
BAD
>3
7@F;636
67
\E53>;L35;R@

MOJ?LCIL
>?
F;
#?>?L;=C\H
M?AOCLX
MO
=OLMI
?H
NYLGCHIM
>?
FI
>CMJO?MNI
?H

>C=BI
;LNZ=OFI
IH
F;
;JLI<;=C\H
>?
F;M
L?@ILG;M
;
F;
IHMNCNO=C\H
-IFZNC=;
>?
FIM
"MN;>IM
2HC>IM

*?RC=;HIM
?H
G;N?LC;
>?
=IG<;N?
;
F;
=ILLOJ=C\H
>?F
 
M?
=IHN?GJF;H
CGJILN;HN?M

53?4;AE
3>
?3D5A
CG7
@AD?3
>3
\E53>;L35;R@
EGB7D;AD


>
BDA57EA
67
\E53>;L35;R@
;@;5;3DN
3
B3DF;D
67>
BD;?7D
6P3
:N4;>
67>
7<7D5;5;A
\E53>

E;9G;7@F7

$3
8G@5;R@
67
\E53>;L35;R@
E7DN
7<7D5;63
5A@8AD?7
3
>AE
BD;@5;B;AE
67

>793>;636
67\@;F;H;636
;?B3D5;3>;636
K
5A@\34;>;636
7>;?;@N@6AE7
>AE
BD;@5;B;AE
67

JIMN?LCILC>;>
;HO;FC>;>


 Tomo I
La Economía y las Finanzas Públicas

-IL
FI
KO?
=ILL?MJIH>?
;
FIM
NL;<;DIM
>?
JF;H?;=C\H
>?
F;M
;O>CNILZ;M
F;
O>CNILZ;

0OJ?LCIL
>?
F;
#?>?L;=C\H
JI>LX
MIFC=CN;L
CH@ILG;=C\H
>?F
?D?L=C=CI
?H
=OLMI
L?MJ?=NI

67
BDA57EAE
5A@5>G;6AE

,3?4;O@
\E53>;L3DN
7@
5AAD6;@35;R@
5A@
>3E
7@F;6367E
>A53>7E

67
\E53>;L35;R@
A
67
?3@7D3
6;D75F3
>3E
B3DF;5;B35;A@7E
8767D3>7E
>A
3@F7D;AD
367?NE

67
>AE
CG7
K3
\E53>;L343
6;D75F3?7@F7
7E
675;D
>AE
D75GDEAE
8767D3>7E
CG7
36?;@;EFD7@

I
?D?LT;H
FIM
?MN;>IM
FIM
GOHC=CJCIM
?F
!CMNLCNI
#?>?L;F
S
FIM
\LA;HIM
JIFZNC=I

;>GCHCMNL;NCPIM
>?
MOM
>?G;L=;=CIH?M
N?LLCNILC;F?M

!?
CAO;F
@ILG;
?H
?F
=;MI
>?
FIM
?MN;>IM
S
FIM
GOHC=CJCIM
=OSIM
?GJLYMNCNIM
=O?HN?H

5A@
>3
93D3@FP3
67
>3
767D35;R@
\E53>;L3DN
7>
67EF;@A
K
7<7D5;5;A
67
>AE
D75GDEAE

=ILL?MJIH>C?HN?M
KO?
B;S;H
L?;FCT;>I
FIM
AI<C?LHIM
FI=;F?M
"H
=O;HNI
;
F;
?HNL?A;
>?
CH@ILG?M
F;
L?@ILG;
=IHMNCNO=CIH;F
=IHN?GJF;
KO?
F;
O>CNILZ;

0OJ?LCIL
>?
F;
#?>?L;=C\H
>?<?
>?
?HNL?A;L
;
F;
XG;L;
>?
!CJON;>IM
?F
]FNCGI
>Z;

BX<CF
>?
FIM
G?M?M
>?
DOHCI
S
I=NO<L?
;MZ
=IGI
?F

>?
@?<L?LI
>?F
;[I
MCAOC?HN?
;F

>?
F;
JL?M?HN;=C\H
>?
F;
O?HN;
-]<FC=;
FIM
CH@ILG?M
CH>CPC>O;F?M
>?
;O>CNILZ;
KO?

=IH=FOS;
>OL;HN?
?F
J?LCI>I
L?MJ?=NCPI
MCGCMGI
?H
?MN;
]FNCG;
@?=B;
?HNL?A;L
?F
&H@ILG?
$?H?L;F
"D?=ONCPI
>?F
/?MOFN;>I

>?
F;
#CM=;FCT;=C\H
0OJ?LCIL
>?
F;
O?HN;
-]<FC=;
?F
=O;F
M?
MIG?N?LX
;
F;
=IHMC>?L;=C\H

>?F
-F?HI
>?
>C=B;
XG;L;
"F
&H@ILG?
$?H?L;F
"D?=ONCPI
S
FIM
&H@ILG?M
CH>CPC>O;F?M

M?LXH
>?
=;LX=N?L
J]<FC=I
S
N?H>LXH
?F
=IHN?HC>I
KO?
>?N?LGCH?
F;
F?S
"MNIM
]FNCGIM

;@5>G;DN@
5A?A
?P@;?A
7>
6;5F3?7@
67
EG
D7H;E;R@
G@
3B3DF36A
7EB75P\5A
5A@
>3E

A4E7DH35;A@7E
67
>3
G6;FADP3
+GB7D;AD
67
>3
767D35;R@
3EP
5A?A
>3E
<GEF;\535;A@7E

K
35>3D35;A@7E
CG7
7@
EG
53EA
>3E
7@F;6367E
\E53>;L363E
:3K3@
BD7E7@F36A
EA4D7
>3E

GCMG;M
"H
?MN;
GCMG;
>CHXGC=;
M?
G;H>;N;
KO?
F;
O>CNILZ;
0OJ?LCIL
>?
F;
#?>?L;=C\H
?HNL?AO?

;
F;
XG;L;
>?
!CJON;>IM
FIM
>Z;M

>?
FIM
G?M?M
>?
G;SI
S
HIPC?G<L?
>?
=;>;

;[I
OH
CH@ILG?
MI<L?
F;
MCNO;=C\H
KO?
AO;L>;H
F;M
I<M?LP;=CIH?M
L?=IG?H>;=CIH?M

S
;==CIH?M
JLIGIPC>;M
=ILL?MJIH>C?HN?M
;
=;>;
OHI
>?
FIM
CH@ILG?M
CH>CPC>O;F?M
>?

;O>CNILZ;
KO?
B;S;
JL?M?HN;>I
?H
FIM
NYLGCHIM
>?
?MN;
@L;==C\H
"H
>C=BI
CH@ILG?
?F

=O;F
N?H>LX
=;LX=N?L
J]<FC=I
F;
O>CNILZ;
CH=FOCLX
FIM
GIHNIM
?@?=NCP;G?HN?
L?M;L=C>IM

;
F;
%;=C?H>;
-]<FC=;
#?>?L;F
I
;F
J;NLCGIHCI
>?
FIM
?HN?M
J]<FC=IM
@?>?L;F?M
=IGI

5A@E75G7@5;3
67
EGE
355;A@7E
67
\E53>;L35;R@
>3E
67@G@5;3E
B7@3>7E
BD7E7@F363E
K
>AE

JLI=?>CGC?HNIM
CHC=C;>IM
;HN?
?F
1LC<OH;F
#?>?L;F
>?
'OMNC=C;
>GCHCMNL;NCP;
"M
CGJILN;HN?
M?[;F;L
KO?
?H
?F
HO?PI
?MKO?G;
=IHMNCNO=CIH;F
M?
NC?H?
JL?PCMNI
KO?

?F
sLA;HI
>?
#CM=;FCT;=C\H
0OJ?LCIL
>?LCP;>I
>?
MOM
CHP?MNCA;=CIH?M
JLIGO?P;

F;M
L?MJIHM;<CFC>;>?M
KO?
M?;H
JLI=?>?HN?M
;HN?
?F
1LC<OH;F
#?>?L;F
>?
'OMNC=C;


 Tomo I
La Economía y las Finanzas Públicas

>GCHCMNL;NCP;
S
F;
L?=CYH
=L?;>;
#CM=;FZ;
"MJ?=C;FCT;>;
?H
IG<;N?
;
F;
ILLOJ=C\H 

J;L;
F;
CGJIMC=C\H
>?
F;M
M;H=CIH?M
KO?
=ILL?MJIH>;H
;
FIM
M?LPC>IL?M
J]<FC=IM
@?>?L;F?M

S
?H
?F
=;MI
>?F
JXLL;@I
M?AOH>I
>?
F;
@L;==C\H
&
>?
?MN?
LNZ=OFI
;
FIM
M?LPC>IL?M

J]<FC=IM
>?
FIM
"MN;>IM
*OHC=CJCIM
>?F
!CMNLCNI
#?>?L;F
S
MOM
>?G;L=;=CIH?M

N?LLCNILC;F?M
;MZ
=IGI
;
FIM
J;LNC=OF;L?M


/"#)"5&,+"0
6
-/,0-" 1&3

A?A
BG767
3BD75;3DE7
>3
?NE
D75;7@F7
5A@\9GD35;R@
@AD?3F;H3
7EFN
53D35F7D;L363

JIL
OH
GCHO=CIMI
G;L=I
HILG;NCPI
KO?
L?AOF;
F;M
=;L;=N?LZMNC=;M
KO?
>?<?LXH
M?AOCLM?

?H
FIM
>CMNCHNIM
JLI=?MIM
>?
;O>CNILZ;
L?PCMC\H
>?
F;
O?HN;
-]<FC=;
CHN?AL;=C\H
>?

CH@ILG?M
S
JO<FC=;=C\H
>?
FIM
GCMGIM

(G767
H7D;\53DE7
7>
35G?G>3F;HA
67
?76;63E
B3D3
8ADF3>757D
>AE
?753@;E?AE
67
5A@FDA>

AO<?LH;G?HN;F
;MZ
=IGI
F;
@ILG;FCT;=C\H
>?
;KO?FF;M
>CMJIMC=CIH?M
>?MNCH;>;M
;F

\@53?;7@FA
67
D7EBA@E34;>;6367E
K
>3
E3@5;R@
67
3CG7>>3E
5A@6G5F3E
5A@FD3D;3E
3
>3

BDA4;636
K
>3
7\535;3
9G47D@3?7@F3>


+7
:3
5D736A
3?B>;36A
K
5A?B>7<;L36A
7>
E;EF7?3
67
\E53>;L35;R@
3>
5G3>
E7
>7
:3

>?HIGCH;>I
lH;=CIH;Fm
N?HC?H>I
PI=?M
KO?
JC>?H
F;
CHN?AL;=C\H
>?
OH
\LA;HI
>?

=;LX=N?L
H;=CIH;F
=;J;T
>?
MOJ?LPCM;L
;
NI>IM
FIM
\L>?H?M
>?
AI<C?LHI
+I
JO?>?
>?=CLM?

?HNIH=?M
KO?
HI
M?
;NC?H>;
M?LC;G?HN?
=IGI
OH;
JIFZNC=;
>?
"MN;>I
?F
?MN;<F?=CGC?HNI

>?F
G?H=CIH;>I
MCMN?G;
);
?M=;T;
>CMN;H=C;
N?GJIL;F
HIM
CGJIMC<CFCN;
DOTA;L
?MN;M

L?@ILG;M
?GCNC?H>I
DOC=CIM
=;N?A\LC=IM
?GJ?LI
P;F?
F;
J?H;
=IHMC>?L;L
F;
H?=?MC>;>

>?
F;M
L?@ILG;M
F;
G;H?L;
?H
JO?>?
G?DIL;LM?
?F
MCMN?G;
PCA?HN?
S
KOY
;MJ?=NIM

JL?=CMIM
>?<?H
CGJF?G?HN;LM?
@
7EF7
E7@F;6A
CG;7DA
5A@57@FD3D?7
7@
D7]7J;A@3D
EA4D7
>3
8G@63?7@F3>
BAD
67?NE

H?=?M;LC;
IJILNOHC>;>
KO?
;<L?H
?MN;M
L?@ILG;M
J;L;
KO?
FIM
L?MOFN;>IM
>?F
JLI=?MI

67
\E53>;L35;R@
EGB7D;AD
BG763@
E7D
;@EG?AE
7@
7>
3@N>;E;E
6;E5GE;R@
K
3BDA435;R@

>?F
-L?MOJO?MNIM
>?
"AL?MIM
>?
F;
#?>?L;=C\H
S
M?
=C?LL?
;MZ
OH
=C=FI
PCLNOIMI
%;MN;

>3
875:3
>3
\E53>;L35;R@
E7
H;7@7
CG763@6A
7@
>3E
5G7@F3E
5:;53E
7@
>3E
3@A?3>P3E

JOHNO;F?M
S
M?
>?M=OC>;
F;
=O?HN;
JLCH=CJ;F
KO?
?M
F;
>?F
JL?MOJO?MNI
>?
?AL?MIM

3@G3>

EF3
D7]7J;R@
3BG@F3
3
67<3D
>3
?;5DA;@5;67@5;3
CG7
@A
:3
F7@;6A
G@
7875FA

67F7D?;@3@F7
7@
>3
AB;@;R@
BS4>;53
K
E7
4GECG7
>3
?35DA;@5;67@5;3
67
>3
\E53>;L35;R@

MOJ?LCIL

#CM=;FZ;
?MJ?=C;FCT;>;
?H
G;N?LC;
>?
>?FCNIM
L?F;=CIH;>IM
=IH
B?=BIM
>?
=ILLOJ=C\H
L?;>;
?F

>?



G;LTI
>?
 

 Tomo I
La Economía y las Finanzas Públicas

@
%OJ;5A
7J;EF7
BA53
H;@5G>35;R@
7@FD7
7>
BDA57EA
67
\E53>;L35;R@
EGB7D;AD
K
7>

JLI=?MI
>?
;HXFCMCM
S
;JLI<;=C\H
>?F
JL?MOJO?MNI
FI
KO?
M?
B;
=IHP?LNC>I
?H
OH;

N?H>?H=C;
CHN?LH;=CIH;F
L?=IG?H>;>;
JIL
ILA;HCMGIM
=IGI
?F
;H=I
*OH>C;F
S
F;

, !"
"F
&H@ILG?
>?F
/?MOFN;>I
KO?
?HNL?A;
F;
O>CNILZ;
;
F;
XG;L;
>?
!CJON;>IM
;

NL;PYM
>?
F;
IGCMC\H
>?
3CACF;H=C;
JLX=NC=;G?HN?
HI
M?
NIG;
?H
=O?HN;
?H
F;
>CM=OMC\H

>?F
;HXFCMCM
S
;JLI<;=C\H
>?F
JL?MOJO?MNI
JILKO?
YMN?
M?
JL?M?HN;
>?MJOYM
>?
KO?
?F

-F?HI
>?
F;
XG;L;
>?
!CJON;>IM
N?LGCH\
?F
JLI=?MI
>?
;JLI<;=C\H
>?F
-L?MOJO?MNI
>?

"AL?MIM
>?
F;
#?>?L;=C\H
J;L;
?F
;[I
MO<MCAOC?HN?
3EF3
>3
875:3
BAD
63D
G@
7<7?B>A
7>
@7JA
DAFA
7@FD7
>3
\E53>;L35;R@
K
7>
BD7EGBG7EFA

7E
G@
6;87D7@5;3>
67

3QAE

$3
\E53>;L35;R@
CG7
E7
:357
67>
3QA
3@F7D;AD
 
E7

L?JILN;LX
?H
?F
 
"M?
;[I
M?
?MN;LX
>CM=ONC?H>I
?F
JL?MOJO?MNI
>?F
;[I
 
-IL
?FFI
M?
M;FO>;
F;
JIMC<CFC>;>
>?
KO?
=IH
?MN;
L?@ILG;
M?;
;JLIP?=B;>;
JIL
F;

XG;L;
>?
!CJON;>IM
J;L;
A;H;L
?H
IJILNOHC>;>
NI>;
P?T
KO?
FIM
CH@ILG?M
CH>CPC>O;F?M

KO?
M?LXH
?HNL?A;>IM
=O;NLCG?MNL;FG?HN?
JIL
J;LN?
>?
F;
O>CNILZ;
0OJ?LCIL
>?
F;

#?>?L;=C\H
JO?>?H
=IH@LIHN;LM?
=IH
INLIM
CH@ILG?M
=IGI
FIM
KO?
MIH
?HNL?A;>IM

NLCG?MNL;FG?HN?
JIL
F;
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
IH
?FFI
?M
JIMC<F?

A?H?L;L
CH@ILG;=C\H
]NCF
J;L;
OH
>CM?[I
GXM
L?;FCMN;
S
J?LNCH?HN?
>?F
JL?MOJO?MNI
$3
G7@F3
(S4>;53
7E
35FG3>?7@F7
7>
;@EG?A
BD;@5;B3>
67
\E53>;L35;R@
EGB7D;AD
CG7

5A@E;EF7
7@
7>
;@8AD?7
EA4D7
>3
97EF;R@
\@3@5;7D3
BD7EGBG7EF3D;3
K
BDA9D3?NF;53

67>
7<7D5;5;A
\E53>
CG7
343D53
67>

67
7@7DA
3>

67
6;5;7?4D7
CG7
;@F79D3@
>AE

/;GIM
>GCHCMNL;NCPIM
ON\HIGIM
S
$?H?L;F?M
;MZ
=IGI
F;M
"HNC>;>?M
>?
IHNLIF

-L?MOJO?MN;LCI
!CL?=NI
!?
@ILG;
=IHMIFC>;>;
JL?M?HN;
?F
"D?=ONCPI
#?>?L;F
;
F;
XG;L;

>?
!CJON;>IM
?F

>?
;<LCF
;
?@?=NI
>?
=IGJLI<;L
KO?
F;
L?=;O>;=C\H
;>GCHCMNL;=C\H

G;H?DI
=OMNI>C;
S
;JFC=;=C\H
>?
FIM
CHAL?MIM
S
?AL?MIM
@?>?L;F?M
M?
FF?P;LIH
;
=;<I

?H
FIM
NYLGCHIM
>?
F;M
>CMJIMC=CIH?M
F?A;F?M
S
;>GCHCMNL;NCP;M
;JFC=;<F?M
=IH@ILG?
;

FIM
=LCN?LCIM
?MN;<F?=C>IM
S
=IH
<;M?
?H
FIM
JLIAL;G;M
;JLI<;>IM

IH
F;M
L?@ILG;M
?H
G;N?LC;
;HNC=ILLOJ=C\H
;>?GXM
>?
F;
CHG?>C;N?T
=IH
F;
KO?
M?

;@;5;3DN
7>
BDA57EA
67
\E53>;L35;R@
>3
$7K
767D3>
67
(D7EGBG7EFA
K
*7EBA@E34;>;636

%;=?H>;LC;
?MN;<F?=?
N;G<CYH
F;
I<FCA;=C\H
>?
KO?
?F
"D?=ONCPI
#?>?L;F
?HNL?AO?

&H@ILG?M
1LCG?MNL;F?M
KO?
=IHN?HA;H
CH@ILG;=C\H
L?F;NCP;
;
F;
MCNO;=C\H
?=IH\GC=;

>3
67G63
BS4>;53
K
>3E
\@3@L3E
BS4>;53E

EF7
S>F;?A
3B3DF36A
3
EG
H7L
5A?BD7@67

=IH@ILG?
;F
LNZ=OFI
 
>?
?MN;
)?S




%?>A?L
">Q;L>
S
FC=E
H>L?Q
;5.;06;4
.00<B;A./696AF
3<?
A52
B@2
<3
=B/960
@20A<?
?2@<B?02@
5<D

(#
!$&#*
(
9(*"''
#
$) 
#)"('
#!!(('
,!&
)IH>IH
 
J

 
 Tomo I
La Economía y las Finanzas Públicas

HA>G5;R@
D7EB75FA
3>
3QA
3@F7D;AD
BD;@5;B3>7E
;@6;536AD7E
67
>3
BAEFGD3
\E53>
;@9D7EAE

JL?MOJO?MN;LCIM
A;MNI
JL?MOJO?MN;LCI
#IH>I
>?
!?M;MNL?M
+;NOL;F?M
@ILN;F?=CGC?HNI

>?F
#?>?L;FCMGI
JLCH=CJ;F?M
>C@?L?H=C;M
L?MJ?=NI
;F
JLIAL;G;
JLCH=CJ;F?M
CH>C=;>IL?M

67
>3
BAEFGD3
\E53>
;@9D7EAE
BD7EGBG7EF3D;AE
93EFA
BD7EGBG7EF3D;A

1I>;
?MN;
CH@ILG;=C\H
KO?>;
;
>CMJIMC=C\H
>?
F;M
IGCMCIH?M
>?
F;
XG;L;
>?

!CJON;>IM
F;M
=O;F?M
=O?HN;H
;MZ
=IH
CHMOGIM
H?=?M;LCIM
J;L;
;H;FCT;L
JLIAL;G;L

S

JL?MOJO?MN;L
=IH
<;M?
?H
FIM
L?MOFN;>IM
=IH=L?NIM
=IH
FI
KO?
?M
JIMC<F?
L?;FCT;L

G?DIL;M
;F
-LIS?=NI
>?
-L?MOJO?MNI
>?
"AL?MIM
>?
F;
#?>?L;=C\H
J;L;
F;
;JLI<;=C\H

JIL
?F
-F?HI
>?
F;
XG;L;
>?
!CJON;>IM
"H
?F
?MKO?G;
JL?P;F?=C?HN?
?MNIM
>;NIM
HI

M?
?MNXH
CH=ILJIL;H>I
;F
JLI=?MI
>?
?F;<IL;=C\H
JL?MOJO?MN;F

2H
?D?GJFI
;=NO;F
KO?
CFOMNL;
?F
JIN?H=C;F
>?
F;
CH@ILG;=C\H
;HN?M
L?@?LC>;
?M
F;
KO?

;LLID\
F;
O>CNILZ;
#CH;H=C?L;
S
>?
OGJFCGC?HNI
L?;FCT;>;
JIL
J;LN?
>?
F;
O>CNILZ;

0OJ?LCIL
>?
F;
#?>?L;=C\H
;
F;
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
=IH
?F
NZNOFI

.9.;02
%?2@B=B2@A.?6<
F
'<@A2;6/6961.1
6@0.9
>3
5G3>
;67@F;\5R
>AE
E;9G;7@F7E

3EB75FAE
D7>7H3@F7E
5ADD7EBA@6;7@F7E
3>
7<7D5;5;A
\E53>
 

 
 Tomo I
La Economía y las Finanzas Públicas

1)

-/&+ &-)"0
/"02)1!,0
!"
)0
#&++70
-t)& 0
0" 1,/

-t)& ,
-/"02-2"01/&,
 
 
*&)),+"0
!"
-"0,0
6

-,/ "+1'"0
'+;3+-3H7


 
 '+;3+-3H7
;/+5
#/5+=3?+

9;8,+.8
,<85>=+

  


4/;-3.8

 4/;-3.8



  

  
 


+5+7-/
"I,53-8 

        
  
7?/;<3H7
./


     
 
")
+5+7-/
"I,53-8

<37
7?/;<3H7
./
 


  7+ 

")
+5+7-/

";/<>9>/<=+;38


           

+,
+5+7-/

";/<>9>/<=+;38


 


 
 7+  
<37
7?/;<3H7
./

")

+
71;/<8<

 




     

";/<>9>/<=+;38<
"/=;85/;8<    
 

 

8
"/=;85/;8< 
   
    
  
,
+<=8
/=8


     
"+1+.8
30/;363/7=8
./


     
  
"+18<
+<=8
/=8
%8=+5    
 
   
+<=8


 

       
";81;+6+,5/
+<=8
78



        
";81;+6+,5/


+5+7-/
";36+;38 

 
 
     
8<=8
37+7-3/;8


    
   

./
5+
/>.+


#2"+1"
"F;<IL;>I
JIL
F;
0#
=IH
CH@ILG;=C\H
>?
F;
0% -
O?HN;
-]<FC=;
 
S
NL;HMJ;L?H=C;

JL?MOJO?MN;LC;
FCHE
BNNJQQQNL;HMJ;L?H=C;JL?MOJO?MN;LC;AI<GR

;8D3E
53>5G>363E
5A@
43E7
7@
7>
67]35FAD
;?B>P5;FA
67>
(!
67



@
3

&A
3B>;534>7




+,1
);M
MOG;M
J;L=C;F?M
S
F;M
P;LC;=CIH?M
JO?>?H
HI
=ICH=C>CL
=IH
?F
NIN;F
>?<C>I
;F
L?>IH>?I

;JFC=;>I
);
)#-/%
;LN

S
MO
/?AF;G?HNI
;LN

PCA?HN?M
?H
 
?MN;<F?=?H
KO?
F;
CHP?LMC\H
>?

-"*"5
S
MOM
ILA;HCMGIM
MO<MC>C;LCIM
HI
M?
>?<?
=IHN;<CFCT;L
J;L;
?@?=NIM
>?F
?KOCFC<LCI
JL?MOJO?MN;LCI

S
J;L;
?P;FO;L
?F
=OGJFCGC?HNI
>?
F;
G?N;
>?
<;F;H=?
J]<FC=I

-IL
F;
=IHMIFC>;=C\H
?H
FIM
>;NIM
>?F

?D?L=C>I
 
S
 
M?
?R=FOS?H
 
S
 
GCFFIH?M
>?
J?MIM
L?MJ?=NCP;G?HN?
JIL
=IH=?JNI

>?
CHN?L?M?M
=IGJ?HM;>IM
 
 Tomo I
La Economía y las Finanzas Públicas

IH
<;M?
?H
FIM
>;NIM
;HN?LCIL?M
F;
O>CNILZ;
0OJ?LCIL
?HNL?
INL;M
=IM;M
=IH=FOS\
KO?


+7
:34P3
636A
;@EG\5;7@5;3
67
;@9D7EAE
BS4>;5AE
3
B7E3D
67
A4F7@7D
;@9D7EAE

7J5767@F7E
BAD

?;>


?;>>A@7E
67
B7EAE

G7DA@
;@EG\5;7@F7E
B3D3

5G4D;D
G@
?3KAD
@;H7>
67
93EFA
BS4>;5A
BAD
>A
CG7
D7EG>FR
G@
6O\5;F
\E53>
67


GCF
 
GCFFIH?M
>?
J?MIM

EFAE
63FAE
?3@;\7EF3@
G@
;@3675G36A
?3@7<A
67
>3E
\@3@L3E
BS4>;53E
A
G@3
?3>3

BD7H;E;R@
67
>AE
]G<AE
\@3@5;7DAE
BAD
>A
CG7
39D79R
Y@
FOD?;@AE
D73>7E
67


;
 
?F
A;MNI
H?NI
NIN;F
;OG?HN\

JIL
?H=CG;
>?F
CH=L?G?HNI
>?
FIM
CHAL?MIM

JL?MOJO?MN;LCIM
>?F

S
>?F
;OG?HNI
>?F
-&
KO?
@O?
>?
 m


MCGCMGI
F;
O>CNILZ;
=IHMC>?L\
KO?
l);
0% -
HI
;JFC=\
F;M
HILG;M
>?

>CM=CJFCH;
JL?MOJO?MN;LC;m
-IL
INLI
F;>I
AL;=C;M
;
F;M
;>?=O;=CIH?M
?H
F;
IJILNOHC>;>
=IH
F;
KO?
M?
?HNL?AO?H

FIM
L?MOFN;>IM
F;M
=IGCMCIH?M
F?ACMF;NCP;M
JI>LXH
GIHCNIL?;L
F;
GCMG;
CH@ILG;=C\H
;

NL;PYM
>?F
;[I
CH=FOMI
;HN?M
>?
KO?
F;
O>CNILZ;
0OJ?LCIL
>?
F;
#?>?L;=C\H
FI
L?JILN?

?H
?F
;3<?:2
(?6:2@A?.9
'</?2
9.
'6AB.06L;
0<;L:60.
9.@
6;.;G.@
%M/960.@
F
9.

2B1.
%M/960.
=IGI
M?
GO?MNL;
;
=IHNCHO;=C\H
=IH
F;
N;<F;

KO?
L?MOG?
FIM
>;NIM

>?F
;[I
 




O>CNILZ;
0OJ?LCIL
>?
F;
#?>?L;=C\H
;3<?:2
129
&2@B9A.1<
12
9.
6@0.96G.06L;
'B=2?6<?
12
9.
B2;A.

%M/960.


*YRC=I
0#
 
-




T12:

 
 Tomo I
La Economía y las Finanzas Públicas

$/q#& 

"3,)2 &s+
!"
)
!&#"/"+ &
"+1/"
")
-/"02-2"01,

-/,$/*!,
6
"'"/ &!,
 

*&)),+"0
!"
-"0,0

#O?HN?
"F;<IL;=C\H
JLIJC;
=IH
>;NIM
>?
F;
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
HIN;

)IM
>;NIM

=ILL?MJIH>?H
;
=;>;
NLCG?MNL?
S
HI
MIH
;=OGOF;NCPIM
);M
=C@L;M
>?
<;F;H=?
MIH
H?N;M
JIL
CH>C=;>IL
S
JIL

NLCG?MNL?

A?A
E7
A4E7DH3
7@
>3
9DN\53

7@
>AE
5G3FDA
;@8AD?7E
FD;?7EFD3>7E
67>
3QA
 
>3

0?=L?N;LZ;
>?
%;=C?H>;
@O?
>;H>I
=O?HN;
>?
F;
JLIAL?MCP;
<L?=B;
KO?
M?
;<LZ;
?HNL?

?F
JL?MOJO?MNI
;JLI<;>I
S
FIM
CHAL?MIM
=;JN;>IM
!673>?7@F7
>3
9DN\53
6747DP3

JL?M?HN;LHIM
FZH?;M
L?=N;M
?H
NILHI
;F
=?LI
?MNI
?M
=IH
GZHCG;
P;LC;=C\H
?HNL?
?F

JL?MOJO?MNI
JLIAL;G;>I
S
FI
?D?L=C>I
,<M?LP;GIM
KO?
=IH@ILG?
;P;HT;
?F
;[I
FIM

0% -
%?6:2?
;3<?:2
(?6:2@A?.9
'</?2
9.
'6AB.06L;
0<;L:60.
9.@
6;.;G.@
%M/960.@
F
9.
2B1.



%M/960.
0% -
'24B;1<
;3<?:2
(?6:2@A?.9
'</?2
9.
'6AB.06L;
0<;L:60.
9.@
6;.;G.@
%M/960.@
F
9.

2B1.
%M/960.
0% -
(2?02?
;3<?:2
(?6:2@A?.9
'</?2
9.
'6AB.06L;
0<;L:60.
9.@
6;.;G.@
%M/960.@

F
9.
2B1.
%M/960.
0% -
B.?A<
;3<?:2
(?6:2@A?.9
'</?2
9.
'6AB.06L;
0<;L:60.
9.@
6;.;G.@

%M/960.@
F
9.
2B1.
%M/960.
"H
BNNJMB=JAI<GR-,)&1& #&++ &"/#&++70-2)& 0
&100"#-!- -;ACH;M  ?L:NLCG?MNL?;MJR
 
 Tomo I
La Economía y las Finanzas Públicas

CH>C=;>IL?M
M?
;<L?H
>L;GXNC=;G?HN?
"MNI
HI
M\FI
;N;[?
;
KO?
?F
A;MNI
?MNY
JIL
?H=CG;

>?
FI
JL?MOJO?MN;>I
ILCACH;FG?HN?
MCHI
KO?
;>?GXM
FIM
CHAL?MIM
?MNXH
JIL
?H=CG;

>?
FI
JLIAL;G;>I
CHC=C;FG?HN?
*;SIL?M
CHAL?MIM
HI
M?
NL;>O=?H
?H
OH
?KOCFC<LCI
I

EGB7DNH;F
\E53>
E;@A
CG7
7>
6O\5;F
E7
357@FS3

$AE
B3D>3?7@FAE
6747@
7EF3D
3F7@FAE
3
>3
7HA>G5;R@
\E53>
67
EGE
7EF36AE
BAD
7EA
G@

G;SIL
>?M;LLIFFI
CHMNCNO=CIH;F
?H
*YRC=I
HI
JO?>?
>?D;L
;
F;
XG;L;
>?
!CJON;>IM

3>
?3D97@
67
<G93D
G@
B3B7>
67F7D?;@3@F7
7@
7>
5A@FDA>
67
>3E
\@3@L3E
BS4>;53E
K

>?
I=OJ;LM?
MCMN?GXNC=;G?HN?
>?F
;HXFCMCM
S
GIHCNIL?I
>?
FIM
CH>C=;>IL?M
=F;P?
J;L;

MIFC=CN;L
;F
?D?=ONCPI
F;M
;>?=O;=CIH?M
=IH>O=?HN?M
?H
?F
?D?L=C=CI
>?F
A;MNI
MI<L?
F;

G;L=B;
A@
7EFAE
63FAE
BA67?AE
D76A@673D
>3
D7]7J;R@
3
>3
CG7
:7?AE
3>G6;6A
7EFA
7E

>3
;?BADF3@5;3
CG7
7>
E;EF7?3
67
\E53>;L35;R@
EGB7D;AD
67<7
67
E7D
G@
;@EFDG?7@FA

L?;=NCPI
=CL=OHM=LCNI
;
F;
J?LM?=O=C\H
>?
FIM
=IGJILN;GC?HNIM
CH;J?A;>IM
;
F;
HILG;

A
3
>3
;@5A@E;EF7@5;3
5A@F34>7
7E
?NE
FD3E57@67@F7
K
67F7D?;@3@F7
CG7
>3
\E53>;L35;R@

?PIFO=CIH?
;
M?L
OH
CHMNLOG?HNI
JLIMJ?=NCPI
KO?
=IHNLC<OS;
;
OH
G?DIL
>CM?[I
S

36?;@;EFD35;R@
67
>3E
\@3@L3E
BS4>;53E


E
7@
7E7
F7DD7@A
6A@67
>3
\E53>;L35;R@
EGB7D;AD
FA63HP3
@A
:3
D7@6;6A
>AE
;?B35FAE

L?KO?LC>IM
0C
FIM
JL?MOJO?MNIM
;HO;FG?HN?
M?
P;H
>?MPC;H>I
>?
FI
JLIAL;G;>I

S
MCH
?G<;LAI
HI
M?
=ILLCA?H
IJILNOH;G?HN?
J;L;
L??MN;<F?=?L
FIM
?KOCFC<LCIM

G;=LI?=IH\GC=IM
?HNIH=?M
F;
;O>CNILZ;
M?
?MNX
J?L>C?H>I
?H
F;M
=O?HN;M
J?KO?[;M
S

67EBDAF79;7@6A
>3E
?35DA\@3@L3E
67>
EF36A

-IL
]FNCGI
B;S
KO?
MO<L;S;L
KO?
?MN;
N;L?;
=IH@ILG?
;F
LNZ=OFI

>?
HO?MNL;

IHMNCNO=C\H
?M
OH;
@;=OFN;>
?R=FOMCP;
>?
F;
XG;L;
>?
!CJON;>IM
S
JIL
?FFI
?M

CHMOMNCNOC<F?
?F
J;J?F
KO?
;
YMN;
=ILL?MJIH>?
G?>C;HN?
F;
;=NCPC>;>
>?
MOM
=IGCMCIH?M

?H
?F
M?AOCGC?HNI
MCMN?GXNC=I
JLIAL?MCPI
S
IJILNOHI
>?
F;
CH@ILG;=C\H
KO?
;LLID;H
FIM

E;EF7?3E
67
5A@FDA>
\@3@5;7DA

 
 Tomo I
La Economía y las Finanzas Públicas

&)&,$/#r
O>CNILZ;
0OJ?LCIL
>?
F;
#?>?L;=C\H
;3<?:2
129
&2@B9A.1<
12
9.
6@0.96G.06L;

'B=2?6<?
12
9.
B2;A.
%M/960.


*YRC=I
0#
 
01/"'s+
$;<CHI
S
!r7
&L?H?
#"(&# 
7' .1"
-
(&"'$&"
*YRC=I

+IPOG
 
0/
*;LZ;
GJ;LI
?N
;F
O
>B6I;
?6;12
0B2;A.@
29
%<12?
!246@9.A6C<
2;
"IE60<

&!"
  BNNJQQQ=IHAL?MIN;G;OFCJ;MAI<GR&HMNCNONI-;LF;G?HN;LC;
=OLMIM!?L-;LF>I=M);/?H>C=C\H>? O?HN;MS?F-I>?L)?ACMF;NCPIj
?M;L*;LP;H-O?HN?J>@
%/,
V) %"7
$OCFF?LGI
6@0.96G.06L;
@B=2?6<?
.C.;02@
F
?2A<@
*YRC=I

*CAO?F
qHA?F
-ILL];
  

%"!$"/
">Q;L>
S
)& (
H>L?Q
;5.;06;4
.00<B;A./696AF
3<?
A52
B@2
<3
=B/960

'(#&
&'#)&'
#+
(#
!$&#*
(
9(*"''
#
) 
#)"('
#!!('

$A@6A@
'! -@;F76
#;@96A?
G6;F
'h57


:FFBIII
A6;
AD9E;F7EA6;

AD9
G=\>7EA6; 3EE7FEBG4>;53F;A@E AB;@;A@ \>7E
B68
*& %")
/I<?LNI
(?.;@606L;
F
:<12?;6G.06L;
12
9.
6@0.96G.06L;
'B=2?6<?
2;

"IE60<
*YRC=I
M?
 
*,/
!,+11,
?=CFC;
'O>CNB
.:/6<
=<9JA60<
F
9246A6:61.1
3B;06<;.9
9

0<;4?2@<
:2E60.;<
2;
@B
2;0?B067.1.
*YRC=I
XG;L;
>?
!CJON;>IM
)&5

)?ACMF;NOL;
 

l&HMNLOG?HNIM
=IHMNCNO=CIH;F?M
J;L;
?F
=IHNLIF
J;LF;G?HN;LCIm
&2C6@A.
"2E60.;.

12
2?205<
<;@A6AB06<;.9
*YRC=I
2+*
&HMNCNONI
>?
&HP?MNCA;=CIH?M

'OLZ>C=;M
+]G

"H?
DOHCI
 

l);
;JLI<;=C\H
>?F
JL?MOJO?MNI
>?
?AL?MIM
>?
F;
#?>?L;=C\H
S
F;
L?PCMC\H

>?
F;
=O?HN;
J]<FC=;
;HO;F
2H
PCMN;TI
L?NLIMJ?=NCPI

 m
?H
3;F;>YM

!C?AI
S
;L<IH?FF
*CAO?F
9
=?<02@<
0<;@A6ABF2;A2
:2E60.;<



.K<@
12
9.

<;@A6AB06L;
12


F

12
9.
<;@A6AB06L;
12



&HMNCNONI
>?
&HP?MNCA;=CIH?M

'OLZ>C=;M
 

!.@
0<:6@6<;2@
=.?9.:2;A.?6.@


12
6;C2@A64.06L;
L?4.;<@

12

0<;A?<9

=<9JA60<


*YRC=I

XG;L;

>?

!CJON;>IM
2+*


(2:.@
@2920A<@
12
12?205<
=.?9.:2;A.?6<
*YRC=I
*CAO?F
qHA?F
-ILL];

2HCP?LMC>;>
HXBO;=
>?F

0OL
 

(?26;A.
.K<@
12
6;C2@A64.06L;
=.?9.:2;A.?6.
2;
"IE60<

 
*YRC=I

2+*
&&'
 
*,/"+,
/I<?LNI
l!?F
J;NLCGIHC;FCMGI
;
F;
NL;HMJ;L?H=C;
?H
F;
;>GCHCMNL;=C\H

J]<FC=;
>?
*YRC=I
2H
F;LAI
S
MCHOIMI
=;GCHIi
S
FI
KO?
HIM
B;=?
@;FN;
JIL

L?=ILL?Lm
6@0.96G.06L;
(?.;@=.?2;06.
F
&2;1606L;
12
B2;A.@
*YRC=I
!

XG;L;
>?
!CJON;>IM
IGCMC\H
>?
3CACF;H=C;
2"
 

 
 Tomo I
La Economía y las Finanzas Públicas

-))/"0
';=CHNI
B?@<
0<:=92A<
12
2?205<
"2E60.;<
*YRC=I
&
-;T
 

0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
'24B;1<
;3<?:2
(?6:2@A?.9
'</?2
9.

'6AB.06L;
0<;L:60.
9.@
6;.;G.@
%M/960.@
F
9.
2B1.
%M/960.
*YRC=I
 
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
(2?02?
;3<?:2
(?6:2@A?.9
'</?2
9.
'6AB.06L;

0<;L:60.
9.@
6;.;G.@
%M/960.@
F
9.
2B1.
%M/960.
*YRC=I
 
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
B.?A<
;3<?:2
(?6:2@A?.9
'</?2
9.

'6AB.06L;
0<;L:60.
9.@
6;.;G.@
%M/960.@
F
9.
2B1.
%M/960.
*YRC=I
 
0,)/"0
*"+!&,)
*;HO?F
!.
B16A<?J.
'B=2?6<?
12
9.
212?.06L;

.;A20212;A2@
F
=2?@=20A6C.
7B?J160.
*YRC=I
2+*
 
3&))+2"3
),*")r
!;PC>
l/?H>C=C\H
>?
=O?HN;M
S
AI<C?LHIM
FI=;F?M
L?NIM

S
J?LMJ?=NCP;Mm
6@0.96G.06L;
(?.;@=.?2;06.
F
&2;1606L;
12
B2;A.@
*YRC=I

!
XG;L;
>?
!CJON;>IM
IGCMC\H
>?
3CACF;H=C;
2"
 
2$)!"
)OCM
;LFIM
*6469.;1<
.9
720BA6C<
9
=.=29
129
<;4?2@<
2;
9.
@B=2?C6@6L;

129
4.@A<
=M/960<

 

*YRC=I
&HMNCNONI
>?
&HP?MNCA;=CIH?M
)?ACMF;NCP;M

)3&&
)?ACMF;NOL;
XG;L;
>?
!CJON;>IM
*CAO?F
qHA?F
-ILL];
 

 
 Tomo I
La Economía y las Finanzas Públicas

"3)2 &s+
6
/"+!& &s+
!"
2"+10

")"*"+1,0
!")
"'"/ & &,
!"*, /q1& ,
!")
-,!"/
0?LACI
)\J?T
SFF\H
$OCFF?LGI
*
?DO>I

&+1/,!2 &s+
e \GI
JO?>?
OH;
MI=C?>;>
>IN;LM?
>?
<O?HIM
AI<C?LHIM
"MN;
JL?AOHN;
B;
?MN;>I

BAD
E;9>AE
7@
7>
57@FDA
67
6743F7E
\>AER\5AE
K
67
6;E5GE;A@7E
BDN5F;53E

7E67
>3

5>NE;53
D7]7J;R@
67
D;EFRF7>7E
EA4D7
>3E
?7<AD7E
5A@EF;FG5;A@7E
:3EF3
>3E
6;E5GE;A@7E

=IHN?GJILXH?;M
MI<L?
>I=NLCH;M
;>GCHCMNL;NCP;M
>?
P;HAO;L>C;
F;
JL?I=OJ;=C\H
?M

>3
?;E?3
5R?A
3E79GD3DE7
CG7
>3
5A@6G55;R@
67
>AE
3EG@FAE
BS4>;5AE
D7]7<7
>3E

JL?@?L?H=C;M
>?
F;
=IGOHC>;>
JIFZNC=;
k=IGI
M?;
KO?
?MN;M
M?
?RJL?M?Hk
S
JLI>OT=;

L?MOFN;>IM
MI=C;FG?HN?
>?M?;<F?M
k=O;F?MKOC?L;
KO?
?MNIM
M?;Hk

"H
F;M
>?GI=L;=C;M

=IHN?GJILXH?;M
?MN;
JL?AOHN;
M?
>?M>I<F;
?H
>IM
=IGJIH?HN?M
?F
;==?MI
;F
JI>?L

e=\GI
>?=C>CGIM
KOCYH
HIM
AI<C?LH;
KO?
M?
L?MO?FP?
?H
?F
>CM?[I
>?
FIM
MCMN?G;M

?F?=NIL;F?M
S
>?
L?JL?M?HN;=C\H
S
?F
?D?L=C=CI
>?F
JI>?L
e=\GI
B;=?GIM
J;L;
KO?

F;M
>?=CMCIH?M
>?
HO?MNLIM
AI<?LH;HN?M
?MNYH
ILC?HN;>;M
JIL
?F
CHN?LYM
J]<FC=I
S
KO?

M?
?GJ?[?H
?H
FIAL;L
L?MOFN;>IM
KO?
G?DIL?H
F;
=;FC>;>
>?
PC>;
>?
F;M
J?LMIH;M

KO?
M?
>?M>I<F;
?H
FIM
>C@?L?HN?M
?F?G?HNIM
KO?
=IGJL?H>?H
F;
L?H>C=C\H
>?
=O?HN;M

FD3@EB3D7@5;3
7H3>G35;R@
\E53>;L35;R@
K
D7EBA@E34;>;6367E


EF7
7@E3KA
67E3DDA>>3DN
67
?3@7D3
7EB75P\53
>AE
3EB75FAE
D7>35;A@36AE
5A@
7EF3

>CG?HMC\H
?H
J;LNC=OF;L
?F
;==?MI
;
F;
CH@ILG;=C\H
S
F;
?P;FO;=C\H




0?LACI
)\J?T
SFF\H
?M
!I=NIL
?H
!?L?=BI
JIL
F;
2+*
,<NOPI
MO
G;?MNLZ;

?H
MI=CIFIAZ;
>?F
>?L?=BI

S
L?F;=CIH?M
MI=C;F?M
?H
F;
2HCP?LMC>;>
>?
-;LCM
&&
"M
JLI@?MIL

CHP?MNCA;>IL
>?F
?HNLI
>?
&HP?MNCA;=C\H
S

!I=?H=C;
"=IH\GC=;
 &!"
>IH>?
;=NO;FG?HN?
M?

>?M?GJ?[;
=IGI
!CL?=NIL

$?H?L;F
"M
GC?G<LI
>?F

0CMN?G;
+;=CIH;F
>?
&HP?MNCA;>IL?M
HCP?F
&&
S
>?
F;
=;>?GC;
*?RC=;H;
>?
C?H=C;M
"M
;ONIL
>?
P;LCIM

FC<LIM
S
B;
JO<FC=;>I
GXM

>?

;LNZ=OFIM
S
=;JZNOFIM
>?
FC<LIM




$OCFF?LGI
*
?DO>I
?M
!I=NIL
?H
C?H=C;
-IFZNC=;
2HCP?LMC>;>
>?
IMNIH
""22
;=NO;FG?HN?
M?

>?M?GJ?[;
=IGI
0?=L?N;LCI
=;>YGC=I
>?F
&!"
S
?M
-LI@?MIL&HP?MNCA;>IL
=IH
+CP?F
&&
>?F
0CMN?G;

+;=CIH;F
>?
&HP?MNCA;>IL?M



-;L;
OH;
>CM=OMC\H
>?F
=IH=?JNI
S
=IHN?HC>I
>?
F;
L?H>C=C\H
>?
=O?HN;M
PY;M?
)\J?T
SFF\H
0?LACI
S

*;OLC=CI
*?LCHI
l);
L?H>C=C\H
>?
=O?HN;M
?H
*YRC=I
-?LMJ?=NCP;M
S
L?NIMm
?H
*?LCHI
*;OLC=CI
0?LACI

)\J?T
SFF\H
S
$OCFF?LGI
?DO>I
=IIL>M
!.
@A?B0AB?.
12
9.
&2;1606L;
12
B2;A.@
2;
"IE60<
*YRC=I

2+*
&!"
 
JJ


 
 Tomo I
La Economía y las Finanzas Públicas

*YRC=I
B;
?RJ?LCG?HN;>I
NL;HM@ILG;=CIH?M
>L;GXNC=;M
?H
FIM
]FNCGIM
;[IM
?H
F;

<]MKO?>;
JIL
G?DIL?M
AI<C?LHIM
#L?HN?
;F
*YRC=I
>?
B;=?
;J?H;M
OH;M
>Y=;>;M
?H

?F
KO?
?F
"MN;>I
N?HZ;
OH
J;J?F
>IGCH;HN?
?H
OH;
?=IHIGZ;
=?LL;>;
?F
JFOL;FCMGI
HI

N?HZ;
=;<C>;
?H
FIM
=IHAL?MIM
HC
?H
FIM
J;F;=CIM
>?
AI<C?LHI
S
F;
G;SIL
J;LN?
>?
F;M

>?=CMCIH?M
>?
JIFZNC=;M
J]<FC=;M
M?
NIG;<;H
?H
F;
CO>;>
>?
*YRC=I
?H
OH
?HNILHI
>IH>?

JL?P;F?=Z;
?F
M?=L?NI
;>GCHCMNL;NCPI
BIS
F;
L?;FC>;>
?M
GOS
>CMNCHN;
);
?=IHIGZ;
M?

B;
FC<?L;FCT;>I
F;
JIFZNC=;
M?
B;
>?GI=L;NCT;>I
S
F;
L?MJIHM;<CFC>;>
>?F
?D?L=C=CI
>?

AI<C?LHI
M?
B;
>?M=?HNL;FCT;>I

-?LI
F;
N;L?;
HI
?MNX
N?LGCH;>;
FIM
=CO>;>;HIM
?MNXH
CHM;NCM@?=BIM
=IH
?F
>?M?GJ?[I
>?

F;
>?GI=L;=C;
>O>;H
>?
F;M
PCLNO>?M
>?F
@?>?L;FCMGI
S
HI
=IH@Z;H
?H
MOM
CHMNCNO=CIH?M

S
MOM
JIFZNC=IM
"MN;
N;L?;
MOJIH?
F;
=IHMNLO==C\H
>?
OH
LYACG?H
>?
L?H>C=C\H
>?

=O?HN;M
?H
?F
KO?
FIM
=CO>;>;HIM
JO?>;H
=IHNLIF;L
;
MOM
AI<C?LHIM
S
FIM
@OH=CIH;LCIM

S
JIFZNC=IM
M?
M?J;H
MOD?NIM
;F
?M=LONCHCI
J]<FC=I
);
=IHMNLO==C\H
>?
?MN?
LYACG?H
B;

E;6A
G@
BDA57EA
>3D9A
K
9D36G3>

+GE
BD;?7DAE
7>7?7@FAE
E7
;@FDA6G<7DA@
3
\@3>7E
67
>AE

E7F7@F3E
K
3DD3@5R
67
?3@7D3
?NE
67\@;F;H3
3
?76;36AE
67
>3
6O5363
67
>AE
@AH7@F3


,GH;?AE
3H3@57E
E;9@;\53F;HAE
7@
>AE
BD;?7DAE
3QAE
67>
E;9>A
00!
K3
43<A
>3E
D79>3E
67

F;
;FN?LH;H=C;
JIFZNC=;
S
BIS
J?LG;H?=?
?H
=IHMNLO==C\H
=IH
F;M
CGJILN;HN?M
L?@ILG;M

=IHMNCNO=CIH;F?M
L?=C?HN?M
?H
G;N?LC;
>?
NL;HMJ;L?H=C;
F;
;ONIHIGZ;
=IHMNCNO=CIH;F
>?F

IH?P;F
S
F;
=L?;=C\H
>?F
MCMN?G;
H;=CIH;F
;HNC=ILLOJ=C\H

"H
?MN;M
JXACH;M
M?
B;=?
OH
<L?P?
L?=O?HNI
>?
?MN;
NL;S?=NILC;
S
>?
FIM
L?NIM
CHG?>C;NIM

J;L;
FF?P;L
;
<O?H
NYLGCHI
?F
JLI=?MI
>?
=IHMNLO==C\H
>?
OH;
>?GI=L;=C;
>?
=;FC>;>
=IH

AI<C?LHIM
?F?=NIM
>?GI=LXNC=;G?HN?
KO?
?D?L=?H
?F
JI>?L
>?GI=LXNC=;G?HN?
S
KO?
?MNXH

<;DI
=IHNLIF?M
>?GI=LXNC=IM

2+
!*&+&01/ &s+
-t)& 
-/
)
!"*, / &
)

1/+0-/"+ &
6
)
/"+!& &s+
!"
2"+10

);
>?GI=L;=C;
HI
M?
;AIN;
?H
F;
OLH;
?F?=NIL;F
0C
<C?H
?F
PINI
>?
=;>;
=CO>;>;HI
S
MO

=IHN?I
?M=LOJOFIMI
?M
?F
@6;2
>B.
;<;
>?
=O;FKOC?L
LYACG?H
>?GI=LXNC=I
M;<?GIM
<C?H

KO?
FIM
=CO>;>;HIM
?MJ?L;H
>?
F;
>?GI=L;=C;
HI
MIFI
AI<?LH;HN?M
?F?=NIM
MCHI
JIFZNC=;M

BS4>;53E
7\5357E
K
D7EG>F36AE
F3@9;4>7E
7@
EG
53>;636
67
H;63

(3D3
7>>A
7E
8G@63?7@F3>

=IHN;L
=IH
?F
;J;L;NI
;>GCHCMNL;NCPI
KO?
NL;>O=?
F;M
>?=CMCIH?M
JIFZNC=;M
?H
JIFZNC=;M

<C?H?M
S
M?LPC=CIM
J]<FC=IM

);
;>GCHCMNL;=C\H
J]<FC=;
?M
?F
=IHDOHNI
>?
ILA;HCT;=CIH?M
JLI=?MIM
S
@OH=CIH;LCIM

KO?
<;DI
?F
G;H>I
>?F
-I>?L
"D?=ONCPI
L?;FCT;
F;M
@OH=CIH?M
>?
AI<C?LHI
>CM?[;
S


 Tomo I
La Economía y las Finanzas Públicas

?D?=ON;
JIFZNC=;M
J]<FC=;M
JLIP??
M?LPC=CIM
L?AOF;
S
JL?M?LP;
<C?H?M
J]<FC=IM
)I

B;=?
ILC?HN;>;
JIL
P;FIL?M
J]<FC=IM
S
G?>C;HN?
?F
?D?L=C=CI
>?
F;
;ONILC>;>
J]<FC=;
S
F;

;JFC=;=C\H
>?
FIM
L?=OLMIM
JL?MOJO?MN;F?M
F?A;F?M
S
;>GCHCMNL;NCPIM
;
MO
>CMJIMC=C\H
0O

67E7?B7QA
7EFN
67\@;6A
BAD
>3
6;@N?;53
67
>3
75A@A?P3
BA>PF;53
67>
EF36A
?7J;53@A
>3

67?A5D3F;L35;R@
BA>PF;53
K
>3
>;47D35;R@
75A@R?;53
BAD
G@
?3D5A
;@EF;FG5;A@3>
67\@;6A

JIL
F;
=IHMNCNO=C\H
JIFZNC=;
>CPCMC\H
>?
JI>?L?M
S
MCMN?G;
@?>?L;F
JIL
OH
?HNL;G;>I
F?A;F

7EB75P\5A
>7K7E
D79>3?7@FAE
>;@73?;7@FAE
K
BAD
3FD;4GFAE
67
>3
BDAB;3
36?;@;EFD35;R@

=;J;=C>;>?M
CH=?HNCPIM
LONCH;M

"F
>?M?GJ?[I
>?
F;
;>GCHCMNL;=C\H
J]<FC=;
NC?H?
OH;
GCLZ;>;
>?
?@?=NIM
k>CL?=NIM
I
HIk

MI<L?
F;
=;FC>;>
>?
PC>;
>?
FIM
=CO>;>;HIM
?F
>?M;LLIFFI
MI=C;F
S
?=IH\GC=I
>?F
J;ZM
S

MO
AI<?LH;<CFC>;>
-IL
?FFI
MO
=;J;=C>;>
>CL?=NCP;
S
IJ?L;NCP;
MO
@ILN;F?T;
CHMNCNO=CIH;F

S
MO
ILC?HN;=C\H
=CO>;>;H;
MIH
@OH>;G?HN;F?M
J;L;
;F=;HT;L
FIM
JLIJ\MCNIM
=IF?=NCPIM

>?
F;
>?GI=L;=C;
G?RC=;H;
MZ
=IH@ILG?
M?
B;
=IHMNLOC>I
OH
MCMN?G;
>?GI=LXNC=I
S

>?
=IGJ?N?H=C;
?=IH\GC=;
F;
;>GCHCMNL;=C\H
J]<FC=;
G?RC=;H;
B;
PCPC>I
JLI=?MIM
>?

=;G<CI
kHI
NI>IM
?RCNIMIM
HC
=IGJF?NIMk
J;L;
NL;N;L
>?
;>;JN;LM?
;F
HO?PI
?HNILHI

"H
G;N?LC;
>?
;==?MI
;
F;
CH@ILG;=C\H
FIM
JLCG?LIM
=;G<CIM
M?
>C?LIH
=IH
F;
L?@ILG;

JIFZNC=;
>?

@O?
?HNIH=?M
=O;H>I
M?
L?@ILG;
?F
LNZ=OFI

>?
F;
IHMNCNO=C\H
S
M?

CHNLI>ODI
F;
@L;M?
l?F
>?L?=BI
;
F;
CH@ILG;=C\H
M?LX
A;L;HNCT;>I
JIL
?F
"MN;>Im
OHKO?

?HNIH=?M
F;
CHN?LJL?N;=C\H
>IGCH;HN?
@O?
?HN?H>?LFI
=IGI
OH
>?L?=BI
KO?
A;L;HNCT;<;
?F

;==?MI
>?
FIM
J;LNC>IM
JIFZNC=IM
;
FIM
G?>CIM
>?
=IGOHC=;=C\H
>?M>?
?HNIH=?M
>CP?LM;M

CHN?LJL?N;=CIH?M
N;HNI
DOLCMJLO>?H=C;F?M
=IGI
>I=NLCH;F?M
KO?
M?
@O?LIH
=IHMIFC>;H>I

=IH
?F
NC?GJI
F?
>C?LIH
OH
=IHN?HC>I
GXM
;GJFCI
S
FI
?HN?H>C?LIH
=IGI
F;
I<FCA;=C\H

>?F
"MN;>I
>?
JLIJIL=CIH;L
CH@ILG;=C\H
IJILNOH;
S
P?L;T
;
FIM
=CO>;>;HIM
?HNL?
INLIM

G?>CIM
;
NL;PYM
>?F
;==?MI
;
FIM
>I=OG?HNIM
;>GCHCMNL;NCPIM
IH
CH>?J?H>?H=C;
>?
FI
;HN?LCIL
S
?H
<O?H;
G?>C>;
=IGI
L?MOFN;>I
>?
F;
;J?LNOL;

5A?7D5;3>
K
>3
;@]G7@5;3
67
>AE
?A67>AE
67
D79G>35;R@
67
>AE
B3PE7E
67
>3
'
>AE

=IH=?JNIM
>?
NL;HMJ;L?H=C;
S
;==?MI
;
FIM
>I=OG?HNIM
;>GCHCMNL;NCPIM
M?
;<LC?LIH

JLIAL?MCP;G?HN?
J;MI
?H
F;
F?ACMF;=C\H
G?RC=;H;
MZ
JIL
?D?GJFI
F;
@L;==C\H
3&&&
>?F

;LNZ=OFI

>?
F;
)?S
#?>?L;F
>?
-LI=?>CGC?HNI
>GCHCMNL;NCPI
>?

?MN;<F?=Z;
=IGI

I<FCA;=C\H
>?
F;
;>GCHCMNL;=C\H
J]<FC=;
@?>?L;F
J?LGCNCL
?F
;==?MI
>?
FIM
J;LNC=OF;L?M

;
MOM
L?ACMNLIM
S
;L=BCPIM
0CH
?G<;LAI
F;
GCMG;
@L;==C\H
?MN;<F?=Z;
"
7"
KO?
?MN?

;==?MI
?L;
l?H
FIM
NYLGCHIM
JL?PCMNIM
?H
YMN;
S
INL;M
F?S?Mm
"M;
F?ACMF;=C\H
HI
?RCMNZ;

,NL;M
F?S?M
N?HZ;H
>CMJIMC=CIH?M
KO?
CHMCHO;<;H
N;G<CYH
?F
JLCH=CJCI
>?
;==?MI
;
F;

CH@ILG;=C\H
;OHKO?
>?
G;H?L;
GOS
FCGCN;>;




3Y;M?
)\J?T
SFF\H
0?LACI
l"F
>?L?=BI
;
F;
CH@ILG;=C\Hm
?H
;0609<=216.
B?J160.
"2E60.;.
PIF
&5

*YRC=I
2+*
-ILL];
JJ





/J12:

 Tomo I
La Economía y las Finanzas Públicas

);
=IGJ?N?H=C;
JIFZNC=;
?RJL?M;>;
?H
?F?==CIH?M
=;>;
P?T
GXM
L?[C>;M
S
F;
?HNL;>;

>?F
JFOL;FCMGI
?H
?F
IHAL?MI
KO?
=OFGCH\
?H

=IH
OH;
XG;L;
>?
!CJON;>IM

?H
F;
KO?
?F
J;LNC>I
>?F
JL?MC>?HN?
HI
N?HZ;
G;SILZ;
?MNCGOF;LIH
OH;
G;SIL
;N?H=C\H

;
F;
@ILG;
?H
F;
KO?
F;
;>GCHCMNL;=C\H
J]<FC=;
>?M?GJ?[;<;
MOM
N;L?;M
0?
L?@ILG\
F;

@ILG;
>?
B;=?L
?F
JL?MOJO?MNI
=IH
F;
+O?P;
"MNLO=NOL;
-LIAL;GXNC=;
M?
NL;HM@ILG\

F;
IHN;>OLZ;
*;SIL
>?
%;=C?H>;
?H
F;
O>CNILZ;
0OJ?LCIL
>?
F;
#?>?L;=C\H
S
?F

IHAL?MI
=IG?HT\
;
N?H?L
OH
J;J?F
GXM
;=NCPI
?H
F;
PCACF;H=C;
>?F
AI<C?LHI
"H
FIM

?MN;>IM
MC
<C?H
=IH
OH;
CHN?HMC>;>
G?HIL
OH
JLI=?MI
MCGCF;L
=IG?HT;<;
;
I=OLLCL

1L;M
?F
F;LAI
JLI=?MI
>?
>?GI=L;NCT;=C\H
JIFZNC=;
?H
?F
;[I

3C=?HN?
#IR
>?F

-;LNC>I
==C\H
+;=CIH;F
FF?A\
;
F;
-L?MC>?H=C;
>?
F;
/?J]<FC=;
;
?H=;<?T;L
OH;

;>GCHCMNL;=C\H
J]<FC=;
KO?
?MN;<;
S;
?H
JLI=?MI
>?
;>;JN;=C\H
;F
=;G<CI
>?GI=LXNC=I

MOD?N;
;
G;SIL?M
=IHNLIF?M
>?M>?
?F
=IHAL?MI
S
;
G;SIL
PCACF;H=C;
=CO>;>;H;

!?M>?
?F
IHAL?MI
?H
=;G<CI
MZ
M?
CHNLI>OD?LIH
CGJILN;HN?M
=;G<CIM
;F

@OH=CIH;GC?HNI
>?
F;
;>GCHCMNL;=C\H
J]<FC=;
.OCTX
?F
F?A;>I
GXM
CGJILN;HN?
>?
?MN?

J?LCI>I
@O?
F;
;JLI<;=C\H
?H
 
>?
F;
!2F
212?.9
12
(?.;@=.?2;06.
F
002@<
.

9.
;3<?:.06L;
%M/960.
B/2?;.:2;A.9
KO?
B;
MC>I
OH
CHMNLOG?HNI
]NCF
J;L;
;=IN;L

F;
>CM=L?=CIH;FC>;>
>?
FIM
@OH=CIH;LCIM
?H
?F
G;H?DI
S
>CPOFA;=C\H
>?
F;
CH@ILG;=C\H

7@
BA67D
67>
9A4;7D@A
K
:3
835;>;F36A
7>
3557EA
5;G6363@A
3
>AE
6A5G?7@FAE
A\5;3>7E


"MN;
F?S
S
F;M
CHMNCNO=CIH?M
S
JLX=NC=;M
KO?
>?
?FF;
M?
>?LCP;H
MIH
L?=IHI=C>;M
=IGI

OH;
>?
F;M
F?S?M
>?
;==?MI
;
F;
CH@ILG;=C\H
GXM
=IGJF?N;M
S
;P;HT;>;M
>?F
GOH>I

@
BA5A
F;7?BA
FA63E
>3E
A\5;@3E
67
>3
36?;@;EFD35;R@
BS4>;53
8767D3>
5D73DA@

A\5;@3E
676;5363E
3
D7EBA@67D
>3E
EA>;5;FG67E
5;G6363@3E
67
3557EA
3
>3
;@8AD?35;R@

S
M?
A?H?L;LIH
JILN;F?M
?F?=NL\HC=IM
J;L;
B;=?L
J]<FC=;
CH@ILG;=C\H
<XMC=;
MI<L?
?F

8G@5;A@3?;7@FA
67
5363
A\5;@3
K
7>
GEA
CG7
OEF3
:357
67
>AE
D75GDEAE
BD7EGBG7EF3>7E



F;
)?S
#?>?L;F
MCAOC?LIH
INL;M
F?S?M
?KOCP;F?HN?M
?H
F;M
?HNC>;>?M
@?>?L;NCP;M
-;L;

JLCH=CJCIM
>?
 
NI>IM
FIM
?MN;>IM
>?F
J;ZM
=IHN;<;H
=IH
OH;
)?S
>?
==?MI
;
F;

&H@ILG;=C\H
0CH
?G<;LAI
?RCMNZ;
OH
JLI<F?G;
@OH>;G?HN;F
)IM
=LCN?LCIM
=IHN?HC>IM

?H
F;M
F?S?M
J;L;
;M?AOL;L
?F
>?L?=BI
>?
;==?MI
;
F;
CH@ILG;=C\H
P;LC;<;H
>?
G;H?L;

E;9@;\53F;H3
67
?3@7D3
F3>
CG7
>3E
5A@6;5;A@7E
K
>AE
D7CG;E;FAE
B3D3
7>
7<7D5;5;A
67>

>?L?=BI
?L;H
>CMNCHNIM
MC
JIL
?D?GJFI
OHI
JL?M?HN;<;
OH;
MIFC=CNO>
?H
BCBO;BO;

?F
!CMNLCNI
#?>?L;F
I
.OCHN;H;
/II
"MNI
A?H?L\
OH;
MCNO;=C\H
CH;=?JN;<F?
JO?M
M?

NL;N;<;
>?F
GCMGI
>?L?=BI
J?LI
=OS;M
=IH>C=CIH?M
>?
?D?L=C=CI
?L;H
>C@?L?HN?M
?H
=;>;

?MN;>I
"MN;
@O?
F;
L;T\H
KO?
CGJOFM\
F;
JLCG?L;
L?@ILG;
=IHMNCNO=CIH;F
?H
G;N?LC;
>?

;==?MI
;
F;
CH@ILG;=C\H




3Y;M?
*?LCHI
*;OLC=CI
g*O=B;M
JIFZNC=;M
S
OH
MIFI
>?L?=BIh
?H
2:<0?.06.
(?.;@=.?2;06.
F

<;@A6AB06L;
%?<=B2@A.@
=.?.
B;
12/.A2
;202@.?6<
?>
JIL
0?LACI
)\J?T
SFF\H
*YRC=I
2+*
&#&

 
JJ




 Tomo I
La Economía y las Finanzas Públicas

"H
?@?=NI
?H
DOFCI
>?
 
S
FO?AI
>?
OH
GIPCGC?HNI
?H=;<?T;>I
JIL
>CP?LMIM

9A47D@36AD7E
67
>AE
BD;@5;B3>7E
B3DF;6AE
BA>PF;5AE
E7
BG4>;5R
7@
7>
;3D;A
'\5;3>
67

F;
#?>?L;=C\H
OH;
L?@ILG;
;F
LNZ=OFI

IHMNCNO=CIH;F
KO?
F?
;[;>Z;
OH
M?AOH>I

JXLL;@I
?H
?F
=O;F
M?
?MN;<F?=Z;H
NL?M
AL;H>?M
JLCH=CJCIM
S
=CH=I
<;M?M
JIL
FIM
=O;F?M

B;<Z;H
>?
L?ACLM?
F;
#?>?L;=C\H
F;M
?HNC>;>?M
@?>?L;NCP;M
S
?F
!CMNLCNI
#?>?L;F
"H

OH;
;JL?N;>;
MZHN?MCM
?MN;
L?@ILG;
?MN;<F?=?
FIM
JLCH=CJCIM
>?
GXRCG;
JO<FC=C>;>
>?

NI>;
F;
CH@ILG;=C\H
?H
JIM?MC\H
>?
=O;FKOC?L
;ONILC>;>
\LA;HI
ILA;HCMGI
I
?HNC>;>

@?>?L;F
?MN;N;F
S
GOHC=CJ;F
M;FPI
JIL
L;TIH?M
>?
CHN?LYM
J]<FC=I
=IHN?HC>;M
?H
F?S
>?

JLIN?==C\H
>?
F;
PC>;
JLCP;>;
S
FIM
>;NIM
J?LMIH;F?M
G?>C;HN?
F?S
KO?
>?N?LGCH;LX
FIM

NYLGCHIM
S
?R=?J=CIH?M
S
>?
;==?MI
AL;NOCNI
;
F;
CH@ILG;=C\H
FIM
>;NIM
J?LMIH;F?M

A
>3
D75F;\535;R@
67
7EFAE
E;@
@757E;636
67
35D76;F3D
;@F7DOE
3>9G@A
A
<GEF;\53D
EG

ONCFCT;=C\H

>?GXM
F;
L?@ILG;
?MN;<F?=C\
F;M
<;M?M
J;L;
F;
ILA;HCT;=C\H
F?ACMF;NCP;
?H
NI>I
?F
J;ZM

>?
F;
G;N?LC;
KO?
CGJFC=;H
F;
=L?;=C\H
>?
G?=;HCMGIM
>?
;==?MI
S
JLI=?>CGC?HNIM

>?
L?PCMC\H
?RJ?>CNIM
>?
ILA;HCMGIM
?MJ?=C;FCT;>IM
?
CGJ;L=C;F?M
=IH
;ONIHIGZ;

IJ?L;NCP;
>?
A?MNC\H
S
>?
>?=CMC\H
S
>?
;L=BCPIM
;>GCHCMNL;NCPIM
;=NO;FCT;>IM

1;G<CYH
M?
?MN;<F?=C\
F;
I<FCA;=C\H
>?
JO<FC=;L
?H
G?>CIM
?F?=NL\HC=IM
F;
CH@ILG;=C\H

MI<L?
?F
OMI
>?
FIM
L?=OLMIM
J]<FC=IM
CH=FOMI
FIM
KO?
M?
?HNL?AO?H
;
J?LMIH;M
@ZMC=;M
S

GIL;F?M
S
FIM
CH>C=;>IL?M
>?
A?MNC\H

2H
M?AOH>I
=;G<CI
>?
AL;H
JIN?H=C;F
@O?
F;
=L?;=C\H
>?
OH
MCMN?G;
>?
M?LPC=CI
=CPCF

J;L;
F;
;>GCHCMNL;=C\H
J]<FC=;
@?>?L;F
!?
HO?PI
?F
ILCA?H
>?
?MN;
CHC=C;NCP;
?MNOPI

?H
?F
IHAL?MI
NL;M
OH;
F;LA;
BCMNILC;
>?
CHC=C;NCP;M
@;FFC>;M
?H
>Y=;>;M
J;M;>;M
);

!2F
129
'2?C606<
%?<32@6<;.9
12
.??2?.
@O?
;JLI<;>;
MCH
IJIMC=C\H
?H
?F
IHAL?MI

>?GXM
>?
JL?P?L
F;
CHMN;OL;=C\H
>?
OH
MCMN?G;
JLI@?MCIH;F
J;L;
FIM
G;H>IM
>CL?=NCPIM

>?
F;
;>GCHCMNL;=C\H
J]<FC=;
=?HNL;F
<;DI
F;
=IIL>CH;=C\H
>?
F;
L?=CYH
=L?;>;
0?=L?N;LZ;

>?
F;
#OH=C\H
-]<FC=;
"MN;
F?S
@O?
L?AF;G?HN;>;
?H
G;LTI
>?
 
KO?
@O?
L?@ILG;>I

?H
 
S
;F
JI=I
NC?GJI
M?
CHC=C\
F;
=IHPI=;NILC;
;
?RXG?H?M
J;L;
I=OJ;L
JF;T;M
?H

F;
;>GCHCMNL;=C\H
J]<FC=;


>C@?L?H=C;
>?
F;
F?S
>?
NL;HMJ;L?H=C;
?F
M?LPC=CI
JLI@?MCIH;F
>?
=;LL?L;
HI
FIAL\

5A@EA>;63DE7
?NE
3>>N
67
>3
D78AD?3
3>
?3D5A
@AD?3F;HA

$3
7\535;3
67
>AE

JLI=?>CGC?HNIM
>?
CHAL?MI
B;
MC>I
=O?MNCIH;>;
MI<L?
NI>I
>?<C>I
;F
;<OMI
KO?
>?M>?

?F
CHC=CI
M?
B;
B?=BI
>?
FIM
HIG<L;GC?HNIM
N?GJIL;F?M
KO?
>?<?LZ;H
M?L
?R=?J=CIH;F?M




-;L;
OH
;HXFCMCM
>?N;FF;>I
>?F
=IHN?HC>I
?
CGJFC=;=CIH?M
>?
F;
L?@ILG;
PY;M?
0;F;T;L
-?>LI
?>
9

&#

'#


"#&!1"
"

#"'(()1"
,"
.#"'
'"7#'
-
#"')"'

*YRC=I
2+*
&#&
 

 Tomo I
La Economía y las Finanzas Públicas

S
M?
B;H
PO?FNI
=IGOH?M
IGI
M?
>CM=ONCLX
GXM
;>?F;HN?
F;
=IHMNLO==C\H
CHMNCNO=CIH;F

S
F;
;>?=O;=C\H
>?
F;M
JLX=NC=;M
>?
A?MNC\H
H?=?M;LC;M
J;L;
FF?A;L
;
OH
MCMN?G;

JLI@?MCIH;F
?@?=NCP;G?HN?
<;M;>I
?H
?F
GYLCNI
?M
OHI
>?
FIM
L?NIM
GXM
CGJILN;HN?M

J;L;
F;
;>GCHCMNL;=C\H
J]<FC=;
G?RC=;H;
*XM
;>?F;HN?
?F
IHAL?MI
;JLI<\
NL?M
=;G<CIM
;>C=CIH;F?M
KO?
<OM=;H
G?DIL;L
?F

>?M?GJ?[I
>?
F;
;>GCHCMNL;=C\H
J]<FC=;
S
@ILN;F?=?L
F;
L?H>C=C\H
>?
=O?HN;M
"H
 

F;
!2F
2;2?.9
12
2@.??<99<
'<06.9
M?HN\
F;M
<;M?M
J;L;
F;
=L?;=C\H
>?
OH
LYACG?H
>?

?P;FO;=C\H
>?
F;
JIFZNC=;
MI=C;F
"F
IHM?DI
+;=CIH;F
>?
"P;FO;=C\H
>?
F;
-IFZNC=;
0I=C;F

 IH?P;F
?MNX
;BIL;
;
=;LAI
>?
=IIL>CH;L
?P;FO;=CIH?M
>?
>?M?GJ?[I
>CM?[I
CGJ;=NI

S
=IHMCMN?H=C;
>?
FIM
JLIAL;G;M
MI=C;F?M
)IM
JLIAL;G;M
MI=C;F?M
;
=;LAI
>?F
AI<C?LHI

@?>?L;F
MIH
;BIL;
MOD?NIM
>?
?P;FO;=CIH?M
LONCH;LC;M
JIL
?MJ?=C;FCMN;M
?RN?LHIM
S
M?

:3@
97@7D36A
?753@;E?AE
36?;@;EFD3F;HAE
B3D3
BDA?AH7D
CG7
>3E
A\5;@3E
BS4>;53E

CH=ILJIL?H
FIM
B;FF;TAIM
>?
F;M
?P;FO;=CIH?M
?H
F;
NIG;
>?
>?=CMCIH?M

"F
M?AOH>I
=;G<CI
@O?
F;
?RJ?>C=C\H
?H
 
>?
F;
)?S
#?>?L;F
>?
-L?MOJO?MNI
S

/?MJIHM;<CFC>;>
%;=?H>;LC;
KO?
=IHN?GJF;
FIM
JLCH=CJCIM
<XMC=IM
>?
L?MJIHM;<CFC>;>

7@
>3E
\@3@L3E
BS4>;53E
FD3@EB3D7@5;3
K
D7@6;5;R@
67
5G7@F3E
BD7EGBG7EF3>7E

>?M=?HNL;FCT;=C\H
S
GI>?LHCT;=C\H
JL?MOJO?MN;LC;

"F
N?L=?L
ALOJI
>?
=;G<CIM
>?
G;SIL
NL;M=?H>?H=C;
JIN?H=C;F
J?LI
;]H
?H
JLI=?MI

>?
CGJF?G?HN;=C\H
@O?
?F
=IHDOHNI
>?
L?@ILG;M
=IHMNCNO=CIH;F?M
>?
G;SI
>?
 

KO?
<OM=;H
B;=?L
>?
F;
;>GCHCMNL;=C\H
J]<FC=;
@?>?L;F
OH
;A?HN?
GXM
ILC?HN;>I
;
FIM

L?MOFN;>IM
KO?
;
FIM
JLI=?MIM
@ILN;F?=?L
;
F;M
CHMNCNO=CIH?M
>?
L?H>C=C\H
>?
=O?HN;M

;O>CNILZ;M
MOJ?LCIL?M
?
CHMNCNONIM
>?
NL;HMJ;L?H=C;
BIGIFIA;L
F;
=IHN;<CFC>;>

AO<?LH;G?HN;F
I<FCA;L
;F
OMI
>?
CH>C=;>IL?M
>?
>?M?GJ?[I
S
L?MOFN;>IM
MIG?N?L

;
FIM
JLIAL;G;M
J]<FC=IM
;
?P;FO;=CIH?M
NY=HC=;M
S
?H
MOG;
B;=?L
GXM
?@?=NCPI
S

NL;HMJ;L?HN?
?F
?D?L=C=CI
>?
F;M
@OH=CIH?M
>?
AI<C?LHI
"H
MOG;
OH
=IHDOHNI
>?
L?@ILG;M
F?A;F?M
S
>?
;>;JN;=CIH?M
;>GCHCMNL;NCP;M
B;H

;P;HT;>I
?H
;=IN;L
F;
>CM=L?=CIH;FC>;>
?H
F;
;>GCHCMNL;=C\H
J]<FC=;
AO<?LH;G?HN;F
?H

H3D;AE
8D7@F7E
67\@;D
5D;F7D;AE
K
BDA576;?;7@FAE
43E36AE
7@
7>
?OD;FA
B3D3
7>
3557EA
3>




'IMY
)OCM
*YH>?T
"F
M?LPC=CI
JLI@?MCIH;F
>?
=;LL?L;
?H
F;
;>GCHCMNL;=C\H
J]<FC=;
@?>?L;F
?H
'
)

*YH>?T
?>
%<9JA60.@
%M/960.@
*YRC=I
"F
IF?ACI
>?
*YRC=I
  
JJ

 
/;@;?F
*;LNZH?T

-O\H
6?20A6C<@
C2?@B@
=<9JA60<@
!.
6:=<?A.;06.
12
9.
3B;06L;
16?20A6C.
2;
9.@
.1:6;6@A?.06<;2@

=M/960.@
*YRC=I
*CAO?F
qHA?F
-ILL];
 





F?D;H>LI
$IHTXF?T
LL?IF;
?>
e$I<C?LHI
JIL
L?MOFN;>IM
&GJFC=;=CIH?M
>?
F;
JIFZNC=;
>?
?P;FO;=C\H

>?F
AI<C?LHI
G?RC=;HI

*YRC=I
$?MI=
 




0I<L?
?MN;M
L?@ILG;M
PY;M?
)\J?T
SFF\H
0?LACI
l/?@ILG;M
J;L;
F;
NL;HMJ;L?H=C;
S
F;
L?H>C=C\H
>?

=O?HN;Mm
?H
;M;L
*;LZ;
GJ;LI
?
&AH;=CI
*;LP;H
=IIL>M
&23<?:.?
@6;
:.F<?J.@
!.
16;H:60.
129

0.:/6<
0<;@A6AB06<;.9
2;
"IE60<



*YRC=I
1;OLOM
 
JJ

j


 Tomo I
La Economía y las Finanzas Públicas

M?LPC=CI
J]<FC=I
?MN;<F?=?L
L?AF;M
S
G?=;HCMGIM
J;L;
KO?
FIM
=CO>;>;HIM
JO?>;H
N?H?L

;==?MI
;
F;
CH@ILG;=C\H
>?F
AI<C?LHI
=L?;L
JLI=?MIM
>?
?P;FO;=C\H
>?
F;M
JIFZNC=;M

J]<FC=;M
S
JLI>O=CL
?F
G;L=I
HILG;NCPI
KO?
>?<?
;]H
=IHP?LNCLM?
?H
JLX=NC=;M

;>GCHCMNL;NCP;M
J;L;
G?DIL;L
FIM
JLI=?MIM
>?
;O>CNILZ;
?P;FO;=C\H
S
M?AOCGC?HNI
>?F

JL?MOJO?MNI
S
>?F
?D?L=C=CI
>?
F;M
L?MJIHM;<CFC>;>?M
J]<FC=;M

"H
?MN?
NL;S?=NI
>?<?
KO?>;L
=F;LI
KO?
?F
JLIJ\MCNI
HI
?M
MIFI
F;
=I?RCMN?H=C;
>?

CHMNCNO=CIH?M
S
L?AF;M
MCHI
MO
;LNC=OF;=C\H
?H
OH
LYACG?H
=IB?L?HN?
+I
M?
NL;N;
>?

>7K7E
K
A4>;935;A@7E
;@5A@7J3E
E;@A
>A
5A@FD3D;A
7@
G@
DO9;?7@
7\53L
67
D7@6;5;R@

>?
=O?HN;M
=;>;
;=NIL
LCH>?
=O?HN;M
;
INLI
KO?
;
MO
P?T
?M
KOC?H
LCH>?
=O?HN;M
?H

INL;
L?F;=C\H
=IH
OH
N?L=?L
;=NIL
B;MN;
=L?;L
OH;
=;>?H;
KO?
=OFGCH;
?H
?F
=CO>;>;HI

@
5363
D7>35;R@
67
D7@6;5;R@
67
5G7@F3E
:3K
?753@;E?AE
7\5357E
67
;@8AD?35;R@

P;FIL;=C\H
S
>?=CMC\H
MI<L?
?F
>?M?GJ?[I
>?
;NLC<O=CIH?M
S
?F
?D?L=C=CI
>?
L?=OLMIM

;>;
l>?MNCH;N;LCIm
=O?HN;
=IH
CHMNLOG?HNIM
J;L;
?RCACL
?F
=OGJFCGC?HNI
>?
F;M

I<FCA;=CIH?M
>?
L?H>C=C\H
>?
=O?HN;M
S
J;L;
NIG;L
>?=CMCIH?M
=IH
=IHM?=O?H=C;M
"F

=IHDOHNI
>?
?MN;M
L?F;=CIH?M
>?
L?H>C=C\H
>?
=O?HN;M
k?MNI
?M
?F
LYACG?Hk
?M
FI
KO?

B;=?
JIMC<F?
KO?
?F
=CO>;>;HI
=IHNLIF?
;
MO
AI<C?LHI

)
"3)2 &s+
$3
7H3>G35;R@
?7D757
G@3
D7]7J;R@
BDAB;3
@A
EA>A
BAD
EG
;?BADF3@5;3
E;@A
BAD
7>

GIG?HNI
KO?
PCP?
BIS
?H
MO
=ILN;
BCMNILC;
%;=?

;[IM
=IH
F;
=L?;=C\H
>?F
&HMNCNONI

767D3>
>75FAD3>
K
67
FA6A
7>
7@FD3?36A
@AD?3F;HA
K
36?;@;EFD3F;HA
CG7
E;9@;\5R

>3
D75A@\9GD35;R@
67
>3
8G@5;R@
7>75FAD3>
67>
EF36A
@G7EFDA
B3PE
E7
5A@H;DF;R

?H
L?@?L?HN?
GOH>C;F
);
>Y=;>;
J;M;>;
=IH
F;
=L?;=C\H
>?F
&#&
S
F;M
HILG;M

=IHMNCNO=CIH;F?M
S
F?A;F?M
?H
G;N?LC;
>?
NL;HMJ;L?H=C;
I=OLLC\
OH
JLI=?MI
MCGCF;L

*YRC=I
?M
@L?=O?HN?G?HN?
=CN;>I
=IGI
OH;
?RJ?LC?H=C;
HIN;<F?
>?
F;
KO?
INLIM
J;ZM?M

JO?>?H
;JL?H>?L
J;L;
@ILN;F?=?L
?F
>?L?=BI
>?
;==?MI
;
F;
CH@ILG;=C\H
J]<FC=;

"H
G;N?LC;
>?
?P;FO;=C\H
?MN;GIM
?H
OH
GIG?HNI
?KOCP;F?HN?
?F
GI>?FI
G?RC=;HI

>?
?P;FO;=C\H
S
GIHCNIL?I
S
>?
G?>C=C\H
>?
F;
JI<L?T;
?M
?D?GJFI
?H
F;
&H>C;
?H

P;LCIM
J;ZM?M
>?
q@LC=;
S
>?
HO?MNLI
JLIJCI
=IHNCH?HN?
"MN;GIM
;HN?
OH;
BCMNILC;
>?

YRCNI
KO?
M?
B;
=IHMNLOC>I
?H
GOS
JI=I
NC?GJI
"F
@OH=CIH;GC?HNI
HI
?M
J?L@?=NI

B;S
=F;LIM
L?NIM
>?
=IIL>CH;=C\H
?HNL?
FIM
>CMNCHNIM
;=NIL?M
>?F
MCMN?G;
>?
?P;FO;=C\H


?DO>I
$OCFF?LGI
!.
0<;@A?B006L;
12
B;
;B2C<
?I46:2;
12
?2;1606L;
12
0B2;A.@
2;
9.@
2;A61.12@



3212?.A6C.@
*YRC=I
O>CNILZ;
0OJ?LCIL
>?
F;
#?>?L;=C\H
 


 Tomo I
La Economía y las Finanzas Públicas

B;S
OH
M?LCI
>?M<;F;H=?
?HNL?
;FAOHIM
JLIAL;G;M
MI=C;F?M
KO?
MIH
?P;FO;>IM
>?
@ILG;

LCAOLIM;
S
INLIM
JLIAL;G;M
JL?MOJO?MN;LCIM
KO?
MIH
?P;FO;>IM
MIFI
J;L;
=O<LCL
F;M

8AD?3E
:3K
G@
6O\5;F
67
53B35;6367E
B3D3
>3
7H3>G35;R@
K
7>
?A@;FAD7A
7@
>3
?3KADP3

>?
FIM
?MN;>IM
S
GOHC=CJCIM
S
MI<L?
NI>I
;OH
HIM
@;FN;
J?L@?==CIH;L
?F
]FNCGI
J;MI

NL;M
F;
?P;FO;=C\H
F;
ONCFCT;=C\H
>?
FIM
B;FF;TAIM
>?
F;M
?P;FO;=CIH?M
J;L;
G?DIL;L
FIM

JLIAL;G;M
S
J;L;
NIG;L
>?=CMCIH?M
JL?MOJO?MN;LC;M

-?M?
;
NI>I
?FFI
F;
M?GCFF;
>?
OH
MCMN?G;
M\FC>I
>?
?P;FO;=C\H
?MNX
JL?=CM;G?HN?
?H
OH

IHM?DI
+;=CIH;F
>?
"P;FO;=C\H
>?
F;
-IFZNC=;
0I=C;F
 IH?P;F
S
?H
MO
CHN?AL;=C\H

=IH
F;
0?=L?N;LZ;
>?
F;
#OH=C\H
-]<FC=;
S
F;
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I

J;L;
>CM?[;L
S
?D?=ON;L
F;
JIFZNC=;
>?
?P;FO;=C\H
OHKO?
NL;M
F;
L?@ILG;
=IHMNCNO=CIH;F

KO?
>IN\
>?
;ONIHIGZ;
;F
IH?P;F
?H
 
JI>LZ;
B;<?L
;LL;H=;>I
?F
L?>CM?[I
>?

F;
JIFZNC=;
>?
?P;FO;=C\H
?H
*YRC=I
?M?
JLI=?MI
?MNX
JIL
FI
JLIHNI
?H
J;OM;
+I

?MN;GIM
MIFI
;HN?
F;
=L?;=C\H
>?
OH
HO?PI
\LA;HI
;ON\HIGI
MCHI
;HN?
F;
IJILNOHC>;>

>?
L?@ILT;L
OH;
JIFZNC=;
J]<FC=;
?H
G;N?LC;
>?
?P;FO;=C\H
J;L;
?F
=IHDOHNI
>?F
"MN;>I

G?RC=;HI
KO?
HIM
FF?P?
;
OH;
NIG;
>?
>?=CMCIH?M
GXM
;=?LN;>;
?H
?F
>CM?[I
>?
FIM

JLIAL;G;M
JL?MOJO?MN;LCIM
KO?
;SO>?
;
L?MIFP?L
FIM
JLI<F?G;M
>?
@;FN;
>?
=IB?L?H=C;

?HNL?
JIFZNC=;M
J]<FC=;M
KO?
PO?FP;
L?;FC>;>
F;
JLIG?M;
>?
KO?
F;M
;MCAH;=CIH?M

JL?MOJO?MN;F?M
NIG;H
?H
=O?HN;
FIM
B;FF;TAIM
>?
F;M
?P;FO;=CIH?M
KO?
@;=CFCN?
F;

L?H>C=C\H
>?
=O?HN;M
MI<L?
F;
MOMN;H=C;
>?
F;
;==C\H
AO<?LH;G?HN;F

S
KO?
?H
MOG;

HIM
FF?P?
;
G?DIL?M
JIFZNC=;M
=IH
G?DIL?M
L?MOFN;>IM
J;L;
FIM
=CO>;>;HIM

-IL
?MI
F;M
>?=CMCIH?M
KO?
M?
NIG;LXH
J;L;
>;L
=IHN?HC>I
;
F;
L?@ILG;
=IHMNCNO=CIH;F

MIH
@OH>;G?HN;F?M
+I
M?
NL;N;
>?
OH
IH?P;F
GXM
AL;H>?
S
=IH
G;SIL
;ONIHIGZ;
M?

NL;N;
?H
L?;FC>;>
>?
OH;
HO?P;
CHMNCNO=C\H
KO?
JIL
MO
=;LX=N?L
=IHMNCNO=CIH;F
N?H>LX

HO?P;M
L?MJIHM;<CFC>;>?M
HO?PIM
CHMNLOG?HNIM
S
OH;
HO?P;
@ILG;
>?
L?F;=CIH;LM?

=IH
?F
"D?=ONCPI
#?>?L;F
=IH
?F
IHAL?MI
S
=IH
?MN;>IM
S
GOHC=CJCIM
);
@OH=C\H

>?
IH?P;F
M?AOCLX
MC?H>I
>O;F
JIL
OH
F;>I
F;
G?>C=C\H
>?
F;
JI<L?T;
JIL
INLI
F;

?P;FO;=C\H
>?
F;
JIFZNC=;
>?
>?M;LLIFFI
MI=C;F
J?LI
M?
;AL?A;
OH;
CGJILN;HN?
J?LI
>?

=IHN?HC>I
;G<CAOI
l"F
IHM?DI
JI>LX
?GCNCL
L?=IG?H>;=CIH?M
?H
FIM
NYLGCHIM
KO?

>CMJIHA;
F;
)?Sm
"F
G;H>;NI
>?
IH?P;F
M?
;GJFZ;
>L;GXNC=;G?HN?
F;
)?S
>?<?LX

?MN;<F?=?L
F;M
@ILG;M
>?
=IIL>CH;=C\H
=IH
F;M
l;ONILC>;>?M
@?>?L;F?M
S
GOHC=CJ;F?M

J;L;
?F
?D?L=C=CI
>?
MOM
@OH=CIH?Mm
!;>I
KO?
S;
M?
PCMFOG<L;
OH
MCMN?G;
H;=CIH;F
>?

>?M;LLIFFI
MI=C;F
=IH
OH;
)?S
$?H?L;F
OH;
IGCMC\H
+;=CIH;F
OH
-LIAL;G;
+;=CIH;F

>?
!?M;LLIFFI
0I=C;F
S
OH;
-IFZNC=;
+;=CIH;F
>?
!?M;LLIFFI
0I=C;F
?M
?HN?H>C<F?
KO?

M?
JC?HM?
KO?
B;S;
OH
\LA;HI
>?
"MN;>I
KO?
M?
?H=;LAO?
>?
F;
?P;FO;=C\H
e \GI

=IH=CFC;L
F;
C>?;
>?
OH
=IHM?DI
H;=CIH;F
=IH
FI
KO?
?MN;<F?=?
?F
LNZ=OFI

>?
F;

GCMG;
=IHMNCNO=C\H
MI<L?
F;M
lCHMN;H=C;M
NY=HC=;Mm
>?
FIM
?MN;>IM
KO?
>?<?H
?P;FO;L

FIM
L?MOFN;>IM
>?F
?D?L=C=CI
>?
FIM
L?=OLMIM


 Tomo I
La Economía y las Finanzas Públicas

6
?H
NI>I
?MN?
JLI=?MI
FI
CGJILN;HN?
M?LX
N?H?L
MC?GJL?
JL?M?HN?
F;
ONCFC>;>
>?
F;

?P;FO;=C\H
2H;
?P;FO;=C\H
KO?
HI
A?H?L;
CH@ILG;=C\H
L?F?P;HN?
J;L;
G?DIL;L
?F

=IHN?HC>I
I
FIM
JLI=?MIM
>?
OH;
JIFZNC=;
J]<FC=;
?M
JLI<;<F?G?HN?
OH;
?P;FO;=C\H
MCH

M?HNC>I
F
GCMGI
NC?GJI
F;
G?L;
?RCMN?H=C;
>?
L?=IG?H>;=CIH?M
JOHNO;F?M
>?LCP;>;M

67
G@3
7H3>G35;R@
@A
E;9@;\53
CG7
E7DN@
BDA57E363E
3675G363?7@F7
BAD
>AE
AB7D36AD7E

>?F
JLIAL;G;

),0
/"1,0
)
#212/,

)IM
CHH?A;<F?M
;P;H=?M
?H
G;N?LC;
>?
L?H>C=C\H
>?
=O?HN;M
NC?H?H
MCH
?G<;LAI

>IM
JLI<F?G;M
M?LCIM
"H
JLCG?L
FOA;L
>?M>?
F;
;>GCHCMNL;=C\H
J]<FC=;
S
>?M>?
FIM

L?MJIHM;<F?M
JIFZNC=IM
B;
B;<C>I
L?MCMN?H=C;M
HINILC;M
J;L;
KO?
?MN;M
L?@ILG;M
=OGJF;H

=IH
MO
JLIJ\MCNI
"F
M?LPC=CI
JLI@?MCIH;F
>?
=;LL?L;
B;
MC>I
?HNILJ?=C>I
JIL
F;
@;FN;
>?

=IGJLIGCMI
=IH
?F
JLIS?=NI
>?
=IHP?LNCL
?F
GYLCNI
?H
FOA;L
>?
F;
F?;FN;>
J;LNC>CMN;

B7DEA@3>
A
67
9DGBA
7@
7>
5D;F7D;A
67\@;FAD;A
B3D3
7@FD3D
3>
E7DH;5;A
BS4>;5A

%OJ;5A

?M
?F
]HC=I
J;ZM
>?
F;
, !"
KO?
HI
B;
FIAL;>I
=IHMIFC>;L
OH
MCMN?G;
JLI@?MCIH;F
>?

=;LL?L;
FI
=O;F
CH=C>?
?H
F;
=;J;=C>;>
>CL?=NCP;
>?F
=O?LJI
<OLI=LXNC=I
S
JIL
N;HNI
?H

F;
?@?=NCPC>;>
>?F
?D?L=C=CI
>?F
AI<C?LHI


"H
G;N?LC;
>?
NL;HMJ;L?H=C;
S
;==?MI
;
F;
CH@ILG;=C\H
GXM
;FFX
>?
F;M
=O?MNCIH?M

HILG;NCP;M
F;
=IH>C=C\H
KO?
AO;L>;
F;
JLX=NC=;
>?F
>?L?=BI
>?
;==?MI
;
F;
CH@ILG;=C\H

HI
?M
;F?HN;>IL;
)IM
L?MOFN;>IM
>?
F;
GYNLC=;
>?
NL;HMJ;L?H=C;
 
GO?MNL;H
KO?
F;

E;FG35;R@
97@7D3>
7@
>3
?3F7D;3
@A
6;\7D7
EGEF3@F;H3?7@F7
67
>3
CG7
7J;EFP3
7@
 


MZ
>?F
L?MOFN;>I
>?F
?MNO>CI
M?
>?MJL?H>?
KO?
lJ?LMCMN?H
;MCG?NLZ;M
CGJILN;HN?M
?H

F;
G;N?LC;
;MZ
=IGI
OH;
G;F;
=;FC>;>
?H
F;
CH@ILG;=C\H
KO?
?M
JLIJIL=CIH;>;
;
FIM

=CO>;>;HIM
"F
?D?L=C=CI
>?F
>?L?=BI
>?
;==?MI
;
F;
CH@ILG;=C\H
NC?H?
>C@?L?H=C;M

CGJILN;HN?M
?H
@OH=C\H
>?
F;
?HNC>;>
@?>?L;NCP;
S
>?F
MOD?NI
I<FCA;>I
;
KOC?H
M?
F?

D7CG;7D7
>3
;@8AD?35;R@

7
?3@7D3
?NE
BG@FG3>
7>
7EFG6;A
;67@F;\53
CG7
3G@CG7

BO<I
;FAOHIM
;P;H=?M
?H
G;N?LC;
>?
=;FC>;>
HILG;NCP;
S
JILN;F?M
?RCMN?H
MCH
?G<;LAI

D7FDA57EAE
E;9@;\53F;HAE
7@
?3F7D;3
67
GEG3D;A
E;?G>36A
K
53B35;6367E
;@EF;FG5;A@3>7E

67
>AE
RD93@AE
93D3@F7E

EFA
5A@\D?3
CG7
?7<AD7E
>7K7E
X5A@
?NE
A4>;935;A@7E
67

NL;HMJ;L?H=C;
S
JF;TIM
G?HIL?Mk
HI
A;L;HNCT;H
G?DIL
>?M?GJ?[I
S
KO?
L?MOFN;
=LO=C;F

>;L
G;SIL
CGJILN;H=C;
;
F;M
=;J;=C>;>?M
CHMNCNO=CIH;F?M
>?
FIM
;=NIL?M
CHMNCNO=CIH;F?M

>?
F;
NL;HMJ;L?H=C;
\LA;HIM
A;L;HN?M
S
MOD?NIM
I<FCA;>IM
S
;
MOM
JLI=?MIM
"H
INL;M

J;F;<L;M
FIM
L?NIM
@OH>;G?HN;F?M
>?
F;
NL;HMJ;L?H=C;
?H
*YRC=I
L;>C=;H
G?HIM
?H
F;M

F?S?M
S
GXM
?H
MO
IJ?L;=C\H
=IH=L?N;m




?DO>I
$OCFF?LGI
S
F;O>C;
*;F>IH;>I
2
9.@
?20<:2;1.06<;2@
.
9.@
.006<;2@
*YRC=I
&!"
0#-

 




3Y;M?
&!"
,*&-
"IA?60.
12
A?.;@=.?2;06.


*YRC=I
&!"
 
?H
QQQG?NLC=;>?NL;M

HJ;L?H=C;=C>??>O


 Tomo I
La Economía y las Finanzas Públicas

);
L?=C?HN?
;JLI<;=C\H
>?
F;M
L?@ILG;M
=IHNCNO=CIH;F?M
?H
G;N?LC;
>?
NL;HMJ;L?H=C;

KO?
INILA;H
;ONIHIGZ;
=IHMNCNO=CIH;F
;F
;BIL;
&HMNCNONI
+;=CIH;F
>?
1L;HMJ;L?H=C;

S
==?MI
;
F;
&H@ILG;=C\H
-]<FC=;
S
=L?;H
?F
0CMN?G;
+;=CIH;F
>?
1L;HMJ;L?H=C;

S
==?MI
;
F;
&H@ILG;=C\H
-]<FC=;
;MZ
=IGI
F;
?RJ?>C=C\H
S
F;
?HNL;>;
?H
PCAIL

>?
F;
)?S
$?H?L;F
>?
1L;HMJ;L?H=C;
S
==?MI
;
F;
&H@ILG;=C\H
-]<FC=;
MIH
J;MIM

GOS
CGJILN;HN?M
J?LI
MO
CGJF?G?HN;=C\H
S
;LNC=OF;=C\H
=IH
FIM
INLIM
?F?G?HNIM

CHMNCNO=CIH;F?M
>?
F;
L?H>C=C\H
>?
=O?HN;M
?H
J;LNC=OF;L
FIM
MCMN?G;M
H;=CIH;F?M
>?

3D5:;HAE
5A@FD34;>;636
9G47D@3?7@F3>
\E53>;L35;R@
K
3@F; 5ADDGB5;R@
EGBA@7@

L?NIM
HILG;NCPIM
S
JLX=NC=IM
G;SIL?M
KO?
>?<?GIM
MOJ?L;L
=IH
OH
;>?=O;>I
>CM?[I

CHMNCNO=CIH;F
KO?
@;=CFCN?
F;
=IIJ?L;=C\H
S
MCH?LAC;
>?
F;M
JIFZNC=;M
CGJFZ=CN;M
?H
=;>;

OHI
>?
?FFIM
);
?P;FO;=C\H
>?F
>?M?GJ?[I
>?
FIM
JLIAL;G;M
J]<FC=IM
B;
FIAL;>I
=IHP?LNCLM?
?H
OH;

35F;H;636
D79G>3D
B7DA
CG7
B3D3
?G5:3E
A\5;@3E
BS4>;53E
7E
ER>A
G@
FDN?;F7
?NE
CG7

HI
ONCFCT;H
J;L;
CH@ILG;L
F;
NIG;
>?
>?=CMCIH?M
S
G?DIL;L
?F
>CM?[I
I
?D?=O=C\H
>?
FIM

JLIAL;G;M
GXM
;]H
FIM
L?MJIHM;<F?M
JIFZNC=IM
k>?M>?
?F
-L?MC>?HN?
>?
F;
/?J]<FC=;

S
MOM
M?=L?N;LCIM
>?
>?MJ;=BI
B;MN;
FIM
>CJON;>IM
KO?
;JLO?<;H
?F
JL?MOJO?MNI
J;L;

?MNIM
JLIAL;G;Mk
HI
NIG;H
MCMN?GXNC=;G?HN?
?H
=O?HN;
GO=B;M
P?=?M
FIM
B;FF;TAIM

>?
F;M
?P;FO;=CIH?M
=O;H>I
>?=C>?H
?F
>?MNCHI
>?F
>CH?LI
J]<FC=I

;@3>?7@F7
7>
5A@FDA>
;@F7D@A
K
>3
\E53>;L35;R@
XE;
4;7@
:3@
EA\EF;536A
EGE
?753@;E?AE

67
EGB7DH;E;R@
K
3?B>;36A
EG
3>53@57X
E;9G7@
7@8D7@F3@6A
6;\5G>F367E
B3D3
;@5;6;D

?H
F;
A?MNC\H
=INC>C;H;
JO?M
M?
F?M
P?
GXM
=IGI
OH
CHMNLOG?HNI
JOHCNCPI
S
J;L;

A?H?L;L
=IHM?=O?H=C;M
=O;H>I
M?
?H=O?HNL;H
>?MPZIM
I
CLL?AOF;LC>;>?M
JO?M
N;HNI
F;

0?=L?N;LZ;
>?
F;
#OH=C\H
-]<FC=;
=IGI
F;
-LI=OL;>OLZ;
$?H?L;F
>?
F;
/?J]<FC=;
B;H

E;6A
BA5A
7\5357E
7@
>3
;@F79D35;R@
67
7JB76;7@F7E
CG7
67D;H7@
7@
E3@5;R@


-@
BDA4>7?3
D7>35;A@36A
E7
67EBD7@67
67
>3
5A?B>7<;636
K
BA53
7\535;3
67
>AE

MCMN?G;M
>?
L?H>C=C\H
>?
=O?HN;M
=ILL?MJIH>C?HN?M
;
=;>;
XG<CNI
>?
AI<C?LHI
N;F

=IGI
B;
>I=OG?HN;>I
?F
?MNO>CI
MI<L?
F;
@A?B0AB?.
12
&2;1606L;
12
B2;A.@
2;

"IE60<
>?F
?HNLI
>?
&HP?MNCA;=C\H
S
!I=?H=C;
"=IH\GC=;M
&!"
"H
JLCH=CJCI

5363
N?4;FA
67
9A4;7D@A
6747DP3
5A@F3D
5A@
?753@;E?AE
7\5357E
67
D7@6;5;R@
67

=O?HN;M
?P;FO;=CIH?M
=IHNL;FILZ;M
;O>CNILZ;M
;==?MI
;
F;
CH@ILG;=C\H
CH>C=;>IL?M

>?
A?MNC\H
S
L?MOFN;>IM
PCACF;H=C;
=CO>;>;H;
?N=
"H
FOA;L
>?
?FFI
*YRC=I
NC?H?
OH

E;EF7?3
67
D7@6;5;R@
67
5G7@F3E
5A@
E7D;3E
67\5;7@5;3E
7@
7>
8G@5;A@3?;7@FA
67
>AE

G?=;HCMGIM
KO?
>?HNLI
>?
=;>;
XG<CNI
>?
AI<C?LHI
>?<?LZ;H
A;L;HNCT;L
KO?
FIM

L?=OLMIM
M?
ONCFC=?H
;>?=O;>;G?HN?
KO?
F;M
L?MJIHM;<CFC>;>?M
M?
?D?LT;H
=IH
;J?AI

>3E
@AD?3E
K
3
>AE
5D;F7D;AE
67\@;6AE
7@
7>
BDA57EA
67?A5DNF;5A
K
CG7
>3E
BA>PF;53E

*?LCHI
*;OLC=CI
0?LACI
)\J?T
SFF\H
S
$OCFF?LGI
?DO>I
=IIL>M
!.
2@A?B0AB?.
12
9.
?2;1606L;
12



0B2;A.@
2;
"IE60<
*YRC=I
&!"

2+*
  


 Tomo I
La Economía y las Finanzas Públicas

J]<FC=;M
S
FIM
<C?H?M
S
M?LPC=CIM
J]<FC=IM
JLI>O=C>IM
JIL
FIM
AI<C?LHIM
;F=;H=?H
FIM

L?MOFN;>IM
?MJ?L;>IM
?H
NYLGCHIM
>?
H?=?MC>;>?M
MI=C;F?M
M;NCM@?=B;M
S
;MJCL;=CIH?M

FIAL;>;M
);
L?H>C=C\H
>?
=O?HN;M
?H
FIM
GOHC=CJCIM
?H
FIM
AI<C?LHIM
?MN;N;F?M
S
?H

F;
@?>?L;=C\H
I=OLL?
?H
JLI=?MIM
>?M;LNC=OF;>IM
=;J;=C>;>?M
CHMNCNO=CIH;F?M
@LXACF?M

L?MJIHM;<CFC>;>?M
>CFOC>;M
S
NI>I
?FFI
MCH
M;FC>;
;F
=CO>;>;HI
=IGI
>?MNCH;N;LCI
>?
F;

L?H>C=C\H
>?
=O?HN;M

"F
AL;H
>?M;@ZI
KO?
F;
;>GCHCMNL;=C\H
J]<FC=;
@?>?L;F
G?RC=;H;
>?<?
L?MIFP?L
?M
?F

6O\5;F
7EFDG5FGD3>
7@
?3F7D;3
67
D7@6;5;R@
67
5G7@F3E

A?A
6;H7DEAE
6;39@REF;5AE

B;H
GIMNL;>I
?F
>CM?[I
>?
FIM
>CP?LMIM
G?=;HCMGIM
>?
L?H>C=C\H
>?
=O?HN;M
NC?H?
;F

G?HIM
NL?M
JLI<F?G;M

"F
MCMN?G;
>?
L?H>C=C\H
>?
=O?HN;M
?MNX
>?M;LNC=OF;>I
JO?M
=;>;
OHI
>?

MOM
=IGJIH?HN?M
=;L?=?
>?
=IGOHC=;=C\H
=IH
?F
L?MNI
>?
FIM
G?=;HCMGIM


"F
MCMN?G;
>?
L?H>C=C\H
>?
=O?HN;M
HI
NC?H?
PI=;=C\H
=CO>;>;H;
JO?M
F;

G;SILZ;
>?
FIM
G?=;HCMGIM
MIH
MCMN?G;M
>?
A?MNC\H
CHN?LH;
I
L?F;=CIH?M

CHNL;<OLI=LXNC=;M
?H
F;
KO?
@OH=CIH;LCIM
J]<FC=IM
M?
PCACF;H
OHIM
;
INLIM

J?LI
FIM
@OH=CIH;LCIM
S
;A?H=C;M
>?
AI<C?LHI
HI
CH@ILG;H
?RJFC=;H

K
<GEF;\53
3>
5;G6363@A
EGE
355;A@7E
675;E;A@7E
K
>AE
D7EG>F36AE
67
EG

>?M?GJ?[I

"F
MCMN?G;
>?
L?H>C=C\H
>?
=O?HN;M
PCA?HN?
?MNX
=IH=?HNL;>I
?H
;MJ?=NIM

;>D?NCPIM
>?F
>?M?GJ?[I
>?F
?D?L=C=CI
>?F
AI<C?LHI
S
HI
?H
FIM
MOMN;HNCPIM

F;
G;SIL
J;LN?
>?
FIM
=IHNLIF?M
?MNXH
>CLCAC>IM
;
;M?AOL;L
KO?
M?
PCACF?
?F

=OGJFCGC?HNI
>?
F;M
HILG;M
S
;
F;
PCACF;H=C;
>?F
?D?L=C=CI
JL?MOJO?MN;F

J?LI
JI=IM
MIH
=;J;=?M
>?
=;JNOL;L
FIM
L?MOFN;>IM
>?F
>?M?GJ?[I
>?

;NLC<O=CIH?M
?H
?F
?D?L=C=CI
>?
JL?MOJO?MNIM
HC
GO=BI
G?HIM
FIM
?@?=NIM

KO?
;G<IM
NC?H?H
?H
FIM
JLI<F?G;M
KO?
M?
<OM=;
;N?H>?L
FIM
<C?H?M

J]<FC=IM
KO?
M?
JLI>O=?H
S
?H
F;
=;FC>;>
>?
PC>;
>?
FIM
=CO>;>;HIM
);
L?@ILG;
?H
G;N?LC;
;HNC=ILLOJ=C\H
JO?>?
M?L
?F
JLCG?L
?MF;<\H
?H
OH;
AL;H
=;>?H;

67
675;E;A@7E
K
355;A@7E
B3D3
5A@EFDG;D
G@
DO9;?7@
7\53L
67
D7@6;5;R@
67
5G7@F3E

,+ )20&,+"0
"H
*YRC=I
=I?RCMN?H
>IM
L?;FC>;>?M
L?MJ?=NI
;
F;
?P;FO;=C\H
S
F;
L?H>C=C\H
>?
=O?HN;M

1?H?GIM
?H
OH
?RNL?GI
HILG;M
?
CHMNCNO=CIH?M
>?
NL;HMJ;L?H=C;
KO?
MIH
L?@?L?HN?M

GOH>C;F?M
CHMNCNO=CIH?M
S
JLX=NC=;M
>?
?P;FO;=C\H
KO?
MIH
L?JFC=;>;M
?H
J;ZM?M
>?

P;LCIM
=IHNCH?HN?M
N?H?GIM
N;G<CYH
;FAOHIM
LO<LIM
>?F
A;MNI
?H
>?M;LLIFFI
MI=C;F


 Tomo I
La Economía y las Finanzas Públicas

P;LCIM
>?
FIM
JLIAL;G;M
@?>?L;F?M
KO?
MIH
MOD?NIM
;
?P;FO;=C\H
>?
G;H?L;
=INC>C;H;

0I<L?
?FFIM
B;S
OH
?M=LONCHCI
JIL
J;LN?
>?
FIM
F?ACMF;>IL?M
S
B;S
N;G<CYH
HOG?LIMIM

?MNO>CIM
>?
;=;>YGC=IM
ILA;HCT;=CIH?M
=CPCF?M
S
ILA;HCMGIM
CHN?LH;=CIH;F?M
KO?

63@
5G7@F3
67
>AE
7875FAE
K
>A9DAE
67>
93EFA
BS4>;5A

+347?AE
7>
67EF;@3F3D;A
\@3>
67

=;>;
J?MI
J]<FC=I
CHP?LNC>I
?H
?FFIM
S
FI
KO?
M?
?MJ?L;
FIAL;L
>?
G;H?L;
CH>CPC>O;F
S

;AL?A;>;
"MNI
B;
J?LGCNC>I
KO?
P;LCIM
>?
?MNIM
JLIAL;G;M
M?;H
L?@?L?HN?
GOH>C;F
KO?

>?F?A;=CIH?M
>?
INLIM
J;ZM?M
HIM
PCMCN?H
J;L;
=IHI=?L
G?NI>IFIAZ;M
S
G?=;HCMGIM
>?

?P;FO;=C\H
S
FI
GXM
CGJILN;HN?
KO?
FIM
AI<C?LHIM
JO?>;H
B;=?L
;DOMN?M
?H
?F
>CM?[I
>?

FIM
JLIAL;G;M
J;L;
B;=?LFIM
GXM
?@?=NCPIM
S
=;FC<L;L
G?DIL
F;M
>?=CMCIH?M
>?
A;MNI

-?LI
?RCMN?
INLI
?RNL?GI
LO<LIM
>?
A;MNI
J]<FC=I
MI<L?
FIM
=O;F?M
M;<?GIM
JI=I
?H
FIM

KO?
F;M
>?=CMCIH?M
>?
;MCAH;=C\H
NC?H?H
F;
MIG<L;
>?
F;
>CM=L?=CIH;FC>;>
S
KO?
A?H?L;H

BA53
;@8AD?35;R@
EA4D7
EGE
7875FAE
EGE
47@7\5;3D;AE
7
;@5>GEA
EA4D7
>AE
5D;F7D;AE
5A@
CG7

IJ?L;H
);
O>CNILZ;
0OJ?LCIL
>?
F;
#?>?L;=C\H
CHMCMN?HN?G?HN?
HIM
FF;G;
F;
;N?H=C\H

MI<L?
?MN;M
lXL?;M
>?
IJ;=C>;>
>?F
"MN;>I
G?RC=;HIm
KO?
CH=FOS?H
?F
A;MNI
@?>?L;FCT;>I

S
GO=B;
>?
F;
CHP?LMC\H
?H
I<L;
J]<FC=;
0?
NL;N;
>?
GCF?M
>?
GCFFIH?M
>?
J?MIM
KO?
=;>;

;[I
M?
?LIA;H
KO?
M?AOL;G?HN?
NC?H?H
?@?=NIM
CGJILN;HN?M
J?LI
KO?
HI
FIM
JI>?GIM

5A@A57D
CG7
34D7@
7EB35;A
B3D3
GEAE
;@674;6AE
67>
6;@7DA
K
CG7
97@7D3@
67E5A@\3@L3

?HNL?
FIM
=CO>;>;HIM
MI<L?
?F
>?MNCHI
>?
FIM
L?=OLMIM
J]<FC=IM

"F
J;ZM
NC?H?
JIL
>?F;HN?
?F
L?NI
>?
=IHMNLOCL
OH
LYACG?H
>?
L?H>C=C\H
>?
=O?HN;M
?H
?F

CG7
EGE
5A?BA@7@F7E
X>3
FD3@EB3D7@5;3
>3E
5G7@F3E
>3
7H3>G35;R@
>3
\E53>;L35;R@
K
>3E

L?MJIHM;<CFC>;>?Mk
@OH=CIH?H
;LNC=OF;>;G?HN?
6
?H
?F
KO?
F;
L?H>C=C\H
>?
=O?HN;M
HI

M?
;AIN?
?H
?F
=OGJFCGC?HNI
>?
@ILG;FCMGIM
I
?H
?F
?D?L=C=CI
IJILNOHI
>?F
A;MNI
MCHI
?H

F;
=;FC>;>
>?
=;>;
>?=CMC\H
S
?H
FIM
L?MOFN;>IM
?MJ?L;>IM
"H
INL;M
J;F;<L;M
HI
M?
NL;N;

>?
PCACF;L
MIFI
FIM
GIHNIM
MCHI
F;
=;FC>;>
>?F
A;MNI

);
FCN?L;NOL;
=IGJ;L;>;
HIM
B;
GIMNL;>I
S;
KO?
FIM
J;ZM?M
=IH
GXM
L?H>C=C\H
>?
=O?HN;M

NC?H?H
G?DIL?M
CH>C=;>IL?M
>?
>?M;LLIFFI
?=IH\GC=I
>?
=IGJ?NCNCPC>;>
>?
>?M;LLIFFI

BOG;HI
S
=;FC>;>
>?
PC>;
)IM
AI<C?LHIM
GXM
NL;HMJ;L?HN?M
?MNI
HI
?M
OH
;LAOG?HNI

3EB;D35;A@3>
E;@A
G@
:3>>3L9A
7?BPD;5A
F;7@67@
3
F7@7D
?3KAD
6;E5;B>;@3
\E53>
K

G?HIL
=ILLOJ=C\H
?H
MOM
CHMNCNO=CIH?M
#CH;FG?HN?
B;S
OH;
L?F;=C\H
JIMCNCP;
?HNL?
F;

NL;HMJ;L?H=C;
JL?MOJO?MN;F
S
F;
@ILG;
?H
KO?
?F
=CO>;>;HI
P;FIL;
MOM
AI<C?LHIM
MO

>CMJIMC=C\H
;
J;A;L
CGJO?MNIM
S
F;
J;LNC=CJ;=C\H
?F?=NIL;F

OHKO?
?MNIM
J;L?T=;H
FIALIM
;<MNL;=NIM
NC?H?H
OH;
L?;FC>;>
=IH=L?N;
CHH?A;<F?
?F

5A@FD;4GK7@F7
CG7
E347
CG7
EGE
;?BG7EFAE
F;7@7@
G@
4G7@
\@
7>
7?BD7E3D;A
CG7
E347

KO?
B;S
L?AF;M
=F;L;M
J;L;
F;
=IHNL;N;=C\H
=IH
FIM
AI<C?LHIM
?F
JL?MC>?HN?
GOHC=CJ;F
KO?

JO?>?
GIMNL;L
FIM
?@?=NIM
L?;F?M
>?
F;M
I<L;M
J]<FC=;M
?F
F?ACMF;>IL
KO?
NC?H?
G?DIL?M


 Tomo I
La Economía y las Finanzas Públicas

?F?G?HNIM
J;L;
>?=C>CL
F;M
;MCAH;=CIH?M
JL?MOJO?MN;F?M
S
?F
=CO>;>;HI
KO?
JO?>?
=IH

MO
PINI
JL?GC;L
;
FIM
AI<C?LHIM
JIL
MOM
I<L;M
S
HI
JIL
MOM
JLIG?M;M
"MI
?M
FI
KO?

=IGJF?N;
F;
@\LGOF;
>?F
AI<C?LHI
>?GI=LXNC=I
FIM
=CO>;>;HIM
M;<?H
KO?
FIM
AI<C?LHIM

KO?
?FCAC?LIH
BC=C?LIH
<C?H
MO
NL;<;DI
S
KO?
NI>I
I=OLLC\
<;DI
F;
FOJ;
>?F
?M=LONCHCI

J]<FC=I

0?
NL;N;
>?
>?M;@ZIM
KO?
>?M<IL>;H
?F
XG<CNI
>?
>?=CMC\H
>?
F;
JLIJC;
;>GCHCMNL;=C\H

J]<FC=;
0O
;N?H=C\H
L?KO?LCLX
?F
>CM?[I
>?
OH;
;LKOCN?=NOL;
=IHMNCNO=CIH;F
;]H
?H

G;L=B;
S
F;M
;>?=O;=CIH?M
F?A;F?M
S
=IHMNLO==C\H
>?
CHMNCNO=CIH?M
S
JLI=?MIM
KO?

J?LGCN;H
=IHN;L
=IH
AI<C?LHIM
>IH>?
F;
>CM=L?=CIH;FC>;>
kS
NI>;M
MOM
=IHM?=O?H=C;M

=ILLOJ=C\H
H?JINCMGI
;L<CNL;LC?>;>
J;NLCGIHC;FCMGI
S
=FC?HN?FCMGI
?H
?F
OMI
>?

L?=OLMIM
S
;NLC<O=CIH?Mk
HI
NC?H?
=;<C>;
>IH>?
=;>;
;=NI
;>GCHCMNL;NCPI
S
=;>;

J?MI
J]<FC=I
A;MN;>I
;=NCP;H
G?=;HCMGIM
>?
L?H>C=C\H
>?
=O?HN;M
=IH
CH@ILG;=C\H

=IGJF?N;
=IH
PI=;=C\H
=CO>;>;H;
S
=IH
=IHM?=O?H=C;M
S
>IH>?
F;
;>GCHCMNL;=C\H

J]<FC=;
@?>?L;F
FIAL;
CHN?L;=NO;L
=IH
AI<C?LHIM
?MN;N;F?M
S
GOHC=CJ;F?M
=IH
=?LN?T;

MI<L?
F;M
;NLC<O=CIH?M
=IH
=F;LC>;>
?H
FIM
JLI=?>CGC?HNIM
J;L;
?D?=ON;L
JIFZNC=;M

J]<FC=;M
S
=IH
L?MJIHM;<CFC>;>
MI<L?
F;M
=IHM?=O?H=C;M
KO?
=;>;
JIFZNC=;
NC?H?
?H
F;

=;FC>;>
>?
PC>;
>?
FIM
=CO>;>;HIM

"H
?F
NL;S?=NI
M?
FIAL;LX
;N?HO;L
?F
>?M?H=;HNI
=CO>;>;HI
=IH
F;
>?GI=L;=C;
S
F;

36?;@;EFD35;R@
BS4>;53
8767D3>
BA6DN
6;E7Q3D
7
;?B>7?7@F3D
BA>PF;53E
BS4>;53E
7\5357E

J;L;
A?H?L;L
FIM
<C?H?M
S
M?LPC=CIM
J]<FC=IM
KO?
;NC?H>;H
FIM
JLI<F?G;M
J]<FC=IM
>?F

J;ZM


 Tomo I
La Economía y las Finanzas Públicas


 Tomo I
La Economía y las Finanzas Públicas

"+1/)&0*,
6
!"0#r,0
!")
#"!"/)&0*,
#&0 )

"+
*V5& ,

-?>LI
qHA?F
IHNL?L;M
)\J?T

&+1/,!2 &s+
%;=?

;[IM
S
=IGI
L?MOFN;>I
>?
NL?M
IHP?H=CIH?M
+;=CIH;F?M
#CM=;F?M
JL?PC;M

FIM
CHN?AL;HN?M
>?
F;
#?>?L;=C\H
JO>C?LIH
JIH?LM?
>?
;=O?L>I
J;L;
M?HN;L
F;M
<;M?M
>?F

0CMN?G;
>?
IIL>CH;=C\H
#CM=;F
;OHKO?
CHC=C;FG?HN?
=IH
L?MOFN;>IM
GI>?MNIM
7

K
:3EF3
\@3>7E
67
>3
6O5363
67
>AE
A5:7@F3
E7
7JB7D;?7@FR
G@
B7D;A6A
67

NL;HMC=C\H
?H
?F
KO?
M?
L?;FCT;LIH
H?AI=C;=CIH?M
S
;DOMN?M
;F
0CMN?G;
J;L;
;F=;HT;L
OH

9D3@
35G7D6A
@35;A@3>
7@
?3F7D;3
\E53>
CG7
E7
?3F7D;3>;LR
7@
G@
H7D6367DA
+;EF7?3
67

IIL>CH;=C\H
#CM=;F
"H

=IH
F;
?HNL;>;
?H
PCAIL
>?
F;
)?S
>?
IIL>CH;=C\H
#CM=;F
) #
S
>?F
0CMN?G;

#CM=;F
#?>?L;F
;FL?>?>IL
>?
FIM
=O;F?M
M?
0<<?16;.?<;
?H
F;
G;N?LC;
NI>IM
FIM
GC?G<LIM

>?
F;
#?>?L;=C\H
M?
=IHMIFC>;
?F
0CMN?G;
>?
IIL>CH;=C\H
#CM=;F
*?RC=;HI
GI>?LHI
0CH
?G<;LAI
YMN?
HI
B;
J?LG;H?=C>I
?MNXNC=I
JLO?<;
>?
?FFI
MIH
F;M
GXM
>?


D78AD?3E
67E67
>3
BD;?7D3
H7DE;R@
67
>3
$
3BDA4363
7@

3
>3
S>F;?3
?A6;\535;R@

?H
 
KO?
B;H
>;>I
=IGI
L?MOFN;>I
KO?
?H
JLIG?>CI
GXM
>?F

JIL
=C?HNI
>?

FIM
CHAL?MIM
<LONIM
>?
F;M
?HNC>;>?M
@?>?L;NCP;M
JLIP?HA;H
>?
F;M
1L;HM@?L?H=C;M
>?F

$I<C?LHI
#?>?L;F

"F
IHAL?MI
>?
F;
2HC\H
B;
L?;FCT;>I
?M@O?LTIM
J;L;
=IHNL;LL?MN;L
?F
=?HNL;FCMGI

G?>C;HN?
?F
INILA;GC?HNI
>?
=C?LN;M
JIN?MN;>?M
NLC<ON;LC;M
I
?MKO?G;M
=IIL>CH;>IM

7@FD7
>3
767D35;R@
K
>AE
7EF36AE
B7DA
OEF3E
@A
:3@
E;6A
>A
EG\5;7@F7?7@F7
3FD35F;H3E

J;L;
GINCP;L
?F
CHN?LYM
>?
FIM
AI<C?LHIM
FI=;F?M
?H
CGJF?G?HN;L
;KO?FF;M
KO?
?MNXH
?H

MO
DOLCM>C==C\H



"M
)C=?H=C;>I
?H
>GCHCMNL;=C\H
-]<FC=;
JIL
F;
2HCP?LMC>;>
ON\HIG;
>?
+O?PI
)?\H
?H
F;
=O;F
I<NOPI

?F
-L?GCI
;F
*YLCNI
=;>YGC=I
;F
G?DIL
?MNO>C;HN?
>?
MO
A?H?L;=C\H
S
*;?MNLZ;
?H
-IFZNC=;M
-]<FC=;M

JIL
+?Q
6ILE
2HCP?LMCNS
?H
+O?P;
6ILE
"MN;>IM
2HC>IM
>?
GYLC=;
1C?H?

;[IM
>?
?RJ?LC?H=C;
?H
?F

E75FAD
BS4>;5A
5A?A
E7EAD
67
(A>PF;53E
(S4>;53E
7@
>3
'\5;@3
67
>3
(D7E;67@5;3
67
>3
*7BS4>;53
;D75FAD

>?
-F;H?;=C\H
S
M?MIL
>?F
0?=L?N;LCI
>?
"H?LAZ;
S
>GCHCMNL;>IL
?HNL;F
>?
#CM=;FCT;=C\H
>?
$L;H>?M

IHNLC<OS?HN?M
S
M?MIL
>?F
'?@?
>?F
01
?H
F;
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
=NO;FG?HN?

?M
?F
!CL?=NIL
$?H?L;F
>?F
?HNLI
>?
"MNO>CIM
>?
F;M
#CH;HT;M
-]<FC=;M
?H
F;
%
XG;L;
>?
!CJON;>IM

 Tomo I
La Economía y las Finanzas Públicas

>>A
:3
97@7D36A
G@3
674;>;636
5DR@;53
67
>3E
\@3@L3E
BS4>;53E
67
>AE
9A4;7D@AE

FI=;F?M
KOC?H?M
;[I
=IH
;[I
BD7E7@F3@
6;\5G>F367E
5D75;7@F7E
B3D3
BDAH77D
>AE
4;7@7E

K
E7DH;5;AE
CG7
>7E
EA@
67
EG
5A?B7F7@5;3
674;63E
7@
4G7@3
?76;63
3
EG
;@7\5;7@F7

L?=;O>;=C\H
>?
CHAL?MIM
JLIJCIM
>?MCH=?HNCP;>;
JIL
FIM
G;SIL?M
L?=OLMIM
JLIP?HC?HN?M

67
>3
767D35;R@
K
7>
5AEFA
BA>PF;5A
67
>3
;?B>7?7@F35;R@
5A?B>7F3

K
7\5;7@F7
67
>AE

AL;PXG?H?M
;
MO
=;LAI
IH
F;
CHN?H=C\H
>?
?RJIH?L
=IH
G;SIL
>?N;FF?
F;
JLI<F?GXNC=;
MI<L?
?F
=?HNL;FCMGI

>?
FIM
L?=OLMIM
J]<FC=IM
;>?GXM
>?
>?M=LC<CL
;FAOH;M
;FN?LH;NCP;M
>?
G?DIL;
M?

JL?M?HN;
?H
F;
JLCG?L;
M?==C\H
>?
?MN?
?HM;SI
OH
J;HIL;G;
A?H?L;F
>?
F;
?PIFO=C\H

>?F
#?>?L;FCMGI
#CM=;F
?H
*YRC=I
>?M>?

;
 
;MCGCMGI
F;
M?AOH>;
M?==C\H

>;
?PC>?H=C;
>?F
JLI=?MI
>?
=IH=?HNL;=C\H
>?
FIM
L?=OLMIM
>CMJIHC<F?M
?H
F;
#?>?L;=C\H

K
EGE
53GE3E
B3D3
5A@5>G;D
7@
>3
F7D57D3
5A@
>3
;67@F;\535;R@
67
>3E
67\5;7@5;3E
K

>?M;@ZIM
;
G;H?L;
>?
JLIJO?MN;M
MI<L?
?F
#?>?L;FCMGI
*?RC=;HI


"3,)2 &s+
%&01s/& 
!")
#"!"/)&0*,
"+
*V5& ,


,/&$"+
!")
0&01"*
!"
,,/!&+ &s+
#&0 )
"+1/"
)

#"!"/ &s+
6
),0
"01!,0
"F
#?>?L;FCMGI
*?RC=;HI
;=NO;F
?M
?F
L?MOFN;>I
>?

;[IM
>?
H?AI=C;=CIH?M
?H

?F
M?HI
>?
NL?M
IHP?H=CIH?M
+;=CIH;F?M
#CM=;F?M
S
>IM
F?S?M
>?
>CMNLC<O=C\H
>?

J;LNC=CJ;=CIH?M
?H
>IH>?
M?
JL?N?H>C\
?MN;<F?=?L
OH;
>?FCGCN;=C\H
S
>CMNLC<O=C\H
=F;L;

>?
AL;PXG?H?M
?HNL?
#?>?L;=C\H
S
FIM
?MN;>IM
G?>C;HN?
?F
?MN;<F?=CGC?HNI
>?
OH

MCMN?G;
>?
J;LNC=CJ;=C\H
>?
FIM
?MN;>IM
?H
FIM
CHAL?MIM
L?=;O>;>IM
JIL
F;
#?>?L;=C\H

"H

M?
=IH=L?N;H
F;M
<;M?M
>?F
0CMN?G;
>?
IIL>CH;=C\H
#CM=;F
=IH
F;
JO<FC=;=C\H

>?
F;
!2F
12
<<?16;.06L;
6@0.9
2;A?2
9.
212?.06L;
F
9<@
@A.1<@
) ##"
S
F;
!2F

>B2
$A<?4.
<:=2;@.06<;2@
1606<;.92@
.
9<@
@A.1<@
>B2
292/?2;
<;C2;6<
12

<<?16;.06L;
2;
:.A2?6.
12
:=B2@A<
212?.9
@</?2
;4?2@<@
"2?0.;A692@
!?
;=O?L>I

=IH
/;<?FF
 
J

FIM
;MJ?=NIM
GXM
L?F?P;HN?M
>?
F;
) ##"
@O?LIH


EF34>75;?;7@FA
67
D7EFD;55;A@7E
\E53>7E
3
>AE
7EF36AE
B3D3
;?B76;D
CG7

?MN;<F?=C?L;H
CGJO?MNIM
?MN;N;F?M
;F
=IG?L=CI


&GJF?G?HN;=C\H
>?
OH
JLI=?MI
@?>?L;F
J;L;
?FCGCH;L
CGJO?MNIM
?MN;N;F?M

KO?
M?
=IHMC>?L;<;H
KO?
CHP;>Z;H
F;
?M@?L;
@?>?L;F
S
=IGJ?HM;=CIH?M
;

FIM
?MN;>IM
?H
@ILG;
>?
MO<MC>CIM


 Tomo I
La Economía y las Finanzas Públicas


!CMGCHO=C\H
>?
F;M
J;LNC=CJ;=CIH?M
?MN;N;F?M
J;L;
;KO?FF;M
?HNC>;>?M

KO?
HI
KOCMC?L;H
=IIL>CH;LM?


D735;R@
67
>3
A?;E;R@
&35;A@3>
67
D4;FD3<7
B3D3
D7EA>H7D
5A@];5FAE

>?LCP;>IM
>?
F;
;JFC=;=C\H
>?
F;
)?S
IH
>C=BI
IL>?H;GC?HNI
DOLZ>C=I
M?
JL?N?H>Z;
?PCN;L
F;
>I<F?
I
G]FNCJF?
NLC<ON;=C\H

>?LCP;>;
>?F
NLXHMCNI
>?
G?L=;H=Z;M
;
NL;PYM
>?F
N?LLCNILCI
H;=CIH;F
>?GXM
=IH
F;

)?S
KO?
,NILA;
IGJ?HM;=CIH?M
>C=CIH;F?M
;
FIM
"MN;>IM
KO?
?F?<L?H
IHP?HCI
>?

IIL>CH;=C\H
?H
G;N?LC;
>?
&GJO?MNI
#?>?L;F
MI<L?
&HAL?MIM
*?L=;HNCF?M
M?
<OM=;<;

;@57@F;H3D
3
>AE
7EF36AE
B3D3
G@;DE7
3>
+;EF7?3
67
AAD6;@35;R@
?76;3@F7
>3
\D?3
67

=IHP?HCI
MCH
?G<;LAI
B;MN;

M\FI

?MN;>IM
M?
B;<Z;H
;>B?LC>I
;F
0CMN?G;
>?

IIL>CH;=C\H

%;MN;

?F
0CMN?G;
>?
IIL>CH;=C\H
#CM=;F
?MN;<;
<;M;>I
JLCH=CJ;FG?HN?
?H
?F

&GJO?MNI
MI<L?
&HAL?MIM
*?L=;HNCF?M
S
?H
FIM
CGJO?MNIM
?MJ?=C;F?M
?MNIM
]FNCGIM

>?J?H>Z;H
>?
F;
N;M;
;JFC=;>;
;F
P;FIL
>?
JLI>O==C\H
S
>?F
JIL=?HN;D?
>?
J;LNC=CJ;=C\H

KO?
M?
?MN;<F?=Z;
>?
=;>;
=IH=?JNI

"MN;M
=IH>C=CIH?M
>C?LIH
=IGI
L?MOFN;>I
OH
MCMN?G;
B?N?LIAYH?I
;
NL;PYM
>?
F;M

?HNC>;>?M
@?>?L;NCP;M
S;
KO?
MC
<C?H
B;<Z;
J;LNC=CJ;=CIH?M
A?H?L;F?M
?H
CGJO?MNIM

@?>?L;F?M
?MN;<F?=C>IM
?H
F;
=IHMNCNO=C\H
N;G<CYH
?RCMNZ;H
CGJO?MNIM
MI<L?
F;

JLI>O==C\H
S
?F
=IHMOGI
J;LNC=OF;L?M
L?;FCT;>IM
?H
?F
N?LLCNILCI
?MN;N;F
MI<L?
FIM
=O;F?M

J;LNC=CJ;<;H
FIM
AI<C?LHIM
FI=;F?M
FI
KO?
?KOCP;FZ;
;
OH;
J;LNC=CJ;=C\H
>C@?L?H=C;>;
HI

G@;8AD?7
3
FD3HOE
67
>3E
6;EF;@F3E
7@F;6367E
8767D3F;H3E
CG7
47@7\5;R
BD;@5;B3>?7@F7

;
FIM
?MN;>IM
J?NLIF?LIM
JIL
?F
;OA?
?H
?F
P;FIL
S
GIHNI
>?
JLI>O==C\H
>?
>C=BIM

BC>LI=;L<OLIM

>?GXM
>?
F;M
J;LNC=CJ;=CIH?M
FIM
?MN;>IM
N?HZ;H
CHAL?MIM
JLIJCIM
MI<L?
FIM
=O;F?M

5A@E7DH343@
5;7DF3
3GFA@A?P3
\E53>
7@
F3@FA
CG7
BA6P3@
7EF34>757D
;?BG7EFAE
K

>?L?=BIM
FIM
=O;F?M
;F
HI
?MN;L
=IIL>CH;>IM
?L;H
A?H?L;FG?HN?
=IH=OLL?HN?M
=IH
FIM

?MN;<F?=C>IM
JIL
FIM
INLIM
\L>?H?M
>?
AI<C?LHI
FI
KO?
JLIPI=;<;
KO?
J?LMCMNC?L;
F;

>I<F?
I
?H
MO
=;MI
F;
G]FNCJF?
NLC<ON;=C\H


,+0,)&! &s+
!")
0&01"*
!"
,,/!&+ &s+
#&0 )

IH
F;
;JLI<;=C\H
>?
OH;
M?LC?
>?
L?@ILG;M
;
J;LNCL
>?

CHC=C;
OH;
HO?P;
?N;J;
>?F

#?>?L;FCMGI
#CM=;F
G?RC=;HI
;F
?FCGCH;LM?
F;
)?S
>?
&HAL?MIM
*?L=;HNCF?M
;>?GXM
>?


CGJO?MNIM
?MJ?=C;F?M
MCNO;=C\H
KO?
MOMNCNOS\
?F
0CMN?G;
>?
-;LNC=CJ;=CIH?M
<;M;>IM

?H
>C=BIM
CGJO?MNIM
"H
MO
FOA;L
M?
=L?;
?F
0CMN?G;
+;=CIH;F
>?
IIL>CH;=C\H
#CM=;F

0+ #
NIG;H>I
=IGI
@O?HN?
>?
CHAL?MIM
F;M
HO?P;M
F?S?M
=IGI
F;
)?S
>?F
&GJO?MNI


 Tomo I
La Economía y las Finanzas Públicas

;F
3;FIL
AL?A;>I
F;
)?S
>?F
&GJO?MNI
"MJ?=C;F
MI<L?
-LI>O==C\H
S
0?LPC=CIM
F;
)?S

#?>?L;F
>?
!?L?=BIM
S
F;
)?S
>?
IIL>CH;=C\H
#CM=;F
) #
!C=BI
MCMN?G;
=IG?HT\

;
@OH=CIH;L
JF?H;G?HN?
;
J;LNCL
>?

=IH
F;
?HNL;>;
?H
PCAIL
>?
F;
HO?P;
) #
"MNI
>CI
FOA;L
;
OH
0CMN?G;
>?
IIL>CH;=C\H
#CM=;F
GXM
OHC@ILG?
S
J;L;
M?L
J;LN?
>?

O>
>3
7@F;636
8767D3F;H3
F7@P3
CG7
\D?3D
HA>G@F3D;3?7@F7
G@
A@H7@;A
67
6:7E;R@

=IH
F;
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
0% -
JL?PC;G?HN?
;JLI<;>I
JIL

>3
>79;E>3FGD3
>A53>
K
BG4>;536A
7@
7>
;3D;A
'\5;3>
67
>3
767D35;R@
'
7@
7>
5G3>

M?
?MN;<F?=Z;
KO?
FIM
?MN;>IM
=?>Z;H
MOM
JIN?MN;>?M
NLC<ON;LC;M
;F
$I<C?LHI
#?>?L;F
S
M?

=IIL>CH;<;H
?H
L?F;=C\H
=IH
NI>IM
FIM
CHAL?MIM
>?
F;
#?>?L;=C\H
;
=;G<CI
>?
KO?
M?

F?M
=.?A606=.?.
>?
FIM
CHAL?MIM
I<N?HC>IM
JIL
CGJO?MNIM
@?>?L;F?M
S
MOM
L?=;LAIM
<;DI

OH
JLCH=CJCI
L?M;L=CNILCI
IH
?MN?
HO?PI
MCMN?G;
M?
FIAL;<;
?F
I<D?NCPI
>?
?PCN;L
F;
G]FNCJF?
NLC<ON;=C\H
M?

;LGIHCT;<;
F;
F?ACMF;=C\H
NLC<ON;LC;
S
M?
@ILN;F?=Z;H
S
?MN;<CFCT;<;H
F;M
B;=C?H>;M
J]<FC=;M

FI=;F?M
!C=BI
MCMN?G;
M?
CGJF?G?HN\
;
J;LNCL
>?
@IH>IM
=OSIM
JLI=?>CGC?HNIM
>?

>?N?LGCH;=C\H
>?
MO
GIHNI
S
L?J;LNI
?HNL?
F;M
?HNC>;>?M
@?>?L;NCP;M
?MNXH
?MN;<F?=C>IM

?H
F;
) #
KOC?H?M
;
MO
P?T
NC?H?H
F;
I<FCA;=C\H
>?
>CMNLC<OCL
OH
JIL=?HN;D?
GZHCGI
;

MOM
GOHC=CJCIM
L?MJ?=NCPIM


J;LNCL
>?

S
;
F;
@?=B;
?F
MCMN?G;
>?
L?J;LNI
>?
J;LNC=CJ;=CIH?M
@?>?L;F?M
B;

F7@;6A
?S>F;B>7E
?A6;\535;A@7E
BAD
7<7?B>A
7@

E7
5A@F343
5A@
6AE
8A@6AE

>?
J;LNC=CJ;=CIH?M
"F
#IH>I
$?H?L;F
>?
-;LNC=CJ;=CIH?M
#$-
S
?F
#IH>I
>?

#CH;H=C;GC?HNI
IGJF?G?HN;LCI
## 
-;L;

M?
;>C=CIH\
?F
#IH>I
>?
#IG?HNI

*OHC=CJ;F
##*
"H
MO
ILCA?H
?F
L?J;LNI
>?
J;LNC=CJ;=CIH?M
NOPI
OH
PC=CI
S;
KO?
A;L;HNCT;<;
;
FIM

?MN;>IM
;>B?LC>IM
F;
GCMG;
J;LNC=CJ;=C\H
?H
CHAL?MIM
@?>?L;F?M
KO?
?F
;[I
;HN?LCIL
S

>;>I
KO?
?H

S

M?
>?N?LGCH\
OH
JL?=CI
>?F
<;LLCF
>?
J?NL\F?I
J;LNC=OF;LG?HN?

;FNI
?MNI
JLIPI=\
KO?
F;M
J;LNC=CJ;=CIH?M
>?
FIM
?MN;>IM
J?NLIF?LIM
@O?L;H
?F?P;>;M

?H
;@?=N;=C\H
>?
FIM
?MN;>IM
KO?
HI
MIH
J?NLIF?LIM
!C=BI
>?M<;F;H=?
J?LMCMNC\
;OH

=O;H>I
?F
JL?=CI
>?F
<;LLCF
>?
J?NL\F?I
S
F;
<IH;HT;
J?NLIF?L;
>?=;S?LIH
?H
FIM
;[IM

JIMN?LCIL?M
(3D3

7@FDR
7@
H;9AD
G@3
?A6;\535;R@
3>
5D;F7D;A
67
6;EFD;4G5;R@
67>
(
7>

=O;F
N?H>C\
;
=IHMC>?L;L
F;M
H?=?MC>;>?M
>?
F;M
?HNC>;>?M
CH=FOS?H>I
OH;
G;SIL

JIH>?L;=C\H
>?F
=LCN?LCI
JI<F;=CIH;F
F;
=IHNLC<O=C\H
>?
F;M
?HNC>;>?M
;
F;
;=NCPC>;>

?=IH\GC=;
S
OH
=IGJIH?HN?
=IGJ?HM;NILCI
>?
FIM
>IM
;HN?LCIL?M
"H

?HNL;H

?H
PCAIL
JLI@OH>IM
=;G<CIM
?H
=O;HNI
;
GIHNIM
>?
FIM
@IH>IM
KO?
F?
>C?LIH
;
F;M

J;LNC=CJ;=CIH?M
JLX=NC=;G?HN?
MO
?MNLO=NOL;
;=NO;F


 Tomo I
La Economía y las Finanzas Públicas


!"0 "+1/)&7 &s+
!")
$01,
-t)& ,
6
)
,,/!&+ &s+

#&0 )

\@7E
67

E7
D79;EFDR
>3
D78AD?3
?NE
FD3E57@67@F7
7@
>3E
;@3@L3E
(S4>;53E

#?>?L;F?M
S
FI=;F?M
>?M>?

?H
F;
=O;F
M?
;GJFC;LIH
F;M
NL;HM@?L?H=C;M

@?>?L;F?M
S
M?
@ILN;F?=C\
?F
JLI=?MI
>?
>?M=?HNL;FCT;=C\H
>?F
A;MNI
S
>?
FIM
<C?H?M

S
M?LPC=CIM
J]<FC=IM
"MN;
L?@ILG;
M?
G;N?LC;FCT\
=IH
F;
;>C=C\H
>?F
;JZNOFI

.
3
>3
$7K
67
AAD6;@35;R@
;E53>
CG7
E7
FD36G<A
7@
>3
5D735;R@
67
>3
\9GD3
67

JILN;=CIH?M
#?>?L;F?M
J;L;
"HNC>;>?M
#?>?L;NCP;M
S
*OHC=CJCIM
/;GI


KO?
@O?
CH=ILJIL;>I
;F
-L?MOJO?MNI
>?
"AL?MIM
>?
F;
#?>?L;=C\H
-"#
;
J;LNCL
>?F

7<7D5;5;A
\E53>

5A@
?AF;HA
67
6;H7DE3E
D78AD?3E
3
6;5:3
$7K

(3D3

>3E

JILN;=CIH?M
#?>?L;F?M
M?
?H=IHNL;<;H
=IH@ILG;>;M
JIL
=CH=I
@IH>IM
>?
;JILN;=CIH?M

J;L;
F;
">O=;=C\H
XMC=;
S
+ILG;F
#"
J;L;
FIM
0?LPC=CIM
>?
0;FO>
#00

J;L;
F;
&H@L;?MNLO=NOL;
0I=C;F
#&0
S
?F
>?
JILN;=CIH?M
*]FNCJF?M
#*
"MN;M
NL;HM@?L?H=C;M
?NCKO?N;>;M
>?
L?=OLMIM
MIH
L?MOFN;>I
>?
F;M
HO?P;M

L?MJIHM;<CFC>;>?M
>?M=?HNL;FCT;>;M
>?M>?
F;
#?>?L;=C\H
;
FIM
?MN;>IM
JLCH=CJ;FG?HN?

?H
G;N?LC;
>?
?>O=;=C\H
M;FO>
S
>?M;LLIFFI
MI=C;F
-;L;

M?
;>C=CIH;LIH
?F
#IH>I
>?
JILN;=CIH?M
J;L;
?F
#ILN;F?=CGC?HNI
>?
FIM

*OHC=CJCIM
S
>?
F;M
!?G;L=;=CIH?M
1?LLCNILC;F?M
>?F
!CMNLCNI
#?>?L;F
#,/1*2+!#

?F
#IH>I
>?
JILN;=CIH?M
J;L;
F;
">O=;=C\H
1?=HIF\AC=;
S
>?
>OFNIM
#"1
S
?F

#IH>I
>?
JILN;=CIH?M
J;L;
F;
0?AOLC>;>
-]<FC=;
>?
FIM
"MN;>IM
S
>?F
!CMNLCNI
#?>?L;F

#0-
6
?H
?F
 
M?
;[;>C\
?F
#IH>I
>?
JILN;=CIH?M
J;L;
?F
#ILN;F?=CGC?HNI
>?

F;M
"HNC>;>?M
#?>?L;NCP;M

##"#
);
=L?;=C\H
>?F
/;GI

A?H?L\
OH
@O?LN?
CGJOFMI
;
F;
>?M=?HNL;FCT;=C\H
>?
@OH=CIH?M

S
L?MJIHM;<CFC>;>?M
?H
G;N?LC;
>?
?>O=;=C\H
M;FO>
CH@L;?MNLO=NOL;
?>O=;NCP;

CH@L;?MNLO=NOL;
MI=C;F
M?AOLC>;>
J]<FC=;
?HNL?
INLIM
KO?
=IG?HT\
;
JLCH=CJCIM
>?
F;

>Y=;>;
>?
FIM
HIP?HN;M

$3
3>F7D@3@5;3
BA>PF;53
67>
3QA

B3D75P3
G@3
ABADFG@;636
S@;53
B3D3
?A6;\53D
7>

E;EF7?3
67
D7>35;A@7E
\E53>7E
7@FD7
>AE
FD7E
RD67@7E
67
9A4;7D@A
E;@
7?43D9A
5A?A

;@6;53
*347>>
 
B


Y>AE
835FAD7E
:;EFRD;5AE
3DD79>AE
\E53>7E
BD77J;EF7@F7E
K

=OFNOL;
JIFZNC=;
?H
A?H?L;F
I=;MCIH;LIH
KO?
=IHNCHO;L;H
F;M
GCMG;M
JIFZNC=;M
J]<FC=;M

S
KO?
M?
CGJF?G?HN;L;H
=;G<CIM
J;L=C;F?M
;
J?M;L
>?
FIM
?M@O?LTIM
>?
GO=BIM
;=NIL?M

JIFZNC=IMm
!?MJOYM
>?
L?J?NC>IM
JLIHOH=C;GC?HNIM
JIL
F;
@;FN;
>?
NL;HMJ;L?H=C;
?H
?F
OMI
>?
FIM

L?=OLMIM
@?>?L;F?M
S
>?
F;M
NL;HM@?L?H=C;M
;
F;M
?HNC>;>?M
@?>?L;NCP;M
S
GOHC=CJCIM
?H

 
?HNL;
?H
PCAIL
F;
)?S
#?>?L;F
>?
-L?MOJO?MNI
S
/?MJIHM;<CFC>;>
%;=?H>;LC;

F;
=O;F
L?AOF;
F;
JLIAL;G;=C\H
JL?MOJO?MN;=C\H
;JLI<;=C\H
?D?L=C=CI
=IHNLIF
S


 Tomo I
La Economía y las Finanzas Públicas

7H3>G35;R@
67
>AE
;@9D7EAE
K
79D7EAE
BS4>;5AE
8767D3>7E

@
7EB75P\5A
7>
3BPFG>A
!!!

?MN;<F?=?
FIM
?F?G?HNIM
KO?
>?<?H
=OGJFCL
F;
#?>?L;=C\H
"HNC>;>?M
#?>?L;NCP;M
S

*OHC=CJCIM
?H
G;N?LC;
>?
NL;HMJ;L?H=C;
?
CH@ILG;=C\H
MI<L?
?F
?D?L=C=CI
>?F
$;MNI

#?>?L;FCT;>I
CH=FOS?H>I
=;F?H>;LCIM
>?
>C=BI
A;MNI
S
HILG;M
>?
L?H>C=C\H
>?
=O?HN;M

MI<L?
MO
?D?L=C=CI
@
7>
?3D5A
67
>3
*78AD?3
357@63D;3
7@
7>

E7
D73>;L3DA@
?A6;\535;A@7E

MOMN;H=C;F?M
;
FIM
@IH>IM
KO?
CHN?AL;H
?F
/;GI

-;LNC=CJ;=CIH?M
#?>?L;F?M
S
?F
/;GI


JILN;=CIH?M
#?>?L;F?M
/?MJ?=NI
>?
F;M
-;LNC=CJ;=CIH?M
#?>?L;F?M
M?
L?@ILG\
?F

#$-
?F
##*
S
?H
=O;HNI
;
MO
L?J;LNI
M?
?MN;<F?=C\
KO?
M?
>CMNLC<OCLXH
;
F;M
?HNC>;>?M

@?>?L;NCP;M
>?
;=O?L>I
;F
GIHNI
;MCAH;>I
>?
 
;F
=L?=CGC?HNI
?=IH\GC=I
;F

?M@O?LTI
L?=;O>;NILCI
S
;F
N;G;[I
>?
F;
JI<F;=C\H
>?
=;>;
?HNC>;>
>?GXM
M?
=L?;LIH
?F
#IH>I
>?
#CM=;FCT;=C\H
#,#&"
?F
#IH>I
>?
IGJ?HM;=C\H

FIM
CH=?HNCPIM
>?F
&"-0
;
F;
3?HN;
#CH;F
>?
!CYM?F
S
$;MIFCH;
S
?F
#IH>I
>?
"RNL;==C\H

>?
%C>LI=;L<OLIM
#"5%&
>?GXM
M?
;<LIA;
F;
)?S
#?>?L;F
>?
1?H?H=C;
I
2MI
>?

3?BZ=OFIM
J;L;
?F
 
JIL
FI
KO?
J;L;
?MN?
;[I
>?D;
>?
M?L
J;LNC=CJ;<F?
S
M?
=?>?
;
F;M

?HNC>;>?M
F;
@;=OFN;>
>?
L?=;O>;LFI
S
;>GCHCMNL;LFI
*7EB75FA
3
>AE
A@6AE
67
BADF35;A@7E
767D3>7E
E7
?A6;\53@
EGE
8RD?G>3E
67

>CMNLC<O=C\H
J;L;
=IHMC>?L;L
FIM
=LCN?LCIM
>?
L?J;LNI
>?
G;NLZ=OF;
ZH>C=?
>?
=;FC>;>

?>O=;NCP;
S
JLIJIL=C\H
>?F
A;MNI
JLIJCI
?H
?>O=;=C\H
L?MJ?=NI
>?F
#"
0?
?MN;<F?=?

KO?
?F
##"#
M?
>CMNLC<OS?
>?
;=O?L>I
;F
GIHNI
;MCAH;>I
?H
 
S
;F
CHP?LMI
>?F

(!
B7D
5NB;F3
@A
?;@7DA
K
@A
B7FDA>7DA
67
F3>
?3@7D3
CG7
E7
47@7\5;7
3
>3E
7@F;6367E

?=IH\GC=;G?HN?
GXM
L?T;A;>;M
-IL
]FNCGI
?H
 
=IGI
J;LN?
>?
F;M
/?@ILG;
%;=?H>;LC;
M?
;JLI<;LIH

?A6;\535;A@7E
3
>3
$
CG7
BAD
7>
>36A
67>
*3?A

(3DF;5;B35;A@7E
767D3>7E

<OM=;LIH
LI<OMN?=?L
FIM
CH=?HNCPIM
L?=;O>;NILCIM
>?
F;M
?HNC>;>?M
@?>?L;NCP;M
S

GOHC=CJCIM
S
G?DIL;L
F;
>CMNLC<O=C\H
?F
>?MNCHI
S
?F
?D?L=C=CI
>?
FIM
L?=OLMIM
>?
FIM

A@6AE
67>
*3?A

BADF35;A@7E
767D3>7E
3
\@
67
D78ADL3D
>AE
A4<7F;HAE
B3D3
>AE

KO?
@O?LIH
=L?;>IM
?
CH=L?G?HN;L
F;
NL;HMJ;L?H=C;
?H
MO
;MCAH;=C\H

"01/2 12/
3&$"+1"
!")
$01,
#"!"/)&7!,
0?
>?HIGCH;
.@A<
212?.96G.1<
;F
=IHDOHNI
>?
FIM
L?=OLMIM
@?>?L;F?M
KO?
M?

FD3@E\7D7@
3
>3E
7@F;6367E
8767D3F;H3E
?G@;5;B;AE
K
67?3D535;A@7E
F7DD;FAD;3>7E
67>

!CMNLCNI
#?>?L;F
AI<C?LHIM
FI=;F?M
"MN?
=IH=?JNI
?MNX
=IHMNCNOC>I
?M?H=C;FG?HN?

JIL
?F
&.:<

%.?A606=.06<;2@
212?.92@
S
?F
&.:<

=<?A.06<;2@
212?.92@
FIM

=O;F?M
L?JL?M?HN;H
?F

JIL
=C?HNI
>?F
.@A<
212?.96G.1<


 Tomo I
La Economía y las Finanzas Públicas

"F
/;GI

-;LNC=CJ;=CIH?M
#?>?L;F?M
@ILG;
J;LN?
>?F
.@A<
;<
%?<4?.:./92

JIL
FI
KO?
?H
?F
-"#
;J;L?=?
=IGI
OH;
?MNCG;=C\H
>?
FI
KO?
M?
?MJ?L;
M?
NL;HM@?LCLX

;
F;M
?HNC>;>?M
@?>?L;NCP;M
S
GOHC=CJCIM
>?J?H>C?H>I
>?F
=IGJILN;GC?HNI
>?
F;
/#-

3
>A
>3D9A
67>
7<7D5;5;A
\E53>

67?NE
BAD
EG
@3FGD3>7L3
EGE
D75GDEAE
@A
7EFN@

7F;CG7F36AE
7E
675;D
@A
F;7@7@
G@
67EF;@A
7EB75P\5A
7@
7>
93EFA
67
>3E
7@F;6367E

@?>?L;NCP;M
S
GOHC=CJCIM
>?
G;H?L;
KO?
M?
?D?L=?H
>?
@ILG;
;ON\HIG;
JIL
J;LN?
>?

FIM
AI<C?LHIM
FI=;F?M
;<?
M?[;F;L
KO?
;=NO;FG?HN?
FIM
L?=OLMIM
>?F
/;GI

-;LNC=CJ;=CIH?M
#?>?L;F?M

@A
7EFN@
EG<7FAE
3
>3
\E53>;L35;R@
BAD
B3DF7
67
>3
G6;FADP3
+GB7D;AD
67
>3
767D35;R@

0#
0CH
?G<;LAI
?MNI
=;G<C;LX
;
J;LNCL
>?
 
>?<C>I
;
KO?
?F

>?
G;SI
>?

 
E7
BG4>;5R
7@
7>
;3D;A
'\5;3>
67
>3
767D35;R@
>3
D78AD?3
5A@EF;FG5;A@3>
7@

G;N?LC;
>?
=IG<;N?
;
F;
=ILLOJ=C\H
KO?
JL?PC;G?HN?
@O?
;JLI<;>;
JIL
?F
IHAL?MI

>?
F;
2HC\H
S
JIL

=IHAL?MIM
FI=;F?M
"H
>C=B;
L?@ILG;
M?
?MN;<F?=?
KO?
F;
0#

\E53>;L3DN
>3E
(3DF;5;B35;A@7E
767D3>7E
7@
5AAD6;@35;R@
5A@
>3E
7@F;6367E
>A53>7E
67

\E53>;L35;R@
A
67
?3@7D3
6;D75F3

"H
=;G<CI
?F
/;GI

JILN;=CIH?M
#?>?L;F?M
?M
J;LN?
>?F
.@A<
%?<4?.:./92

JIL
FI
KO?
MO
;MCAH;=C\H
M?
=IHMC>?L;
=IGI
OH;
JLIPCMC\H
JLIAL;G;>;
KO?
>?<?LX

=OGJFCLM?
CH>?J?H>C?HN?G?HN?
>?
F;
?PIFO=C\H
>?
F;
/#-
I
>?
=O;FKOC?L
INL;
P;LC;<F?


>C@?L?H=C;
>?
F;M
-;LNC=CJ;=CIH?M
#?>?L;F?M
FIM
L?=OLMIM
>?
?MN?
L;GI
?MNXH
?NCKO?N;>IM

7E
675;D
F;7@7@
G@
67EF;@A
7EB75P\5A
7@
7>
93EFA
67
>3E
7@F;6367E
8767D3F;H3E
CG;7@7E

FI
>?<?H
?D?L=?L
>?
;=O?L>I
;
F;M
F?S?M
L?AF;M
>?
IJ?L;=C\H
FCH?;GC?HNIM
S
HILG;M

3B>;534>7E
7EF3@6A
367?NE
EG<7FAE
3
\E53>;L35;R@
BAD
>3
+


"H
F;
;=NO;FC>;>
?F
/;GI

JILN;=CIH?M
#?>?L;F?M
CH=FOS?
FIM
I=BI
@IH>IM
;HN?M

G?H=CIH;>IM
=IH
?R=?J=C\H
>?
KO?
?F
#IH>I
>?
JILN;=CIH?M
J;L;
F;
">O=;=C\H

XMC=;
S
+ILG;F
#"
=;G<C\
MO
>?HIGCH;=C\H
;
#IH>I
>?
JILN;=CIH?M
J;L;
F;

+\GCH;
">O=;NCP;
S
?F
$;MNI
>?
,J?L;=C\H
#,+"
);M
JILN;=CIH?M
S
-;LNC=CJ;=CIH?M
#?>?L;F?M
M?
=IGJF?G?HN;H
=IH
INL;M
NL;HM@?L?H=C;M

?NCKO?N;>;M
KO?
M?
L?GCN?H
;
FIM
?MN;>IM
S
GOHC=CJCIM
G?>C;HN?
F;
MOM=LCJ=C\H
>?

<;C2;6<@
CG7
E7
\D?3@
7@
7>
FD3@E5GDEA
67>
7<7D5;5;A
\E53>

>C=CIH;FG?HN?
>?M>?
F;
CH=FOMC\H
?H
?F

>?F
-LIAL;G;
>?
JISIM
J;L;
?F

#ILN;F?=CGC?HNI
>?
F;M
"HNC>;>?M
#?>?L;NCP;M
M?
;JLO?<;H
?H
?F
-"#
NL;HM@?L?H=C;M
KO?

M?
;MCAH;H
;
F;M
?HNC>;>?M
@?>?L;NCP;M
S
GOHC=CJCIM
;
NL;PYM
>?F
&.:<

%?<C6@6<;2@

'.9.?6.92@
F
0<;L:60.@
>?MNCH;>IM
JLCH=CJ;FG?HN?
;F
@ILN;F?=CGC?HNI
>?F
>?M;LLIFFI

L?ACIH;F
S
GOHC=CJ;F
G?>C;HN?
JLIAL;G;M
S
JLIS?=NIM
>?
CH@L;?MNLO=NOL;
@ZMC=;

J;LNCL
>?
 
M?
B;H
;AL?A;>I
;F
.@A<
212?.96G.1<
F;M
NL;HM@?L?H=C;M
>?
F;

-LIN?==C\H
0I=C;F
?H
0;FO>
;
NL;PYM
>?
FIM
-LIAL;G;M
#?>?L;F?M
l0?AOLI
-IJOF;Lm
S


 Tomo I
La Economía y las Finanzas Públicas

Y;9@;\535;R@
5A@E7DH35;R@
K
?3@F7@;?;7@FA
67
>3
;@8D37EFDG5FGD3
K
7CG;B3?;7@FA

?H
M;FO>m
;G<IM
;
=;LAI
>?
F;
IGCMC\H
+;=CIH;F
>?
-LIN?==C\H
0I=C;F
?H
0;FO>

>?J?H>C?HN?
>?
F;
0?=L?N;LZ;
>?
0;FO>
IH
?R=?J=C\H
>?
F;M
%.?A606=.06<;2@
212?.92@
FIM
INLIM
?F?G?HNIM
>?F
$;MNI

767D3>;L36A
F;7@7@
G@3
\@3>;636
7EB75P\53
7@
7>
93EFA
67
>AE
9A4;7D@AE
>A53>7E
7E

675;D
E7
FD3F3
67
D75GDEAE
7F;CG7F36AE
EG<7FAE
3
\E53>;L35;R@
BAD
B3DF7
67
>3
+


/ 1"/r01& 0
!")
"+1/)&0*,
#&0 )
"+
*V5& ,


,+3"+&,0
!"
,,/!&+ &s+
"H
G;N?LC;
>?
IIL>CH;=C\H
#CM=;F
?HNL?
F;
#?>?L;=C\H
S
F;M
"HNC>;>?M
#?>?L;NCP;M

M?
?H=O?HNL;
OH
MCMN?G;
H;=CIH;F
>?
=IHP?HCIM
=IGJF?DI
HI
=IHN?GJF;>I
>?
@ILG;

?RJL?M;
?H
F;
IHMNCNO=C\H
-IFZNC=;
>?
FIM
"MN;>IM
2HC>IM
*?RC=;HIM
 -"2*
S
KO?

JLIBZ<?
;
FIM
"MN;>IM
AL;P;L
>?N?LGCH;>;M
;=NCPC>;>?M
I
CHAL?MIM

"H
?MN?
M?HNC>I
0OXL?T
!XPCF;
 
=IH=FOS?
KO?
MC
<C?H
F;
IHMNCNO=C\H
>?<C?L;

N?H?L
F;M
G?HIM
?HGC?H>;M
JIMC<F?M
L?MOFN;
H?=?M;LCI
CH=ILJIL;L
;>?=O;>;M
JIN?MN;>?M

=IH=OLL?HN?M
;
FIM
?MN;>IM
MZ
FI
G?H=CIH;
N;G<CYH
LLCID;
3CT=;ZHI

J


;F
M?[;F;L
KO?
F;
JLIJC;
IHMNCNO=C\H
N?H>LZ;
KO?
>CMNLC<OCL
?KOCFC<L;>;G?HN?
F;M

JIN?MN;>?M
NLC<ON;LC;M
?HNL?
F;
#?>?L;=C\H
S
F;M
?HNC>;>?M
@?>?L;NCP;M
S
=IH
?FFI
?PCN;L

KO?
F;
OH;
>?J?H>;
>?
F;
INL;
S
PC=?P?LM;
6
;>?GXM
;F
HI
N?H?L
L?MJIHM;<CFC>;>?M

>?N?LGCH;HN?M
?H
F;
L?=;O>;=C\H
F;M
?HNC>;>?M
@?>?L;NCP;M
NC?H>?H
;
A;MN;L
FIM
L?=OLMIM

5A@
?7@AD
7\5;7@5;3
K
7\535;3

"M
>?=CL
OH;
?RJFC=;=C\H
>?F
=?HNL;FCMGI
M?
?H=O?HNL;
>?M>?
F;
\JNC=;
DOLZ>C=;
?H

HO?MNL;
;LN;
*;AH;
KO?
;F
HI
?MN;L
?RJL?M;G?HN?
CH>C=;>;M
F;M
;NLC<O=CIH?M
?HNL?
F;M

NL?M
\L>?H?M
>?
AI<C?LHI
CH=FOMI
>?M>?
HO?MNLI
GXRCGI
IL>?H
DOLZ>C=I
JI>LZ;
>;LM?

?F
=;MI
>?
F;
>I<F?
NLC<ON;=C\H
JO?M
HI
?MNX
JLIBC<C>I
KO?
F;M
?HNC>;>?M
@?>?L;NCP;M

JO>C?L;H
AL;P;L
@O?HN?M
>?
CHAL?MIM
I
;=NCPC>;>?M
=IGI
F;M
L?AOF;>;M
?H
F;
)?S
>?F

&GJO?MNI
0I<L?
F;
/?HN;
&0/
S
?F
&GJO?MNI
;F
3;FIL
AL?A;>I
&3
S
JIL
N;HNI
M?

A?H?L;LZ;H
=;LA;M
?R=?MCP;M
;
FIM
AI<?LH;>IM
=IGI
MO=?>Z;
?H
;HN;[I
0CH
?G<;LAI

>3
6A4>7
FD;4GF35;R@
@A
EG5767
7@
@G7EFDA
E;EF7?3
\E53>
674;6A
3
CG7
>3E
7@F;6367E

@?>?L;NCP;M
B;H
=IHP?HC>I
=IH
F;
#?>?L;=C\H
?PCN;L
FIM
AL;PXG?H?M
MI<L?
F;
GCMG;

<;M?
?HNL?
F;M
\L>?H?M
>?
AI<C?LHI
;
=;G<CI
>?
KO?
>C=B;M
?HNC>;>?M
J;LNC=CJ?H
>?
F;

L?=;O>;=C\H
KO?
I<N?HA;
F;
#?>?L;=C\H


 Tomo I
La Economía y las Finanzas Públicas

"HNIH=?M
F;
JLI<F?GXNC=;
MI<L?
F;M
JIN?MN;>?M
NLC<ON;LC;M
;
HCP?F
=IHMNCNO=CIH;F
M?
B;

L?MO?FNI
?H
F;
JLX=NC=;
G?>C;HN?
F;
=?F?<L;=C\H
>?
=IHP?HCIM
?HNL?
FIM
\L>?H?M
>?
AI<C?LHI

JL?GC;H>I
OH;
=F;L;
=IH=?HNL;=C\H
>?
FIM
CHAL?MIM
JIL
CGJO?MNIM
?H
F;
#?>?L;=C\H
MC?H>I

H?=?M;LCI
KO?
F;
0OJL?G;
ILN?
>?
'OMNC=C;
>?
F;
+;=C\H
G?>C;HN?
N?MCM
DOLCMJLO>?H=C;F

AFAD9G7
>793>;636
3
>3
5AAD6;@35;R@
\E53>
7@FD7
>3
767D35;R@
K
>3E
7@F;6367E
8767D3F;H3E
CG7

JIL
MO
CGJILN;H=C;
M?
=CN;
J;LN?
>?
F;
L?MIFO=C\H

;@3>?7@F7
>3
7E7@5;3
67>
E;EF7?3
H;97@F7
3
>3
875:3
E7
\<R
5A@
>3

?RJ?>C=C\H
?H

>?
F;
)?S
>?
IIL>CH;=C\H
#CM=;F
S
>?
F;
)?S
>?F

&GJO?MNI
;F
3;FIL
AL?A;>I
S
?H

>?
F;
)?S
>?F
&GJO?MNI
"MJ?=C;F

MI<L?
-LI>O==C\H
S
0?LPC=CIM
?MN;<F?=CYH>IM?
OH
MCMN?G;
>?
=IIL>CH;=C\H

\E53>
G@;8AD?7
5GKA
EGEF7@FA
E7
7@5G7@FD3
7@
>3
57>74D35;R@
67
5A@H7@;AE

67
36:7E;R@
3>
E;EF7?3
@35;A@3>
67
5AAD6;@35;R@
\E53>
7@FD7
>3
767D35;R@

S
F;M
?HNC>;>?M
@?>?L;NCP;M
=OSI
I<D?NI
?M
;LGIHCT;L
?F
?D?L=C=CI
>?
F;

JIN?MN;>
NLC<ON;LC;
?HNL?
FIM
\LA;HIM
F?ACMF;NCPIM
>?
FIM
L?@?LC>IM
\LA;HIM

67
9A4;7D@A
5A@
7>
\@
67
7H;F3D
>3
6A4>7
A
?S>F;B>7
FD;4GF35;R@
K3
CG7

F;M
?HNC>;>?M
KO?
=?F?<L;H
N;F?M
=IHP?HCIM
>?<?H
L?HOH=C;L
;
?MN;<F?=?L

=IHNLC<O=CIH?M
MI<L?
B?=BIM
I
;=NIM
DOLZ>C=IM
AL;P;>IM
JIL
F;
#?>?L;=C\H

I
;
MOMJ?H>?L
MO
PCA?H=C;
S
INILA;L
;
FIM
"MN;>IM
;F
!CMNLCNI
#?>?L;F
S

3
>AE
%G@;5;B;AE
5A@
43E7
7@
G@
8A@6A
97@7D3>
K
8A@6AE
7EB75P\5AE

J;LNC=CJ;=C\H
?H
F;
L?=;O>;=C\H
>?
FIM
AL;PXG?H?M
>?
=;LX=N?L
@?>?L;F
S;

M?;
?H
@ILG;
AFI<;F
I
=IH>C=CIH;>;
JO?M
?H
;FAOHIM
=;MIM
F;
J;LNC=CJ;=C\H

D7EB75F;H3
6747
67EF;@3DE7
3>
\@3@5;3?;7@FA
67
67F7D?;@363E
35F;H;6367E

?MN;N;F?M
I
GOHC=CJ;F?M
-;L;
?F
G?DIL
?HN?H>CGC?HNI
>?F
=?HNL;FCMGI
BCMN\LC=I
S
?M@O?LTIM
>?
F;M
?HNC>;>?M

@?>?L;NCP;M
J;L;
@ILN;F?=?L
MOM
B;=C?H>;M
L?MOFN;
I<FCA;NILCI
L?PCM;L
FIM
CHAL?MIM
KO?

J?L=C<?H
F;M
?HNC>;>?M
@?>?L;NCP;M
>?M>?
F;M
?HNL?A;M
>?
L?=OLMIM
JIL
J;LN?
>?
F;

#?>?L;=C\H
?H
?MN?
M?HNC>I
?M
J?LNCH?HN?
=IHI=?L
F;
;=NCPC>;>
>?F
"MN;>I
L?F;NCPI
;

FIM
CHAL?MIM
J]<FC=IM
>?M>?

;
F;
@?=B;
M?LC?M
BCMN\LC=;M
>CMJIHC<F?M
S;
M?;
KO?

JLIP?HA;H
>?
CGJO?MNIM
JLI>O=NIM
>?L?=BIM
S
;JLIP?=B;GC?HNIM
JIL
?F
=I<LI
>?

FIM
M?LPC=CIM
J]<FC=IM
I
JIL
F;
P?HN;
>?
<C?H?M
S
M?LPC=CIM
JLI>O=C>IM
JIL
?F
"MN;>I

?R=FOS?H>I
FIM
=LY>CNIM
I<N?HC>IM
CHN?LH;G?HN?
S
FIM
I<N?HC>IM
>?
INLIM
J;ZM?M

N?H>C?H>I
;
FIM
CHAL?MIM
;
HCP?F
#?>?L;F
YMNIM
M?
JO?>?H
>CPC>CL
?H
@OH=C\H
;
MO

@O?HN?
JIL
OH
F;>I
;KO?FFIM
;MI=C;>IM
;F
M?=NIL
J?NLIF?LI
S
JIL
INLI
FIM
>CMI=C;>IM

;
>C=BI
M?=NIL
-;L;
?@?=NIM
>?F
N?G;
?H
=IG?HNI
HIM
=?HNL;L?GIM
?H
FIM
CHAL?MIM
HI

J?NLIF?LIM
J;LNC=OF;LG?HN?
?H
FIM
CGJO?MNIM


 Tomo I
La Economía y las Finanzas Públicas

$/q#& 


  




 
  #,
,43+&-+,.

' 
(

.2%-

..%.
,3%/
,1%/
-3%+
/.%0
//%2
/,%2
.0%+

.,%/
-4%4
-4%2
-/%3
-/%,
-1%/
-0%4
..%-
.0%1
..%3
-4%3
-4%4
.-%1
.+%/
-4%1

.1%+
.2%.
.3%+
.0%/
.1%4
.,%+
.-%4
..%2
..%2
./%2
.-%-7

12%37

11%3

11%.
3,%1
3.%1
2-%+
01%0
00%.
03%.
10%+
1-%3
13%1
2+%,
2+%.
20%-
20%4
2.%1
2/%,

1/%/
11%-
2+%-
2+%,
12%/
14%1
2+%/
11%2
1/%+
1-%2
1-%+
1/%1
1.%,
14%+
12%,

11%.
10%.
,43+
,43,
,43-
,43.
,43/
,430
,431
,432
,433
,434
,44+
,44,
,44-
,44.
,44/
,440
,441
,442
,443
,444
-+++
-++,
-++-
-++.
-++/
-++0
-++1
-++2
-++3
-++4
-+,+
-+,,
-+,-
-+,.


 
,! "
%
 $








%

T
$AE
;@9D7EAE
B7FDA>7DAE
D7BD7E7@F3@
G@3
F7D57D3
B3DF7
D7EB75FA
67>
FAF3>

67
;@9D7EAE
67>
E75FAD
BS4>;5A
BD7EGBG7EF3D;A
>A
CG7
E;9@;\53
CG7
7>
93EFA

J]<FC=I
B;
?MN;>I
MOMN?HN;>I
?H
OH;
@O?HN?
PIFXNCF
?H
?F
?HN?H>C>I
KO?
>C=BIM

CHAL?MIM
M?
;MI=C;H
;
P;LC;<F?M
G;=LI?=IH\GC=;M
=IGI
?F
JL?=CI
CHN?LH;=CIH;F

>?
F;
G?T=F;
G?RC=;H;
JLI>O==C\H
>?
J?NL\F?I
J;LC>;>
?HNL?
?F
>\F;L
S
?F

B7EA
835FAD7E
CG7
D7BD7E7@F3@
G@
D;7E9A
7@
>3E
\@3@L3E
BS4>;53E
K
CG7
;@5>GEA

:3
;?B>;536A
>3
@757E;636
67
D75GDD;D
3
8G7@F7E
67
\@3@5;3?;7@FA
B3D3
5G4D;D

?F
A;MNI
J]<FC=I
T
$AE
;@9D7EAE
@A
B7FDA>7DAE
E7
;@F79D3@
BAD
>AE
(?6/BA.?6<@
#<
(?6/BA.?6<@
S

FIM
JLIP?HC?HN?M
>?
ILA;HCMGIM
S
?GJL?M;M
>CMNCHN;M
>?
-?G?R
1L;NXH>IM?

>?
FIM
CHAL?MIM
NLC<ON;LCIM
YMNIM
?H
?F
J?LCI>I
?H
?MNO>CI
M?
B;H
=;L;=N?LCT;>I

JIL
G;HN?H?L
OH
MCMN?G;
NLC<ON;LCI
?KOCN;NCPI
=IH
N;M;M
=IGJ?NCNCP;M
;
HCP?F

CHN?LH;=CIH;F
J?LI
=IH
HCP?F?M
>?
=;JN;=C\H
<;DIM
?H
=IHNL;MN?
=IH
J;ZM?M

GC?G<LIM
>?
F;
,LA;HCT;=C\H
J;L;
F;
IIJ?L;=C\H
S
?F
!?M;LLIFFI
"=IH\GC=IM

'
>A
CG7
BA6DP3
7EF3D
3EA5;36A
3
F7?3E
5A?A
7>GE;R@
K
7H3E;R@
\E53>

367?NE
67
93EFAE
\E53>7E
D787D7@F7E
3
D79P?7@7E
7EB75;3>7E
67
FD;4GF35;R@

KO?
G?LG;H
FIM
CHAL?MIM
JLIP?HC?HN?M
>?
FIM
CGJO?MNIM
0CH
?G<;LAI
?H
FIM

S>F;?AE
3QAE
E7
:3@
3BDA436A
7ECG7?3E
\E53>7E
5A@
>3
\@3>;636
67
5A?43F;D

>3
7H3E;R@
\E53>
K
35AF3D
>AE
FD3F3?;7@FAE
\E53>7E
67
P@6A>7
7EB75;3>


 Tomo I
La Economía y las Finanzas Públicas

T
,D3FN@6AE7
67
>AE
;@9D7EAE
@A
FD;4GF3D;AE
OEFAE
@A
BD7E7@F3@
G@3
7EFD3F79;3

>?
F;LAI
JF;TI
>?<C>I
;
KO?
B;H
?MN;>I
;MI=C;>IM
;F
=IGJILN;GC?HNI
>?
FIM

CHAL?MIM
>?HIGCH;>IM
HI
L?=OLL?HN?M
FIM
=O;F?M
MIH
L?ACMNL;>IM
?H
?F
LO<LI

>?
JLIP?=B;GC?HNIM
-IL
=CN;L
;FAOHIM
?D?GJFIM
?H
 
?MNOPC?LIH

;MI=C;>IM
;F
NL;MJ;MI
>?
CHAL?MIM
JLIP?HC?HN?M
>?F
#IH>I
>?
"MN;<CFCT;=C\H

>?
FIM
&HAL?MIM
-?NLIF?LIM
S
F;
=IFI=;=C\H
>?F
J;KO?N?
;==CIH;LCI
>?F
$LOJI

#CH;H=C?LI
3
;H=IG?L
?H
 
M?
L?ACMNL\
F;
>?MCH=ILJIL;=C\H
>?F

$LOJI
?LIJILNO;LCI
?HNLI
+ILN?
S
?H
 
M?
I<NOPC?LIH
CHAL?MIM
JIL
?F

L?G;H?HN?
>?
IJ?L;=C\H
>?F
;H=I
>?
*YRC=I
S
=I<?LNOL;M
J?NLIF?L;M
T
@
>A
CG7
E7
D7\7D7
3
>AE
;@9D7EAE
67
AD93@;E?AE
K
7?BD7E3E
OEFAE
E7
;@F79D3@

JIL
FIM
CHAL?MIM
>?
#"
&*00
?
&0001"
S
)S#
B;MN;
 
?R=FOS?H>I
FIM

CHAL?MIM
>?
-?G?R
FIM
=O;F?M
@ILG;H
J;LN?
>?
FIM
CHAL?MIM
J?NLIF?LIM
IGI
M?
>CDI
;HN?M
;
NL;PYM
>?F
0CMN?G;
+;=CIH;F
>?
IIL>CH;=C\H
#CM=;F
PCA?HN?

>?M>?

OH;
J;LN?
>?
FIM
L?=OLMIM
J]<FC=IM
>?
ZH>IF?
@?>?L;F
MIH
>?MNCH;>IM
B;=C;

F;M
?HNC>;>?M
@?>?L;NCP;M
G?>C;HN?
F;
=?F?<L;=C\H
>?
=IHP?HCIM
>?
=IIL>CH;=C\H
MC?H>I

F;
#?>?L;=C\H
?F
?HN?
KO?
JLX=NC=;G?HN?
B;
C>I
;MOGC?H>I
F;M
>?=CMCIH?M
?H
G;N?LC;

67
?A67D@;L35;R@
\E53>
A4E7DHN@6AE7
>;?;F36AE
3H3@57E
EA4D7
FA6A
7@
>3
8AD?3
67

;MCAH;=C\H
>?
FIM
L?=OLMIM
J]<FC=IM
GXM
KO?
?H
FIM
JLI=?>CGC?HNIM
L?=;O>;NILCIM

"H
N;HNI
F;M
?HNC>;>?M
@?>?L;NCP;M
>?J?H>?H
>?
FIM
L?=OLMIM
NL;HM@?LC>IM
>?M>?
F;

767D35;R@
K
67
>AE
D75GDEAE
7EF3F3>7E
CG7
D7H;EF7@
BA53
;?BADF3@5;3
B3D3
EGE
\@3@L3E

J]<FC=;M
;EFRD;53?7@F7
>3
D7>35;R@
\@3@5;7D3
7@FD7
>3
767D35;R@
K
>3E
7@F;6367E
8767D3F;H3E

GO?MNL;
?F
@ILN;F?=CGC?HNI
>?
OH
=?HNL;FCMGI
>?D;H>I
?H
G;HIM
>?
F;
#?>?L;=C\H
F;

9D3@
?3KADP3
67
D75GDEAE
BS4>;5AE
5A@
>3
\@3>;636
67
EG8D393D
>3E
@757E;6367E
67

A;MNI
J]<FC=I
@?>?L;F
S
J;L=C;FG?HN?
>?
FIM
?MN;>IM
<;DI
OH
G;L=I
DOLZ>C=I
=IH@OMI

>?M>?
MO
ILCA?H
J;L;
F;M
NL?M
\L>?H?M
>?
AI<C?LHI
G?LG;H>I
?H
;FAOH;
G;H?L;
F;M

JIMC<CFC>;>?M
>?F
>?M;LLIFFI
?=IH\GC=I
?H
F;M
?M@?L;M
FI=;F?M
>?
*YRC=I
(3D3
63D
G@3
;673
67>
87@R?7@A
67
>3
D7>35;R@
\@3@5;7D3
7@FD7
>3
767D35;R@
K
>AE

?MN;>IM
M?
;JL?=C;
KO?
;
HCP?F
@?>?L;F
FIM
CGJO?MNIM
L?JL?M?HN;H
 
JIL
=C?HNI
?H

JLIG?>CI
>?F
NIN;F
>?
CHAL?MIM
JL?MOJO?MN;LCIM
?H
?F
J?LCI>I

j
 
MC?H>I
?F

&0/
S
?F
&3
FIM
NLC<ONIM
GXM
L?JL?M?HN;NCPIM


 Tomo I
La Economía y las Finanzas Públicas

$/q#& 


   






 7.

7?>618679
2 
3

:60;B

;?0;B
7?>;

7??<

866=
7?>6
7?>7
7?>8
7?>9
7?>:

7?><
7?>=
7?>>
7?>?
7??6
7??7
7??8
7??9
7??:
7??;

7??=
7??>
7???
8666
8667
8668
8669
866:
866;
866<

866>
866?
8676
8677
8678
8679
 &
!%&"&   '%"&
 $(&'"&
7
"&
$(&'"&
*(+!



&"!&
+
"'%"&
&""&

$'%#".
+
"&
!%&"&
$%&($(&' %"&
!"
"!&%!

!! !'"0
(!'/
"%"
"!
&
!
'"&

(!'


!
)
%
7?>618679.
&('"&
!%&
+


!"% 


'% &'%

867:
1
0

"H
F;M
?HNC>;>?M
@?>?L;NCP;M
FIM
CGJO?MNIM
MIFI
L?JL?M?HN;H

JIL
=C?HNI
>?F
NIN;F
>?

CHAL?MIM
JLIJCIM
FI
KO?
>;
GO?MNL;
KO?
FIM
?MN;>IM
M?
?H=O?HNL;H
=IH
FCGCN;=CIH?M
?H

F;
<]MKO?>;
>?
@O?HN?M
>?
CHAL?MIM
JIL
F;
PZ;
>?
FIM
CGJO?MNIM
;<?
M?[;F;L
KO?
?H
FIM

]FNCGIM
;[IM
FIM
CHAL?MIM
JIL
CGJO?MNIM
?H
F;M
?HNC>;>?M
@?>?L;NCP;M
B;H
CH=L?G?HN;>I

MO
J;LNC=CJ;=C\H
>?<C>I
?H
J;LN?
;F
=;G<CI
DOLZ>C=I
>?F
&GJO?MNI
0I<L?
1?H?H=C;

>?
3?BZ=OFIM
KO?
;
J;LNCL
>?
 
>?D\
>?
M?L
OH
AL;P;G?H
>?
=;LX=N?L
#?>?L;F

J;LNC=CJ;<F?
;F

JIL
=C?HNI
MO
L?=;O>;=C\H
;
FIM
?MN;>IM
J;L;
M?L
OH
CGJO?MNI

JLIJCI
>?
F;
?HNC>;>
@?>?L;NCP;


 Tomo I
La Economía y las Finanzas Públicas

$/q#& 





 
  



 





)2
2:91,3124
-  .+

27+:=

94+2=
2:91
2:92
2:93
2:94
2:95
2:96
2:97
2:98
2:99
2:9:
2::1
2::2
2::3
2::4
2::5
2::6
2::7
2::8
2::9
2:::
3111
3112
3113
3114
3115
3116
3117
3118
3119
311:
3121
3122
3123
3124
"# #
" ! # !%#$ #
" ! #
2&%'
"#"#
"#
'
$ +
%$*
 "
 
$ #

+

"HNIH=?M
FIM
L?=OLMIM
KO?
F;
#?>?L;=C\H
?HNL?A;
;
F;M
?HNC>;>?M
@?>?L;NCP;M
;
=;G<CI

>?
KO?
YMN;M
HI
?MN;<F?T=;H
OH
NLC<ONI
CGJFC=;
OH;
?R=?MCP;
>?J?H>?H=C;
>?
FIM

L?=OLMIM
;MCAH;>IM
JIL
?F
AI<C?LHI
@?>?L;F
KOC?H
NC?H?
F;
G;SIL
J;LN?
>?
F;M
JIN?MN;>?M

NLC<ON;LC;M

"+1/)&0*,
!"
),0
/" 2/0,0
#"!"/)"0
"F
>CF?G;
L?=OLL?HN?
>?F
#?>?L;FCMGI
#CM=;F
?M
F;
NL;HMC=C\H
>?F
=?HNL;FCMGI
;
F;

>?M=?HNL;FCT;=C\H
?H
?MN?
JOHNI
F;
JL?AOHN;
?M
e.OY
N;HN;M
@;=OFN;>?M
I
L?MJIHM;<CFC>;>?M

>?<?
NL;HMGCNCL
OH
IL>?H
>?
AI<C?LHI
;
FIM
INLIM
\L>?H?M
>?
AI<C?LHI
>?
N;F
G;H?L;

CG7
7>
EF36A
8G@5;A@7
67
?3@7D3
7\5;7@F7
-@3
H7L
67>;?;F363E
>3E
835G>F367E
>3

JL?AOHN;
MCAOC?HN?
KO?
MOLA?
?M
e.OY
G?=;HCMGIM
M?
>?<?H
CGJF?G?HN;L
J;L;
?PCN;L
F;

G]FNCJF?
NLC<ON;=C\H
S
F;
>OJFC=C>;>
>?F
A;MNI
2HI
>?
FIM
;LAOG?HNIM
J;L;
>?M=?HNL;FCT;L
?F
A;MNI
J;LN?
>?F
MOJO?MNI
>?
KO?
FIM

9A4;7D@AE
>A53>7E
5A@A57@
?7<AD
3
>3
BA4>35;R@
7EB75P\53
3
>3
CG7
E7
>7
EG?;@;EFD3DN@

>AE
E7DH;5;AE
BS4>;5AE
K
BAD
7>>A
>A
BG767@
:357D
67
?3@7D3
?NE
7\5;7@F7

(7DA
F3?4;O@

?RCMN?H
<C?H?M
S
M?LPC=CIM
J]<FC=IM
lJOLIMm
KO?
?M
H?=?M;LCI
KO?
OH;
;ONILC>;>
=?HNL;F

JLI>OT=;
I
JLIP?;
S
>?=CMCIH?M
?=IH\GC=;M
MOMN;H=C;F?M
J;L;
F;
PC>;
>?
F;
H;=C\H
"M

JIL
N;HNI
@OH>;G?HN;F
J;L;
?F
#?>?L;FCMGI
?H=IHNL;L
OH
?KOCFC<LCI
S
=IGJ;NC<CFCT;=C\H

?HNL?
=?HNL;FCT;=C\H
S
>?M=?HNL;FCT;=C\H
@
%OJ;5A
7>
57@FD3>;E?A
E7
?3@;\7EF3
7@
F3@FA
CG7
>AE
A4<7F;HAE
67
BA>PF;53
EA@

?MN;<F?=C>IM
JIL
?F
AI<C?LHI
@?>?L;F
>?D;H>I
?H
M?AOH>I
JF;HI
;
FIM
AI<C?LHIM


 Tomo I
La Economía y las Finanzas Públicas

FI=;F?M
=OS;
;ONIHIGZ;
?MNX
MOJ?>CN;>;
FCGCN;H>I
MO
=;J;=C>;>
J;L;
L?MJIH>?L
;
F;M

H?=?MC>;>?M
S
>?G;H>;M
>?
MOM
AI<?LH;>IM
&&)0"+
 
-;L;
>CG?HMCIH;L
?F
HCP?F
>?
=?HNL;FCMGI
>?F
A;MNI
?H
*YRC=I
?M
H?=?M;LCI
;H;FCT;L
F;

?MNLO=NOL;
>?F
$;MNI
#?>?L;FCT;>I
"H
?F
-"#
 
M?
;JLI<\
OH
$;MNI
+?NI
1IN;F
>?


<CFFIH?M

GCF
GCFFIH?M
>?
J?MIM
G>J
>?
FIM
=O;F?M
OH;
N?L=?L;
J;LN?

<CFF\H


?6B
E7
FD3@E87D;DN@
3
>3E
7@F;6367E
8767D3F;H3E
K
?G@;5;B;AE
.7D
DN\53


$/q#& 





 



    

3126
-#

#

!##.,


 









&#


44 #$"( 






!"$# -276,9
!.
"#










21,7=
-749,3
!.

51,9= "$ 


 

%












 -88,:
!.
 
39 6,1=
 "$!#


34
"#










"&##
-718,2
!.
"#
'

49,:=
 #










-83,9
!.
5,8=


+
"

$#


,

"HNL?
?F
;[I

S
?F
 
?F
$;MNI
#?>?L;FCT;>I
JL?M?HN\
OH;
N;M;
>?
=L?=CGC?HNI

BDA?76;A
3@G3>
67


BAD
5;7@FA
E;9@;\53F;H3?7@F7
EGB7D;AD
3
>3
F3E3
67
5D75;?;7@FA
67


BAD
5;7@FA
67>
3EFA
&7FA
,AF3>
67>
A4;7D@A
767D3>
>A
5G3>
E7
D7]7<3
7@
F;
JLIJIL=C\H
>?
L?=OLMIM
@?>?L;F?M
NL;HM@?LC>IM
;
F;M
?HNC>;>?M
@?>?L;NCP;M
KO?
B;H
=L?=C>I

JOHNIM
JIL=?HNO;F?M
>?

L?ACMNL;>I
?H

;F
 
JIL
=C?HNI
?H
 


 Tomo I
La Economía y las Finanzas Públicas

$/q#& 
















 


&
/76.)0./1
*  





 

0./3+(
/.. /&4..&...
71
/&127&4.5 /&2..&...
6.
/&0..&...
5.
4. /&...&...
6..&...
2. 4..&...
1.
2..&...
0. /1/&651
0..&...
5
. .
/76.
/76/
/760
/761
/762
/763
/764
/765
/766
/767
/77.
/77/
/770
/771
/772
/773
/774
/775
/776
/777
0...
0../
0..0
0..1
0..2
0..3
0..4
0..5
0..6
0..7
0./.
0.//
0./0
0./1
!"
 $ !"
 $
:

!"
"
" !"
" $
:

!"
"
"
#"'    !  "!  (

A?A
E7
BG767
A4E7DH3D
7@
7>
DN\5A

7@
FOD?;@AE
97@7D3>7E
67

3>

E7
:3

;P;HT;>I
?H
?F
JLI=?MI
>?
>?M=?HNL;FCT;=C\H
>?F
$;MNI
#?>?L;F
MCH
?G<;LAI
;
J;LNCL

>?
 
?F
JLI=?MI
M?
?MN;<CFCT\
IM=CF;H>I
;FL?>?>IL
>?
 
>?F
$;MNI
+?NI
1IN;F

#?>?L;F
"MN?
=L?=CGC?HNI
>?F
$;MNI
#?>?L;FCT;>I
M?
B;
PCMNI
;=IGJ;[;>I
JIL
OH;
=L?=C?HN?

>?J?H>?H=C;
>?
FIM
AI<C?LHIM
>?
F;M
?HNC>;>?M
@?>?L;NCP;M
>?
>C=BIM
L?=OLMIM
-?LI

N;G<CYH
M?
B;
;=IGJ;[;>I
>?
OH;
G;SIL
=;HNC>;>
>?
L?MJIHM;<CFC>;>?M
>?
A;MNI
KO?

M?
F?M
B;
NL;HM@?LC>I
>?M>?
?F
$I<C?LHI
#?>?L;F
JLCH=CJ;FG?HN?
>?LCP;>;M
>?F
JLI=?MI

>?
>?M=?HNL;FCT;=C\H
>?F
A;MNI
?H
?>O=;=C\H
S
M;FO>
>?GXM
F;M
?HNC>;>?M
@?>?L;NCP;M

B;H
;=OGOF;>I
JL?MCIH?M
CHN?LH;M
N;F?M
=IGI
?F
J;AI
>?
J?HMCIH?M
S
F;M
=L?=C?HN?M

H?=?MC>;>?M
>?
L?HIP;=C\H
S
=L?;=C\H
>?
HO?P;
CH@L;?MNLO=NOL;
@ZMC=;
S
>?
JLIGI=C\H

>?F
>?M;LLIFFI
?=IH\GC=I

A?A
E7
A4E7DH3
7@
7>
DN\5A

7@
>AE
5A?;7@LAE
67>
+;EF7?3
&35;A@3>
67
AAD6;@35;R@

#CM=;F
;=NO;F
?F

>?
FIM
&HAL?MIM
LONIM
>?
F;M
"HNC>;>?M
#?>?L;NCP;M
JLIP?HZ;H

>?
F;M
NL;HM@?L?H=C;M
>?F
$I<C?LHI
#?>?L;F
FIM
CHAL?MIM
JIL
L?=;O>;=C\H
JLIJC;

L?JL?M?HN;<;H
?F
 
S
FIM
CHAL?MIM
JIL
#CH;H=C;GC?HNIM
?F
L?MN;HN?

!?LCP;>I

>?
F;M
MO=?MCP;M
L?@ILG;M
KO?
M?
B;H
B?=BI
;
F;
) #
S
F;
=L?=C?HN?
NL;HM@?L?H=C;
>?

L?=OLMIM
JL?MOJO?MN;F?M
@?>?L;F?M
S
;OH;>I
;
OH;
?H>?<F?
=;J;=C>;>
L?=;O>;NILC;

JLIJC;
>?
F;M
?HNC>;>?M
@?>?L;NCP;M
J;L;
 
F;
12=2;12;06.
M?
>OJFC=\
>?<C>I
;
KO?

FIM
CHAL?MIM
JIL
L?=OLMIM
@?>?L;F?M
L?JL?M?HN;LIH

>?
FIM
&HAL?MIM
LONIM
>?
F;M

?HNC>;>?M
@?>?L;NCP;M
GC?HNL;M
KO?
?F

NC?H?H
=IGI
ILCA?H
F;
L?=;O>;=C\H
JLIJC;

S
?F

JLIPC?H?
>?F
?H>?O>;GC?HNI

 Tomo I
La Economía y las Finanzas Públicas

$/q#& 

  






  
 (

1980+2013
, 
-*
100< 3 1 1 1 2 3 3 3 2 2 2 1 4
9 6
5 8 7 8 7 8 5 5
11
16 17 13 11 11 10 11 14 14
11 9 9 9 9 11 11
14
90< 18 16 13 12 11
22 16
26 12 11
17
80< 17
33 32
25 29
42 32
70< 36 41 42 35
34
35
60< 40 34
34
50<
89 89 88 88 88 88 87
85 86 82 85 84 81 80 84 84
40< 81
72 75
30< 62 61 62 61
53 51 52 54 58
48 51 50
20< 41 44 40

10<

0<
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
%"##
"#
% 
"!
$#

%$)
"

#

$#

 *

"MN;
>?<CFC>;>
J;N?HN?
?H
=O;HNI
;
F;
I<N?H=C\H
>?
L?=OLMIM
JLIJCIM
OM;H>I
MOM

835G>F367E
D753G63FAD;3E
>AE
:3
;@53B35;F36A
B3D3
BDAH77D
67
?3@7D3
7\5;7@F7
>AE

M?LPC=CIM
J]<FC=IM
;
MO
=;LAI
;MZ
=IGI
=OGJFCL
=IH
MOM
@OH=CIH?M
);
N?H>?H=C;
=L?=C?HN?
>?F
$;MNI
#?>?L;FCT;>I
B;
A?H?L;>I
OH
=ZL=OFI
PC=CIMI
?H
F;M

:35;7@63E
>A53>7E
674;6A
3
CG7
>AE
67E;@57@F;H3
3
:357
?NE
7\5;7@F7
>3
D753G635;R@

>?
MOM
@;=OFN;>?M
;=NCP;M
;
F;
;>IJ=C\H
>?
HO?P;M
@;=OFN;>?M
;
F;M
KO?
NC?H?H
>?L?=BI

S
;
F;
GI>?LHCT;=C\H
;>GCHCMNL;NCP;
"MNI
=IHDOA;>I
=IH
OH;
N?H>?H=C;
=L?=C?HN?
?H

?F
A;MNI
JLCH=CJ;FG?HN?
?H
FIM
LO<LIM
>?
?>O=;=C\H
S
M;FO>
A?H?L;
JL?MCIH?M
?H
FIM

CHAL?MI
S
F;M
I<FCA;
;
MIFC=CN;L
G;SIL
?H>?O>;GC?HNI
S
G;SIL?M
L?=OLMIM
>?
ILCA?H

@?>?L;F
FI
KO?
CH=L?G?HN;
F;
>?J?H>?H=C;
"MN?
?@?=NI
M?
P?
L?@ILT;>I
=IH
OH
;MJ?=NI

JIFZNC=I
S;
KO?
F;
JL?MC\H
?H
?F
=I<LI
>?
CGJO?MNIM
I
?F
?MN;<F?=CGC?HNI
>?
HO?PIM

97@7D3
5AEFAE
7>75FAD3>7E
K
36?;@;EFD3F;HAE
CG7
:3@
E;6A
7H;F36AE
9D35;3E
3
>AE
]G<AE

=L?=C?HN?M
>?
L?=OLMIM
@?>?L;F?M
S
>?
>?O>;


 Tomo I
La Economía y las Finanzas Públicas


&+ "+1&3,0
" ,+s*& ,0

IGI
S;
M?
G?H=CIH\
?F
>CM?[I
>?F
0CMN?G;
+;=CIH;F
>?
IIL>CH;=C\H
#CM=;F
M?

CHN?AL;
>?
FIM
=IHP?HCIM
>?
=IIL>CH;=C\H
=?F?<L;>IM
?HNL?
FIM
?MN;>IM
S
?F
$I<C?LHI

#?>?L;F
J?LI
N;G<CYH
;
NL;PYM
>?
?MNIM
=IHP?HCIM
F;M
?HNC>;>?M
@?>?L;NCP;M
B;H

3EG?;6A
7>
5A?BDA?;EA
67
D73>;L3D
67F7D?;@363E
8G@5;A@7E
67
\E53>;L35;R@
EA4D7

CGJO?MNIM
@?>?L;F?M
;
=;G<CI
>?
J;LNC=CJ;L
>CL?=N;G?HN?
>?
F;
L?=;O>;=C\H
I<N?HC>;

=IGI
CH=?HNCPI
?=IH\GC=I
"H
=IHM?=O?H=C;
FIM
CH=?HNCPIM
?=IH\GC=IM
B;H
N?HC>I
OH
J;J?F
CGJILN;HN?
?H
?F

@ILN;F?=CGC?HNI
>?
F;M
B;=C?H>;M
FI=;F?M
CH=FOMI
?H
F;
G;SILZ;
>?
FIM
?MN;>IM

>C=BIM
CH=?HNCPIM
NC?H?H
OH;
G;SIL
JL?M?H=C;
L?MJ?=NI
>?
FIM
I<N?HC>IM
JIL
CHAL?MIM

JLIJCIM
0C
<C?H
FIM
CH=?HNCPIM
?=IH\GC=IM
@ILG;H
J;LN?
>?
F;M
NL;HM@?L?H=C;M
JIL

-;LNC=CJ;=CIH?M
KO?
F;
#?>?L;=C\H
L?;FCT;
;
F;M
?HNC>;>?M
@?>?L;NCP;M
FI
=C?LNI
?M
KO?

J;L;
=;JN;L
?MN?
NCJI
>?
CHAL?MIM
F;M
B;=C?H>;M
FI=;F?M
>?<?H
L?;FCT;L
?M@O?LTIM
>?

\E53>;L35;R@
D7EBA@E34;>;636
5A?B3DF;63
7@FD7
>3E
3GFAD;6367E
:357@63D;3E
8767D3>7E
K

FI=;F
"FFI
JI>LZ;
M?L
OH;
P?HN;D;
L?MJ?=NI
;
F;
CGJF;HN;=C\H
;
HCP?F
FI=;F
>?
;FA]H
NCJI

67
;?BG7EFA
CG7
7@
6;H7DE3E
A53E;A@7E
D7BD7E7@F3
9D3@67E
6;\5G>F367E
7@
EG
6;E7QA
K

7<75G5;R@
674;6A
3
CG7
7>
7E8G7DLA
67
\E53>;L35;R@
7E
BAD
B3DF7
67>
7EF36A

"H
F;
]FNCG;
>Y=;>;
FIM
CH=?HNCPIM
?=IH\GC=IM
P?HZ;H
;OG?HN;>I
MO
J;LNC=CJ;=C\H

67D;H36A
67
>AE
5A@H7@;AE
67
\E53>;L35;R@
7@FD7
>3
767D35;R@
K
>3E
7@F;6367E

@?>?L;NCP;M
>?GXM
?F
IHAL?MI
>?
F;
2HC\H
B;
L?;FCT;>I
;>?=O;=CIH?M
;F
MCMN?G;

FD;4GF3D;A
3
\@
67
8ADF3>757D
>3E
:35;7@63E
>A53>7E
?76;3@F7
7>
AFAD93?;7@FA
67
?3KAD7E

CH=?HNCPIM
?=IH\GC=IM
=IGI
>?D;L
F;
;NLC<O=C\H
>CL?=N;
;
FIM
?MN;>IM
>?
?MN;<F?=?L

7>
;?BG7EFA
3
>3
F7@7@5;3
67
H7:P5G>AE
B3DF;5;B3D
67
G@3
5GAF3
\<3
EA4D7
>3
H7@F3

\@3>
67
93EA>;@3
7EF34>75;6A
7@
7>
DFP5G>A

D355;R@
!!
67
>3
$7K
67>
!(+
3EP

=IGI
INLIM
CH=?HNCPIM
?=IH\GC=IM
>?MN;=;H>I
F;
JIMC<CFC>;>
>?
KO?
F;M
?HNC>;>?M

@?>?L;NCP;M
JO?>;H
?MN;<F?=?L
CGJO?MNIM
=?>OF;L?M
;F
CHAL?MI
>?
F;M
J?LMIH;M
@ZMC=;M

JIL
=IH=?JNI
>?
BIHIL;LCIM
JLI@?MCIH;F?M
?F
INILA;GC?HNI
>?
OMI
I
AI=?
N?GJIL;F

>?
<C?H?M
CHGO?<F?M
S
JIL
?H;D?H;=C\H
>?
CHGO?<F?M
;MZ
=IGI
JIL
F;M
;=NCPC>;>?M

?GJL?M;LC;F?M
>
D7EB75FA
7@
>3
9DN\53
E;9G;7@F7
E7
?G7EFD3
>3
7HA>G5;R@
67
>AE
;?BG7EFAE
BDAB;AE
67

F;M
?HNC>;>?M
@?>?L;NCP;M
?H
=IHNL;MN?
=IH
FIM
CH=?HNCPIM
?=IH\GC=IM
KO?
F;
#?>?L;=C\H

J;LNC=CJ;
;
F;M
?HNC>;>?M
@?>?L;NCP;M
?H
J;LNC=OF;L
>?MN;=;
KO?
;
J;LNCL
>?
 
F;

1?H?H=C;
;
HCP?F
FI=;F
PC?H?
>?M;J;L?=C?H>I
?H
N;HNI
FIM
CHAL?MIM
JIL
CGJO?MNIM
JLIJCIM

M?
P;
CH=L?G?HN;H>I
>?<C>I
;
KO?
M?
?FCGCH;
;
HCP?F
@?>?L;F
KO?>;H>I
F;
JIN?MN;>
;
F;M

?HNC>;>?M
@?>?L;NCP;M
>?
;>IJN;L
>C=BI
NLC<ONI
?H
MOM
N?LLCNILCIM


 Tomo I
La Economía y las Finanzas Públicas

$/q#& 




 



    





-  



422:.+
92)222

82)222

72)222

62)222

52)222

42)222

32)222

2
4225 4226 4227 4228 4229 422: 422; 4232 4233 4234 4235


    
"+
$& #
 + !%#$ #
!" ! #/,

/,
%'
$
 )
#)
 #!)
$"
$" #+

%$*
 "
 
$ #


'

+

"H
NYLGCHIM
A?H?L;F?M
?F
;OG?HNI
?H
FIM
CHAL?MIM
JLIJCIM
>?
F;M
?HNC>;>?M
@?>?L;NCP;M

@A
@757E3D;3?7@F7
E;9@;\53
?3KAD7E
;@9D7EAE
B3D3
7>
7EF36A
7>>A
EA>A
A476757
3

OH
=;G<CI
>?
?MNLO=NOL;
?HNL?
F;
#?>?L;=C\H
S
FIM
?MN;>IM
MCH
?G<;LAI
;
HCP?F

FI=;F
M?
@;PIL?=?
F;
FC<?LN;>
?H
F;
NIG;
>?
>?=CMCIH?M
MI<L?
?F
B?=BI
>?
?MN;<F?=?L

I
HI
OH
CGJO?MNI
;
F;
N?H?H=C;
>?
P?BZ=OFIM
?H
MOM
DOLCM>C==CIH?M
I
?H
MO
=;MI

INILA;L
MO<MC>CIM
I
?R?H=CIH?M
?H
@OH=C\H
;
F;M
=;L;=N?LZMNC=;M
MI=CI?=IH\GC=;M

>?
=;>;
?HNC>;>

);
?RJ?LC?H=C;
?H
?F
?MKO?G;
>?
CGJO?MNIM
=IIL>CH;>IM
?HNL?

F;
#?>?L;=C\H
S
F;M
?HNC>;>?M
@?>?L;NCP;M
FF?P;
;
MOJIH?L
KO?
MIH
JIMC<F?M
HO?P;M

=ILL?MJIHM;<CFC>;>?M
?H
FIM
N?G;M
NLC<ON;LCIM
;OHKO?
NI>I
CH>C=;
KO?
J;L;
?FFI
M?

L?KO?LCLX
KO?
F;
#?>?L;=C\H
;=?JN?
F;
=IJ;LNC=CJ;=C\H
>?
F;M
?HNC>;>?M
@?>?L;NCP;M


J?M;L
>?
?MNIM
?M@O?LTIM
J;L;
MO<M;H;L
F;
>?J?H>?H=C;
>?
F;M
B;=C?H>;M
FI=;F?M

L?MJ?=NI
>?
FIM
L?=OLMIM
>?
F;
#?>?L;=C\H
.M;
0<;A6;M.
?F
=?HNL;FCMGI
?F
=O;F

JI>LZ;
;N?HO;LM?
G?>C;HN?
?MKO?G;M
=IIL>CH;>IM
MOMN?HN;>IM
?H
F;
IHMNCNO=C\H

?76;3@F7
7@
7>
5G3>
>3
767D35;R@
FD3@E\7D3
BAF7EF367E
3
>3E
7@F;6367E
8767D3F;H3E

@ILN;F?=C?H>I
MOM
B;=C?H>;M
FI=;F?M
?D?GJFI
>?
?FFI
KO?
F;M
?HNC>;>?M
@?>?L;NCP;M

7@
G@
B7D;A6A
67
FD3@E;5;R@
D753G67@
K
\E53>;57@
7>
!+*
67
>3E
B7DEA@3E
8PE;53E

=IH
G?HIL?M
CHAL?MIM
>?
@ILG;
N;F
KO?
?H
OH
J?LCI>I
;>?=O;>I
HI
MIF;G?HN?


 Tomo I
La Economía y las Finanzas Públicas

FIM
?MN;>IM
N?HA;H
F;
L?=;O>;=C\H
NIN;F
MCHI
;>?GXM
F;
FC<?LN;>
>?
>?=C>CL
MI<L?

7EFP?G>AE
\E53>7E
67
35G7D6A
>AE
@;H7>7E
EA5;A75A@R?;5AE
67
5363
7@F;636


"5-"/&"+ &0
&+1"/+ &,+)"0


;MI

"MN;>IM
2HC>IM
>?
GYLC=;
F
CAO;F
KO?
?F
=;MI
?MN;>IOHC>?HM?
?F
@?>?L;FCMGI
G?RC=;HI
NC?H?
MO
MOMN?HNI
?H
F;

IHMNCNO=C\H
-IFZNC=;
>?
B?=BI
?H
F;
FCN?L;NOL;
MI<L?
?F
N?G;
>?
@ILG;
=IHMN;HN?
M?

CH>C=;
KO?
?F
=;MI
G?RC=;HI
?M
OH;
=IJC;
>?F
HILN?;G?LC=;HI
JIL
FI
KO?
L?MOFN;
>?

CHN?LYM
?MNO>C;LFI
"F
@?>?L;FCMGI
?MN;>IOHC>?HM?
B;
FIAL;>I
OH;
L?F;=C\H
?MNL?=B;
S

?KOCN;NCP;
?HNL?
FIM
>CMNCHNIM
\L>?H?M
>?
AI<C?LHI
S
?MNX
HILG;>I
;
HCP?F
IHMNCNO=CIH;F

7@
F3@FA
CG7
7>
B7EA
BA>PF;5A
67
>AE
7EF36AE
67
>3
G@;R@
7E
EG\5;7@F7?7@F7
3>FA
B3D3

;@]G;D
7@
>3E
675;E;A@7E
CG7
E7
FA?3@
7@
>3
767D35;R@

@FD7
>AE
>A9DAE
?NE
D7>7H3@F7E

>?
?MN?
@?>?L;FCMGI
S
MO
MCMN?G;
>?
NL;HM@?L?H=C;M
M?
?H=O?HNL;
F;
>CMNLC<O=C\H

L?ACIH;F
?KOCN;NCP;
>?F
CHAL?MI
KO?
>?
;=O?L>I
=IH
&&)0"+
 
J

CGJFC=;
OH;

>CMNLC<O=C\H
JLX=NC=;G?HN?
OHC@ILG?
?H
=O;HNI
;
F;M
J?LMIH;M
J?LI
HI
?H
=O;HNI
;F

N?LLCNILCI
"MN?
?@?=NI
NC?H?
MO
ILCA?H
?H
OH;
M?LC?
>?
@;=NIL?M
MI=C;F?M
?
BCMN\LC=IM
?HNL?
FIM
KO?

>?MN;=;H

);M
;FN;M
N;M;
>?
CGJO?MNIM
S
F;
>CP?LMC>;>
>?
FIM
GCMGIM
N;HNI
;
HCP?F
@?>?L;F

=IGI
?MN;N;F
A?H?L;H
@O?LN?M
>?M;=O?L>IM
JLIGIPC>IM
JIL
ALOJIM
>?
CHN?LYM

7@
7>
N?4;FA
EA5;3>
K
75A@R?;5A
CG7
4GE53@
47@7\5;3DE7
67>
93EFA
BDAHA53@

KO?
F;
>CM=OMC\H
MI<L?
NI>I
?H
F;M
?F?==CIH?M
M?
GO?P;
?HNL?
F;
L?HO?H=C;
;

;=?JN;L
G;SIL?M
CGJO?MNIM
S
?F
M?HNC>I
>?F
A;MNI

>?GXM
>?LCP;>I
>?
F;
L?@ILG;
>?
FIM
>?L?=BIM
=CPCF?M
>?
F;
>Y=;>;
>?
FIM

M?M?HN;M
?F
?H@IKO?
>?F
A;MNI
ILC?HN;>I
;
F;M
J?LMIH;M
S
HI
?H
FIM
N?LLCNILCIM
?M

675;D
7>
93EFA
BS4>;5A
\@3@5;3
>AE
47@7\5;AE
3E;EF7@5;3>7E
67
>3E
B7DEA@3E
>AE

=O;F?M
?MNXH
;
=;LAI
>?
FIM
AI<C?LHIM
?MN;N;F?M
S
>?<C>I
;
F;
JL?MC\H
@?>?L;F

>CLCA?H
MOM
?M@O?LTIM
;
F;
=;FC>;>
?H
?F
A;MNI
"F
=;G<CI
>?
JIFZNC=;
NOPI
?@?=NIM
?H
F;
@ILG;
?H
=\GI
M?
JLIJIL=CIH;H
FIM
M?LPC=CIM

S;
KO?
GC?HNL;M
?F
"MN;>I
M?
?H=;LA;
>?
M?LPC=CIM
>CL?=NIM
;
F;M
J?LMIH;M
?>O=;=C\H

E3>G6
K
E79GD;636
EA5;3>
>AE
9A4;7D@AE
>A53>7E
5A@636AE
F;7@7@
DG4DAE
7EB75P\5AE


 Tomo I
La Economía y las Finanzas Públicas

>?
A;MNI
?H
M?LPC=CIM
KO?
M?
B;H
PCMNI
?H
F;
H?=?MC>;>
>?
JLCP;NCT;L
J;L=C;F
I
NIN;FG?HN?

D75A>755;R@
67
43EGD3
B3DCG7E
5A@
7>
\@
67
?3@F7@7D
>3
53>;636
67
>AE
?;E?AE
E;@

CH=L?G?HN;L
FIM
CGJO?MNIM
);M
NL;HM@?L?H=C;M
@?>?L;F?M
M?
;MCAH;H
;
FIM
AI<C?LHIM
?MN;N;F?M
S
FI=;F?M
NIG;H>I

=IGI
=LCN?LCIM
CHAL?MI
J?L
=XJCN;
ZH>C=?M
>?
JI<L?T;
>?M?GJF?I
ZH>C=?M
MI<L?
F;

=IH>C=C\H
>?
F;
CH@L;?MNLO=NOL;
;FAOHIM
>?
FIM
=O;F?M
MIH
>?
FC<L?
>CMJIHC<CFC>;>
1;G<CYH
M?
OM;
FI
KO?
M?
=IHI=?
=IGI
:.A056;4
4?.;A@
;MCAH;=CIH?M
=IH>C=CIH;>;M

KO?
MIH
OH;
?MJ?=C;
>?
MO<MC>CIM
J;L;
L?;FCT;L
=C?LN;M
@OH=CIH?M
>?
FIM
?MN;>IM

"2160.61
S
MO<MC>CIM
J;L;
I<L;
J]<FC=;
"H
A?H?L;F
FIM
?MN;>IM
L?;FCT;H
?F
A;MNI
>?

;=O?L>I
;
OH;
M?LC?
>?
JLCILC>;>?M
S
FO?AI
JL?M?HN;H
?F
=;LAI
;F
AI<C?LHI
@?>?L;F
KOC?H

FIM
FCKOC>;
>?
;=O?L>I
;
F;M
L?AF;M
S
F;M
JLCILC>;>?M
?MN;<F?=C>;M
JIL
FI
KO?
?F
MCMN?G;

M?
=?HNL;
?H
?F
A;MNI
"H
NC?GJIM
L?=C?HN?M
F;
>CM=OMC\H
M?
B;
=?HNL;>I
?H
F;
JL?P;F?H=C;
>?
FIM
@IH>IM
>?

NL;HM@?L?H=C;M
@?>?L;F?M
>?
FC<L?
>CMJIMC=C\H
I
FIM
=IH>C=CIH;>IM
)IM
>?@?HMIL?M
>?

>AE
BD;?7DAE
3D9G?7@F3@
CG7
FA6AE
>AE
7EF36AE
7EFN@
EG\5;7@F7?7@F7
67E3DDA>>36AE
K

5A@EA>;636AE
5A?A
B3D3
FA?3D
675;E;A@7E
7\5;7@F7E
>;4D7E
K
0<??20A.@
-IL
MO
J;LN?

FIM
IJIMCNIL?M
CH>C=;H
KO?
MC
<C?H
?MI
?M
=C?LNI
?RCMN?H
JIFZNC=;M
H;=CIH;F?M
KO?
>?<?H

M?L
=IHNLIF;>;M
>?
G;H?L;
=?HNL;F
=IGI
F;
?>O=;=C\H
"H
F;
JLX=NC=;
F;
G;SILZ;
>?
F;M

NL;HM@?L?H=C;M
MIH
=IH>C=CIH;>;M
!?
;=O?L>I
;
OH;
M?LC?
>?
JLCILC>;>?M
S
FO?AI
FI
JL?M?HN;H
?F
=;LAI
;F
AI<C?LHI
@?>?L;F

KOC?H
M?
FIM
FCKOC>;
>?
=IH@ILG?
;
F;M
L?AF;M
S
F;M
JLCILC>;>?M
?MN;<F?=C>;M
JIL
FI
KO?

?F
MCMN?G;
M?
=?HNL;
?H
?F
A;MNI
"H
NYLGCHIM
>?
@;=OFN;>?M
I
JIN?MN;>?M
L?=;O>;NILC;M

?F
MCMN?G;
?MN;>IOHC>?HM?
?M
=IH=OLL?HN?
?HNL?
F;
#?>?L;=C\H
S
FIM
?MN;>IM
)IM
?MN;>IM

NC?H?H
CGJO?MNIM
?R=FOMCPIM
?RJL?M;G?HN?
?MN;<F?=C>IM
?H
F;
IHMNCNO=C\H
GC?HNL;M

KO?
?F
$I<C?LHI
#?>?L;F
JO?>?
?MN;<F?=?L
=O;FKOC?L
NCJI
>?
CGJO?MNI
?R=?JNI
FIM

;MCAH;>IM
;
?MN;>IM
S
MI<L?
?RJILN;=CIH?M
S
M?
NC?H?
F;
JIMC<CFC>;>
>?
>?>O=CL
FIM

CGJO?MNIM
J;A;>IM
;
HCP?F
?MN;N;F
S
FI=;F
)IM
?MN;>IM
S
=IH>;>IM
MIH
FC<L?M
J;L;
?MN;<F?=?L
<;M?M
S
N;M;M
MI<L?
FIM
CGJO?MNIM

KO?
NC?H?H
@;=OFN;>?M
S
F?M
KO?>;
?RJL?M;G?HN?
JLIBC<C>I
?MN;<F?=?L
CGJO?MNIM
;F

=IG?L=CI
CHN?LHI

>
E;EF7?3
\E53>
7EF36AG@;67@E7
@A
F;7@7
G@
!.
8767D3>
5A?A
F3>
7@
EG
>G93D
E7
F;7@7

OH;
M?LC?
>?
CGJO?MNIM
MI<L?
P?HN;M
KO?
MIH
>?N?LGCH;>IM
>?
@ILG;
CH>?J?H>C?HN?
JIL

?F
"MN;>I
S
F;
=CO>;>
S
=;>;
?MN;>I
?M
;ON\HIGI
L?MJ?=NI
>?
MO
;>GCHCMNL;=C\H
"H

A?H?L;F
F;
AL;H
G;SILZ;
>?
FIM
?MN;>IM
>?
F;
2HC\H
=I<L;H
?F
CGJO?MNI
=IH
?R=?J=C\H

>?
F;ME;
!?F;Q;L?
*IHN;H;
+?Q
%;GJMBCL?
S
,L?A\H
&H=FOMI
;FAOHIM
?MN;>IM

@A
3B>;53@
7>
!.
7@
3DFP5G>AE
7EB75P\5AE


 Tomo I
La Economía y las Finanzas Públicas

(AD
S>F;?A
>AE
RD67@7E
67
9A4;7D@A
5A@5GDD7@
7@
>AE
BDA9D3?3E
67
\@3@5;3?;7@FA

=IGJ;LNC>I
GXM
CGJILN;HN?M
>IH>?
FIM
J;AIM
M?
L?;FCT;H
?H
@ILG;
>?
MO<P?H=CIH?M

?H
<FIKO?
S
?NCKO?N;>;M
;
>?N?LGCH;>;M
@OH=CIH?M
S
MIH
;=IL>;>IM
MI<L?
F;
<;M?
>?
F;M

;JILN;=CIH?M
CAO;F?M
KO?
M?
>CMNLC<OS?H
>?
;=O?L>I
;
@\LGOF;M

KO?
NIG;H
?H
=O?HN;

>3
E;FG35;R@
\E53>
67>
9A4;7D@A
>A53>
47@7\5;36A
!!$+&
 


;MI

L;MCF
L;MCF
?M
OH;
L?J]<FC=;
@?>?L;F
JL?MC>?H=C;FCMN;
=IH
NL?M
JI>?L?M
CH>?J?H>C?HN?M

?D?=ONCPI
F?ACMF;NCPI
S
DO>C=C;F
0?
=IHMNCNOS?
>?
"MN;>IM
OH
!CMNLCNI
#?>?L;F
S

=IH=CFCIM
GOHC=CJ;F?M
);M
@;=OFN;>?M
>?
FIM
AI<C?LHIM
?MN;N;F?M
?MNXH
>?N?LGCH;>;M

JIL
OH;
=FXOMOF;
L?MC>O;F
;
MO
@;PIL
?M
>?=CL
NC?H?H
NI>;M
F;M
JIN?MN;>?M
KO?
HI
?MNXH

L?M?LP;>IM
;
F;
#?>?L;=C\H
I
;
FIM
=IH=CFCIM
GOHC=CJ;F?M
;>;
?MN;>I
S
=IH=CFCI
GOHC=CJ;F
AIT;
>?
;ONIHIGZ;
?H
=O;HNI
;
MO
>CM?[I
;HO;F

>?F
JL?MOJO?MNI
;MZ
=IGI
?H
F;
CGJIMC=C\H
>?
AL;PXG?H?M
S
F;M
>?=CMCIH?M
>?
A;MNI

J]<FC=I
);
;>GCHCMNL;=C\H
J]<FC=;
>?
FIM
?MN;>IM
?M
>?M=?HNL;FCT;>;
GC?HNL;M
KO?
F;

>?
FIM
AI<C?LHIM
GOHC=CJ;F?M
?MNX
FCA;>;
;
F;
>?
FIM
JLCG?LIM
)IM
GOHC=CJCIM
M?
LCA?H

JIL
F;
)?S
XMC=;
>?
F;M
*OHC=CJ;FC>;>?M
S
?F
!CMNLCNI
#?>?L;F
NC?H?
OH
NL;N;GC?HNI

>O;F
"MN;>I
*OHC=CJCI
JF;MG;>I
?H
F;
IHMNCNO=C\H
@
F3@FA
3
>3
BA>PF;53
\E53>
7>
A4;7D@A
767D3>
AEF7@F3
7>
B3B7>
67
5AAD6;@36AD
3

NL;PYM
>?F
*CHCMN?LCI
#?>?L;F
>?
#CH;HT;M
KO?
;>?GXM
>CLCA?
F;
JIFZNC=;
?=IH\GC=;

);M
FZH?;M
>?
JIFZNC=;
?=IH\GC=;
?MNXH
?MN;<F?=C>;M
?H
?F
-LIAL;G;
>?
"MN;<CFCT;=C\H

"=IH\GC=;
"F
0CMN?G;
#CM=;F
>?
L;MCF
M?
=IHMNCNOS?
>?
FIM
&GJO?MNIM
MI<L?
/?HN;M

S
F;
>GCHCMNL;=C\H
#CH;H=C?L;
IGI
FI
CH>C=;
&&)0"+
 
FIM
JLCG?LIM
MIH
?F

B;>3D
BD;@5;B3>
5A@
7>
CG7
E7
\@3@5;3
7>
93EFA
BS4>;5A
6A@67
5363
;?BG7EFA
F;7@7
G@3

;MCAH;=C\H
?RJFZ=CN;
;
OH
HCP?F
>?
AI<C?LHI
;
M;<?L
>
;9G3>
CG7
AFD3E
@35;A@7E
D3E;>
:3
F7@6;6A
3
>3
67E57@FD3>;L35;R@
67
>3E
\@3@L3E

J]<FC=;M
=IH
FI
=O;F
FIM
?MN;>IM
S
GOHC=CJCIM
<L;MCF?[IM
L?=;O>;H
GXM
>?F
 
>?

FIM
CGJO?MNIM
>?F
J;ZM
S
>?MJOYM
>?
F;M
;MCAH;=CIH?M
IHMNCNO=CIH;F?M
>CMJIH?H
>?

GXM
>?F

>?
F;
L?=;O>;=C\H
CGJIMCNCP;
H;=CIH;F
=IH
FI
KO?
?F
$I<C?LHI
#?>?L;F

=IHNLC<OS?
=IH
?F

>?
MOM
CHAL?MIM
-IL
N;HNI
M?
NC?H?H
OH
MCMN?G;
=IH
OH
;FNI

AL;>I
>?
>?M=?HNL;FCT;=C\H
"H
F;M
]FNCG;M
>Y=;>;M
?F
MCMN?G;
M?
B;
=;L;=N?LCT;>I
JIL

G@3
E7D;7
67
6O\5;FE
7@67G63?;7@FAE
K
D7E53F7E
67>
9A4;7D@A
8767D3>

74;6A
3
>3

3GFA@A?P3
67
>AE
7EF36AE
K
?G@;5;B;AE
7@
?3F7D;3
\E53>
@A
:3
E;6A
BAE;4>7
D73>;L3D

3<GEF7E
\E53>7E
7@
6;5:AE
9A4;7D@AE
B3D3
;?B76;D
7>
5D75;7@F7
7@67G63?;7@FA
K
EG

=IHNCHOI
L?M=;N?
(AD
EG
B3DF7
7@
FOD?;@AE
67
;@57@F;HAE
3
>AE
7EF36AE
7EF7
E;EF7?3
\E53>
:3
97@7D36A

CH=?HNCPIM
H?A;NCPIM
?H
MO
=IGJILN;GC?HNI

 Tomo I
La Economía y las Finanzas Públicas

C
!?<C>I
;
F;M
=L?=C?HN?M
NL;HM@?L?H=C;M
>?F
AI<C?LHI
@?>?L;F
;
FIM

AI<C?LHIM
FI=;F?M
?MNIM
]FNCGIM
B;H
CH=L?G?HN;>I
MO
A;MNI

CC
!?MCH=?HNCP;
?F
?M@O?LTI
L?=;O>;NILCI
FI=;F
HN?
?MN;
=IGJF?D;
MCNO;=C\H
?F
AI<C?LHI
<L;MCF?[I
B;
?GJL?H>C>I
OH;
M?LC?
>?

L?@ILG;M
?H
?F
G?=;HCMGI
>?
L?J;LNI
>?
FIM
CHAL?MIM
;
NL;PYM
>?
FIM
\L>?H?M
>?

9A4;7D@A

+7
:3
;@F7@F36A
?7<AD3D
>3
D7EBA@E34;>;636
\E53>
?76;3@F7
7>
D78ADL3?;7@FA

>?
F;M
;O>CNILZ;M
CHN?LH;M
S
?RN?LH;M
J;L;
CH=L?G?HN;L
F;
NL;HMJ;L?H=C;
>?F
A;MNI
S
F;

>;?;F35;R@
67>
6O\5;F
5A?A
7>
7@67G63?;7@FA
67
>AE
7EF36AE
K
?G@;5;B;AE


!"0#r,0
!")
#"!"/)&0*,
*"5& +,

!"#& &"+ &0
);
N?H>?H=C;
=L?=C?HN?
>?
F;M
1L;HM@?L?H=C;M
>?
L?=OLMIM
>?
F;
#?>?L;=C\H
$;MNI

#?>?L;FCT;>I
;
FIM
AI<C?LHIM
FI=;F?M
B;
A?H?L;>I
OH
=ZL=OFI
PC=CIMI
?H
F;M
B;=C?H>;M

>A53>7E
674;6A
3
CG7
>3E
67E;@57@F;H3
3
:357D
7\5;7@F7
>3
D753G635;R@
67
EGE
835G>F367E

;=NCP;M
;
F;
;>IJ=C\H
>?
HO?P;M
@;=OFN;>?M
;
F;M
KO?
NC?H?H
>?L?=BI
S
;
F;
GI>?LHCT;=C\H

;>GCHCMNL;NCP;
"MNI
=IHDOA;>I
=IH
OH;
N?H>?H=C;
=L?=C?HN?
?H
MO
A;MNI
JLCH=CJ;FG?HN?

?H
FIM
LO<LIM
>?
?>O=;=C\H
M;FO>
?
CH@L;?MNLO=NOL;
?=IH\GC=;
J;L;
?F
>?M;LLIFFI
A?H?L;

JL?MCIH?M
?H
FIM
CHAL?MIM
S
F;M
I<FCA;
;
MIFC=CN;L
G;SIL
?H>?O>;GC?HNI
S
G;SIL?M

L?=OLMIM
>?
ILCA?H
@?>?L;F
FI
KO?
CH=L?G?HN;
F;
>?J?H>?H=C;
"MN?
?@?=NI
M?
P?
L?@ILT;>I
=IH
?F
;MJ?=NI
JIFZNC=I
S;
KO?
F;
JL?MC\H
?H
?F
=I<LI
>?

CGJO?MNIM
I
?F
?MN;<F?=CGC?HNI
>?
HO?PIM
A?H?L;
=IMNIM
?F?=NIL;F?M
S
;>GCHCMNL;NCPIM

CG7
:3@
E;6A
EGB7D36AE
9D35;3E
3
>AE
]G<AE
5D75;7@F7E
67
D75GDEAE
8767D3>7E
K
67
67G63

6;5;A@3>?7@F7
7>
E;EF7?3
67
5A@H7@;AE
B3D3
5AAD6;@3D
\E53>?7@F7
>3E
RD67@7E

>?
AI<C?LHI
B;
FCGCN;>I
F;M
JIN?MN;>?M
NLC<ON;LC;M
>?
FIM
?MN;>IM
J?LI
HI
NI>I
?M

L?MJIHM;<CFC>;>
>?
F;
#?>?L;=C\H
JO?M
?H
F;M
]FNCG;M
>Y=;>;M
M?
B;H
CGJF?G?HN;>I

G?>C>;M
J;L;
@ILN;F?=?L
F;M
B;=C?H>;M
FI=;F?M
;
NL;PYM
>?
INILA;L
G;SIL
JIN?MN;>

FD;4GF3D;3
3
>3E
7@F;6367E
8767D3F;H3E
367?NE
67
?A6;\53D
>AE
5D;F7D;AE
67
6;EFD;4G5;R@

>?
F;M
J;LNC=CJ;=CIH?M
S
;JILN;=CIH?M
@?>?L;F?M
?H
@OH=C\H
>?
F;
JLI>O=NCPC>;>
FI=;F
S

?G@;5;B3>
5A@
>3
\@3>;636
67
6;E?;@G;D
>3
67B7@67@5;3
CG7
>3E
7@F;6367E
8767D3F;H3E

NC?H?H
L?MJ?=NI
;
F;
#?>?L;=C\H
MCH
?G<;LAI
>C=B;M
G?>C>;M
HI
B;H
MC>I
>?F
NI>I
OH

3>;5;7@F7
B3D3
CG7
>3E
7@F;6367E
8767D3F;H3E
>3E
36ABF7@
7@
EGE
E;EF7?3E
\E53>7E


 Tomo I
La Economía y las Finanzas Públicas

-;L;
;FAOHIM
DOLCMN;M
>?MN;=;>IM
?F
JLI<F?G;
>?F
#?>?L;FCMGI
*?RC=;HI
NC?H?
MO
ILCA?H

?H
F;
IHMNCNO=C\H
;F
L?MJ?=NI
0?LH;
>?
F;
$;LT;
 
J

CH>C=;
KO?
l?H
G;N?LC;

NLC<ON;LC;
F;
IHMNCNO=C\H
$?H?L;F
>?
F;
/?J]<FC=;
HI
?MN;<F?=?
OH;
>?FCGCN;=C\H
=F;L;

S
JL?=CM;
?HNL?
FIM
JI>?L?M
NLC<ON;LCIM
>?
F;
#?>?L;=C\H
S
>?
F;M
?HNC>;>?M
@?>?L;NCP;Mm

)I
KO?
M?
NC?H?
?M
OH
LYACG?H
=IHMNCNO=CIH;F
>?
=IH=OLL?H=C;M
?HNL?
;G<IM
\L>?H?M
>?

AI<C?LHI
"MN;
;OM?H=C;
>?
FZGCN?M
?RJFZ=CNIM
>?D;
FC<L?
F;
JIMC<CFC>;>
>?
KO?
;G<IM

HCP?F?M
>?
AI<C?LHI
JO?>;H
?MN;<F?=?L
FIM
AL;PXG?H?M
H?=?M;LCIM
J;L;
B;=?L
@L?HN?
;

MOM
A;MNIM
"H
?F
=;MI
>?
FIM
;SOHN;GC?HNIM
F;M
JIN?MN;>?M
NLC<ON;LC;M
KO?>;LIH
?RJFZ=CN;G?HN?

?MN;<F?=C>;M
?H
?F
CH=CMI
;
@L;==C\H
&3
>?F
LNZ=OFI

IHMNCNO=CIH;F
>IH>?
M?
CHMN;OL;

KO?
lJ?L=C<CLXH
F;M
=IHNLC<O=CIH?M
CH=FOS?H>I
N;M;M
;>C=CIH;F?M
KO?
?MN;<F?T=;H

FIM
"MN;>IM
MI<L?
F;
JLIJC?>;>
CHGI<CFC;LC;
>?
MO
@L;==CIH;GC?HNI
>CPCMC\H

=IHMIFC>;=C\H
NL;MF;=C\H
S
G?DIL;
;MZ
=IGI
F;M
KO?
N?HA;H
JIL
<;M?
?F
=;G<CI
>?

P;FIL
>?
FIM
CHGO?<F?Mm
(AD
EG
B3DF7
7@
7>
N?4;FA
67
\@3@L3E
BS4>;53E
>A53>7E
7>
BNDD38A
5G3DFA
;@5;EA
!!

>?F
LNZ=OFI

>?
F;
IHMNCNO=C\H
?MN;<F?=?
F;
@;=OFN;>
>?
F;M
F?ACMF;NOL;M
>?
FIM

"MN;>IM
>?
;JLI<;L
;HO;FG?HN?
MOM
JL?MOJO?MNIM
>?
?AL?MIM
=ILL?MJIH>C?HN?M
!?

CAO;F
G;H?L;
?H
?F
J?H]FNCGI
JXLL;@I
>?F
CH=CMI
&3
>?
LNZ=OFI

M?
CHMNCNOS?
F;

@;=OFN;>
J;L;
KO?
FIM
;SOHN;GC?HNIM
;JLO?<?H
MOM
JL?MOJO?MNIM
>?
?AL?MIM
=IH
<;M?
?H

MOM
CHAL?MIM
>CMJIHC<F?M
);
>CMNLC<O=C\H
>?
=IGJ?N?H=C;M
L?=;O>;NILC;M
KO?
?MN;<F?=Z;
F;
=IH=OLL?H=C;
?HNL?

F;
#?>?L;=C\H
S
FIM
"MN;>IM
?H
OH
JLCH=CJCI
A?H?L\
OH;
>I<F?
S
?H
I=;MCIH?M
B;MN;

OH;
G]FNCJF?
4?.C.06L;
>?
FIM
GCMGIM
<C?H?M
FI
KO?
JLIPI=\
>;[IM
?H
F;
;=NCPC>;>

?=IH\GC=;
>?LCP;>I
>?
KO?
FIM
=IHMOGC>IL?M
>?<Z;H
J;A;L
N;HNIM
CGJO?MNIM
=IGI

JLI=?>CGC?HNIM
HILG;NCPIM
>?
L?=;O>;=C\H
;JFC=;<F?M

-IL
?MN;
L;T\H
JIL
CHC=C;NCP;

67
9A4;7D@A
8767D3>
E7
5A@HA53DA@
FD7E
5A@H7@5;A@7E
@35;A@3>7E
\E53>7E
 


S

KO?
N?HZ;H
JIL
I<D?NCPI
?H=IHNL;L
OH;
MIFO=C\H
;
F;
G]FNCJF?
4?.C.06L;
IGI
L?MOFN;>I
M?
=IHMNCNOS\
?F
0CMN?G;
+;=CIH;F
>?
IIL>CH;=C\H
?F
=O;F
=IGI

;@6;53
+7D@3

B

5A@E;EF7
7@
CG7
Y>3
767D35;R@
K
>AE
EF36AE
BG767@
\D?3D

5A@H7@;AE
67
5AAD6;@35;R@
\E53>
BAD
?76;A
67
>AE
5G3>7E
>AE
7EF36AE
E7
5A?BDA?7F7@

;
FCGCN;L
MOM
JIN?MN;>?M
NLC<ON;LC;M
;
@;PIL
>?
F;
#?>?L;=C\H
;
=;G<CI
>?
I<N?H?L
OH;

B3DF;5;B35;R@
7@
>AE
;@9D7EAE
\E53>7E
8767D3>7EZ
HP3
FD3@E87D7@5;3E


/?MJ?=NI
>?
F;M
1L;HM@?L?H=C;M
>?
L?=OLMIM
>?
F;
#?>?L;=C\H
;
FIM
AI<C?LHIM
FI=;F?M

F;
IHMNCNO=C\H
?MN;<F?=?
?H
F;
@L;==C\H
5&5
>?F
LNZ=OFI

KO?
?F
IHAL?MI
>?
F;

2HC\H
?MNX
@;=OFN;>I
J;L;
?MN;<F?=?L
=IHNLC<O=CIH?M
MI<L?
OH;
M?LC?
>?
;=NCPC>;>?M


 Tomo I
La Economía y las Finanzas Públicas

?=IH\GC=;M
S
?H
?F
]FNCGI
JXLL;@I
>?
F;
@L;==C\H
M?
G;H>;N;
KO?
l);M
?HNC>;>?M

@?>?L;NCP;M
J;LNC=CJ;LXH
?H
?F
L?H>CGC?HNI
>?
?MN;M
=IHNLC<O=CIH?M
?MJ?=C;F?M
?H
F;

BDABAD5;R@
CG7
>3
>7K
E75G@63D;3
8767D3>
67F7D?;@7

$3E
>79;E>3FGD3E
>A53>7E
\<3DN@

?F
JIL=?HN;D?
=ILL?MJIH>C?HN?
;
FIM
*OHC=CJCIM
?H
MOM
CHAL?MIM
JIL
=IH=?JNI
>?F

CGJO?MNI
MI<L?
?H?LAZ;
?FY=NLC=;m
>IH>?
F;
F?S
M?=OH>;LC;
G?H=CIH;>;
?M
F;
)?S
>?

IIL>CH;=C\H
#CM=;F
MC?H>I
?MNX
@L;==C\H
FI
KO?
JLX=NC=;G?HN?
F?
>;
MOMN?HNI
;
NI>I

?F
#?>?L;FCMGI
#CM=;F
*?RC=;HI
"H
<;M?
?H
>C=BIM
;=O?L>IM
KO?
HI
?MNXH
L?AOF;>IM

?H
F;
IHMNCNO=C\H
F;
L?=;O>;=C\H
S
;>GCHCMNL;=C\H
>?
FIM
CGJO?MNIM
GXM
CGJILN;HN?M

KO?>;LIH
;
=;LAI
>?F
AI<C?LHI
@?>?L;F
>;H>I
=IGI
L?MOFN;>I
OH
=?HNL;FCMGI
?H
G;N?LC;

L?=;O>;NILC;
>?D;H>I
CGJIMC<CFCN;>IM
;
FIM
?MN;>IM
;
NIG;L
>?=CMCIH?M
L?MJ?=NI
>?
MOM

JIN?MN;>?M
NLC<ON;LC;M


!"0#r,0

/"!&0"W,
,+01&12 &,+)
HN?
F;
JLI<F?GXNC=;
?RJO?MN;
?M
H?=?M;LCI
L?JF;HN?;L
F;
L?F;=C\H
?HNL?
?F
$I<C?LHI

#?>?L;F
F;M
?HNC>;>?M
@?>?L;NCP;M
S
GOHC=CJCIM
?M
>?=CL
L??P;FO;L
MOM
=IGJ?N?H=C;M

67
93EFA
67
?3@7D3
7\5;7@F7
7@
FOD?;@AE
75A@R?;5AE
5A@E;67D3@6A
7>
F;BA
67
4;7@7E

S
M?LPC=CIM
KO?
M?
JLIJIL=CIH;LXH
S
>?
;=O?L>I
;F
AL;>I
>?
=?L=;HZ;
=IH
F;
JI<F;=C\H

"MN?
M?LX
?F
J;LXG?NLI
N;HNI
>?
>CG?HMC\H
>?
FIM
\L>?H?M
>?
AI<C?LHI
=IGI
>?F
HCP?F

\JNCGI
>?
=?HNL;FCT;=C\H
>?M=?HNL;FCT;=C\H
>?F
"MN;>I
A@
43E7
7@
>3E
5A?B7F7@5;3E
67
93EFA
67\@;63E
E7
6747DN@
3E;9@3D
>3E
BAF7EF367E

NLC<ON;LC;M
\JNCG;M
;=IL>?M
;
F;M
=IGJ?N?H=C;M
>?
A;MNI
S
=;J;=C>;>
;>GCHCMNL;NCP;
>?

=;>;
IL>?H
>?
AI<C?LHI
"M
JLI<;<F?
KO?
?H
JLCH=CJCI
?RCMN;H
>?M<;F;H=?M
?H
=O;HNI
;

F;M
=IGJ?N?H=C;M
>?
A;MNI
S
JIN?MN;>?M
NLC<ON;LC;M
JIL
FI
KO?
M?
>CM?[;LZ;
OH
MCMN?G;

>?
NL;HM@?L?H=C;M
KO?
=IGJ?HM?
>C=BIM
>?M<;F;H=?M
S
KO?
A?H?L?
CH=?HNCPIM
;
FIM

9A4;7D@AE
EG4@35;A@3>7E
3
?7<AD3D
EG
7\5;7@5;3
D753G63FAD;3
K
36?;@;EFD3F;H3
CG7

L?>OH>?
?H
OH;
G;SIL
;ONIHIGZ;

2H;
P?T
L?>CM?[;>I
?F
MCMN?G;
>?
=IGJ?N?H=C;M
S
JIN?MN;>?M
M?
N?H>LZ;
KO?
=L?;L

OH
=;JZNOFI
?H
F;
IHMNCNO=C\H
-IFZNC=;
>?
FIM
"MN;>IM
2HC>IM
*?RC=;HIM
KO?
M?

0I<L?
?F
=IG?L=CI
?RN?LCIL
I
0I<L?
?F
;JLIP?=B;GC?HNI
S
?RJFIN;=C\H
>?
FIM
L?=OLMIM
H;NOL;F?M



=IGJL?H>C>IM
?H
FIM
JXLL;@IM
d
S
d
>?F
;LNZ=OFI

I
0I<L?
CHMNCNO=CIH?M
>?
=LY>CNI
S
MI=C?>;>?M
>?

M?AOLIM
I
0I<L?
M?LPC=CIM
J]<FC=IM
=IH=?MCIH;>IM
I
?RJFIN;>IM
>CL?=N;G?HN?
JIL
F;
#?>?L;=C\H
S
I

"MJ?=C;F?M
MI<L?
;
"H?LAZ;
?FY=NLC=;
<
-LI>O==C\H
S
=IHMOGI
>?
N;<;=IM
F;<L;>IM
=
$;MIFCH;
S
INLIM

JLI>O=NIM
>?LCP;>IM
>?F
J?NL\F?I
>
?LCFFIM
S
@\M@ILIM
?
AO;GC?F
S
JLI>O=NIM
>?
MO
@?LG?HN;=C\H
S

@
"RJFIN;=C\H
@IL?MN;F
A
-LI>O==C\H
S
=IHMOGI
>?
=?LP?T;

 Tomo I
La Economía y las Finanzas Públicas

>?HIGCH;LZ;
!?F
#?>?L;FCMGI
?H
?F
=O;F
M?
?MN;<F?T=;H
=F;L;G?HN?
FIM
I<D?NCPIM
>?F

767D3>;E?A
%7J;53@A
@A
ER>A
7@
7>
N?4;FA
\E53>
E;@A
F3?4;O@
7@
7>
BA>PF;5A
7@
7>

MI=C;F
S
?H
?F
;G<C?HN;F
JIL
G?H=CIH;L
;FAOHIM

/?MJ?=NI
>?F
#?>?L;FCMGI
#CM=;F
M?
N?H>LZ;H
KO?
JF;MG;L
>?
@ILG;
?RJFZ=CN;
F;M

=IGJ?N?H=C;M
>?
A;MNI
S
JIN?MN;>?M
NLC<ON;LC;M
;HN?M
P;FIL;>;M
S
FIM
G?=;HCMGIM
>?

=IIL>CH;=C\H
?HNL?
FIM
NL?M
\L>?H?M
>?
AI<C?LHI
KO?
FIM
=IGJLIG?N;
=IH
?F
>?M;LLIFFI

CHN?AL;F
>?F
J;ZM

-/,-2"010
!"
/"#,/*
#&0 )
"H
HI
JI=;M
P?=?M
F;M
?HNC>;>?M
@?>?L;NCP;M
;LAOG?HN;H
KO?
F;M
JIN?MN;>?M
KO?
?F

$I<C?LHI
#?>?L;F
F?M
=IH=?>?
>?LCP;>;M
>?
F;
=FXOMOF;
L?MC>O;F
>?F
LNZ=OFI

HI

NC?H?H
;FNI
JIN?H=C;F
L?=;O>;NILCI
JIL
FI
KO?
MOM
HCP?F?M
>?
CHAL?MIM
JLIJCIM
MIH
<;DIM
FI

KO?
FIM
ILCFF;
;
>?J?H>?L
>?
F;M
NL;HM@?L?H=C;M
@?>?L;F?M

2H;
;FN?LH;NCP;
;F
J;=NI
;=NO;F
L;>C=;
?H
OH
;=O?L>I
?H
?F
M?HI
>?F
0+ #
KO?
A?H?L?
OH;

M?LC?
>?
JLIJO?MN;M
?H=;GCH;>;M
;
OH
GI>?FI
@?>?L;FCMN;
=IH
CGJO?MNIM
=IGJ;LNC>IM

MCGCF;L
JIL
?D?GJFI
;F
?MN;>IOHC>?HM?
MC?H>I
FIM
=;H>C>;NIM
H;NOL;F?M
J;L;
CHN?AL;L
?MN?

HO?PI
MCMN?G;
?F
&GJO?MNI
;F
3;FIL
AL?A;>I
&GJO?MNI
MI<L?
F;
/?HN;
S
?F
&GJO?MNI

"MJ?=C;F
MI<L?
-LI>O==C\H
S
0?LPC=CIM
/;<?FF
  
CH>C=;
KO?
l!?
B?=BI
;
J;LNCL
>?F
-L?MOJO?MNI
>?
"AL?MIM
>?F
 
?F

&GJO?MNI
;F
3;FIL
AL?A;>I
S;
?M
OH
CGJO?MNI
=IGJ;LNC>I
?H
*YRC=I
"F
JLI<F?G;
B;

MC>I
KO?
F;
#?>?L;=C\H
J?LGCNC\
=IGJ;LNCL
?F
CGJO?MNI
J?LI
HI
>CMGCHOS\
MO
N;M;
FI
=O;F

FI
B;=?
NIN;FG?HN?
CGJIJOF;L
S
IH?LIMI
J;L;
;KO?FFIM
?MN;>IM
KO?
KOCMC?L;H
;AL?A;L
MO

JLIJC;
N;M;
S
?H
=IHM?=O?H=C;
;OG?HN;LF;
J;L;
FIM
=CO>;>;HIMm
$3
BDABG7EF3
67>
@G7HA
E;EF7?3
;?B>;53
>3
6;\5G>F36
67
;67@F;\53D
>3
53DF7D3
67
;?BG7EFAE

S
>?
N;M;M
\JNCG;
>?
N;F
G;H?L;
KO?
HI
M?
G?LG?
F;
L?=NILZ;
>?F
$I<C?LHI
#?>?L;F
>?F

?HNILHI
G;=LI?=IH\GC=I
S
KO?
J?LGCN;
;
F;M
B;=C?H>;M
FI=;F?M
A?H?L;L
CH=?HNCPIM

B3D3
;?BG>E3D
EG
BDAB;3
35F;H;636
75A@R?;53
K
7H7@FG3>
3GFA@A?P3
\E53>

67?NE
E7DN

CGJILN;HN?
OH;
?MNL?=B;
=IIL>CH;=C\H
J;L;
?MN;<F?=?L
<;M?M
NLC<ON;LC;M
KO?
?PCN?H
=;?L
?H

F;
G]FNCJF?
NLC<ON;=C\H
IH
?F
HO?PI
?MKO?G;
?P?HNO;FG?HN?
FIM
?MN;>IM
I<N?H>LZ;H
G;SIL?M
L?=OLMIM
J?LI

>?LCP;>I
>?
F;
;=NCPC>;>
?=IH\GC=;
B?N?LIAYH?;
>?
FIM
?MN;>IM
S
L?ACIH?M
>?F
J;ZM

E7
BA6DP3
BDA6G5;D
G@
67E43>3@57
7@
>3E
\@3@L3E
67
3>9G@AE
7EF36AE
BAD
>A
CG7
E7DP3

H?=?M;LCI
=IHMNLOCL
OH
MCMN?G;
N?GJIL;F
>?
=IGJ?HM;=CIH?M
KO?
;JIS?
;
FIM
?MN;>IM

KO?
JO>C?L;H
L?T;A;LM?
;=IGJ;[;>I
>?
OH
JF;H
H;=CIH;F
J;L;
?F
CGJOMI
>?
JIFIM
>?

>?M;LLIFFI
L?ACIH;F
KO?
JIN?H=C?
F;M
P?HN;D;M
=IGJ?NCNCP;M
>?
F;M
L?ACIH?M
S
=IH
>C=B;

CH?L=C;
CGJOFM;L
?F
>?M;LLIFFI
>?
F;M
?HNC>;>?M
@?>?L;NCP;M
"F
MCMN?G;
>?
=IGJ?HM;=CIH?M


 Tomo I
La Economía y las Finanzas Públicas

>?<?LX
CH=FOCL
=LCN?LCIM
KO?
=IHMC>?L?H
?F
>?M?GJ?[I
>?
F;M
?HNC>;>?M
@?>?L;NCP;M
>?

N;F
G;H?L;
KO?
HI
M?
=IHMNCNOS;H
?H
OH
CH=?HNCPI
J?LP?LMI
>?
>?J?H>?H=C;
S
>?<?LX

=IHMC>?L;L
F;
=L?;=C\H
>?
OH;
HILG;NCPC>;>
KO?
L?AOF?
F;
=IHNL;N;=C\H
>?
>?O>;
JIL
J;LN?

67
>AE
9A4;7D@AE
>A53>7E
B3D3
CG7
OEF3
@A
E73
G@3
E3>;63
3@F7
7>
67\5;7@F7
67E3DDA>>A

?=IH\GC=I
"F
J;J?F
>?F
$I<C?LHI
#?>?L;F
S
>?F
0+ #
M?LZ;
?F
>?
L?AOF;>IL?M
=IH
?F
=IGJLIGCMI

IHMNCNO=CIH;F
>?
;F=;HT;L
?KOCFC<LCIM
L?ACIH;F?M
KO?
A?H?L?H
OH
>?M;LLIFFI
BIGIAYH?I

?HNL?
FIM
CH>CPC>OIM
G?>C;HN?
OH;
G?DIL
JLIPCMC\H
>?
M?LPC=CIM
J]<FC=IM
"H
F;
<]MKO?>;
>?
MIFO=CIH?M
J;L;
@ILN;F?=?L
F;
B;=C?H>;
FI=;F
S
;N?HO;L
?F
=?HNL;FCMGI

JI>LZ;
CGJOFM;LM?
?H
G;SIL
G?>C>;
?MKO?G;M
=IIL>CH;>IM
MOMN?HN;>I
?H
HO?MNLI

?NJ;?A
AD67@3?;7@FA
<GDP6;5A
B3D3
CG7
>3
767D35;R@
FD3@E\7D3
BAF7EF367E
3
>3E

?HNC>;>?M
@?>?L;NCP;M
>?
@ILG;
J;OF;NCH;
?D?GJFI
>?
?FFI
F;M
?HNC>;>?M
@?>?L;NCP;M
?H

G@
B7D;A6A
67
FD3@E;5;R@
BA6DP3@
D753G63D
K
\E53>;L3D
7>
!+*
67
>3E
B7DEA@3E
8PE;53E

=IH
G?HIL?M
CHAL?MIM
>?
@ILG;
N;F
KO?
?H
OH
J?LCI>I
;>?=O;>I
HI
MIF;G?HN?
FIM

?MN;>IM
N?HA;H
F;
L?=;O>;=C\H
NIN;F
MCHI
;>?GXM
F;
FC<?LN;>
J;L;
>?=C>CL
KO?
?MNZGOFIM

\E53>7E
AFAD93D
67
35G7D6A
3>
@;H7>
EA5;A75A@R?;5A
67
>AE
:34;F3@F7E
67
5363
7@F;636


 Tomo I
La Economía y las Finanzas Públicas

&)&,$/#r
LLCID;
3CT=;ZHI
>IF@I

9
212?.96@:<
"2E60.;<
.06.
29
'649<
,,

IF?==C\H
"HM;SIM
'OLZ>C=IM
1B?GCM
*YRC=I
-LCG?L;
?>C=C\H
&HMNCNONI
>?
&HP?MNCA;=CIH?M
)?ACMF;NCP;M
>?F
0?H;>I
>?
F;
/?J]<FC=;
&&)0"+
 

9
212?.96@:<
6@0.9
2;
"IE60<
*YRC=I
!#
&HMNCNONI
J;L;
?F
!?M;LLIFFI
1Y=HC=I
>?
F;M
%;=C?H>;M
-]<FC=;M
&+!"1"
 
8?H

FZH?;9
'6@A2:.
12
6@A?6/B06L;
12
%.?A606=.06<;2@
212?.92@
*YRC=I
!CMNLCNI

#?>?L;F
8=IHMOFN;

>?
G;LTI
>?
 9
>CMJIHC<F?
?H
QQQCH>?N?=AI<GR

!2F
12
<<?16;.06L;
6@0.9
8?H
FZH?;9
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I

&G7H3
$7K
BG4>;5363
7@
7>
;3D;A
'\5;3>
67
>3
767D35;R@
7>

67
6;5;7?4D7
67


*YRC=I
!CMNLCNI
#?>?L;F
8=IHMOFN;

>?
G;LTI
>?
 9
>CMJIHC<F?
?H

QQQ>I@AI<GR
!2F
12
<<?16;.06L;
6@0.9
12
9.
212?.06L;
F
9<@
@A.1<@
8?H
FZH?;9
0?=L?N;LZ;

67
35;7@63
K
DO6;FA
(S4>;5A
&G7H3
$7K
BG4>;5363
7@
7>
;3D;A
'\5;3>
67
>3

#?>?L;=C\H
?F

>?
>C=C?G<L?
>?

*YRC=I
!CMNLCNI
#?>?L;F
8=IHMOFN;

>?

G;LTI
>?
 9
>CMJIHC<F?
?H
QQQ>I@AI<GR
!2F
>B2
<A<?4.
<:=2;@.06<;2@
1606<;.92@
.
9<@
@A.1<@
>B2
0292/?2;
<;C2;6<

12
<<?16;.06L;
2;
".A2?6.
129
:=B2@A<
212?.9
@</?2
;4?2@<@
"2?0.;A692@

8?H
FZH?;9
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
+O?P;
)?S
JO<FC=;>;
?H

7>
;3D;A
'\5;3>
67
>3
767D35;R@
7>

67
6;5;7?4D7
67

%OJ;5A
;EFD;FA

#?>?L;F
8=IHMOFN;

>?
G;LTI
>?
 9
>CMJIHC<F?
?H
QQQ>I@AI<GR
!2F
>B2
&24B9.
29
%.4<
12
9.@
%.?A606=.06<;2@
12
9<@
@A.1<@
@</?2
;4?2@<@
212?.92@

8?H
FZH?;9
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
+O?P;
)?S
JO<FC=;>;
?H
?F

;3D;A
'\5;3>
67
>3
767D35;R@
7>

67
6;5;7?4D7
67

%OJ;5A
;EFD;FA

#?>?L;F
8=IHMOFN;

>?
G;LTI
>?
 9
>CMJIHC<F?
?H
QQQ>I@AI<GR
!2F
@</?2
29
%.4<
12
9.@
%.?A606=.06<;2@
2;
;4?2@<@
212?.92@
8?H
FZH?;9
0?=L?N;LZ;

67
35;7@63
K
DO6;FA
(S4>;5A
&G7H3
$7K
BG4>;5363
7@
7>
;3D;A
'\5;3>
67
>3

#?>?L;=C\H
?F

>?
>C=C?G<L?
>?

*YRC=I
!CMNLCNI
#?>?L;F
8=IHMOFN;

>?

G;LTI
>?
 9
>CMJIHC<F?
?H
QQQ>I@AI<GR
*;LNZH?T
FG;TXH
/;]F

!.
<<?16;.06L;
6@0.9
&HMNCNONI
+;=CIH;F
>?

>GCHCMNL;=C\H
-]<FC=;
*YRC=I
/;<?FF
$;L=Z;
"HLCKO?
  
212?.96@:<
6@0.9
2;
"IE60<
IHM?DI
>?
C?H=C;

S
1?=HIFIAZ;
>?F
"MN;>I
>?
.O?LYN;LI
2HCP?LMC>;>
ON\HIG;
>?
.O?LYN;LI

0;HNC;AI
>?
.O?LYN;LI
.O?LYN;LI
*YRC=I
0?LH;
>?
F;
$;LT;
'IMY
*;LZ;
 
'
#"*"#"'
"#" '
7' '
-


& '!#
7'
"
0,#
&HMNCNONI
>?
&HP?MNCA;=CIH?M
'OLZ>C=;M
2HCP?LMC>;>

+;=CIH;F
ON\HIG;
>?
*YRC=I
*YRC=I
-LCG?L;
?>C=C\H


 Tomo I
La Economía y las Finanzas Públicas

0OXL?T
!XPCF;
#L;H=CM=I
 
212?.96@:<
5.02;1.?6<
:<A<?
12
9.
?23<?:.

5.02;1.?6.
F
29
12@.??<99<
12
"IE60<
?H
&+-
S
XG;L;
>?
!CJON;>IM
);M

#CH;HT;M
>?F
0CMN?G;
#?>?L;F
*?RC=;HI
JJ


*YRC=I
!CMNLCNI
#?>?L;F
0OJL?G;
ILN?
>?
'OMNC=C;
>?
F;
+;=C\H
  
0?G;H;LCI
'O>C=C;F
>?
F;
#?>?L;=C\H
S

MO
$;=?N;
+IP?H;
VJI=;
1IGI
555&
G;LTI
>?
 
JXACH;

0?AOH>;
0;F;

N?MCM
;'
  
PY;M?
?D?=ONILC;
?H
?F
0?G;H;LCI
'O>C=C;F
>?
F;
#?>?L;=C\H
S

MO
$;=?N;
+IP?H;
VJI=;
1IGI
5&&&
?H?LI
>?
 
JXACH;

>CMJIHC<F?
?H

BNNJMD@M=DHAI<GR0'#0CMN!I=OG?HNIM1?MCM  J>@


 Tomo I
La Economía y las Finanzas Públicas

&*- 1,
!")
1/1!,
!"
)&/"
,*"/ &,
"+
)

" ,+,*r
*"5& +
F?D;H>LI
0IGO;HI
3?HNOL;

&
+1" "!"+1"0

"F
1L;N;>I
>?
)C<L?
IG?L=CI
?HNL?
*YRC=I
"MN;>IM
2HC>IM
S
;H;>X
1) +
M?

\D?R
7@

K
7@FDR
7@
H;9AD
7@


A@
>3
36AB5;R@
67
7EF7
,D3F36A
%OJ;5A

=OFGCH\
MO
JLI=?MI
>?
;J?LNOL;
=IG?L=C;F
KO?
CHC=C\
=IH
F;
?HNL;>;
;F
$1
kBIS

,LA;HCT;=C\H
*OH>C;F
>?
IG?L=CIk
?H

S
G;L=\
?F
JLCH=CJCI
>?
OH;
?L;
>?

FD3@E8AD?35;R@
7@
>3
75A@A?P3
?7J;53@3

(D7H;A
3>
,$&
%OJ;5A
:34P3
\D?36A

M\FI
>IM
;=O?L>IM
>?
FC<?L;=C\H
=IG?L=C;F
?F
=O?L>I
>?
F=;H=?
-;L=C;F
=IH
-;H;GX

?H

S
?F
=O?L>I
>?
IGJF?G?HN;=C\H
"=IH\GC=;
=IH
LA?HNCH;
?H


J;LNCL

67
>3
\D?3
67>
,$&
*YRC=I
B;
MOM=LCNI

NL;N;>IM
>?
FC<L?
=IG?L=CI
=IH

J;ZM?M

1) M

=O?L>IM
J;L;
F;
-LIGI=C\H
S
-LIN?==C\H
/?=ZJLI=;
>?
F;M
&HP?LMCIH?M

--/&0
S

;=O?L>IM
>?
=IG?L=CI
=O?L>IM
>?
IGJF?G?HN;=C\H
"=IH\GC=;

S
=O?L>IM
>?
F=;H=?
-;L=C;F
?H
?F
G;L=I
>?
F;
MI=C;=C\H
);NCHI;G?LC=;H;
>?

&HN?AL;=C\H
)!&
!?
;=O?L>I
;
0?LL;
 
?F
1) +
M?
>CMNCHAO?
>?
INLIM
NL;N;>IM
GOFNCF;N?L;F?M
?H

JIL
FI
G?HIM
NL?M
=;L;=N?LZMNC=;M
);
JLCG?L;
?F
N;G;[I
>?F
G?L=;>I
"F
JOLI
N;G;[I

>?F
G?L=;>I
HILN?;G?LC=;HI
S
F;
?RJ?=N;NCP;
>?
?FCGCH;L
JIL
=IGJF?NI
FIM
;L;H=?F?M

CH=C>C?LIH
MI<L?
?F
AL;>I
>?
;J?LNOL;
>?
NI>;
F;
?=IHIGZ;
H;=CIH;F
0?AOH>;
?F
LCNGI

>?
L?=CJLI=C>;>
*C?HNL;M
KO?
;H;>X
S
"MN;>IM
2HC>IM
;<LC?LIH
>?
G;H?L;
CHG?>C;N;

MOM
G?L=;>IM
;
JLI>O=NIM
G?RC=;HIM
?H

S

L?MJ?=NCP;G?HN?
*YRC=I
M\FI




AL;>?T=I
F;
CHP;FO;<F?
;MCMN?H=C;
>?
&L?H?
+;P;LLI
S
$?LGXH
-?N?LM?H
JIL
MOM
=IG?HN;LCIM
;F
JL?M?HN?
NL;<;DI

MCGCMGI
;AL;>?T=I
S
L?=IHIT=I
F;
;SO>;
>?
"G;HO?F
;<?FFI
?H
F;
L?=IJCF;=C\H
>?
CH@ILG;=C\H




"F
!L
F?D;H>LI
0IGO;HI
M?
>?M?GJ?[;
=IGI
!CL?=NIL
$?H?L;F
>?
-LIAL;G;=C\H
S
-L?MOJO?MNI
>?
F;
%
XG;L;

>?
!CJON;>IM

,<NOPI
F;
)C=?H=C;NOL;
?H
"=IHIGZ;
>?F
&HMNCNONI
1?=HIF\AC=I
ON\HIGI
>?
*YRC=I
S
?F
AL;>I
>?

>I=NIL;>I
?H
"=IHIGZ;
>?
F;
2HCP?LMC>;>
>?
1?R;M
?H
OMNCH
F?D;H>LI
B;
F;<IL;>I
?H
?F
M?=NIL
J]<FC=I
JIL
GXM
>?


;[IM
?H
>C@?L?HN?M
=;LAIM
>?F
-I>?L
"D?=ONCPI
=IGI
F;
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
IGCMC\H
#?>?L;F

>?
IGJ?N?H=C;
&HMNCNONI
*?RC=;HI
>?F
0?AOLI
0I=C;F
S
IGCMC\H
#?>?L;F
>?
"F?=NLC=C>;>
=NO;FG?HN?
=IF;<IL;
?H

?F
-I>?L
)?ACMF;NCPI
>?HNLI
>?
F;
;>GCHCMNL;=C\H
>?
F;
XG;L;
>?
!CJON;>IM
"H
F;
CHC=C;NCP;
JLCP;>;
M?
>?M?GJ?[\

;FAOHIM
;[IM
=IGI
3C=?JL?MC>?HN?
>?
&+1/
S
JIMN?LCILG?HN?
=IGI
!CL?=NIL
"D?=ONCPI
>?
-F;H?;=C\H
?H
$LOJI

?LIGYRC=I
"F
!L
0IGO;HI
B;
CH=OLMCIH;>I
;>?GXM
?H
?F
M?=NIL
>?
F;M
@L;HKOC=C;M
S
B;
;M?MIL;>I
;
J?KO?[;M
S

G?>C;H;M
?GJL?M;M
?H
>CP?LMIM
M?=NIL?M
3CP?
?H
F;
CO>;>
>?
*YRC=I
S
JO?>?
M?L
=IHN;=N;>I
?H
;F?D;H>LI:MIGO;HI
S;BII=IGGR



!@8AD?35;R@
A\5;3>
67
(*'%M0!'
:FFBIII
BDA?7J;5A
9A4
?J5A?7D5;A?7J;5A K EGE FD3F36AE 67 >;4D7 5A

G?L=CI
=IH
INLIM
J;CM?MBNGF


 Tomo I
La Economía y las Finanzas Públicas

FI
BCTI
?H

S
@O?
B;MN;
?F
>Y=CGI
;[I
KO?
;<LC\
?F
ALO?MI
>?
MOM
G?L=;>IM
;
MOM

EA5;AE


EF3
3E;?7FDP3
674P3
47@7\5;3D
3S@
?NE
>3E
7JBADF35;A@7E
?7J;53@3E

1

N?L=?L;
F;
JLIN?==C\H
;
F;
CHP?LMC\H
"RCMN?
OH
=;JZNOFI
?MJ?=C;F
?H
?F
1) +
>?>C=;>I

;
?MN;<F?=?L
FIM
JLCH=CJCIM
>?
JLIN?==C\H
>?
F;
CHP?LMC\H
?HNL?
F;M
J;LN?M
>?F
1L;N;>I
!?

;BZ
KO?
B;S;
N?HC>I
OH
?@?=NI
CGJILN;HN?
?MJ?=C;FG?HN?
?H
F;
CHP?LMC\H
?H
CH>OMNLC;M

G;HO@;=NOL?L;M

7E67
CG7
E7
3@G@5;R
>3
\D?3
5A?7@L\
F;
?MJ?=OF;=C\H
?H
FIM
NL?M
J;ZM?M
MI<L?
?F

CGJ;=NI
KO?
N?H>LZ;
>C=BI
1L;N;>I
?H
?F
=IG?L=CI
F;
CH>OMNLC;
?F
?GJF?I
?F
>?M;LLIFFI

8DA@F7D;LA
K
AFD3E
H3D;34>7E
75A@R?;53E

-@3
H7L
\D?36A
7>
6743F7
E7
;@F7@E;\5R

kN;HNI
?H
*YRC=I
=IGI
?H
MOM
MI=CIMk
FF?A;H>I
;
JIMNOL;M
?RNL?G;M
KO?
I
<C?H

>?JIMCN;<;H
AL;H>?M
?RJ?=N;NCP;M
>?
=L?=CGC?HNI
S
<C?H?MN;L
I
<C?H
L?MJIHM;<CFCT;<;H

;F
1L;N;>I
>?
=O;FKOC?L
=LCMCM
I
NLIJC?TI
?=IH\GC=I
"F
1) +
=IHMN;
>?
55&&
=;JZNOFIM
?H
FIM
KO?
M?
?MN;<F?=?H
F;M
L?AF;M
J;L;
F;

?FCGCH;=C\H
>?
;L;H=?F?M
;F
CHN?L=;G<CI
>?
<C?H?M
S
M?LPC=CIM
?HNL?
FIM
MI=CIM
BZ
M?

67\@7@
>3E
D79>3E
67
AD;97@
BDA576;?;7@FAE
36G3@7DAE
K
?76;63E
67
7?7D97@5;3
B3D3

?F
=IG?L=CI
>?
JLI>O=NIM
;MZ
=IGI
NI>;M
F;M
>CMJIMC=CIH?M
L?F;NCP;M
;
F;
CHP?LMC\H
S

M?LPC=CIM
-IL
NL;N;LM?
>?
M?=NIL?M
?MNL;NYAC=IM
S
>?
MOG;
CGJILN;H=C;
?HNL?
FIM
MI=CIM

?F
;=O?L>I
=IHN?GJF;
N;G<CYH
=;JZNOFIM
?MJ?=C;F?M
>?>C=;>IM
;
F;
CH>OMNLC;
;ONIGINLCT

<C?H?M
N?RNCF?M
S
>?F
P?MNC>I
?H?LAZ;
S
J?NLIKOZGC=;
<XMC=;
M?=NIL
;ALIJ?=O;LCI
;MZ

5A?A
F7>75A?G@;535;A@7E
K
E7DH;5;AE
\@3@5;7DAE


-IL
F;
CGJILN;H=C;
KO?
L?PCMN?
?F
1) +
N;G<CYH
CH=FOS?
OH
=;JZNOFI
=IGJF?NI

>?>C=;>I
;F
N?G;
>?
JLIJC?>;>
CHN?F?=NO;F
>IH>?
M?
?MN;<F?=?H
NI>;M
F;M
>CMJIMC=CIH?M

J;L;
F;
JLIN?==C\H
>?
>?L?=BIM
>?
;ONIL
S
J;N?HN?M
"H
=IHNL;MN?
?F
1) +
HI
=IHN?GJF;

>CMJIMC=C\H
;FAOH;
MI<L?
;MOHNIM
;G<C?HN;F?M
JIL
FI
KO?
F;M
J;LN?M
>?=C>C?LIH
;<IL>;L

?MN?
N?G;
?H
OH
;=O?L>I
CH>?J?H>C?HN?
-;L;
M?L
DOMNIM
;F
1) +
k=IGI
;
=O;FKOC?L
INLI
;=O?L>I
=IG?L=C;Fk
M\FI
M?
F?

>?<?
?P;FO3D
5A@8AD?7
3>
5G?B>;?;7@FA
67
A4<7F;HAE
B3D3
>AE
CG7
8G7
\D?36A
7E

675;D
7>
?3KAD
;@F7D53?4;A
5A?7D5;3>
K
?3KAD7E
]G<AE
67
;@H7DE;R@
7JFD3@<7D3

1
ER>A

=IGI
OH;
I<M?LP;=C\H
=ICH=C>?HN?
=IH
?F
1L;N;>I
M?
JO?>?
FCA;L
F;
?PIFO=C\H
>?
INL;M

P;LC;<F?M
2H;
N?H>?H=C;
=IG]H
?H
F;
FCN?L;NOL;
?=IH\GC=;
?M
KO?L?L
;H;FCT;L
N?G;M
>?
=L?=CGC?HNI

JI<L?T;
GCAL;=C\H
S
>CMNLC<O=C\H
>?F
CHAL?MI
;
F;
FOT
>?F
1) +
=O;H>I
YMNIM
HI



"MKOCP?F
 
?MN;<F?=?
=F;L;G?HN?
FIM
I<D?NCPIM
CHG?>C;NIM
>?F
1) +
S
FIM
KO?
>?<C?LIH
B;<?L
MC>I
FIM
I<D?NCPIM

\@3>7E
67
EG
\D?3


 Tomo I
La Economía y las Finanzas Públicas

@O?LIH
FIM
I<D?NCPIM
>?F
;=O?L>I
0CH
?G<;LAI
GOS
JLI<;<F?G?HN?
?MNI
HI
M?;
>?F

NI>I
L?MJIHM;<CFC>;>
>?
FIM
;H;FCMN;M
KO?
B;H
?MNO>C;>I
;F
1) +
.OCTX
?MNI
M?
>?<?

;
KO?
F;
0<:B;60.06L;
@<06.9
>?F
-L?MC>?HN?
0;FCH;M
@O?
CGJL?=CM;
IGI
?D?GJFI

<;MN;
=CN;L
F;M
J;F;<L;M
>?F
JLIJCI
NCNOF;L
>?F
"D?=ONCPI
?F

>?
;AIMNI
>?

;F

5A@5>G;D
>3E
@79A5;35;A@7E
5G3@6A
7JBA@P3
>AE
E7;E
47@7\5;AE
BD;@5;B3>7E
67>
,$&
;
);
PCH=OF;=C\H
;
OHI
>?
FIM
=?HNLIM
>?
F;
?=IHIGZ;
GOH>C;F
<
?F
;==?MI
;GJFCI
S
J?LG;H?HN?

>?
FIM
JLI>O=NIM
G?RC=;HIM
;F
AL;H
G?L=;>I
HILN?;G?LC=;HI
=
F;
?MNCJOF;=C\H
>?
L?AF;M

=F;L;M
S
=?LNC>OG<L?
?H
?F
CHN?L=;G<CI
=IH
"MN;>IM
2HC>IM
S
;H;>X
>
F;
?MJ?=C;FCT;=C\H

>?
F;
JLI>O==C\H
>?
;=O?L>I
=IH
F;M
P?HN;D;M
>?
FIM
L?=OLMIM
S
F;M
B;<CFC>;>?M
G?RC=;H;M
?

7>
47@7\5;A
67
>AE
5A@EG?;6AD7E
7@
D3LR@
67
>3
6;EBA@;4;>;636
67
?NE
BDA6G5FAE
67
?7<AD

=;FC>;>
S
G?HIL
JL?=CI
-IL
]FNCGI
M?
>?MN;=;<;
=IH
?F
@</?2A<1<
F;
P?HN;D;
GXM
CGJILN;HN?

A?H?L;L
:H@
2:=92<@
F
:27<?2@
?2:B;2?.06<;2@
J;L;
FIM
G?RC=;HIM
AL;=C;M
;
F;
FF?A;>;
>?

=;JCN;F?M
?
CHP?LMCIH?M
JLI>O=NCP;M

IGI
M?
;[;>C\
JIMN?LCILG?HN?
?F
CHN?LYM
>?
*YRC=I
?L;

?F
>?
l?RJILN;L
G?L=;H=Z;M
HI
J?LMIH;M
"F
-L?MC>?HN?
0;FCH;M
L?MOGZ;
l"H
J;F;<L;M
M?H=CFF;M
JI>L?GIM
0?202?
:H@
?H=61<
S

?HNIH=?M
=IH=?HNL;L
G?DIL
HO?MNL;
;N?H=C\H
J;L;
"7&

%)"'
!"#'
(""56
,NLI
?D?GJFI
?M
?F
G?HM;D?
>?F
JLIJCI
0;FCH;M
?H
MO
>CM=OLMI
>OL;HN?
F;
=?L?GIHC;

>?
AL;>O;=C\H
>?F
&HMNCNONI
1?=HIF\AC=I
>?
*;MM;=BOM?NNM
?H
G;SI
>?

=O;H>I

>?=Z;
l

 
'
)"
)&#

&1"

!$ #'5


 
'
)"
)&#


!#&'
' & '5


 
'
)"
)&#

&)1"


!&1"56
A@
7EF3E
5;F3E
E7
BG767
5A?BD7@67D
CG7
>AE
47@7\5;AE
7EB7D36AE
67>
,$&
D743E343@

JIL
GO=BI
FIM
>?
F;
JLIGI=C\H
=IG?L=C;F
?
CHP?LMC\H
?RNL;HD?L;
-IL
?F
=IHNL;LCI
?F

6;E5GDEA
A\5;3>
BDABA@P3
3>
,$&
5A?A
EA>G5;R@
3>
0?206:62;A<
2:=92<
@.9.?6<@
F

5.@A.
9.
16@A?6/B06L;
129
6;4?2@<
-@3
5ADD75F3
7H3>G35;R@
67>
,$&
6747
D7EG>F3D
67
3@3>;L3D
>AE
]G<AE
67
4;7@7E
K

E7DH;5;AE
7@FD7
>AE
B3PE7E
\D?3@F7E
7>
?A@FA
67
;@H7DE;R@
7@FD7
>AE
EA5;AE
K
5A@
G@3

H;E;R@
?NE
3?B>;3
CG;LN
>AE
67
]G<A
67
F75@A>A9P3
K
3>9G@AE
53?4;AE
;@EF;FG5;A@3>7E

GOS
@I=;FCT;>IM
=IGI
FIM
G?=;HCMGIM
>?
=IHNLIP?LMC;M
=IG?L=C;F?M
I
;HN?
?F

3G?7@FA
67
>AE
]G<AE
5A?7D5;3>7E
>3
@757E3D;3
?A67D@;L35;R@
7@
>3
AB7D35;R@
67
>3E

;>O;H;M
J?LI
HI
JLI<F?G;M
?MNLO=NOL;F?M
?
BCMN\LC=IM
>?
F;
?=IHIGZ;
G?RC=;H;
=IGI

?F
>?M?GJF?I
F;
JI<L?T;
>?
OH
JIL=?HN;D?
GOS
;FNI
>?
F;
JI<F;=C\H
I
F;
G;F;
=;FC>;>

>?
FIM
M?LPC=CIM
J]<FC=IM
JIL
G?H=CIH;L
;FAOHIM



%;S
;ONIL?M
KO?
B;H
L?MJIHM;<CFCT;>I
;F
1) +
>?
NI>I
NCJI
>?
@?H\G?HIM
>?M>?
F;
;J?LNOL;
>?GI=LXNC=;
I

F;
=LCMCM
?=IH\GC=;
>?


B;MN;
>?
?H@?LG?>;>?M
=L\HC=;M
=IGI
F;
I<?MC>;>
S
F;
>C;<?N?M
NI>;
P?T
KO?
F;

;J?LNOL;
=IG?L=C;F
@;=CFCN\
F;
PC>;
M?>?HN;LC;
;
NL;PYM
>?
F;
CHNLI>O==C\H
G;MCP;
>?
?F?=NLI>IGYMNC=IM
N?F?PCMCIH?M

L?JLI>O=NIL?M
>?
PC>?I
BILHIM
>?
GC=LIIH>;M
?N=
S
?F
;==?MI
;
F;
=IGC>;
LXJC>;
S
=IGC>;
=B;N;LL;


 Tomo I
La Economía y las Finanzas Públicas

&&
*/ ,
1"s/& ,

"H
?MNLC=NI
M?HNC>I
OH
NL;N;>I
>?
;J?LNOL;
=IG?L=C;F
HI
?M
GXM
KO?
OH
;=O?L>I
?HNL?

MI=CIM
J;L;
?FCGCH;L
F;M
<;LL?L;M
;L;H=?F;LC;M
S
HI
;L;H=?F;LC;M
;F
CHN?L=;G<CI
>?

G?L=;H=Z;M
!?
;=O?L>I
;
F;
N?ILZ;
?=IH\GC=;
;F
?FCGCH;L
F;M
<;LL?L;M
;F
=IG?L=CI

>AE
B3PE7E
EA5;AE
6747DP3@
D7]7<3D
5ADD75F3?7@F7
EG
D7>3F;H3
34G@63@5;3
7@
D75GDEAE

H;NOL;F?M
S
@;=NIL?M
>?
F;
JLI>O==C\H
DOHNI
=IH
MOM
JLI=?MIM
N?=HIF\AC=IM
=IH
?FFI
MOM

JL?=CIM
L?F;NCPIM
S
JIL
?H>?
MO
P?HN;D;
=IGJ;L;NCP;
F
?RCMNCL
>C@?L?H=C;M
?H
FIM
JL?=CIM

L?F;NCPIM
>?
=;>;
J;ZM
FIM
;A?HN?M
?=IH\GC=IM
>?<?LZ;H
?H=IHNL;L
IJILNOHC>;>?M
J;L;

=IG?L=C;L
=IH
MOM
MI=CIM
);
FCN?L;NOL;
?=IH\GC=;
MI<L?
=IG?L=CI
?M
P;MN;
S
>;N;
>?
GO=BI
NC?GJI
;NLXM
.OCTX

?HNL?
FIM
JLCG?LIM
GI>?FIM
?=IH\GC=IM
>?
=IG?L=CI
>?MN;=;
?F
>?
/C=;L>I
 

GCMGI
KO?
CHNLI>O=?
JIL
JLCG?L;
P?T
?F
=IH=?JNI
>?
C2;A.7.
0<:=.?.A6C.
"MN?

GI>?FI
>?GO?MNL;
KO?
<;DI
=IH>C=CIH?M
>?
=IGJ?N?H=C;
J?L@?=N;
F;
MCGJF?
>C@?L?H=C;

7@
>3
F75@A>A9P3
67
BDA6G55;R@
67
>AE
B3PE7E
7E
EG\5;7@F7
B3D3
BDA6G5;D
93@3@5;3E
67

=IG?L=CI
S
JIL
N;HNI
CH=?HNCPIM
;F
CHN?L=;G<CI
MCGCMGI
?MN?
GI>?FI
JL?>C=?
KO?

FIM
J;ZM?M
=BC=IM
NC?H?H
GXM
KO?
A;H;L
KO?
FIM
AL;H>?M
FI
=O;F
J;L?=?LZ;
M?L
?F
=;MI
>?

*YRC=I
?H
?F
1) +

"H
FIM
;[IM
NL?CHN;
%?=EM=B?L
S
,BFCH
JLIJOMC?LIH
OH
HO?PI
=IH=?JNI
>?
C2;A.7.

0<:=.?.A6C.
<;M;>I
?H
F;
L?F;NCP;
;<OH>;H=C;
>?
FIM
@;=NIL?M
>?
JLI>O==C\H
S
JL?>CD?LIH

KO?
FIM
J;ZM?M
>?<?H
?RJILN;L
;KO?FF;M
G?L=;H=Z;M
KO?
ONCFCT;H
GXM
CHN?HMCP;G?HN?

;KOYFFIM
@;=NIL?M
JLI>O=NCPIM
?H
FIM
KO?
NC?H?H
G;SIL
;<OH>;H=C;
L?F;NCP;G?HN?
@L?HN?

;
MOM
MI=CIM
=IG?L=C;F?M
JFC=;H>I
?MN?
GI>?FI
;F
=;MI
>?F
1) +
M?
JI>LZ;
CH@?LCL

KO?
*YRC=I
>?<?LZ;
?RJILN;L
;
MOM
MI=CIM
JLI>O=NIM
CHN?HMCPIM
?H
G;HI
>?
I<L;
?

CGJILN;L
>?
"MN;>IM
2HC>IM
S
;H;>X
JLI>O=NIM
KO?
ONCFC=?H
>?
G;H?L;
CHN?HMCP;
?F

=;JCN;F
"H
F;
>Y=;>;
>?
FIM
 M
-;OF
0;GO?FMIH
CHNLI>ODI
OH
HO?PI
GI>?FI
J;L;
?RJFC=;L

F;
=IHP?LA?H=C;
?H
FIM
JL?=CIM
>?
FIM
@;=NIL?M
>?
JLI>O==C\H
NL;<;DI
S
=;JCN;F
=O;H>I

FIM
J;ZM?M
JLI>O=?H
FIM
GCMGIM
<C?H?M
S
F;
N?=HIFIAZ;
NC?H?
L?H>CGC?HNIM
=IHMN;HN?M
;

?M=;F;
S
FIAL\
>?GIMNL;L
KO?
?F
JL?=CI
>?
FIM
<C?H?M
?M
>CL?=N;G?HN?
JLIJIL=CIH;F
;F

JL?=CI
>?
FIM
@;=NIL?M
>?
F;
JLI>O==C\H
;M;>I
?H
F;M
JL?>C==CIH?M
>?
?MN?
GI>?FI
?F

J;AI
;
F;
G;HI
>?
I<L;
>?J?H>?LZ;
>?F
JL?=CI
>?
FIM
<C?H?M
G;HO@;=NOL;>IM
GC?HNL;M

KO?
?F
=IMNI
>?F
=;JCN;F
>?J?H>?LZ;
>?F
JL?=CI
>?
FIM
<C?H?M
CHN?HMCPIM
?H
=;JCN;F
*XM
N;L>?
-;OF
(LOAG;H
S
%?FJG;H
>?M;LLIFF;LIH
OH;
M?LC?
>?
GI>?FIM
J;L;
?RJFC=;L

7>
5A?7D5;A
43<A
5A@6;5;A@7E
67
5A?B7F7@5;3
;?B7D875F3
E;FG35;R@
CG7
D7]7<3
?7<AD

F;
L?;FC>;>
?=IH\GC=;
>?
FIM
MI=CIM
>?F
1) +
IH
?MN?
MOJO?MNI
F;M
JL?>C==CIH?M



/C=;L>I



 Tomo I
La Economía y las Finanzas Públicas

>?
F;
N?ILZ;
=;G<C;H
>?
G;H?L;
CGJILN;HN?
-IL
OH;
J;LN?
?MNIM
GI>?FIM
;HNC=CJ;H
KO?

;]H
=O;H>I
FIM
J;ZM?M
I<M?LP;H
F;M
GCMG;M
=IH>C=CIH?M
JLI>O=NCP;M
JO?>?H
I<N?H?L

A;H;H=C;M
>?F
=IG?L=CI
MCGJF?G?HN?
JIL
F;M
>CMNCHN;M
JL?@?L?H=C;M
>?
FIM
=IHMOGC>IL?M

?H
=;>;
OHI
>?
?FFIM
-IL
INL;
S
KOCTX
GXM
CGJILN;HN?
?M
KO?
F;M
A;H;H=C;M
>?F

=IG?L=CI
HI
M?
>CMNLC<OS?H
>?
OH;
G;H?L;
JLIJIL=CIH;F
?HNL?
FIM
J;ZM?M
MI=CIM
=IGI

J;L?=?
M?L
?F
=;MI
>?F
1) +
"H
L?MOG?H
JI>?GIM
>?=CL
KO?
F;
FCN?L;NOL;
?=IH\GC=;
;ALOJ;
FIM
GI>?FIM
>?

=IG?L=CI
?H
>IM
AL;H>?M
<FIKO?M
OHI
?H
?F
KO?
FIM
GI>?FIM
?RJFC=;H
F;M
=;OM;M
>?F

5A?7D5;A
BD76;57@
7>
]G<A
67
?7D53@5P3E
K
3@F;5;B3@
7>
?AH;?;7@FA
67
>AE
BD75;AE

>?
FIM
@;=NIL?M
>?
JLI>O==C\H
MOJIHC?H>I
=IH>C=CIH?M
>?
L?H>CGC?HNIM
=IHMN;HN?M

;
?M=;F;
SI
=IGJ?N?H=C;
J?L@?=N;
6
INLI
KO?
L?F;D;
FIM
MOJO?MNIM
>?
L?H>CGC?HNIM

=IHMN;HN?M
;
?M=;F;
S
=IGJ?N?H=C;
J?L@?=N;
k=IGI
MO=?>?
?H
?F
GOH>I
L?;Fk
S
JL?>C=?

F;
?RCMN?H=C;
>?F
=IG?L=CI
=IH
<;M?
?H
INL;M
P;LC;<F?M
=IGI
MIH
F;M
JL?@?L?H=C;M
>?F

=IHMOGC>IL
?=IHIGZ;M
;
?M=;F;
S
>C@?L?H=C;=C\H
>?
JLI>O=NIM
?HNL?
INL;M
L;TIH?M
)I
KO?
MZ
?M
CGJILN;HN?
;=F;L;L
?M
KO?
HI
?RCMN?
OH;
N?ILZ;
LI<OMN;
KO?
FCAO?
;F
=IG?L=CI

=IH
F;
JI<L?T;
I
F;
>CMNLC<O=C\H
>?F
CHAL?MI
0C
<C?H
?RCMN?H
=;MIM
=IH=L?NIM
?H
FIM
KO?

F;
;J?LNOL;
=IG?L=C;F
B;
N?HC>I
?@?=NIM
MI<L?
?MN;M
P;LC;<F?M
B;
MC>I
JIL
=IH>C=CIH?M

CHC=C;F?M
@;PIL;<F?M
?H
?MIM
CH>C=;>IL?M
J?LI
HI
JIL
F;
G?L;
;J?LNOL;
=IG?L=C;F

&&&
&*- 1,
!")
1) +
"+
*V5& ,

"F
1) +
>CI
FOA;L
;
OH
l=;G<CI
?MNLO=NOL;Fm
>?
AL;H
=;F;>I
?H
F;
PC>;
GI>?LH;

>?F
J;ZM
S
MOM
?@?=NIM
M?
BC=C?LIH
M?HNCL
?H
G]FNCJF?M
;MJ?=NIM
>?
F;
PC>;
=INC>C;H;


HCP?F
?GJL?M;LC;F
BO<I
=;G<CIM
JLI@OH>IM
?H
F;
CH>OMNLC;
?F
NL;HMJILN?
>?
=;LA;

F;M
;>O;H;M
?F
>?M;LLIFFI
@LIHN?LCTI
F;
G;SIL
>CMJIHC<CFC>;>
>?
CHMOGIM
S
?F
;==?MI

;
HO?PIM
G?L=;>IM
=IH
<O?H
JI>?L
;>KOCMCNCPI

HCP?F
AO<?LH;G?HN;F
N;G<CYH
M?

E;@F;7DA@
53?4;AE
E;9@;\53F;HAE
CG7
;@5>GK7DA@
67E67
G@
@G7HA
?3@7<A
67
>3
BA>PF;53

?35DA75A@R?;53
>3
35FG3>;L35;R@
67
>7K7E
K
@AD?3E
:3EF3
>3
D75A@\9GD35;R@
67

?HNC>;>?M
>?F
$I<C?LHI
#?>?L;F
6
JIL
]FNCGI
OH
ALOJI
CGJILN;HN?
>?
=IHMOGC>IL?M

F3?4;O@
5AE75:R
47@7\5;AE
3>
F7@7D
G@
?3KAD
3557EA
3
6;H7DEAE
4;7@7E
K
E7DH;5;AE


0CH
?G<;LAI
HI
NI>IM
FIM
=;G<CIM
?=IH\GC=IM
>?

?H
;>?F;HN?
MIH
>CL?=N;G?HN?

;NLC<OC<F?M
;F
1) +
"H
;FAOHIM
=;MIM
MZ
BO<I
@O?LN?M
CGJ;=NIM
kJIMCNCPIM
S

H?A;NCPIMk
KO?
MIH
=IHM?=O?H=C;
>CL?=N;
>?F
1L;N;>I
J?LI
N;G<CYH
B;S
INL;
M?LC?
>?

=;G<CIM
k<O?HIM
S
G;FIMk
KO?
MO=?>C?LIH
=IH
JIMN?LCILC>;>
;F
1) +
KO?
GXM

<C?H
MIH
?F
JLI>O=NI
>?
OH;
=IG<CH;=C\H
>?
@;=NIL?M
S
HI
?F
?@?=NI
>CL?=NI
>?F
JLIJCI


 Tomo I
La Economía y las Finanzas Públicas

1L;N;>I
MCGCMGI
BO<I
INLIM
=;MIM
?H
FIM
KO?
CHA?HO;G?HN?
F;
MI=C?>;>
?MJ?L;<;

AL;H>?M
CGJ;=NIM
JIMCNCPIM
>?F
1) +
S
HI
BO<I
G?DIL;
;FAOH;

&3
&*- 1,0
!&/" 1,0
!")
1) +

!?HNLI
>?
FIM
CGJ;=NIM
>CL?=N;G?HN?
PCH=OF;>IM
=IH
?F
1L;N;>I
>?MN;=;H
NL?M
CGJ;=NI

MI<L?
?F
=IG?L=CI
S
F;
CHP?LMC\H
;AL?A;>IM
=IH
?MJ?=C;F
YH@;MCM
?H
;FAOH;M
CH>OMNLC;M

CGJ;=NI
MI<L?
F;
JLIN?==C\H
;
F;
JLIJC?>;>
CHN?F?=NO;F
S
;KOYF
CGJ;=NI
KO?
BO<I
MI<L?

F;
<L?=B;
L?ACIH;F
HILN?
MOL
/
&*- 1,
!")
1) +
"+
")
,*"/ &,
6
)
&+3"/0&s+
1;F
=IGI
JL?>C=?
F;
N?ILZ;
FIM
?@?=NIM
KO?
MIH
=IHNOH>?HN?M
?
CH>CM=ONC<F?G?HN?

;NLC<OC<F?M
;F
1) +
MIH
;KOYFFIM
MI<L?
F;M
?RJILN;=CIH?M
CGJILN;=CIH?M
?

;@H7DE;R@

D35;3E
3
>3
\D?3
67>
,$&
*YRC=I
M?
=IHPCLNC\
?H
OHI
>?
FIM
>C?T

J;ZM?M
GXM
CGJILN;HN?M
?H
MO
J;LNC=CJ;=C\H
?H
?F
=IG?L=CI
GOH>C;F
?MJ?=C;FG?HN?

?H
G;HO@;=NOL;M
M\FI
>?NLXM
>?
BCH;

HCP?F
;AL?A;>I
F;M
?RJILN;=CIH?M
;
"MN;>IM

2HC>IM
B;H
J;M;>I
>?
20!


GCF
GCFFIH?M
?H

;
GXM
>?
20!


GCF

GCFFIH?M
?H
 
-IL
MO
J;LN?
F;M
?RJILN;=CIH?M
NIN;F?M
;
;H;>X
;OG?HN;LIH
GXM
>?

=CH=I
P?=?M
=IH
?F
1) +
;F
J;M;L
>?
20!


GCF
GCFFIH?M
;
GXM
>?
20!


GCF

GCFFIH?M


 Tomo I
La Economía y las Finanzas Públicas

  


 
 

 
!#

!

#


 




#



 
#

#
&%

&%"
&%$
&%%
&&

&&"
&&$
&&%


"
$
%


"
&%

&&




#O?HN?
"F;<IL;=C\H
JLIJC;
=IH
>;NIM
>?F
$LOJI
>?
1L;<;DI
>?
"MN;>ZMNC=;M
>?
IG?L=CI
"RN?LCIL
CHN?AL;>I
JIL
?F

;H=I
>?
*YRC=I
&+"$&
0?LPC=CI
>?
>GCHCMNL;=C\H
1LC<ON;LC;
S
F;
0?=L?N;LZ;
>?
"=IHIGZ;





 

 
 



#




" 



!



 

!
$#

$#!
$#"
$##
$$

$$!
$$"
$$#


!
"
#


!
$#

$$





#O?HN?
"F;<IL;=C\H
JLIJC;
=IH
>;NIM
>?F
$LOJI
>?
1L;<;DI
>?
"MN;>ZMNC=;M
>?
IG?L=CI
"RN?LCIL
CHN?AL;>I
JIL
?F
;H=I
>?
*YRC=I
&+"$&
0?LPC=CI
>?
>GCHCMNL;=C\H
1LC<ON;LC;
S
F;
0?=L?N;LZ;
>?
"=IHIGZ;

MCGCMGI
F;M
CGJILN;=CIH?M
;
*YRC=I
N;G<CYH
L?ACMNL;LIH
OH
@O?LN?
CH=L?G?HNI

*C?HNL;M
KO?
?H

F;M
CGJILN;=CIH?M
>?
"MN;>IM
2HC>IM
M?
O<C=;<;H
?H
20!



GCF
GCFFIH?M
S
F;M
>?
;H;>X
?H
JI=I
G?HIM
>?
20!


GCF
GCFFIH?M
J;L;
 

;F=;HT;LIH
FIM
20!


GCF
GCFFIH?M
S
20!


GCF
GCFFIH?M
L?MJ?=NCP;G?HN?

 Tomo I
La Economía y las Finanzas Públicas

(AD
EG
B3DF7
>AE
]G<AE
67
;@H7DE;R@
7JFD3@<7D3
6;D75F3
XF3@FA
67
EF36AE
-@;6AE
5A?A

>?
;H;>Xk
NOPC?LIH
N;G<CYH
OH;
?M=;F;>;
CGJILN;HN?
=IH
?F
1) +





 


#







#



#


&%

&%"
&%$
&%%
&&

&&"
&&$
&&%


"
$
%


"
&%

&&




& %
5+,8;+-3H7
9;893+
-87
.+=8<
./
5+
$/-;/=+;F+
./
-8786F+













#
"#
"





!#
!
#

#

#


& %
5+,8;+-3H7
9;893+
-87
.+=8<
./
5+
$/-;/=+;F+
./
-8786F+


 Tomo I
La Economía y las Finanzas Públicas

-;L;
?MNO>C;L
?F
=IGJILN;GC?HNI
>?
F;
<;F;HT;
=IG?L=C;F
S
>?
F;
CHP?LMC\H
>CL?=N;
?H

*YRC=I
FIM
?MNO>CIM
MIH
;<OH>;HN?M
S
F;M
G?NI>IFIAZ;M
P;LC;>;M
B;S
>?M>?
KOC?H
B;

?GJF?;>I
GI>?FIM
>?
?KOCFC<LCI
A?H?L;F
B;MN;
GI>?FIM
>?
?KOCFC<LCI
J;L=C;F
MI<L?

M?=NIL?M
CH>OMNLC;F?M
?H
J;LNC=OF;L
-IL
?D?GJFI
0XH=B?T
'OXL?T
S
7OLCN;
 

=IH=FOS?H
KO?
?F
1) +
NOPI
OH
CGJ;=NI
GOS
JIMCNCPI
?H
F;M
?RJILN;=CIH?M
S
F;

CHP?LMC\H
?RNL;HD?L;
S
@;PIL?=C\
F;
NL;HM@?L?H=C;
>?
N?=HIFIAZ;
;
HO?MNLI
J;ZM
-IL

MO
J;LN?
+][?T
S
*IL?HI
 
?MNO>C;H
FIM
?@?=NIM
>?F
1) +
?H
F;
?=IHIGZ;

G?RC=;H;
S
=IH=FOS?H
N;G<CYH
KO?
MC
<C?H
;FAOHIM
M?=NIL?M
>?
F;
CH>OMNLC;
;ALIJ?=O;LC;

B;H
;OG?HN;>I
MOM
?RJILN;=CIH?M
=IGI
JIL
?D?GJFI
@LON;M
S
P?A?N;F?M
=?L?;F?M

=;@Y
NY
S
=I=I;
B;S
INLIM
KO?
MCAO?H
GOS
L?T;A;>IM
=IH
L?MJ?=NI
;
FIM
J;ZM?M
MI=CIM

AL;HIM
@ILL;D?LIM
G;ZT
;G;LCFFI
MILAI
S
G;ZT
KO?<L;>I

*IL?HI
LC>
/CP;M
S
0;HN;G;LZ;
 
MIMNC?H?H
KO?
?F
1) +
JOMI
;
*YRC=I
?H

OH;
M?H>;
?RJILN;>IL;
KO?
;>?GXM
J?LGCNC\
F;
;>IJ=C\H
>?
G?DIL?M
N?=HIFIAZ;M
0CH

?G<;LAI
F;
>?J?H>?H=C;
>?
F;M
CGJILN;=CIH?M
N;G<CYH
B;
;OG?HN;>I

-IL
MO
J;LN?
;L>?LI
 
ONCFCT;
OH
GI>?FI
>?
CHMOGI
JLI>O=NI
J;L;
?P;FO;L
?F

CGJ;=NI
>?
F;
;J?LNOL;
=IG?L=C;F
?H
*YRC=I
0OM
L?MOFN;>IM
;LLID;H
KO?
?F
=L?=CGC?HNI

>?
F;M
?RJILN;=CIH?M
?MNOPI
;=IGJ;[;>I
JIL
;OG?HNIM
MCGCF;L?M
>?
F;M
CGJILN;=CIH?M

BAD
>A
CG7
>3
43>3@L3
5A?7D5;3>
@A
FGHA
?3KAD
47@7\5;A

/?=C?HN?G?HN?
"MKOCP?F
 
>?GO?MNL;
KO?
?H
FIM
I<D?NCPIM
CHG?>C;NIM
>?F
1) +

=IG?L=CI
?
CHP?LMC\H
YMN?
B;
MC>I
?RCNIMI
;OHKO?
?F
>CH;GCMGI
M?
B;
?LIMCIH;>I

=IH
?F
NC?GJI
0C
<C?H
?M
=C?LNI
KO?
F;M
?RJILN;=CIH?M
?
CGJILN;=CIH?M
=L?=C?LIH
?RJIH?H=C;FG?HN?

>?MJOYM
>?

?MN;
=IH=FOMC\H
HI
M?
MIMNC?H?
;
HCP?F
CH>OMNLC;
NI>;
P?T
KO?

BO<I
M?=NIL?M
GOS
?RCNIMIM
=IGI
?F
;ONIGINLCT
S
F;
CH>OMNLC;
?F?=NL\HC=;
S
INLIM

KO?
L?MOFN;LIH
GOS
F;MNCG;>IM
=IGI
F;
CH>OMNLC;
N?RNCF
FIM
DOAO?N?M
S
?F
M?=NIL

;ALIJ?=O;LCI

=IHNCHO;=C\H
M?
?RJIH?
?F
CGJ;=NI
>?F
1) +
?H
?MN;M
CH>OMNLC;M
?H

J;LNC=OF;L


&+!201/&
21,*,1/&7
"F
=;MI
>?
F;
CH>OMNLC;
;ONIGINLCT
?M
KOCTX
?F
=;MI
GXM
?RCNIMI
?H
*YRC=I
=IGI

L?MOFN;>I
>?F
1) +
;OHKO?
JLI<;<F?G?HN?
MO
?RJ;HMC\H
=IG?HT\
>?M>?
;HN?M
>?


AL;=C;M
;
FIM
<;DIM
=IMNIM
>?
NL;HMJILN?
-IMN?LCILG?HN?
AL;=C;M
;
F;M
JLIPCMCIH?M

=IHN?HC>;M
?H
?F
1L;N;>I
*YRC=I
M?
B;
=IHP?LNC>I
?H
OH;
>?
F;M
JF;N;@ILG;M
>?

?RJILN;=C\H
GXM
L?HN;<F?
>?F
GOH>I
=IH
;FN;
=;FC>;>
S
=IMNIM
G?HIL?M
KO?
INLIM

J;ZM?M
?G?LA?HN?M
);
JLI>O==C\H
M?
B;
CH=L?G?HN;>I
?H

JLIG?>CI
;HO;F
?H
FIM


 Tomo I
La Economía y las Finanzas Públicas

]FNCGIM

;[IM
1;H
M\FI
?H
FIM
]FNCGIM
M?CM
;[IM
F;
JLI>O==C\H
J;M\
>?

GCFFIH?M
>?

OHC>;>?M
?H
 
;

GCFFIH?M
>?
OHC>;>?M
?H
 
OH
CH=L?G?HNI
>?
 
*C?HNL;M

KO?
?H

B;<Z;

JF;HN;M
JLI>O=NIL;M
BIS
M?
L?ACMNL;H
GXM
>?
 
)IM
@;<LC=;HN?M
D;JIH?M?M
S
?MN;>IOHC>?HM?M
B;H
;OG?HN;>I
MO
=;J;=C>;>
JLI>O=NCP;

?H
*YRC=I
JIL
F;M
P?HN;D;M
?H
FI=;FCT;=C\H
NL;N;>IM
=IG?L=C;F?M
S
G;HI
>?
I<L;

53>;\5363

%;7@FD3E
CG7
7@

S@;53?7@F7

67
FA6AE
>AE
H7:P5G>AE
>;97DAE

JLI>O=C>IM
?H
GYLC=;
>?F
HILN?
M?
BC=C?LIH
?H
*YRC=I
?MN;
JLIJIL=C\H
;F=;HT\
?F


7@
 

@
>A
CG7
E7
D7\7D7
3
53?;A@7E
B7E36AE
%OJ;5A
F3?4;O@
:3
93@36A

N?LL?HI
J;M;H>I
>?

?H
 
;

?H
 
);
CH>OMNLC;
;ONIGINLCT
M?
B;
=IHP?LNC>I
?H
F;
A?H?L;>IL;
>?
>CPCM;M
GXM
CGJILN;HN?

>?F
J;ZM
;JILN;
?F

>?
F;M
?RJILN;=CIH?M
NIN;F?M
S
?F

>?F
NIN;F
G;HO@;=NOL?LI

JIL
?H=CG;
>?F
J?NL\F?I
NOLCMGI
S
L?G?M;M
!?
;=O?L>I
=IH
>;NIM
>?
F;
0?=L?N;LZ;
>?

"=IHIGZ;
;
HIPC?G<L?
>?
 
M?
=;JN;LIH
GXM
>?

GCF
GCFFIH?M
>?
>\F;L?M
JIL

?RJILN;=CIH?M
>?F
M?=NIL
%IS
?H
>Z;
F;
=IHNLC<O=C\H
>?
F;
CH>OMNLC;
;ONIGINLCT
;F
-&

?M
>?

=C@L;
KO?
;OG?HN\
?H

?H
FIM
]FNCGIM

;[IM

F;
@?=B;
GO=BIM
JLI>O=NIL?M
B;H
>?=C>C>I
OM;L
MOM
JF;HN;M
?H
*YRC=I
=IGI

JF;N;@ILG;
>?
F;HT;GC?HNI
J;L;
;FAOHIM
GI>?FIM
#IL>
+CMM;H
B?PLIF?N
BLSMF?L

#C;N
*;T>;
3IFEMQ;A?H
?N=

"H
G;N?LC;
>?
?GJF?I
F;
CH>OMNLC;
;ONIGINLCT
N;G<CYH
B;
>;>I
<O?HIM
L?MOFN;>IM


J?M;L
>?
F;
;ONIG;NCT;=C\H
>?
GO=BIM
JLI=?MIM
BIS
M?
?GJF?;H
S;
;FL?>?>IL
>?


GCF
J?LMIH;M
?H
F;
CH>OMNLC;
?H
*YRC=I
'OHNI
=IH
F;
CH>OMNLC;
;ONIGINLCT
M?
B;
>?M;LLIFF;>I
F;
CH>OMNLC;
>?
;ONIJ;LN?M
!?
F;M


=ILJIL;=CIH?M
FZ>?L?M
>?
;ONIJ;LN?M
?H
?F
GOH>I

IJ?L;H
?H
*YRC=I
>?GXM

P;LC;M
;LG;>IL;M
B;H
N;G<CYH
CHMN;F;>I
=?HNLIM
>?
CHP?MNCA;=C\H
S
>?M;LLIFFI
>IH>?

;@EF;FG5;A@7E
5;7@FP\5AE
K
7@F;6367E
BD;H363E
H;7@7@
;@F7D35FG3@6A
7@
>3
?7<AD3

=IHNCHO;
>?
JLI=?MIM

"M
>?
?MJ?L;LM?
KO?
?F
;OA?
>?
F;
CH>OMNLC;
;ONIGINLCT
=IHNCH]?
?H
*YRC=I
-;L;

;M?AOL;LM?
>?
?FFI
?F
$I<C?LHI
#?>?L;F
B;
JL?M?HN;>I
?F
%?<4?.:.
@A?.AI460<
12
9.

;1B@A?6.
BA<:<A?6G

 
GCMGI
KO?
NC?H?
JIL
I<D?NI
O<C=;L
;
*YRC=I
?H
?F

N?L=?L
FOA;L
GOH>C;F
?H
?F
>CM?[I
S
G;HO@;=NOL;
>?
P?BZ=OFIM
;ONIJ;LN?M
S
=IGJIH?HN?M

S
;MZ
FF?A;L
;
JLI>O=CL

GCFFIH?M
>?
OHC>;>?M
J;L;
 
P?L
IP;LLO<C;M
 



3?L
L?JILN?
3
 

 Tomo I
La Economía y las Finanzas Públicas


&+!201/&
")" 1/s+& 


J;LNCL
>?
FIM
;[IM
I=B?HN;
S
HIP?HN;
F;
CH>OMNLC;
?F?=NL\HC=;
;
HCP?F
GOH>C;F
?HNL\
?H

OH
HO?PI
=C=FI
CH>OMNLC;F
=IH
F;
=L?;=C\H
>?
HO?PIM
M?=NIL?M
=IGI
?F
>?
N?=HIFIAZ;M

67
;@8AD?35;R@
K
F7>75A?G@;535;A@7E

%OJ;5A
BG6A
367@FD3DE7
K
47@7\5;3DE7
67
7EF3

HO?P;
@;M?
>?
>?M;LLIFFI
AL;=C;M
;
F;
;J?LNOL;
=IG?L=C;F
?GJL?M;M
;MCXNC=;M
S
?OLIJ?;M

M?
CHMN;F;LIH
?H
?F
J;ZM
?H
<OM=;
>?
G?HIL?M
=IMNIM
>?
JLI>O==C\H
S
>?
?RJILN;=C\H

B;=C;
?F
G?L=;>I
?MN;>IOHC>?HM?
"F
?MN;<F?=CGC?HNI
>?
AL;H>?M
?GJL?M;M
JLI>O=NIL;M
M?
=IH=?HNL\
MI<L?NI>I
?H
F;
TIH;

HILN?
>?F
J;ZM
S
?MNXH
;ALOJ;>;M
?H
09B@A2?@
?MJ?=C;FCT;>IM
=IGI
?F
>?F
N?F?PCMIL
?H

1CDO;H;
0IHS
%CN;=BC
0;HSI
0;GMOHA
*;NO=BCN;
'3 
?F
>?
F;
=IGJON;>IL;
?H

$O;>;F;D;L;
&*
%?QF?NN
-;=E;L>
&HN?F
0IF?=NL\H
#F?RNLIHC=
S
INLI
=IH
G;SIL

6;H7DE;\535;R@
7@
;G636
"GND7L
,AE:;43
(:;>>;BE
,:A?BEA@
#7@IAA6
57D

>
3G97
67
>3
;@6GEFD;3
7>75FDR@;53
7@
>3
6O5363
67
>AE
@AH7@F3
E7
H7
D7]7<36A
7@
>3E

;FN;M
N;M;M
>?
=L?=CGC?HNI
>?
F;M
P?HN;M
;F
?RN?LCIL
F;M
=O;F?M
;OG?HN;LIH
;
OH;
N;M;

>?F
 
JLIG?>CI
;HO;F
?H
?F
J?LCI>I

 
0CH
?G<;LAI
>OL;HN?
 
F;M

?RJILN;=CIH?M
=;S?LIH

L?MJ?=NI
;F
;[I
;HN?LCIL
JIL
F;
=IHNL;==C\H
>?F
G?L=;>I

HILN?;G?LC=;HI
S
F;
=IGJ?N?H=C;
>?
JLI>O=NIM
JLIP?HC?HN?M
>?
BCH;

"HNL?

S

F;
CH>OMNLC;
?F?=NL\HC=;
M?
=IHPCLNC\
?H
?F
JLCH=CJ;F
?RJILN;>IL
>?

G;HO@;=NOL;
>?F
J;ZM
;F=;HT;H>I
OH
GIHNI
>?
=;MC

GCF
GCFFIH?M
>?
>\F;L?M
=?L=;

>?
OH;
N?L=?L;
J;LN?
>?F
NIN;F
>?
F;M
P?HN;M
?RN?LH;M
G;HO@;=NOL?L;M
*YRC=I
J;M\
;
M?L

?F
>Y=CGI
JLCG?L
?RJILN;>IL
GOH>C;F
>?
JLI>O=NIM
?F?=NL\HC=IM
MOJ?L;H>I
;
J;ZM?M

=IGI
#L;H=C;
&N;FC;
I
;H;>X

"H
?F

?F
M?=NIL
>?
F;
?F?=NL\HC=;
L?JL?M?HN\
=;MC
?F

>?
F;
JLI>O==C\H

NIN;F
>?
G;HO@;=NOL;M
GC?HNL;M
KO?
?H

?M?
JIL=?HN;D?
?L;
>?
;J?H;M
 

;MCGCMGI
A?H?L\

>?F
-&
G;HO@;=NOL?LI
S
;JILN\

>?
F;M
L?GOH?L;=CIH?M

NIN;F?M
-;L;
?M?
GCMGI
;[I
F;
CH>OMNLC;
?F?=NL\HC=;
?L;
F;
=O;LN;
;=NCPC>;>
?H
=O;HNI
;

J?LMIH;F
I=OJ;>I
?H
?F
M?=NIL
G;HO@;=NOL?LI
"F
@;PIL;<F?
>?M?GJ?[I
>?
F;
CH>OMNLC;

7>75FDR@;53
?7J;53@3
97@7DR
>3
3FD355;R@
67
;?BADF3@F7E
]G<AE
67
;@H7DE;R@
7JFD3@<7D3

>CL?=N;
&"!
GCMGIM
KO?
?H
?F
J?LZI>I

 
JLIG?>C;LIH

GCFFIH?M
>?

>\F;L?M




3?L
!;<;N
 



3?L
!;<;N
 



3?L
,L>I[?T

 



3?L
1IF?>I



3?L
BNNJA?H?MCMO;AGRL?PCMN;M?M=BIF;LOG;LNC=OFIM=SNCH>OMNLC;=@G

 Tomo I
La Economía y las Finanzas Públicas

"H
@?=B;M
L?=C?HN?M
*YRC=I
B;
N?HC>I
KO?
=?>?L
;
@;PIL
>?
BCH;
F;
?F;<IL;=C\H
>?

BDA6G5FAE
5A@
43<3E
7EB75;\535;A@7E
K
3>FA
HA>G?7@
5A?A
5A?BGF36AD3E
;?BD7EAD3E

S
=IHMIF;M
KO?
MIH
GOS
M?HMC<F?M
;
FIM
=IMNIM
F;<IL;F?M
>IH>?
=C?LN;G?HN?
BCH;

FF?P;
P?HN;D;
"H
=IHNL;J;LN?
M?
B;
?MJ?=C;FCT;>I
?H
=IGJON;>IL;M
=IH
N?=HIFIAZ;
>?

JOHN;
CHMNLOG?HNIM
GY>C=IM
S
?F?=NL\HC=;
;ONIGINLCT
"H
<O?H;
G?>C>;
JIL
?MNI
M?

L?=OJ?L;LIH
F;M
?RJILN;=CIH?M
?F?=NL\HC=;M
KO?
=L?=C?LIH

?HNL?
 
S
 
"H
 
S;
L?=OJ?L;>I
?F
M?=NIL
;JILN\

>?F
-&
>?
F;
CH>OMNLC;
G;HO@;=NOL?L;

S

>?
F;M
?RJILN;=CIH?M
>?
?M?
M?=NIL
?H
?M?
GCMGI
;[I
F;
CH>OMNLC;
?F?=NL\HC=;

?GJF?\
;
JI=I
GXM
>?

GCF
J?LMIH;M
S
L?=C<C\
OH;
CHP?LMC\H
>CL?=N;
>?


GCFFIH?M
>?
>\F;L?M
!?
;=O?L>I
=IH
>;NIM
>?
F;
0?=L?N;LZ;
>?
"=IHIGZ;
0"

*YRC=I
?M
;=NO;FG?HN?
?F
G;SIL
JLI>O=NIL
>?
N?F?PCMCIH?M
>?
J;HN;FF;
JF;H;
?H
?F

GOH>I
S
?F
=O;LNI
JLI>O=NIL
>?
=IGJON;>IL;M
);
0"
?MNCG;
KO?
J;L;
 
?F
P;FIL
>?

F;
JLI>O==C\H
;F=;HT;LX
OH
GIHNI
>?
 
GCFFIH?M
>?
>\F;L?M
=IH
OH;
N;M;
>?
G?>C;

>?
=L?=CGC?HNI
;HO;F
>?

J;L;
?F
J?LCI>I
 
  
%IS
?H
>Z;
F;
ILA;HCT;=C\H
>?
F;
CH>OMNLC;
?F?=NL\HC=;
M?
=;L;=N?LCT;
JIL
OH
JL?>IGCHCI

>?
F;
?GJL?M;
NL;MH;=CIH;F
MI<L?
F;
H;=CIH;F
L?T;AI
?H
F;
CH=FOMC\H
>?
F;M
@;M?M
>?F

>CM?[I
>?HNLI
>?
N?LLCNILCI
G?RC=;HI
S
OH;
CHM?L=C\H
AFI<;F
<;M;>;
?H
FIM
<;DIM
=IMNIM

F;<IL;F?M
FAOHIM
>?
?MNIM
L?T;AIM
NC?H?H
MO
ILCA?H
?H
F;
CHMCJC?HN?
JI<L?
JIFZNC=;

J]<FC=;
>?
@IG?HNI
;
F;
CHHIP;=C\H
S
F;
<;D;
CHP?MNCA;=C\H
S
>?M;LLIFFI


&+!201/&
1"51&)
@
5A@FD3EF7
5A@
>AE
53EAE
3@F7D;AD7E
>3
;@6GEFD;3
F7JF;>
E7
47@7\5;R
67
8AD?3
;?BADF3@F7

=IH
?F
1) +
M\FI
?H
MOM
JLCG?LIM
;[IM
>?
PCA?H=C;
!?

;
 
?MN;
CH>OMNLC;

=L?=C\

"F
=IG?L=CI
>?
N?RNCF?M
?HNL?
*YRC=I
S
"MN;>IM
2HC>IM
J;M\
>?


GCF
GCFFIH?M
>?
>\F;L?M
?H

;
=;MC

GCF
GCFFIH?M
?H

);
CH>OMNLC;
L?=C<C\

;?BADF3@F7E
]G<AE
67
53B;F3>
6GD3@F7
>AE
BD;?7DAE
6;7L
3QAE
67>
,$&
S
FF?A\
;

=IHP?LNCLM?
?H
F;
JLCH=CJ;F
JLIP??>IL;
>?
"MN;>IM
2HC>IM
?H
JL?H>;M
>?
P?MNCL
+I
I<MN;HN?
?HNL?
 
S
 
F;M
CH>OMNLC;M
N?RNCF
S
>?F
P?MNC>I
=;S?LIH
 
S


L?MJ?=NCP;G?HN?
;
L;ZT
>?
F;
L?=?MC\H
>?
"MN;>IM
2HC>IM
S
F;
=IGJ?N?H=C;
>?

JLI>O=NIM
JLIP?HC?HN?M
>?
BCH;
);M
?RJILN;=CIH?M
>?
>C=BIM
M?=NIL?M
<;D;LIH


S

L?MJ?=NCP;G?HN?
S
BCH;
>?MJF;T\
;
*YRC=I
=IGI
JLCH=CJ;F
JLIP??>IL
>?

N?RNCF?M
>?
"MN;>IM
2HC>IM



3?L
*IHIAL;@Z;
&H>OMNLC;
"F?=NL\HC=;
?H
*YRC=I
0?=L?N;LZ;
>?
"=IHIGZ;
 



3?L
*?M;
S
-?LCFF;
 



"HNL?

S

F;
&"!
?H
F;
CH>OMNLC;
N?RNCF
FF?A\
;
>IM
GCF
GCFFIH?M
>?
>\F;L?M
O?H;
J;LN?
>?
?MN;

CHP?LMC\H
F;
B;H
L?;FCT;>I
?GJL?M;M
=BCH;M




&
3?A;
 



&
3?A;
  

 Tomo I
La Economía y las Finanzas Públicas

!?F
 
;
F;
@?=B;
F;M
?RJILN;=CIH?M
N?RNCF?M
G?RC=;H;M
B;H
>CMGCHOC>I

=;S?H>I

;
OH;
N;M;
JLIG?>CI
;HO;F
>?F

"H
=IHNL;MN?
F;M
=IGJL;M
?RN?LH;M
>?F
M?=NIL
B;H

;OG?HN;>I

;
OH;
N;M;
;HO;F
JLIG?>CI
>?F

-IL
FI
KO?
F;
<;F;HT;
=IG?L=C;F

67>
E75FAD
67E67
:357
H7;@F7
3QAE
:3
E;6A
67\5;F3D;3


0?A]H
>;NIM
>?
F;
0?=L?N;LZ;
>?
"=IHIGZ;
>?
 
;
 
F;
CHP?LMC\H
?RNL;HD?L;

>CL?=N;
>CLCAC>;
;
F;
CH>OMNLC;
N?RNCF
=;S\

J;M;H>I
>?

GCFFIH?M
>?
>\F;L?M

;

GCFFIH?M
"H
?M?
GCMGI
J?LCI>I
?F
P;FIL
>?
F;
JLI>O==C\H
N?RNCF
=;S\

"H

 
F;
CH>OMNLC;
N?RNCF
L?JL?M?HN\
M\FI
?F

>?F
-&
G;HO@;=NOL?LI
S
?F

>?F

-&
NIN;F
S
?GJF?I
;
JI=I
GXM
>?

GCF
NL;<;D;>IL?M
FI
KO?
L?JL?M?HN;
M\FI
OH


>?F
NIN;F
>?
?GJF?I
G;HO@;=NOL?LI
=NO;FG?HN?
*YRC=I
?M
?F
KOCHNI
JLIP??>IL
>?
JL?H>;M
>?
P?MNCL
?H
"MN;>IM
2HC>IM

>?MJOYM
>?
BCH;
3C?NH;G
&H>C;
?
&H>IH?MC;
);
J;LNC=CJ;=C\H
>?
*YRC=I
?H
F;M

CGJILN;=CIH?M
?MN;>IOHC>?HM?M
B;
P?HC>I
=;S?H>I
?H
FIM
]FNCGIM
>C?T
;[IM
J;M;H>I

>?

?H
 
;

?H
 
?H
=IHNL;MN?
BCH;
;OG?HN\
MO
J;LNC=CJ;=C\H
>?


;

?H
?F
GCMGI
J?LCI>I


&+!201/&
!")
'2$2"1"
F
CAO;F
KO?
FIM
N?RNCF?M
F;M
?RJILN;=CIH?M
G?RC=;H;M
>?
DOAO?N?M
M?
>OJFC=;LIH
?H
FIM

JLCG?LIM
;[IM
>?F
1) +
0CH
?G<;LAI
>?M>?

F;M
?RJILN;=CIH?M
>?
F;
CH>OMNLC;

DOAO?N?L;
B;H
=;Z>I
JIL
F;
?HNL;>;
>?
JLI>O=NIM
=BCHIM
;F
G?L=;>I
GOH>C;F
!?

;

 
F;M
?RJILN;=CIH?M
>?
?MN?
M?=NIL
=;S?LIH

;
OH;
N;M;
>?F

;HO;F
JLIG?>CI

J;M;H>I
>?
GCF
GCFFIH?M
>?
>\F;L?M
?H

;
JI=I
GXM
>?

GCFFIH?M
?H
 

*C?HNL;M
KO?
?H

F;
CH>OMNLC;
L?ACMNL;<;

@;<LC=;HN?M
>IM
;[IM
>?MJOYM
?F

H]G?LI
J;M\
;

>IH>?
F;
AL;H
G;SILZ;
>?
MI<L?PCPC?HN?M
?L;H
GC=LI?GJL?M;M

"H
=;G<CI
F;M
CGJILN;=CIH?M
>?
F;
CH>OMNLC;
>?F
DOAO?N?
;OG?HN;LIH

?H
JLIG?>CI

;HO;F
?H
?F
GCMGI
J?LCI>I
JIL
FI
KO?
F;
<;F;HT;
=IG?L=C;F
>?
F;
CH>OMNLC;
DOAO?N?L;

B3EA
67
E7D
EGB7D3H;F3D;3
7@

3
67\5;F3D;3
7@


>
BG@FA
?NE
3>FA
67>
6O\5;F
E7

>CI
?H
 
;[I
?H
KO?
F;M
?RJILN;=CIH?M
L?ACMNL;<;H
OH
GIHNI
>?
 
GCFFIH?M
>?

>\F;L?M
?H
N;HNI
KO?
F;M
=IGJL;M
;F
?RN?LCIL
@O?LIH
>?
 
GCFFIH?M
);
CHP?LMC\H
?RNL;HD?L;
>CL?=N;
B;
>CMGCHOC>I
>LXMNC=;G?HN?

?H
FIM
]FNCGIM
>C?T

;[IM
!?
 
;
 
F;
&"!
M?
L?>ODI
;
OH;
N;M;
>?

;HO;F
JLIG?>CI
J;M;H>I
>?


GCFFIH?M
>?
>\F;L?M
?H
 
;
=?L=;
>?

GCFFIH?M
?H
 
F
NL;N;LM?
>?
OH;

CH>OMNLC;
CHN?HMCP;
?H
G;HI
>?
I<L;
S
<;D;
=;J;=CN;=C\H
BCH;
B;
FIAL;>I
=;JN;L
AL;H

J;LN?
>?
F;M
CHP?LMCIH?M
HILN?;G?LC=;H;M
?H
?MN;
CH>OMNLC;











%&( !(
#
# &/


 Tomo I
La Economía y las Finanzas Públicas

!?
;=O?L>I
=IH
F;
;MI=C;=C\H
G?RC=;H;
>?
DOAO?N?M
*&'2
F;M
?RJILN;=CIH?M
>?

DOAO?N?M
G?RC=;HIM
;F=;HT;LIH
OH
P;FIL
>?
 
GCFFIH?M
>?
>\F;L?M
?H
 
"H
?M?

GCMGI
;[I
F;M
P?HN;M
>?
F;
CH>OMNLC;
L?ACMNL;LIH
OH
=L?=CGC?HNI
>?

FF?A;H>I
;

 
GCFFIH?M
>?
>\F;L?M
?GJF?;H>I
;
GXM
>?

GCF
J?LMIH;M
?H
@ILG;
>CL?=N;

FAOH;M
>?
F;M
?GJL?M;M
KO?
@ILG;H
J;LN?
>?
F;
*&'2
MIH
)?AI
*;NN?F
FA;L;

%;M<LI
S
L;SIF;




;<?
M?[;F;L
KO?
INL;
>?
F;M
AL;H>?M
;@?=N;=CIH?M
;
F;
CH>OMNLC;
DOAO?N?L;
G?RC=;H;

B;
JLIP?HC>I
>?F
=IHNL;<;H>I
@?H\G?HI
KO?
B;
=L?=C>I
JIL
F;
CH=;J;=C>;>
>?
F;M

;ONILC>;>?M
J;L;
PCACF;L
F;M
;>O;H;M
S
H;>;
NC?H?
KO?
P?L
=IH
?F
1) +
0C
<C?H
F;

CH>OMNLC;
DOAO?N?L;
?H
;[IM
L?=C?HN?M
B;
;F=;HT;>I
OH
=L?=CGC?HNI
;HO;F
>?F

F;

L?;FC>;>
?M
KO?
NOPC?LIH
KO?
J;M;L
GO=BIM
;[IM
J;L;
KO?
?MN?
M?=NIL
=IG?HT;L;
;

L?=OJ?L;LM?
>?
F;
>?P;MN;=C\H
?MN;
L?=C?HN?
L?=OJ?L;=C\H
M?
PC?H?
L?;FCT;H>I
;
NL;PYM

67
3>;3@L3E
7EB75P\53E
5A@
7?BD7E3E
7JFD3@<7D3E



&+!201/&
$/,-" 2/&

);
FC<?L;FCT;=C\H
=IG?L=C;F
>?F
M?=NIL
;ALIJ?=O;LCI
@O?
OHI
>?
FIM
N?G;M
GXM

M?HMC<F?M
>OL;HN?
F;M
H?AI=C;=CIH?M
>?F
1) +
-;L;
*YRC=I
L?JL?M?HN\
F;
;J?LNOL;

;
F;
=IGJ?N?H=C;
>?
MO
M?=NIL
>O;F
OH;
;ALC=OFNOL;
NL;>C=CIH;F
>?
MO<MCMN?H=C;
S
OH;

?GJL?M;LC;F
>?
?RJILN;=C\H
=IH
FIM
AL;H>?M
;ALC=OFNIL?M
>?
;FN;
JLI>O=NCPC>;>
>?

;H;>X
S
"2
-IL
F;M
JLIJC;M
=;L;=N?LZMNC=;M
>?F
;ALI
G?RC=;HI
FIM
?@?=NIM
>?F
1) +

B;H
MC>I
>C@?L?H=C;>IM
FIM
JLI>O=NIL?M
>?
@LON;M
S
BILN;FCT;M
>?F
HILN?
>?F
J;ZM
M?

:3@
47@7\5;36A
67>
3G?7@FA
7@
EGE
7JBADF35;A@7E
?;7@FD3E
CG7
7>
E75FAD
53?B7E;@A

AD;7@F36A
3
5G>F;HAE
4NE;5AE
5A?A
7>
?3PL
K
7>
8D;<A>
@A
E7
:3
47@7\5;36A
7@
FOD?;@AE

>?
CHP?LMC\H
?
CH=L?G?HNI
>?
F;
JLI>O==C\H
0?A]H
>;NIM
>?F
0CMN?G;
>?
&H@ILG;=C\H
ALI;FCG?HN;LC;
>?
IHMOFN;
0& ,+
?H

FIM
M?CM
;[IM
JIMN?LCIL?M
;F
1L;N;>I
F;
JLI>O==C\H
;ALZ=IF;
;OG?HN\
;
OH;
N;M;
>?F


;HO;F
JLIG?>CI
J;M;H>I
>?

GCFFIH?M
>?
NIH?F;>;M
?H

;

GCFFIH?M

?H
 
0CH
?G<;LAI
>?

;
 
?M?
=L?=CGC?HNI
M?
>?M;=?F?L\
L?ACMNL;H>I
OH;

N;M;
;HO;F
JLIG?>CI
>?

"F
=IG?L=CI
;ALZ=IF;
?HNL?
*YRC=I
S
"MN;>IM
2HC>IM
=L?=C\
L?AOF;LG?HN?
?H
FIM

JLCG?LIM
=CH=I
;[IM
>?F
1) +
);M
?RJILN;=CIH?M
G?RC=;H;M
;
?M?
J;ZM
J;M;LIH




.7D
:FFBIII
7>G@;H7DE3>
5A?
?J\@3@L3E 53DF7D3 ;@6GEFD;3 <G9G7F7D3 @35;A@3> ;@5G?B>7 ?7

N;
>?
P?HN;M
 BNGF
S
BNNJQQQGCF?HCI=IGH?AI=CIMGCDO
DOAO?N?LIM
CHHIP?H
MI<L?PCPC

L;H
G?L=;>I
DOAO?N?M
P?HN;M
+;PC>;>
JLI>O=NIM: :BNGF



3?L
!OLXH
 



3?L
3?A;
 

 Tomo I
La Economía y las Finanzas Públicas

>?

GCF
GCFFIH?M
>?
>\F;L?M
?H

;

GCF
GCFFIH?M
?H

+I
I<MN;HN?
F;M

CGJILN;=CIH?M
JLIP?HC?HN?M
>?
"MN;>IM
2HC>IM
M?
>OJFC=;LIH
?HNL?

S


JLCH=CJ;FG?HN?
JIL
JLI>O=NIM
;HCG;F?M
AL;HIM
S
IF?;ACHIM;M
=L?=C?H>I
;
OH
LCNGI

>?F
 
JLIG?>CI
;HO;F
!OL;HN?
F;
>Y=;>;
>?
FIM
HIP?HN;
;
?R=?J=C\H
>?

F;

43>3@L3
5A?7D5;3>
5A@
7>
H75;@A
67>
@ADF7
8G7
67\5;F3D;3

$AE
47@7\5;AE
67>
,$&
7@
FOD?;@AE
67
;@H7DE;R@
7JFD3@<7D3
@A
E7
?3@;87EF3DA@

?H
?MN?
M?=NIL
;F
G?HIM
?H
MOM
JLCG?LIM
;[IM
>?
;J?LNOL;
"HNL?

S

F;
&"!

>?F
M?=NIL
JLIG?>C\

GCFFIH?M
>?
>\F;L?M
"H
N;HNI
KO?
FIM
=CH=I
;[IM
JL?PCIM

JLIG?>C\

GCFFIH?M
>?
>\F;L?M
"H
NYLGCHIM
A?H?L;F?M
?F
>CH;GCMGI
>?F
M?=NIL
;ALIJ?=O;LCI
HI
@O?
?F
KO?
M?
?MJ?L;<;

=IH
F;
FC<?L;FCT;=C\H
=IG?L=C;F
!?

;
 
?F
-&
>?F
M?=NIL
JLCG;LCI
G?RC=;HI

=L?=C\
;
OH;
N;M;
G?>C;
;HO;F
>?
 
CH@?LCIL
;F
 
KO?
L?ACMNL\
?F
-&
H;=CIH;F
"H
FIM
P?CHN?
;[IM
>?F
1) +
F;M
?RJILN;=CIH?M
;ALIJ?=O;LC;M
M?
B;H
CH=L?G?HN;>I

?H

J;M;H>I
>?
JI=I
GXM
>?

GCF
GCFFIH?M
>?
>\F;L?M
?H

;

GCF
GCFFIH?M

?H
 
>?
;=O?L>I
=IH
>;NIM
>?F
;H=I
>?
*YRC=I


J?M;L
>?
FIM
<;DIM
L?MOFN;>IM
KO?
L?MOFN;LIH
>?
F;
;J?LNOL;
=IG?L=C;F
?F
M?=NIL

;ALIJ?=O;LCI
MCAO?
MC?H>I
GOS
L?F?P;HN?
"H
 
F;
&"!
>?F
M?=NIL
@O?
>?
;FL?>?>IL
>?


GCFFIH?M
>?
>\F;L?M
M?A]H
>;NIM
>?
F;
0"
"H
?M?
GCMGI
;[I
?F
M?=NIL
;ALIJ?=O;LCI

L?JL?M?HN\
?F

>?F
-&
NIN;F
S
;
M?JNC?G<L?
>?
 
F;
CH>OMNLC;
;ALIJ?=O;LC;

?GJF?;<;
;
GXM
>?

GCF
J?LMIH;M


&*- 1,
!")
1) +
"+
-/,-&"!!
&+1")" 12)

"F
1) +
CH=FOS?
OH
=;JZNOFI
=IGJF?NI
53&&
J;L;
@ILN;F?=?L
FIM
L?AZG?H?M
>?

JLIJC?>;>
CHN?F?=NO;F
S
=OMNI>C;
>?
J;N?HN?M
?HNL?
F;M
J;LN?M
OHKO?
FIM
NL?M
J;ZM?M

S;
I<M?LP;<;H
F;M
>CMJIMC=CIH?M
>?
JLIJC?>;>
CHN?F?=NO;F
=IHN?GJF;>;M
JIL
F;

,LA;HCT;=C\H
*OH>C;F
>?
IG?L=CI
?MN;M
G?>C>;M
M?
L?@ILT;LIH
?H
?F
1) +
IGI

=IHM?=O?H=C;
*YRC=I
NOPI
KO?
L?@ILG;L
MO
G;L=I
DOLZ>C=I
=L?;L
?F
&*-&
;>IJN;L
OH

MCMN?G;
>?
>?L?=BIM
L?ACMNL;>IM
S
?H>OL?=?L
MOM
G?>C>;M
=IHNL;
F;
JCL;N?LZ;

)IM
?@?=NIM
>?
JLIN?A?L
F;
JLIJC?>;>
CHN?F?=NO;F
JI>LZ;H
M?L
;G<CAOIM
J;L;
F;

CHHIP;=C\H
S
?F
=IG?L=CI
-IL
OH;
J;LN?
?F
1) +
JL?PY
;==?MI
JL?@?L?H=C;F
S
G;SIL




3?L
3?A;
  



3?L
#LCNM=B?L
 



3?L
&+"$&
"MN;>ZMNC=;M
BCMN\LC=;M
>?
*YRC=I
 



3?L
/IM?HTQ?CA
 



3?L
IF?NZH
>?
CH@ILG;=C\H
IJILNOH;
>?F
M?=NIL
;FCG?HN;LCI
I=NO<L?
 
!CMJIHC<F?
?H
BNNJQQQCH?ACILAGR
JLI>:M?LP=IHN?HC>IM?MJ;HIF<PCH?ACJLI>O=NIMCHN?AL;=CIHM?=NILC;F<CIM;<CIM;J>@


 Tomo I
La Economía y las Finanzas Públicas

G?L=;>I
;
FIM
MI=CIM
FI
KO?
>?<?LZ;
?MNCGOF;L
FIM
CH=?HNCPIM
S
F;M
IJILNOHC>;>?M

J;L;
F;
CHHIP;=C\H
N?=HIF\AC=;
-?LI
;F
GCMGI
NC?GJI
G;SIL
JLIN?==C\H
N;G<CYH

JI>LZ;
CHBC<CL
FIM
CH=?HNCPIM
;
CHHIP;L
>?GXM
*YRC=I
S
;H;>X
L?=C<C?LIH
G;SIL

=IGJ?N?H=C;
>?
F;M
?GJL?M;M
HILN?;G?LC=;H;M
NZJC=;G?HN?
L?=IHI=C>;M
JIL
MO

L?HIP;=C\H
N?=HIF\AC=;
=IHMN;HN?
FI
KO?
JO>I
N;G<CYH
B;<?L
=IHN?HC>I
F;
CHHIP;=C\H

?H
HO?MNLI
J;ZM
)IM
L?MOFN;>IM
MIH
=F;LIM
?F
1) +
B;
DOA;>I
OH
LIF
CGJILN;HN?
?MNCGOF;H>I
?F

CHN?L=;G<CI
N?=HIF\AC=I
?HNL?
FIM
J;ZM?M
MI=CIM
L?MJ?=NI
>?
MO
CHN?L=;G<CI
=IH
?F
L?MNI

>?F
GOH>I
+I
I<MN;HN?
=IGI
?RJIH?
-;LE
 
?F
AL;>I
S
;F=;H=?
>?F
CHN?L=;G<CI

P;LZ;
?HNL?
F;M
J;LN?M
*YRC=I
MCH
>O>;
B;
MC>I
?F
J;ZM
KO?
GXM
N?=HIFIAZ;
B;
L?=C<C>I

>?
MOM
MI=CIM
S
G?HIM
B;
;JILN;>I
;H;>X
B;
CH=L?G?HN;>I
N;HNI
MO
JLI>O==C\H

N?=HIF\AC=;
=IGI
F;
;>IJ=C\H
>?
F;
GCMG;
GC?HNL;M
KO?
"MN;>IM
2HC>IM
HI
GO?MNL;

G@3
6;87D7@5;3
E;9@;\53F;H3
7@
EG
;@F7D53?4;A
F75@A>R9;5A
5A@
EGE
EA5;AE
67
,$&

C6@HC6@
=IH
?F
L?MNI
>?F
GOH>I


&*- 1,
!")
1) +
"+
)0
/" %0
/"$&,+)"0

2H;
>?
F;M
=IHM?=O?H=C;M
H?A;NCP;M
>CL?=N;G?HN?
PCH=OF;>;
;F
1) +
?M
F;
>?
B;<?L

;=L?=?HN;>I
F;
<L?=B;
>?
>?M;LLIFFI
?HNL?
?F
HILN?
S
?F
MOL
>?F
J;ZM
);
BCJ\N?MCM
J;LN?

>?
KO?
FIM
HCP?F?M
>?
CH@L;?MNLO=NOL;
N?=HIFIAZ;
S
=;JCN;F
BOG;HI
?H
?F
HILN?
>?F

J;ZM
MIH
GXM
;FNIM
KO?
FIM
>?F
MOL
S
KO?
F;
CHP?LMC\H
?RNL;HD?L;
NC?H>?
;
FI=;FCT;LM?

DOMN;G?HN?
=?L=;
>?
FIM
=IHMOGC>IL?M
S
>IH>?
FIM
=IMNIM
>?
CHMN;F;=C\H
S
IJ?L;=C\H

MIH
G?HIL?M
?H
?F
F;LAI
JF;TI
?M
>?=CL
>IH>?
?MNXH
FIM
CHA?HC?LIM
F;M
=;LL?N?L;M

FIM
NL?H?M
FIM
JO?LNIM
FIM
M?LPC=CIM
J]<FC=IM
S
>IH>?
S;
?MNX
O<C=;>;
F;
CH>OMNLC;

A?A
5A@E75G7@5;3
>3
;@H7DE;R@
7JFD3@<7D3
67D;H363
67
>3
\D?3
67>
,$&
:34DP3

>?
CHMN;F;LM?
?H
?F
HILN?
>?F
J;ZM
;<LC?H>I
F;
<L?=B;
GXM
;]H
=IH
FIM
?MN;>IM
>?F
MOL
!OMM?F
 
JIL
?D?GJFI
M?[;F;
KO?
F;
JLCH=CJ;F
=IHM?=O?H=C;
>?
F;
FC<?L;FCT;=C\H

=IG?L=C;F
?M
F;
JIF;LCT;=C\H
?=IH\GC=;
?HNL?
?F
HILN?
S
?F
MOL
>?F
J;ZM
?H
=IH=L?NI

MO<L;S;
F;
AL;H
>CMJ;LC>;>
KO?
M?
B;
>;>I
?HNL?
?F
=L?=CGC?HNI
>?F
-&
J?L
=XJCN;
S

F;
JLI>O=NCPC>;>
F;<IL;F
?HNL?
?HNC>;>?M
=IGI
!CMNLCNI
#?>?L;F
"MN;>I
>?
*YRC=I

';FCM=I
S
+O?PI
)?\H
=IH
INL;M
>?F
MOL
>?F
J;ZM
*C?HNL;M
KO?
F;M
JLCG?L;M
=O;NLI

?HNC>;>?M
L?JL?M?HN;H
?F

>?F
-&
H;=CIH;F
?H
FIM
I=B?HN;
S
?MN;
J;LNC=CJ;=C\H

=L?=?
;

?H
FIM
HIP?HN;
?MN;>IM
=IGI
;GJ?=B?
1;<;M=I
BC;J;M
S
,;R;=;

>CMGCHOS?H
MO
J;LNC=CJ;=C\H
>?

;


;


;

S

;


L?MJ?=NCP;G?HN?
"F
;HXFCMCM
>?
F;
JLI>O=NCPC>;>
;LLID;
N?H>?H=C;M
MCGCF;L?M
-;L;
?F

J?LCI>I


F;
N;M;
>?
=L?=CGC?HNI
JLIG?>CI
;HO;F
>?F
NL;<;DI
@O?
>?

+I

3?L
"MKOCP?F
)?>?LG;H
*?MMG;=B?L
S
3CFFILI
 




 Tomo I
La Economía y las Finanzas Públicas

I<MN;HN?
?HNC>;>?M
=IGI
BCBO;BO;
?F
!CMNLCNI
#?>?L;F
S
+O?PI
)?\H
GO?MNL;H
OH;

JLI>O=NCPC>;>
GOS
MOJ?LCIL
;
F;
G?>C;
H;=CIH;F
GC?HNL;M
KO?
?MN;>IM
=IGI
IFCG;

,;R;=;
BC;J;M
S
$O?LL?LI
JL?M?HN;H
HCP?F?M
GOS
JIL
>?<;DI
>?F
JLIG?>CI
H;=CIH;F

-IL
MO
J;LN?
3?A;
  
MIMNC?H?
KO?
?F
1) +
B;
>?N?LCIL;>I
?F
M?=NIL
;ALIJ?=O;LCI

S
B;
;OG?HN;>I
F;M
>?MCAO;F>;>?M
L?ACIH;F?M
>?F
J;ZM
0?A]H
?F
;ONIL
OHI
>?
FIM

I<D?NCPIM
?MNL;NYAC=IM
>?F
1) +
KO?
=OGJFC\
;
=;<;FC>;>
@O?
?F
>?
>CMGCHOCL
F;

>?J?H>?H=C;
>?F
J?NL\F?I
S
@IG?HN;L
F;
?RJILN;=C\H
>?
<C?H?M
>?
G;SIL
P;FIL
;AL?A;>I

G;HO@;=NOL;M
MZ
JO?M
GC?HNL;M
KO?
?H

?F
M?=NIL
JLCG;LCI
=IHNLC<OZ;
=IH


>?
F;M
?RJILN;=CIH?M
J;L;
?F
;[I

?MN;
JLIJIL=C\H
S;
?L;
]HC=;G?HN?

GC?HNL;M

KO?
F;M
G;HO@;=NOL;M
kNZJC=;G?HN?
FI=;FCT;>;M
?H
FIM
?MN;>IM
>?F
HILN?k
=IHMNCNOZ;H

?F

"MN;
=IGJIMC=C\H
>?
F;M
?RJILN;=CIH?M
MCH
>O>;
?M
J;LN?
>?
F;
F\AC=;
=CL=OF;L

>?NLXM
>?
F;M
<L?=B;M
L?ACIH;F?M

);M
>CMJ;LC>;>?M
?H
?F
=L?=CGC?HNI
?=IH\GC=I
>?
F;M
?HNC>;>?M
@?>?L;NCP;M
>?
HO?MNLI

J;ZM
;
F;
FOT
>?
F;
;J?LNOL;
=IG?L=C;F
N;G<CYH
F;M
;H;FCT;
/I>CF
 
)IM
L?MOFN;>IM

GO?MNL;H
F;
=I?RCMN?H=C;
MCGOFNXH?;
>?
JLI=?MIM
>?
=IHP?LA?H=C;
S
>CP?LA?H=C;
KO?

BA@7@
67
?3@;\7EFA
>3
;@]G7@5;3
67
3>9G@AE
835FAD7E
7EB75P\5AE
F7DD;FAD;3>7E
67
5363

?MN;>I
?H
?MJ?=C;F
;KOYFFIM
KO?
MIH
@LIHN?L;
=IH
"MN;>IM
2HC>IM
0?
JO?>?
=IH=FOCL
JO?M
KO?
?F
1) +
M?J;L\
;]H
GXM
F;
<L?=B;
>?F
>?M;LLIFFI
L?ACIH;F

?HNL?
?F
HILN?
S
MOL
>?
*YRC=I
);
P?HN;D;
=IGJ;L;NCP;
>?
F;
TIH;
HILN?
k=IH
MO

=?L=;HZ;
;
FIM
=IHMOGC>IL?M
G;SIL
CH@L;?MNLO=NOL;
G?DIL
HCP?F
?>O=;NCPI
S
GXM
S

G?DIL?M
M?LPC=CIM
J]<FC=IMk
;NL;DI
?F
ALO?MI
>?
F;M
CHP?LMCIH?M
S
;HN?
F;
@;FN;
>?
OH;

JIFZNC=;
J]<FC=;
=IGJ?HM;NILC;
?H
@;PIL
>?
FIM
?MN;>IM
>?F
MOL
M?
;AL;P\
F;
>CMJ;LC>;>

?H
>?NLCG?HNI
>?
FIM
GXM
L?T;A;>IM

3
"#" 1,0
&+!&/" 1,0
!")
1) +

"F
1) +
NL;DI
=IHMCAI
INLIM
?@?=NIM
?H
F;
PC>;
H;=CIH;F
KO?
;OHKO?
HI
MIH
OH

L?MOFN;>I
>CL?=NI
>?F
;=O?L>I
=IG?L=C;F
MZ
M?
>?LCP;H
>?
F;
CH=ILJIL;=C\H
>?
*YRC=I

;
F;
?=IHIGZ;
GOH>C;F
"HNL?
FIM
GXM
L?F?P;HN?M
>?MN;=;H
?F
CGJ;=NI
>?
F;
;J?LNOL;

7@
>3
5A@\9GD35;R@
67>
EF36A
7>
;?B35FA
EA4D7
7>
5;5>A
75A@R?;5A
K
7>
;?B35FA
7@

?F
G?>CI
;G<C?HN?


 Tomo I
La Economía y las Finanzas Públicas


&*- 1,
!")
1) +
"+
)
,/$+&7 &s+
&+01&12 &,+)
!")

"01!,
.OCTX
=IGI
=IHM?=O?H=C;
>?F
1) +
*YRC=I
NOPI
KO?
;DOMN;L
F;
ILA;HCT;=C\H
>?F

$I<C?LHI
#?>?L;F
S
?F
>CM?[I
CHMNCNO=CIH;F
>?F
"MN;>I
-;L;
?FFI
M?
L?@ILG;LIH
S

=L?;LIH
HO?P;M
>?J?H>?H=C;M
;
?@?=NI
>?
JI>?L
MCH=LIHCT;L
?F
KO?B;=?L
AO<?LH;G?HN;F

=IH
F;M
?RCA?H=C;M
>?F
1) +
!?HNLI
>?
FIM
=;G<CIM
CHMNCNO=CIH;F?M
GXM
HIN;<F?M
>?MN;=;H
NL?M
-LCG?LI
FIM

JLIAL;G;M
@?>?L;F?M
J;L;
CGJOFM;L
?F
=IG?L=CI
=IGI
?F
-LIAL;G;
>?
*I>?LHCT;=C\H

&H>OMNLC;F
S
>?
IG?L=CI
-/,+*& "


I
?F
-LIAL;G;
>?
-IFZNC=;

!@6GEFD;3>
K
A?7D5;A
JF7D;AD
(*'(!
 

+79G@6A
>3
?A6;\535;R@
67

F?S?M
S
=L?;=C\H
>?
CHMNCNO=CIH?M
"HNL?
INL;M

)?S
>?
#IG?HNI
S
-LIN?==C\H
;
F;
-LIJC?>;>
&H>OMNLC;F

J;L;
JLIGIP?L

F;
GI>?LHCT;=C\H
N?=HIF\AC=;
>?F
J;ZM
;
NL;PYM
>?F
@ILN;F?=CGC?HNI
>?
;=?LPIM

>?
CH@ILG;=C\H
N?=HIF\AC=;
S
>?F
@IG?HNI
;
F;
;ACFC>;>
S
NL;HMJ;L?H=C;
?H
FIM

JLI=?>CGC?HNIM
J;L;
L?ACMNL;L
S
JLIN?A?L
;
F;M
J;N?HN?M
A;L;HNCT;H>I
FIM
>?L?=BIM

>?
JLIJC?>;>
CHB?L?HN?M
;
FIM
;P;H=?M
S
GI>?LHCT;=C\H
;HN?M
M?[;F;>;
MCGCMGI

F;
=L?;=C\H
>?F
&HMNCNONI
*?RC=;HI
>?
F;
-LIJC?>;>
&H>OMNLC;F
&*-&

$7K
67
%7FDA>A9P3
K
&AD?3>;L35;R@
 
B3D3
7>34AD3D
D7H;E3D
K
?A6;\53D

>3E
@AD?3E
A\5;3>7E
?7J;53@3E
K
7EF34>757D
7>
+;EF7?3
7@7D3>
67
-@;6367E
67

*?>C>;
"H
=IHM?=O?H=C;
F;
=L?;=C\H
>?F
&HMNCNONI
*?RC=;HI
>?
+ILG;FCT;=C\H
S

7DF;\535;R@
K
7@FDA
&35;A@3>
67
%7FDA>A9P3


)?S
>?
IG?L=CI
"RN?LCIL

=IH
?F
I<D?NI
>?
L?AOF;L
S
JLIGIP?L
?F
=IG?L=CI

?RN?LCIL
?
CHN?AL;L
;
F;
?=IHIGZ;
G?RC=;H;
=IH
F;
CHN?LH;=CIH;F
IH
?FF;
M?
=L?\

F;
IGCMC\H
>?
IG?L=CI
"RN?LCIL

)?S
#?>?L;F
>?
IGJ?N?H=C;

J;L;
L?AOF;L
FIM
G?L=;>IM
=IH=?HNL;>IM

BDA?AH7D
>3
7\5;7@5;3
75A@R?;53
K
BDAF797D
7>
BDA57EA
67
5A?B7F7@5;3
K
>;4D7

=IH=OLL?H=C;
!?LCP;>I
>?
?FF;
M?
=L?\
F;
IGCMC\H
#?>?L;F
>?
IGJ?N?H=C;


$7K
67
!@H7DE;R@
JFD3@<7D3
 
B3D3
67\@;D
>3E
D79>3E
B3D3
53@3>;L3D
>3
;@H7DE;R@

?RNL;HD?L;
;
*YRC=I
S
JLIJC=C;L
KO?
YMN;
=IHNLC<OS;
;F
>?M;LLIFFI
H;=CIH;F
F

NC?GJI
F;
=L?;=C\H
>?
F;
IGCMC\H
+;=CIH;F
>?
&HP?LMCIH?M
"RNL;HD?L;M

6
N?L=?LI
=;G<CI
=IHMNCNO=CIH;F
S
=L?;=C\H
>?
F;
)?S
>?F
;H=I
>?
*YRC=I


J;L;
?MN;<F?=?L
=IGI
I<D?NCPI
JLCILCN;LCI
>?F
<;H=I
=?HNL;F
F;
?MN;<CFC>;>
>?F
JI>?L

36CG;E;F;HA
67
>3
?A@763
@35;A@3>
BDA?AH7D
7>
E3@A
67E3DDA>>A
67>
E;EF7?3
\@3@5;7DA

S
JLIJC=C;L
?F
<O?H
@OH=CIH;GC?HNI
>?F
MCMN?G;
>?
J;AIM


3?L
0OXL?T
 



 Tomo I
La Economía y las Finanzas Públicas


&*- 1,
!")
1) +
"+
")
& ),
" ,+s*& ,

"H

;[I
?H
KO?
?HNL\
?H
PCAIL
?F
1) +
F;
?=IHIGZ;
G?RC=;H;
@O?
M;=O>C>;

JIL
OH;
@O?LN?
=LCMCM
?=IH\GC=;
"H
IJCHC\H
>?
;FAOHIM
YMN;
M?
>?M?H=;>?H\
JIL
OH

G;H?DI
LC?MAIMI
>?
F;
>?O>;
?RN?LH;
KO?
=IG<CH;>I
=IH
F;
G;HC@?MN;=C\H
>?F
"DYL=CNI

7;J;NCMN;
?H
BCJ;M
?H
?H?LI
S
?F
;M?MCH;NI
>?F
=;H>C>;NI
>?F
-/&
;
F;
-L?MC>?H=C;
?H

G;LTI
>?M;N;LIH
OH;
=ILLC>;
=IHNL;
?F
J?MI
KO?
=OFGCH\
?H
OH;
>?P;FO;=C\H
>?
F;

GIH?>;
>?F
 
0I<L?
?MN?
N?G;
B;S
KOC?H?M
JC?HM;H
KO?
?F
1) +
@O?
OH;
>?

>3E
53GE3E
67
>3
5D;E;E
FA63
H7L
CG7
E7
>7
3FD;4GK7
7>
5D75;7@F7
6O\5;F
67
>3
5G7@F3

5ADD;7@F7
5GKA
\@3@5;3?;7@FA
E7
HA>H;R
;@EAEF7@;4>7
5A@
53B;F3>7E
67
5ADFA
B>3LA

(AD

?F
=IHNL;LCI
B;S
KOC?H?M
JC?HM;H
KO?
AL;=C;M
;F
1) +
S
;F
CH>CM=LCGCH;>I
;==?MI
>?

F;M
?RJILN;=CIH?M
G?RC=;H;M
;F
G?L=;>I
HILN?;G?LC=;HI
=IH
F;
=IHM?=O?HN?
?HNL;>;

>?
>CPCM;M
*YRC=I
JO>I
L?=OJ?L;LM?
GXM
JLIHNI
>?
F;
=LCMCM
-IL
INL;
J;LN?
;FAOHIM
;ONIL?M
B;H
?MNO>C;>I
F;
JIMC<F?
=IHP?LA?H=C;
?HNL?
FIM
=C=FIM

?=IH\GC=IM
>?
*YRC=I
S
MOM
MI=CIM
kJLCH=CJ;FG?HN?
"MN;>IM
2HC>IMk
);
BCJ\N?MCM

J;LN?
>?
KO?
;F
M?L
?F
=IG?L=CI
OHI
>?
FIM
GINIL?M
>?F
=L?=CGC?HNI
S
KO?
;F
MIMN?H?L
OH

G;SIL
CHN?L=;G<CI
=IH
?F
?RN?LCIL
kG?L=;>I
HILN?;G?LC=;HIk
>?<?LZ;
=ILL?MJIH>?L

OH;
G;SIL
CHN?AL;=C\H
?=IH\GC=;
=IH
?M?
J;ZM
"M;
G;SIL
CHN?AL;=C\H
CGJFC=;LZ;
OH;

G;SIL
MCH=LIHCT;=C\H
?HNL?
FIM
P;CP?H?M
>?F
=L?=CGC?HNI
>?
;G<IM
J;ZM?M
S
?H
?F

G?DIL
>?
FIM
=;MIM
G;SIL
=L?=CGC?HNI
MIMN?HC>I

0?LL;
 
L?;FCT;
OH
;HXFCMCM
>?
=ICHN?AL;=C\H
?HNL?
F;M
M?LC?M
>?F
-&
?H
;G<IM
J;ZM?M

S
=IH=FOS?
KO?
;
J;LNCL
>?F
1) +
F;
JLI>O==C\H
CH>OMNLC;F
>?
*YRC=I
S
"MN;>IM

2HC>IM
NC?H?H
OH;
L?F;=C\H
>?
F;LAI
JF;TI
?MNXH
=ICHN?AL;>;M
HNC=CJ;
;>?GXM
KO?

F;
CHN?AL;=C\H
>?
F;M
NL?M
?=IHIGZ;M
GC?G<LIM
>?F
1) +
=IHNCHO;LX
?H
PCLNO>
>?
KO?

?RCMN?
OH;
=IGJF?G?HN;LC?>;>
?H
F;
>IN;=C\H
>?
@;=NIL?M
>?
F;
JLI>O==C\H
0XH=B?T
'OXL?T
S
7OLCN;
 
=IH=FOS?H
N;G<CYH
KO?
?F
1) +
JLIJC=C\
F;

=IHP?LA?H=C;
G;=LI?=IH\GC=;
;OHKO?
HI
NOPI
HCHA]H
CGJ;=NI
?H
?F
=L?=CGC?HNI

?=IH\GC=I
-IL
INL;
J;LN?
3?A;
  
;LAOG?HN;
KO?
?F
1) +
B;
N?HC>I
?@?=NIM

GOS
@;PIL;<F?M
J;L;
*YRC=I
S
KO?
CH=FOMI
@O?
OH
@;=NIL
>?N?LGCH;HN?
J;L;
M;FCL
>?
F;

5D;E;E
?35DA75A@R?;53
67
 

&A
A4EF3@F7
@A
:3
;@5;6;6A
E;9@;\53F;H3?7@F7
7@

F;
JLI>O=NCPC>;>
S
=IGJ?NCNCPC>;>
>?
F;
?=IHIGZ;
G?RC=;H;
"M
CGJILN;HN?
M?[;F;L
KO?
F;
=IHP?LA?H=C;
>?
FIM
=C=FIM
?=IH\GC=IM
?HNL?
*YRC=I

S
"MN;>IM
2HC>IM
HI
H?=?M;LC;G?HN?
?M
;FAI
>?M?;<F?
NI>;
P?T
KO?
I<FCA;
;F
J;ZM

B7CG7QA
%OJ;5A
3
E;@5DA@;L3D
F3?4;O@
>3E
BA>PF;53E
?A@7F3D;3
K
\E53>
5A@
3CGO>>3E

?H
"MN;>IM
2HC>IM
L?>O=C?H>I
;MZ
?F
G;LA?H
>?
G;HCI<L;
>?F
AI<C?LHI
G?RC=;HI
J;L;

;F=;HT;L
>?
G;H?L;
CH>?J?H>C?HN?
MOM
JLIJCIM
I<D?NCPIM


 Tomo I
La Economía y las Finanzas Públicas


&*- 1,
!")
1) +
"+
*"!&,
*&"+1"

"F
1) +
HI
=IHN?GJF;
G?>C>;M
?RJFZ=CN;M
HC
PCH=OF;>IL;M
J;L;
JLIN?A?L
?F

?76;A
3?4;7@F7

&A
A4EF3@F7
5A?A
5A?B>7?7@FA
3>
,D3F36A
>3E
B3DF7E
\D?3DA@

MCGOFNXH?;G?HN?
?F
=O?L>I
>?
GYLC=;
>?F
+ILN?
MI<L?
F;
IIJ?L;=C\H
J;L;
?F
*?>CI

G<C?HN?

GCMGI
KO?
;F
HI
M?L
PCH=OF;NILCI
S
@OH=CIH;L
M\FI
MI<L?
F;
<;M?

>?
F;
=IIJ?L;=C\H
PIFOHN;LC;
B;
N?HC>I
L?MOFN;>IM
GOS
JI<L?M
"HNL?
INLIM
>?MN;=;H

F;
L?AOF;=C\H
MI<L?
?F
/?ACMNLI
>?
)C<?L;=C\H
S
1L;HM@?L?H=C;
>?
IHN;GCH;HN?M
?H

*YRC=I
S
FIM
@IH>IM
J;L;
F;M
=IGOHC>;>?M
S
J?KO?[IM
H?AI=CIM
J;L;
GIHCNIL?;L

?F
=OGJFCGC?HNI
>?
F;
HILG;NCPC>;>
;G<C?HN;F
>?GXM
F;
=L?;=C\H
>?F
;H=I
>?

!?M;LLIFFI
>?
+ILN?
GYLC=;
S
F;
IGCMC\H
>?
IIJ?L;=C\H
>?F
*?>CI;G<C?HN?

#LIHN?LCTI
KO?
GIHCNIL?;H
JLIS?=NIM
>?
;AO;
S
FCGJC?T;
?H
F;
@LIHN?L;
HILN?
S

B;H
NL;N;>I
>?
?PCN;L
KO?
*YRC=I
MCA;
MC?H>I
OH
J;L;ZMI
>?
=IHN;GCH;=C\H
J;L;
F;M

?GJL?M;M
?MN;>IOHC>?HM?M
"F
CGJ;=NI
>?F
1) +
?H
?F
G?>CI
;G<C?HN?
>?
HO?MNLI
J;ZM
B;
MC>I
H?A;NCPI
?H
MO

G;SILZ;
OHKO?
B;S
?GJL?M;M
HILN?;G?LC=;H;M
KO?
NL;D?LIH
N?=HIFIAZ;M
FCGJC;M
YMN;M

MIH
F;
?R=?J=C\H
S
HI
F;
L?AF;
!?
;=O?L>I
;
$;FF;AB?L
 
?F
=IMNI
?=IH\GC=I
>?

F;
>?AL;>;=C\H
>?F
G?>CI
;G<C?HN?
JLIG?>C;
?F
 
>?F
-&
>?M>?
F;
?HNL;>;
?H
PCAIL

>?F
1) +
)IM
L?MC>OIM
J?FCALIMIM
S
F;
=IHN;GCH;=C\H
>?F
;CL?
P;H
?H
;OG?HNI

l,=BI
GCFFIH?M
>?
NIH?F;>;M
>?
>?M?=BIM
J?FCALIMIM
M?
A?H?L;H
?H
*YRC=I
S
*YRC=I

M\FI
JO?>?
;<MIL<?L
OH
GCFF\H
;F
;[Im
);
>CP?LMC>;>
<CIF\AC=;
S
A?HYNC=;
M?
B;
PCMNI

;G?H;T;>;
JIL
F;
CHOH>;=C\H
>?
CGJILN;=CIH?M
S
<CIJLIMJ?=NIM
);
?RJ;HMC\H
>?
F;

;ALC=OFNOL;
CH>OMNLC;F
ILC?HN;>;
;
F;
?RJILN;=C\H
B;
N?HC>I
OH
=IMNI
;G<C?HN;F
GOS
;FNI

?H
F;
@ILG;
>?
OMI
>?
;AO;
=;LA;
>?
HCNL\A?HI
S
INLIM
;ALIKOZGC=IM
-IL
INL;
J;LN?

?F
>?N?LCILI
;G<C?HN;F
?H
F;M
@LIHN?L;M
M?
B;
;AO>CT;>I
>?<C>I
;
F;M
TIH;M
CH>OMNLC;F?M

OHKO?
?MN?
>?N?LCILI
HI
?M
OH;
=IHM?=O?H=C;
>CL?=N;
>?F
1) +
MZ
M?
JI>LZ;
?PCN;L

MC
M?
@ILN;F?=C?L;
F;
MOJ?LPCMC\H
?
CHN?LP?H=C\H
>?
F;M
;ONILC>;>?M
S
M?
CGJF?G?HN;L;H

JIFZNC=;M
J]<FC=;M
KO?
JL?PCHC?L;H
OH
G;SIL
>?N?LCILI

3&
&*- 1,0
20"+1"0

#CH;FG?HN?
?H
?MN?
;J;LN;>I
M?
?RJIH?H
FIM
?@?=NIM
>?F
1) +
JLIG?NC>IM
JIL
?F

AI<C?LHI
>?
*YRC=I
KO?
HOH=;
NOPC?LIH
FOA;L
?H
=IH=L?NI
?F
CGJ;=NI
?H
?F
=C=FI

?=IH\GC=I
S
F;
JI<L?T;
?F
?GJF?I
S
F;
>CMNLC<O=C\H
>?F
CHAL?MI


 Tomo I
La Economía y las Finanzas Públicas


&*- 1,
!")
1) +
"+
")
/" &*&"+1,
" ,+s*& ,
6
)
-,/"7

"H
G;N?LC;
>?
=IHP?LA?H=C;
*IL?HI
LC>
/CP;M
S
0;HN;G;LZ;
 
=IH=FOS?H
KO?

HC
?F
CHAL?MI
L?;F
JLIG?>CI
HC
?F
?MNXH>;L
>?
PC>;
?H
*YRC=I
B;H
;F=;HT;>I
FIM
>?

MOM
MI=CIM
>?F
1L;N;>I
S
>?GO?MNL;H
KO?
F;
L?F;=C\H
?HNL?
=IG?L=CI
S
=L?=CGC?HNI

?=IH\GC=I
M?
B;
>?N?LCIL;>I
%IS
?H
>Z;
F;
<L?=B;
?HNL?
?F
-&
J?L
=XJCN;
?H
*YRC=I

S
"MN;>IM
2HC>IM
?M
F;
GCMG;
KO?
M?
I<M?LP;<;
?H
FIM
 M
-IL
MO
J;LN?
"MKOCP?F

 
3\D?3
CG7
@A
7J;EF7
@;@9G@3
7H;67@5;3
67
5A@H7D97@5;3
7@
7>
;@9D7EA
B7D
5NB;F3

HC
-&
JIL
NL;<;D;>IL
?HNL?
*YRC=I
S
"MN;>IM
2HC>IM
F
=IHNL;LCI
MZ
?RCMN?
;FAOH;

N?H>?H=C;
?M
;
F;
>CP?LA?H=C;
?H
?F
NC?GJI
*C?HNL;M
KO?
?H

?F
-&
JIL
NL;<;D;>IL

?H
*YRC=I
?L;

>?F
>?
"MN;>IM
2HC>IM
?MN;
L?F;=C\H
B;
>CMGCHOC>I
;
G?HIM
>?

 
!?
CAO;F
@ILG;
?F
-&
J?L
=XJCN;
?H
*YRC=I
J;M\
>?
M?L
OH

>?F
>?
"MN;>IM

2HC>IM
?H

;
M?L
G?HIL
>?

?H
 


 





"
!

  



 




$#
$#

$#"
$##
$$
$$

$$"
$$#



"
#


$#

$$



#O?HN?
"F;<IL;=C\H
JLIJC;
=IH
>;NIM
>?
F;
, !"
BNNJM>;N;I?=>ILAA>JALIMM

>IG?MNC=
JLI>O=N
A>JBNG

"H
OH
=IHN?RNI
>?
<;DI
=L?=CGC?HNI
?=IH\GC=I
?M
>?
?MJ?L;LM?
KO?
FIM
HCP?F?M
>?

JI<L?T;
?H
?F
J;ZM
HI
B;S;H
>CMGCHOC>I
!?
;=O?L>I
=IH
?MNCG;=CIH?M
>?
,+"3)

?F
JIL=?HN;D?
>?
JI<F;=C\H
?H
=IH>C=CIH?M
>?
JI<L?T;
?M
?F
GCMGI
KO?
B;=?

;[IM

"H

?F

>?
FIM
G?RC=;HIM
?L;H
JI<L?M
>?
J;NLCGIHCI
=C@L;
KO?
;OG?HN\
=IH

F;
=LCMCM
>?


S
M?
L?>ODI
?H
;[IM
JIMN?LCIL?M
FF?A;H>I
;

?H
 
J;L;

>?MJOYM
;OG?HN;L
S
?MN;<F?=?LM?
?H
GXM
>?F
 
>?MJOYM
>?F
  

J?M;L
>?
F;
N?H>?H=C;
I<M?LP;>;
;FAOHIM
;ONIL?M
;LAOG?HN;H
KO?
?F
;OG?HNI
?H

F;
JI<L?T;
>?LCP;>I
>?
F;
=LCMCM
>?

B;<LZ;
MC>I
G;SIL
>?
HI
B;<?L
MC>I
JIL
?F

1) +
!?
%ISIM
 
G?H=CIH;
KO?
?H
;OM?H=C;
>?F
1L;N;>I
?F
=IHN?I
>?

CH>CPC>OIM
?H
=IH>C=CIH?M
>?
JI<L?T;
B;<LZ;
MC>I

G;SIL
;F
L?ACMNL;>I
?H



 Tomo I
La Economía y las Finanzas Públicas


&*- 1,
"+
")
"*-)",
"F
=L?=CGC?HNI
?H
F;M
?RJILN;=CIH?M
G?RC=;H;M
=IGI
L?MOFN;>I
>?F
1) +
B;

?MN;>I
=IH=?HNL;>I
?H
OH
H]G?LI
L?>O=C>I
>?
?GJL?M;M
F;M
=O;F?M
B;H
N?HC>I
JI=;

J;LNC=CJ;=C\H
?H
?F
?GJF?I
"HNL?

S

F;M
;=NCPC>;>?M
S
?GJL?M;M
KO?

=IH=?HNL;<;H

>?
F;M
?RJILN;=CIH?M
k;FL?>?>IL
>?
 
?GJL?M;M
CH=FOS?H>I

G;KOCF;>IL;Mk
M\FI
J;LNC=CJ;LIH
=IH

>?F
?GJF?I
H;=CIH;F
-;L;
?F
GCMGI

J?LZI>I
F;
JI<F;=C\H
I=OJ;>;
?H
*YRC=I
;OG?HNI
?H

GCFFIH?M
>?
J?LMIH;M

GC?HNL;M
KO?
F;M
JLCH=CJ;F?M
?GJL?M;M
?RJILN;>IL;M
CH=FOS?H>I
G;KOCF;>IL;M
M\FI

=L?;LIH

?GJF?IM
MCGCMGI
M?
?MJ?L;<;
KO?
=IH
?F
1) +
F;
CHP?LMC\H
CHN?LH;
=IGJF?G?HN;L;
F;
&"!

S
A?H?L;L;H
OH
;OG?HNI
?H
F;
JLI>O=NCPC>;>
S
?H
?F
?GJF?I
>?
FIM
M?=NIL?M
CH>OMNLC;F

;ALIJ?=O;LCI
S
>?
M?LPC=CIM
+I
I<MN;HN?
F;
&"!
M?
=IH=?HNL\
<XMC=;G?HN?
?H
?F
M?=NIL

G;HO@;=NOL?LI
JLCH=CJ;FG?HN?
?H
F;
G;KOCF;
CH=L?G?HN;H>I
F;
JLI>O=NCPC>;>
>?

?MN?
M?=NIL
?H

?HNL?

S
 
0CH
?G<;LAI
F;
JLI>O=NCPC>;>
?H
?F
M?=NIL

M?LPC=CIM
?F
=O;F
?GJF?;
;
F;
G;SIL
JLIJIL=C\H
>?
F;
@O?LT;
>?
NL;<;DI
B;
C>I
?H

>?=FCP?
J?LG;H?HN?
"F
L?MOFN;>I
H?NI
B;
MC>I
OH
CH=L?G?HNI
?H
F;
JLI>O=NCPC>;>
>?


;F
;[I
@
>A
CG7
E7
D7\7D7
3
D7?G@7D35;A@7E
F3@FA
7>
E3>3D;A
D73>
?P@;?A
5A?A
>AE
E3>3D;AE

>?
F;
CH>OMNLC;
G;HO@;=NOL?L;
B;H
C>I
;
F;
<;D;
>?M>?
 
"H
DOHCI
>?

FIM

M;F;LCIM
L?;F?M
GZHCGIM
S
G;HO@;=NOL?LIM
?KOCP;FZ;H
;

S

>?
FIM
>?


L?MJ?=NCP;G?HN?
"H
 
M\FI
?F
 
>?
F;
JI<F;=C\H
I=OJ;>;
I<N?HZ;
CHAL?MIM

?KOCP;F?HN?M
;
=CH=I
I
GXM
M;F;LCIM
GZHCGIM
GC?HNL;M
KO?
?H
 
;J?H;M
?F


N?HZ;
?M?
HCP?F
>?
CHAL?MIM
S


>?
FIM
I=OJ;>IM
L?=C<Z;
CHAL?MIM
CAO;F?M
I
G?HIL?M

;
NL?M
M;F;LCIM
GZHCGIM
"H
NYLGCHIM
A?H?L;F?M
F;
A?H?L;=C\H
>?
?GJF?I
>?MJOYM
>?F
1) +
HI
B;
MC>I
FI

KO?
M?
?MJ?L;<;
F;
G;SILZ;
>?
FIM
?GJF?IM
M?
B;H
=L?;>I
?H
;=NCPC>;>?M
FCA;>;M
;

F;M
?RJILN;=CIH?M
S
=;MC
HI
M?
B;H
=L?;>I
IJILNOHC>;>?M
?H
?F
=;GJI
JIL
FI
KO?
F;

GCAL;=C\H
;F
HILN?
=IHNCH];
>?
G;H?L;
GOS
CGJILN;HN?
!?M>?

B;MN;

?F

H]G?LI
;HO;F
>?
?GCAL;HN?M
G?RC=;HIM
;
FIM
"MN;>IM
2HC>IM
M?
>CMJ;L\
OH

JIL

=C?HNI
;F
J;M;L
>?

GCF
;

GCF

J?M;L
>?
KO?
?F
=L?=CGC?HNI
>?
F;
JI<F;=C\H

>?
CHGCAL;HN?M
B;
>CMGCHOC>I
;
J;LNCL
>?
 
FIM

GCFFIH?M
KO?
M?
=IHN;<CFCT;LIH

?H
 
L?JL?M?HN;H
>C?=CMC?N?
P?=?M
?F
H]G?LI
L?ACMNL;>I
?H
 



3?L
!OMM?F
 



3?L
3?A;
  



3?L
!OMM?F
 



3?L
IL>?L; 



3?L
4?CM<LIN
)?@?<PL?
S
0;GGON
 



3?L
3?A;
  


 Tomo I
La Economía y las Finanzas Públicas

"H
FIM
P?CHN?
;[IM
>?
PC>;
>?F
1) +
?F
=L?=CGC?HNI
JLIG?>CI
>?
F;
JI<F;=C\H

?=IH\GC=;G?HN?
;=NCP;
B;
MC>I
>?

J;M;H>I
>?

GCFFIH?M
>?
J?LMIH;M
?H


;

GCFFIH?M
?H
 
OH;
>C@?L?H=C;
>?

GCFFIH?M
>?
J?LMIH;M
0CH
?G<;LAI

F;M
;=NCPC>;>?M
=?HNL;F?M
>?F
NL;N;>I
NC?H?H
<;DIM
?@?=NIM
GOFNCJFC=;>IL?M
?H
?F
?GJF?I

JO?M
MO
?H=;>?H;GC?HNI
=IH
?GJL?M;M
FI=;F?M
N;G<CYH
?M
<;DI
>;>I
KO?
M?
<;M;H
?H

F;
=IGJL;
>?
CHMOGIM
>?F
?RN?LCIL
MZ
JIL
?D?GJFI
;
J?M;L
>?
OH
;OG?HNI
>?F


7@
7>
7?B>7A
67>
E75FAD
?3@G835FGD7DA
>A
CG7
E;9@;\5R
CG7
E7
5D73D3@


?;>>A@7E
67

7?B>7AE
OEFAE
@A
8G7DA@
EG\5;7@F7E
B3D3
D7EA>H7D
7>
BDA4>7?3
67>
8G7DF7
5D75;?;7@FA

>?
F;
I@?LN;
>?
?GJF?I
?H
?F
J?LCI>I

&*- 1,
"+
)
!&01/&2 &s+
!")
&+$/"0,
-IL
]FNCGI
?F
CGJ;=NI
>?F
1) +
?H
F;
>CMNLC<O=C\H
>?
F;
LCKO?T;
?H
*YRC=I
N;GJI=I

B;
MC>I
L?F?P;HN?
!?
;=O?L>I
;
=XF=OFIM
>?
ILNYM
 
S
=IHMC>?L;H>I
?F
CHAL?MI

FAF3>
67
>AE
:A93D7E
7>
5A7\5;7@F7
67
;@;

M?
B;
G;HN?HC>I
?H
P;FIL?M
>?
?HNL?

S


?H
FIM
]FNCGIM

;[IM
!?
B?=BI
>?

;

NOPI
OH;
FCA?L;
G?DIL;
J;M;H>I

>?

;

?H

L?JOHN\
;

S
>?M>?
?HNIH=?M
B;
N?HC>I
OH;
GOS
GI>?MN;

L?=OJ?L;=C\H
;

?H
FIM
]FNCGIM
>C?T
;[IM
0C
M?
=IHMC>?L;H
FIM
L?MOFN;>IM
;HN?LCIL?M

?H
G;N?LC;
>?
?GJF?I
S
>?
<L?=B;M
L?ACIH;F?M
B;=?
M?HNC>I
KO?
?F
1) +
HI
B;S;

F7@;6A
G@
;?B35FA
E;9@;\53F;HA
7@
>3
6;EFD;4G5;R@
67
>3
D;CG7L3

 



%





3-)- 
.44/
* /-./

7



%

2-)-

0-)-

/-)-

-)-
.44/ .440 .442 .443 /--- /--/ /--0 /--1 /--2 /--3 /-.- /-./
%
  %

 %

 

 (

 

/--2'
/--3'
/-.-

/-./
! %

 

#
! 


! 
 "





$
"
/-.-'
 


)
! (
 
 


 







.44/

/-./

#O?HN?
"F;<IL;=C\H
JLIJC;
=IH
>;NIM
>?
ILNYM
 




3?L
/OCT
 



3?L
/OCT
 



>
5A7\5;7@F7
67
;@;
7E
G@3
?76;63
67
67E;9G3>636
;67363
BAD
ADD36A
;@;

E
G@
@S?7DA
7@FD7

K

6A@67


CGJFC=;
J?L@?=N;
CAO;F>;>
S

J?L@?=N;
>?MCAO;F>;>


 Tomo I
La Economía y las Finanzas Públicas

3&&
,+ )20&,+"0
$3
\D?3
67>
,$&
?3D5R
G@3
@G7H3
7D3
7@
>3
H;63
75A@R?;53
67
%OJ;5A

%S>F;B>7E

=;G<CIM
M?
BC=C?LIH
M?HNCL
JIMN?LCIL
;
MO
?HNL;>;
?H
PCAIL
?H

"HNL?
FIM
GXM

CGJILN;HN?M
>?MN;=;H
?F
;OG?HNI
>?
F;M
?RJILN;=CIH?M
CGJILN;=CIH?M
?
CHP?LMC\H

?RNL;HD?L;
>CL?=N;
);G?HN;<F?G?HN?
F;
=IGOHC=;=C\H
MI=C;F
CHMNLOG?HN;>;
?H
NILHI

;F
1) +
;
JLCH=CJCIM
>?
FIM
HIP?HN;M
@O?
GOS
;G<C=CIM;
S
JLIG?NC\
G?DIL;M
?H

=L?=CGC?HNI
?=IH\GC=I
JI<L?T;
?GJF?I
S
>CMNLC<O=C\H
>?F
CHAL?MI
KO?
HOH=;
FF?A;LIH
!?
;=O?L>I
;
F;
N?ILZ;
?=IH\GC=;
?F
YRCNI
I
@L;=;MI
>?F
1) +
>?<?
MOMN?HN;LM?

5A@
43E7
7@
>3
7HA>G5;R@
67
>AE
]G<AE
67
5A?7D5;A
7@FD7
>AE
B3PE7E
\D?3@F7E
K
7>

GIHNI
>?
CHP?LMC\H
?HNL?
FIM
MI=CIM
J?LI
HI
?H
FIM
=;G<CIM
>?F
L?MNI
>?
F;M
P;LC;<F?M

?=IH\GC=;M
S;
KO?
?F
>?M?GJ?[I
>?
YMN;M
>?J?H>?
@OH>;G?HN;FG?HN?
>?
INLI
NCJI
>?

JIFZNC=;M
J]<FC=;M
GOS
>CMNCHN;M
;
F;M
=IHN?HC>;M
?H
?F
1) +
-IL
FI
KO?
B;=?
;F
CHN?L=;G<CI
=IG?L=C;F
M?
I<M?LP;
KO?
GC?HNL;M
KO?
?H

F;M

?RJILN;=CIH?M
=IHDOHN;M
>?
*YRC=I
;
"MN;>IM
2HC>IM
S
;H;>X
;F=;HT;LIH
FIM
20!



?;>
?;>>A@7E
K
>3E
;?BADF35;A@7E
-+


?;>
?;>>A@7E
63@6A
G@
E3>6A
67\5;F3D;A

>?
20!


GCF
GCFFIH?M
?H
 
F;M
?RJILN;=CIH?M
L?<;M;LIH
FIM
20!


GCF

GCFFIH?M
F;M
CGJILN;=CIH?M
FIM
20!

GCF
GCFFIH?M
S
?F
M;F>I
@O?
MOJ?L;PCN;LCI

?H
20!


GCF
GCFFIH?M
-IL
MO
J;LN?
F;
CHP?LMC\H
?RNL;HD?L;
>CL?=N;
>?
"MN;>IM

2HC>IM
S
;H;>X
;
*YRC=I
B;
=L?=C>I
?H

S

L?MJ?=NCP;G?HN?
>?M>?
F;

?HNL;>;
?H
PCAIL
>?F
1) +
-IL
INL;
J;LN?
F;
N?ILZ;
?=IH\GC=;
N;G<CYH
JL?>C=?
KO?
?F
=IG?L=CI
HI
?M
OH
DO?AI
>?

lMOG;
=?LI m
S
KO?
JIL
N;HNI
B;S
A;H;>IL?M
S
J?L>?>IL?M
"H
=O;HNI
;
FIM
M?=NIL?M

A;H;>IL?M
N?H?GIM
=F;L;G?HN?
;F
M?=NIL
;ONIGINLCT
S
?F?=NL\HC=I
GC?HNL;M
KO?
?F
N?RNCF

S
DOAO?N?M
=IGI
J?L>?>IL?M
+I
I<MN;HN?
?M
CGJILN;HN?
M?[;F;L
KO?
F;
=IHNL;==C\H
>?

;FAOH;M
CH>OMNLC;M
FI=;F?M
>C@Z=CFG?HN?
M?
JO?>?
?RJFC=;L
M\FI
JIL
?F
1) +
S;
KO?

?H
MO
G;SILZ;
F;
=IGJ?N?H=C;
B;
FF?A;>I
>?
BCH;
-IL
MO
J;LN?
?F
M?=NIL
;ALIJ?=O;LCI

G?RC=;HI
N;G<CYH
;OG?HN\
MO
PIFOG?H
>?
?RJILN;=CIH?M
CH=FOMCP?
GXM
LXJC>I
KO?
?F

JLIG?>CI
>?
F;
?=IHIGZ;
H;=CIH;F
MCH
?G<;LAI
?F
G;ALI
>?M?GJ?[I
>?
?MN?
M?=NIL

M?
>?<?
;
INL;M
P;LC;<F?M
?MNLO=NOL;F?M
>?F
M?=NIL
JLCG;LCI
HI
;NLC<OC<F?M
;F
1) +

HCP?F
L?ACIH;F
N;G<CYH
BO<I
OH
CGJILN;HN?
CGJ;=NI
?H
*YRC=I
F;M
<L?=B;M
>?F

>?M;LLIFFI
?HNL?
?F
HILN?
S
?F
MOL
>?F
J;ZM
M?
;AL;P;LIH
1;F
S
=IGI
M?
;HNC=CJ;<;
F;

CHP?LMC\H
S
?F
CHN?LYM
>?
F;
CH>OMNLC;
M?
O<C=\
?H
F;M
TIH;M
GXM
JL\MJ?L;M
S
=?L=;H;M
;

F;
@LIHN?L;
HILN?
>IH>?
M?
=IHN;<;
=IH
CH@L;?MNLO=NOL;
?>O=;=C\H
M?LPC=CIM
J]<FC=IM

?N=
);G?HN;<F?G?HN?
F;
;OM?H=C;
>?
INL;M
JIFZNC=;M
J]<FC=;M
J;L;
=IGJ?HM;L
?MN;

N?H>?H=C;
;AL;P\
F;
;MCG?NLZ;
L?ACIH;F


 Tomo I
La Economía y las Finanzas Públicas

"F
1) +
S
F;
;J?LNOL;
?H
A?H?L;F
N;G<CYH
NL;D?LIH
INLIM
?@?=NIM
CH>CL?=NIM
N;F?M

5A?A
>3
D75A@\9GD35;R@
67>
EF36A
>3
5A@H7D97@5;3
67>
5;5>A
75A@R?;5A
5A@
7>
67

"MN;>IM
2HC>IM
S
?F
F;G?HN;<F?
>?N?LCILI
>?F
G?>CI
;G<C?HN?


 Tomo I
La Economía y las Finanzas Públicas

&)&,$/#r
3
/?M?;L=B
l

;[IM
>?F
1) +
?F
<;F;H=?
J;L;
*YRC=I
?H
?F
M?=NIL
;ONIGINLCT

?M
GOS
JIMCNCPIm
$/@2?C.A<?6<
0<;L:60<
"IE60<

>?
DOHCI
 
JJ


;L>?LI
*;LZ;
"F?H;
l ;G<CI
?MNLO=NOL;F
=IG;H>;>I
JIL
;J?LNOL;
=IG?L=C;F
?F
=;MI

>?
F;
?=IHIGZ;
G?RC=;H;m
"MNO>CIM
"=IH\GC=IM

DOF
>C=
 
JJ
 

IL>?L;
/IF;H>I
l);
AL;H
NL;HM@ILG;=C\H
>?F
GCF;ALI
G?RC=;HI
;

;[IM
>?F
1) +

>?
F;
;>IJ=C\H
;
F;
;>;JN;=C\Hm%?</92:.@
129
2@.??<99<
/?PCMN;
);NCHI;G?LC=;H;

>?
"=IHIGZ; PIF

H]G
 
JJ


ILNYM
#?LH;H>I
l*?>CI
MCAFI
>?
>?MCAO;F>;>
?H
?F
CHAL?MI
>?
*YRC=Im
JL?M?HN;=C\H

?H
?F
M?GCH;LCI
);M
>?MCAO;F>;>?M
S
?F
JLIAL?MI
?H
*YRC=I
?H@IKO?M
>CG?HMCIH?M

S
G?>C=C\H
IFG?R&+"$&

>?
G;LTI
>?
 
JJ

 
IP;LLO<C;M
F?R
l"RJFIMC\H
>?
F;
CH>OMNLC;
;ONIGINLCT
?H
*YRC=I
>?
MOM

?H=;>?H;GC?HNIM
;=NO;F?M
;
MO
JIN?H=C;F
NL;HM@ILG;>ILm
>I=OG?HNI
>?
;HXFCMCM

J;L;
?621?605
/2?A
'A63AB;4
+I

 
JJ


!;<;N
F?D;H>LI
;H>
,L>\[?T
$ONCYLL?T
l/?PIFO=C\H
&H@ILGXNC=;
+O?PI
C=FI

&H>OMNLC;F
?
&H>OMNLC;
"F?=NL\HC=;
?H
*YRC=Im
2HCP?LMC>;>
+;=CIH;F
ON\HIG;
>?

*YRC=I
&HMNCNONI
>?
&HP
1CA
 
4?<
!;<;N
F?D;H>LI
l$FI<;FCT;=C\H
"=IHIGZ;
!?F
IHI=CGC?HNI
S
+O?P;
&H>OMNLC;

"F?=NL\HC=;
>?
"RJILN;=C\H
"H
*YRC=Im
%?</92:.@
129
2@.??<99<
&2C6@A.

!.A6;<.:2?60.;.
12
0<;<:J.
+]G

 

4?<
!OMM?F
"HLCKO?
l);
JIF;LCT;=C\H
>?
F;
?=IHIGZ;
G?RC=;H;
;MJ?=NIM
?=IH\GC=IM
S

L?ACIH;F?Mm
?H
:=.0A<@
129
(!
2;
"IE60<
F
@A.1<@
);61<@
2320A<@
@B/?246<;.92@

129
0<:2?06<
F
9.
6;A24?.06L;
20<;L:60.
$?ILA?NIQH
2HCP?LMCNS
 
JJ


!OMM?F
-?N?LM
l"F
1L;N;>I
>?
)C<L?
IG?L=CI
>?
+ILN?;GYLC=;
S
?F
>?M?GJ?[I
>?
);

?=IHIGZ;
?H
*YRC=Im
 4?<
!OLXH
/;@;?F
l ISOHNOL;
"=IH\GC=;m
2/.A2
0<;L:60<


4?<
"MKOCP?F
$?L;L>I
l"F
1) +

;[IM
>?
=F;LIM=OLIMm
#&"
9&'
("#!0&

>C=C?G<L?
 
JJ


"MKOCP?F
$?L;L>I
)?>?LG;H
!;HC?F
*?MMG;=B?L
*CAO?F
S
3CFFILI
/?H;N;
l4BS

+#1
>C>
HIN
L?;=B
NB?
0IONBm
+<?91
.;8
GCG?I
 
#LCNM=B?L
*;A>;
l)C<L?
IG?L=CI
?
&HN?AL;=C\H
"H
+ILN?;GYLC=;
"F
;MI
>?
F;

;ALC=OFNOL;
#L??
1L;>?
;H>
&HN?AL;NCIH
CH
+ILNB
G?LC=;
1B?
;M?
I@
ALC=OFNOL?m

&2C6@A.
"2E60.;.
12
'<06<9<4J.
+]G

3IF
 
JJ


$;FF;AB?L
(?PCH
l"F
1) +
S
?F
G?>CI
;G<C?HN?
F?==CIH?M
>?
*YRC=I
S
GXM
;FFXm

CH@ILG?
>?F
#L?>?LC=E
0
-;L>??
?HN?L
J;L;
?F
'AB1F
3<?
A52
!<;42?&.;42?

BAB?2
2HCP?LMC>;>
>?
IMNIH
 
JJ


$;FF;AB?L
(?PCH
4CM?
1CGINBS
S
!OMM?F
"HLCKO?
l"F
@ONOLI
>?
F;
JIFZNC=;
>?

=IG?L=CI
?H
GYLC=;
>?F
+ILN?
F?==CIH?M
>?F
1) +m
2HCP?LMC>;>
ON\HIG;

>?
7;=;N?=;M
 


 Tomo I
La Economía y las Finanzas Públicas

$;L=Z;
"GG;HO?F
;H>
$LC?AI
FG;
$;<LC?F;
l&H>OMNLC;M
A?H?L;>IL;M
>?F
>?M;LLIFFI

?=IH\GC=I
@LIHN?LCTI
?H
*YRC=I
=;L;=N?LCT;=C\H
>?
F;
CH>OMNLC;
?F?=NL\HC=;

?H
CO>;>
'OXL?T
0J;HCMB m
9</.9
<;32?2;02
<;
B@6;2@@

6;.;02

%?<02216;4@

 


4?<
+][?T
'IMY
S
*IL?HI
$OCFF?LGI
l&GJ;=NI
>?F
1) +
?H
F;
?=IHIGZ;
G?RC=;H;

=IHN?RNI
;=NO;F
S
L?NIMm
?H
320A<@
129
(!#
2;
"IE60<
12@=BI@
12


.K<@
12

<=2?.06L;
1?=HIF\AC=I
>?
*IHN?LL?S
 
JJ


,L>\[?T
0?LACI
l LCMCM
S
/??MNLO=NOL;=C\H
>?
F;
&H>OMNLC;
"F?=NL\HC=;
*OH>C;F
S

/?=IHP?LMC\H
?H
*YRC=Im
<:2?06<
EA2?6<?
+]G

3IF

 
JJ


-;LE
4;FN?L
$
l1?=BHIFIAS
NL;>?
;H>
+#1m
CH
%?<4?2@@
6;
0<;<:60@
&2@2.?05

PIF

+IP;
0=C?H=?
-O<FCMB?LM
&H=
 
JJ



-OS;H;
FC=C;
;H>
/IG?LI
'IMY
l!C?T
[IM
IH
"F
1) +
);M
"RJ?LC?H=C;M
!?F

0?=NIL
ALIJ?=O;LCI
*?RC=;HIm
9.0@<
"IE60<
IF?ACI
>?
*YRC=I
 
/C=;L>I
!;PC>
l,H
NB?
JLCH=CJF?M
I@
-IFCNC=;F
"=IHIGS
;H>
1;R;NCIHm

/IM?HTQ?CA
H>LYM
l"F
>?<;N?
MI<L?
?F
M?=NIL
;ALIJ?=O;LCI
G?RC=;HI
?H
?F
1L;N;>I

>?
)C<L?
IG?L=CI
>?
GYLC=;
>?F
+ILN?m
"-)
 
/OCT
F?G?HN?
l/??MNLO=NOL;=C\H
JLI>O=NCP;
?
CHN?AL;=C\H
1) +

;[IM

>?MJOYMm
%?</92:.@
129
2@.??<99</?PCMN;
);NCHI;G?LC=;H;
>?
"=IHIGZ;
PIF


H]G
 
JJ

 
4?<
0XH=B?T
F@L?>I
'OXL?T
$FILC;
>?
F;
)OT
S
7OLCN;
'?M]M
l)IM
?@?=NIM
>?F
1) +
?H

F;
?=IHIGZ;
G?RC=;H;
OH;
?RJ?LC?H=C;
=IHNLIP?LNC>;m
?H
;A24?.06\H
>2
"IE60<

2;
29
(!#
@B@
2320A<@
@</?2
29
0?206:62;A<
9.
?22@A?B0AB?.06L;
=?<1B0A6C.
F
29

12@.??<99<
20<;L:60< m
2HCP?LMC>;>
ON\HIG;
*?NLIJIFCN;H;
 
JJ


0OXL?T
*;L=?F;
l"F
J;J?F
>?
F;M
CHMNCNO=CIH?M
?H
?F
=;G<CI
?=IH\GC=I
>?
*YRC=Im

&2C6@A.
!.A6;<.:2?60.;.
12
0<;<:J.
PIF

H]G

DOFCI
M?JNC?G<L?
 

JJ


1IF?>I
F?D;H>LI
lOA?
LCMCM
S
IGJ?N?H=C;
BCH;
"H
);
&H>OMNLC;
"F?=NL\HC=;

"H
*YRC=Im
4?<
3?A;
$OMN;PI
l"F
1L;N;>I
>?
FC<L?
=IG?L=CI
?H
GYLC=;
>?F
+ILN?
PCMC\H
L?NLIMJ?=NCP;

S
L?NIM
;
@ONOLI
"F
IF?ACI
>?
*YRC=I
  
3?A;
$OMN;PI
l);
-IFZNC=;
IG?L=C;F
!?
*YRC=I
"H
"F
0?R?HCI

 
LCMCM

#CH;H=C?L;
S
/?=OJ?L;=C\H
"=IH\GC=;m
<?<
6;A2?;.06<;.9
 

 

4?<
3?A;
$OMN;PI
l  
;F;H=?
S
J?LMJ?=NCP;M
>?F
FC<L?
=IG?L=CI
?HNL?
*YRC=I
S

"MN;>IM
2HC>IMm
<?<
;A2?;.06<;.9
 
 
  
JJ



4?CM<LIN
*;LE
)?@?<PL?
0N?JB;H
;H>
0;GGON
'IM?JB l!C>
+#1
%?FJ
*?RC=I

H
;MM?MMG?HN
;@N?L

S?;LMm
2;A2?
3<?
0<;<:60
.;1
%<960F
&2@2.?05
 "-/

+]G

 


 Tomo I
La Economía y las Finanzas Públicas


 Tomo I
La Economía y las Finanzas Públicas

&*- 1,
!"
)
$),)&7 &s+
"+
)
" ,+,*r

*"5& +
6
*,!"),
" ,+s*& ,
!"
!"0//,)),

!2/+1"
")
-"/&,!,

 
/I<?LNI
(B;FCF
';FCF
'ILA?
#L;H=I
)\J?T

&+1/,!2 &s+
0?
L?KOC?L?
OH;
PCMC\H
J;HILXGC=;
S
>?
F;LAI
JF;TI
J;L;
?HN?H>?L
F;
=IB?L?H=C;
?M?H=C;F

>?F
GI>?FI
>?
>?M;LLIFFI
?=IH\GC=I
>?
*YRC=I
>?
F;M
]FNCG;M
M?CM
>Y=;>;M
1;F

J?LMCMN?H=C;
?RJFC=;
N;HNI
MOM
J?LCI>IM
>?
?MN;<CFC>;>
=IH
G;SIL
I
G?HIL
=L?=CGC?HNI

5A?A
EGE
674;>;6367E
7JF7D@3E
CG7
35G?G>363E
:3@
67D;H36A
7@
5D;E;E
E;9@;\53F;H3E



"M
FC=?H=C;>I
?H
"=IHIGZ;
JIL
F;
2HCP?LMC>;>
+;=CIH;F
ON\HIG;
>?
*YRC=I
1C?H?
F;
G;?MNLZ;
?H

"=IHIGZ;
?H
?F
?HNLI
>?
&HP?MNCA;=C\H
S
!I=?H=C;
"=IH\GC=;M
 &!"
S
?M
!I=NIL
=IH
F;
?MJ?=C;FC>;>

?H
#CH;HT;M
&HN?LH;=CIH;F?M
JIL
F;
2HCP?LMC>;>
>?
4CM=IHMCH
*;>CMIH

"H
MO
NL;S?=NILC;
JLI@?MCIH;F

>?MN;=;H
JIMC=CIH?M
>CL?=NCP;M
?H
>CP?LMIM
ILA;HCMGIM
J]<FC=IM
S
JLCP;>IM
=IGI
F;
0?=L?N;LZ;
>?

-LIAL;G;=C\H
S
-L?MOJO?MNI
&HP?LMIL;
OLMXNCF
;M;
>?
IFM;
$LOJI
&H>OMNLC;F
S
IG?L=C;F
-&-0

,3>>7D7E
DN\5AE
67
%OJ;5A
7@FDA
67
3B;F3>
!@F7>75FG3>
K
A?B7F;F;H;636
!@EF;FGFA
>75FAD3>
67>

!CMNLCNI
#?>?L;F
$LOJI
">CNILC;F
+,1*20
&HMNCNONI
#?>?L;F
"F?=NIL;F
?HNL?
INL;M
MC?H>I
MOM
XL?;M

67
7EB75;3>;636
36?;@;EFD35;R@
K
\@3@L3E
B>3@735;R@
7EFD3FO9;53
5A@FDA>
;@F7D@A
K
36?;@;EFD35;R@
67

L?=OLMIM
BOG;HIM

"H
?F
XG<CNI
>I=?HN?
B;
CGJ;LNC>I
F;M
;MCAH;NOL;M
>?
*;=LI?=IHIGZ;
?H
?F
*?L=;>I

>?
;JCN;F?M
?H
F;
&HMNCNO=C\H
>?
F;
MI=C;=C\H
*?RC=;H;
>?
;M;
>?
IFM;
*C=LI?=IHIGZ;
?H
?F
-LIAL;G;

>?
*;?MNLZ;
>?F
&HMNCNONI
1?=HIF\AC=I
>?
"MNO>CIM
0OJ?LCIL?M
>?
*IHN?LL?S
;GJOM
CO>;>
>?
*YRC=I

S
*;?MNLZ;
&HN?LH;=CIH;F
*;LE?NCHA
I@
-LCG;LS
IGGI>CNC?M
?H
F;
2HCP?LMC>;>
>?
4CM=IHMCH
*;>CMIH


=NO;FG?HN?
M?
>?M?GJ?[;
=IGI
!CL?=NIL
$?H?L;F
>?
/?=OLMIM
%OG;HIM
?H
F;
XG;L;
>?
!CJON;>IM
>?F

%
IHAL?MI
>?
F;
2HC\H


E
>;57@5;36A
7@
75A@A?P3
BAD
>3
835G>F36
67
5A@A?P3
67
>3
-&%
9D36G36A
5A@
?7@5;R@
:A@ADP\53

S
JLIG?>CI
>?

*;?MNLZ;
?H
!I=?H=C;
S
>GCHCMNL;=C\H
>?
F;
">O=;=C\H
0OJ?LCIL
JIL
?F
IF?ACI

>?
"MNO>CIM
>?
-IMAL;>I
>?
F;
CO>;>
>?
*YRC=I
?H
;FC;HT;
=IH
F;
MI=C;=C\H
ON\HIG;
>?F
-?LMIH;F

=;>YGC=I
>?
F;
2+*j-2+*
Y>OF;
>?
G;?MNLZ;
?H
NLXGCN?
M?MIL
?H
F;
2HC>;>
>?

"P;FO;=C\H
S
IHNLIF
>?
F;
IGCMC\H
>?
3CACF;H=C;
>?
F;
O>CNILZ;
0OJ?LCIL
>?
F;
#?>?L;=C\H
>?
F;

XG;L;
>?
!CJON;>IM
 
%;
MC>I
=IHMOFNIL
CH>?J?H>C?HN?
=;J;=CN;>IL
S
=IH@?L?H=CMN;
J;L;
;A?H=C;M

CHN?LH;=CIH;F?M
S
H;=CIH;F?M
?H
>?M;LLIFFI
LOL;F
JF;H?;=C\H
J;LNC=CJ;NCP;
G;L=I
F\AC=I
?P;FO;=C\H
>?

BDA9D3?3E
BS4>;5AE
F7?3E
67
75A@A?P3
K
\@3@L3E
EB75;3>;EF3
7@
7E3DDA>>A
+A5;3>
B3D3
7>
3@5A

*OH>C;F

 
!CL?=NIL
>?
"MNO>CIM
S
-IFZNC=;M
>?
"GJF?I
?H
F;
0?=L?N;LZ;
>?F
1L;<;DI
S

-L?PCMC\H
0I=C;F

j

O?HN;
=IH
>IM
JL?GCIM
?H
CHP?MNCA;=C\H
?=IH\GC=;
JIL
?F
&HMNCNONI
>?

&HP?MNCA;=CIH?M
"=IH\GC=;M
&&"=

>?
F;
2+*
"F
JLCG?LI
?H

JIL
MO
FC<LI
l-LI>O=CL
J;L;
HIMINLIM

LCMCM
?=IH\GC=;
S
>?M;LLIFFI
>?F
M?=NIL
MI=C;Fm
"F
M?AOH>I
?H
 
JIL
?F
?HM;SI
l);
;>GCHCMNL;=C\H

>?F
A;MNI
J]<FC=I
;ALIJ?=O;LCI
 
 m
ONIL
>?F
FC<LI
l*YRC=I
>?F
?GJI<L?=CGC?HNI
;F
<C?H?MN;L

>
\@3>
67
>3
9>A43>;L35;R@Z
-&%
 

A>G?@;EF3
EA4D7
F7?3E
75A@R?;5AE
K
EA5;3>7E
7@
6;H7DEAE

J?LC\>C=IM

 Tomo I
La Economía y las Finanzas Públicas

"F
GI>?FI
HI
B;
FIAL;>I
=IHDOA;L
?F
H?=?M;LCI
?KOCFC<LCI
G;=LI?=IH\GC=I
CHN?LHI

=IH
INLI
?KOCFC<LCI
CAO;FG?HN?
CH>CMJ?HM;<F?
?F
>?
MOM
L?F;=CIH?M
=IG?L=C;F?M
S

\@3@5;7D3E
5A@
7>
7JF7D;AD


>?GXM
?F
>?M?KOCFC<LCI
?RN?LHI
?RJL?M;>I
MI<L?
NI>I
?H
F;M
<;F;HT;M
>?
L?HN;
S
>?

=O?HN;
=ILLC?HN?
M?
;MI=C;
;
OH;
<;D;
>CHXGC=;
>?
=L?=CGC?HNI
>?
F;
?=IHIGZ;
L?;F

3CMNI
?H
MO
=IHDOHNI
?F
;J;L;NI
JLI>O=NCPI
M?
=;L;=N?LCT;
JIL
=;J;=C>;>?M
?RCMN?HN?M

MO<
;JLIP?=B;>;M
<;D;
L?HN;<CFC>;>
A?H?L;FCT;>;
S
F;
J;L;FCT;=C\H
>?
;FAOH;M
>?
MOM

JIL=CIH?M
G;SILG?HN?
;MI=C;>;M
;
F;
A?H?L;=C\H
>?
?GJF?I
S
;F
G?L=;>I
CHN?LHI

!?
HO?P;
=O?HN;
?F
GI>?FI
B;
;=OGOF;>I
>?M?KOCFC<LCIM
KO?
FI
@L;ACFCT;H
;HN?
OH

7@FAD@A
HA>NF;>
7@
>A
\@3@5;7DA
K
53D35F7D;L36A
BAD
>3
EA4D7BDA6G55;R@

J;EF7
7>
D;7E9A

N;HNI
>?
OH
M?P?LI
;DOMN?
?RN?LHI
=IGI
>?
F;
>?MNLO==C\H
>?
M?AG?HNIM
JLI>O=NCPIM

?MNL?=B;G?HN?
;MI=C;>IM
;F
<C?H?MN;L
G;SILCN;LCI


N?H>?L
?F
JLI<F?G;
>?G;H>;
=IH>O=CL
OH
JLI=?MI
;>GCHCMNL;>I
S
JL?P?HNCPI
>CMNCHNI

;F
G?LI
>?D;LHIM
FF?P;L
JIL
?F
CHG?>C;NCMGI
S
F;
PIF;NCFC>;>
>?F
G?L=;>I
"MN?
?HM;SI
?M
IJNCGCMN;
IHMC>?L;
JIMC<F?
OH;
M;FC>;
L;TIH;<F?
JLIJC=C;
;
F;
CH=FOMC\H

BDA6G5F;H3
>3
6787@E3
K
GEA
7\5;7@F7
67
>3E
53B35;6367E
BDA6G5F;H3E
7J;EF7@F7E
K

;MI=C;>;
;F
CH=L?G?HNI
MO<MN;H=C;F
>?F
?GJF?I
S
?F
<C?H?MN;L
G;SILCN;LCI

-;L;
FIAL;LFI
M?
B;=?H
>IM
JLIJO?MN;M
>?
@IH>I
=ILL?==C\H
>?
>?M?KOCFC<LCIM

?35DA75A@R?;5AE
K
8ADF3>75;?;7@FA
67
G@
E75FAD
EA5;3>
67
>3
75A@A?P3
D767\@;6A
7@
EG

ILA;HCT;=C\H
S
@OH=CIH?M
S
;FC;>I
=IH
?F
"MN;>I
1I>I
>?HNLI
>?F
G;L=I
=IHMNCNO=CIH;F

?F
J;=NI
MI=C;F
<XMC=I
KO?
HIM
B?GIM
>;>I
FIM
G?RC=;HIM



1I>I
>?HNLI
>?F
G;L=I
=IHMNCNO=CIH;F
?F
J;=NI
MI=C;F
<XMC=I
KO?
HIM
B?GIM
>;>I
FIM

G?RC=;HIM


")
l*&)$/,
*"5& +,m


/" &*&"+1,
 ")"/!,
!"
)
&+!201/&
"HNL?

S

I=OLLC\
?F
FF;G;>I
lGCF;ALI
G?RC=;HIm
OH
F;LAI
J?LCI>I
>?

=L?=CGC?HNI
;=?F?L;>I
S
MIMN?HC>I
CH>OMNLC;F
S
;ALIJ?=O;LCI
;MI=C;>I
;
G?DIL;M

MO<MN;H=C;F?M
?H
?F
<C?H?MN;L
>?
F;
JI<F;=C\H
"F
=O;>LI
MCAOC?HN?
GO?MNL;
FIM
>;NIM

<XMC=IM
>?F
=L?=CGC?HNI
CH>OMNLC;F


 Tomo I
La Economía y las Finanzas Públicas

1;M;
*?>C;
HO;F
>?
L?=CGC?HNI
>?F
-&
>?F
0?=NIL
&H>OMNLC;F
S
>?
0O<M?=NIL?M
0?F?==CIH;>IM


 
IH=?JNI 
j
 
j
 




-LI>O=NI
&HN?LHI
LONI   

0?=NIL
&H>OMNLC;F   





*;HO@;=NOL;M
  





"H?LAZ;
"FY=NLC=;  











#O?HN?
;H=I
>?
*YRC=I
&H@ILG;=C\H
"=IH\GC=;
-LI>O=NI
&HN?LHI
<LONI
S
A;MNI


CN;>I

JIL
IL>?L;
/IF;H>I
S
,LCP?
>IF@I
?H
"IE60<
;1B@A?6.96G.06L;
'B/<?16;.1.
IL>?L;
/IF;H>I

0?F?==C\H
>?
?HM;SIM
!?M;LLIFFI
S
=LCMCM
>?
F;
?=IHIGZ;
G?RC=;H;#IH>I
>?
OFNOL;
"=IH\GC=;

*YRC=I


);
;=?F?L;>;
CH>OMNLC;FCT;=C\H
>?F
J?LCI>I
@O?
?F
L?MOFN;>I
>?
OH;
?MNL;N?AC;

>?
CHN?LP?H=C\H
>?=C>C>;
>?F
"MN;>I
?H
F;
JLI>O==C\H
>?
CHMOGIM
JLI>O=NCPIM

CHP?LMC\H
?H
CH@L;?MNLO=NOL;
L?AOF;=C\H
>?F
G?L=;>I
>?
;<;MNIM
J;L;
?F
=IHMOGI

<XMC=I
;>GCHCMNL;=C\H
>?F
=IG?L=CI
?RN?LCIL
NI>;
?FF;
ILC?HN;>;
JIL
OH;
JIFZNC=;
>?

MO<MNCNO=C\H
>?
CGJILN;=CIH?M

"F
CH=L?G?HNI
>?
F;
JLI>O==C\H
M?
ILC?HN\
;F
=IHMOGI
CHN?LHI
1;F
?MNL;N?AC;

;J;L?HN?G?HN?
?RCNIM;
M?
NL;>ODI
HI
I<MN;HN?
?H
=L?=C?HN?M
>?M?KOCFC<LCIM
?RN?LHIM

K
\E53>7E
7@
>3
?76;63
7@
CG7
>3
;@6GEFD;3>;L35;R@
7D3
3>F3?7@F7
67B7@6;7@F7
67

;?BADF35;A@7E
7JF7D@3E
CG7
@A
BA6P3
\@3@5;3D
BAD
EP
?;E?3

(AD
>A
CG7
67B7@6P3
67>

\@3@5;3?;7@FA
67
AFDAE
E75FAD7E
67
>3
75A@A?P3
@35;A@3>
K
67>
7JF7D;AD


")
!"0//,)),
$/r ,)
0201"+1,
!"
)
&+!201/&)&7 &s+

"F
lGCF;ALI
G?RC=;HIm
?M
OMO;FG?HN?
PCMNI
>?M>?
F;
J?LMJ?=NCP;
>?F
HIN;<F?
=L?=CGC?HNI

CH>OMNLC;F
0CH
?G<;LAI
HI
M?LZ;
?HN?H>C<F?
?H
MOM
@;M?M
>?
=L?=CGC?HNI
;=?F?L;>I
>?


;

HC
?H
F;
>?
MO
;AIN;GC?HNI
S
=LCMCM
?H
FIM
;[IM
M?N?HN;
MCH
I<M?LP;L
F;

?PIFO=C\H
>?F
>?M;LLIFFI
LOL;F

!?

;

I=OLLC\
OH
;=?F?L;>I
CH=L?G?HNI
>?
F;
JLI>O==C\H
;ALZ=IF;
?RJFC=;>I

BAD
>3
5A@<G@5;R@
67
>3
7JB3@E;R@
67
>3
EGB7D\5;7
5G>F;H363
7
;@5D7?7@FA
67
>AE

L?H>CGC?HNIM
JIL
B?=NXL?;


 Tomo I
La Economía y las Finanzas Públicas

$3
EGB7D\5;7
5AE75:363
CG7
3E57@6P3
3



?;>>A@7E
67
:75FND73E
7@

EG4;R
3



?;>>A@7E
B3D3


>
D7B3DFA
39D3D;A
>A9DR
:357D
BDA6G5;D
G@3
H3EF3
EGB7D\5;7

;HN?LCILG?HN?
I=CIM;
#O?LN?M
CHP?LMCIH?M
J]<FC=;M
?H
CH@L;?MNLO=NOL;
BC>LXOFC=;
?F?P;LIH

7@
B3DF;5G>3D
>3
EGB7D\5;7
;DD;9363
67


?;>>A@7E
67
:75FND73E
7@

3


?;>>A@7E

?H

>?GXM
?F
;P;H=?
N?=HIF\AC=I
S
>?
JLI>O=NCPC>;>
@O?
CGJILN;HN?
"HNL?
?F
J?LCI>I



S
?F
>?


FIM
L?H>CGC?HNIM
?H
N?GJIL;F
=;MC
M?
>OJFC=;LIH
S
FIM
>?
LC?AI

M?
NLCJFC=;LIH
"H
?F
=;MI
>?F
JLCH=CJ;F
;FCG?HNI
>?
F;
JI<F;=C\H
?F
G;ZT
F;
JLI>O==C\H

G?>C;
M?
CH=L?G?HN\
>?
 
EA
JIL
B?=NXL?;
?H


;
 
?H



)I
GXM
L?F?P;HN?
?M
KO?
?F
=IHMOGI
;J;L?HN?
J?L
=XJCN;
;HO;F
M?
?F?P\
?HNL?
?MIM
GCMGIM

J?LCI>IM
>?
 
EA
;

EA
?H
?F
=;MI
>?F
G;ZT
S
>?

EA
;

EA
J;L;
?F

@LCDIF
,=OLLC\
=IGI
OH
CH=L?G?HNI
>CMJ?LMI
CH=FOS?HN?
>?
F;
JLI>O==C\H
=;GJ?MCH;

=IH
@O?LN?
?F?P;=C\H
>?
F;
HONLC=C\H
S
<C?H?MN;L
>?
F;
JI<F;=C\H
LOL;F

>?GXM
>?
?F?P;LM?
?F
=IHMOGI
CHN?LHI
M?
GOFNCJFC=;LIH
F;M
?RJILN;=CIH?M
"H
?F
F;JMI



M?
CGJILN;LIH

GCF
NIH?F;>;M
>?
G;ZT
S
?H


M?
?RJILN\
GXM
>?

OH
GCFF\H
>?
NIH?F;>;M
-;L;
?F
=;MI
>?F
@LCDIF
?H
?F
JLCG?L
J?LCI>I
M?
?RJILN;LIH

GCF

NIH?F;>;M
S
?H
?F
M?AOH>I
>C?T
P?=?M
GXM
);
JLI>O==C\H
=IHMOGI
S
?RJILN;=CIH?M
>?

;LLIT
M?
=IGJILN;LIH
>?
G;H?L;
MCGCF;L
1;H
HIN;<F?
S
MIMN?HC>I
CH=L?G?HNI
>?
F;
JLI>O==C\H
;ALZ=IF;
M?
?RJFC=;
JIL
OH;
JIFZNC=;

KO?
;MI=C\
?F
L?J;LNI
;AL;LCI
;F
>?=C>C>I
@IG?HNI
CHMNCNO=CIH;F
);
CHP?LMC\H
J]<FC=;
?H
?F

M?=NIL
;ALZ=IF;
=L?=C\
;F

JIL
=C?HNI
;HO;F
>?

;
 
!?MN;=;
F;
CHP?LMC\H
?H
I<L;M

67
D;79A
B7DA
F3?4;O@
>3
5A@\9GD35;R@
67
G@3
5A@EF7>35;R@
67
7?BD7E3E
BS4>;53E
CG7

J;LNC=CJ;<;H
?H
F;
=IG?L=C;FCT;=C\H
>?
F;
JLI>O==C\H
LOL;F
F;
NL;HM@ILG;=C\H
S
;<;MNI

>?
;FCG?HNIM
>?
=IHMOGI
JIJOF;L
?F
=LY>CNI
S
?F
;M?AOL;GC?HNI
LOL;F
F;
>CMNLC<O=C\H

67
;@EG?AE
BDA6G5F;HAE
7>
67E3DDA>>A
D79;A@3>
K
>3
3F7@5;R@
3
E75FAD7E
7EB75P\5AE
67
>3

JLI>O==C\H




$AE
63FAE
67
EGB7D\5;7E
5AE75:363E
K
D7@6;?;7@FAE
BDAH;7@7@
67
!&!

EF36PEF;53E
;EFRD;53E
67

*YRC=I
 



"F
OMI
>?
F;
JLI>O==C\H
G?>C;
>?
=;>;
J?LCI>I
L?>O=?
?F
M?MAI
CHNLI>O=C>I
JIL
P;LC;=CIH?M
;HO;F?M

ILCACH;>;M
?H
P;LC;=CIH?M
G?N?ILIF\AC=;M
S
=ISOHNOL;F?M




-LI>O==C\H
H;=CIH;F
GXM
CGJILN;=CIH?M
G?HIM
CGJILN;=CIH?M



/I>LZAO?T
3;FF?DI
'IMY
);
-LI>O==C\H
S
F;
!?G;H>;
>?
$L;HIM
XMC=IM
?H
*YRC=I
/?PCMN;
IG?L=CI

"RN?LCIL
PIF

H]G

*YRC=I
DOFCI
>?





"HNL?
?FF;M
F;
IGJ;[Z;
+;=CIH;F
>?
0O<MCMN?H=C;M
-IJOF;L?M
IH;MOJI
ILO=IHM;
I>?A;M
/OL;F?M

IH;MOJI
+!0
FG;=?H?M
+;=CIH;F?M
>?
!?J\MCNI
0
*C=IHM;
*;ZT
&H>OMNLC;FCT;>I
IH;MOJI

0
)C=IHM;
)?=B?
&H>OMNLC;FCT;>;
IH;MOJI
0
1LC=IHM;
1LCAI
&H>OMNLC;FCT;>I
IH;MOJI
0

&=IHM;
&H>OMNLC;M
IH;MOJI
0
!C=IHM;
!CMNLC<OC>IL;
IH;MOJI
0
;HDC>;F
;H=I
+;=CIH;F
>?

LY>CNI
"DC>;F
JIMN?LCILG?HN?
;H=I
+;=CIH;F
>?
LY>CNI
/OL;F
H;AM;
M?AOL;>IL;
+;=CIH;F
ALZ=IF;

S
$;H;>?L;
#?LNCG?R
#?LNCFCT;HN?M
*?RC=;HIM
-LIH;M?
-LI>O=NIL;
+;=CIH;F
>?
0?GCFF;M
F<;G?R

;FCG?HNIM
<;F;H=?;>IM
G?RC=;HIM
1;<;G?R
N;<;=IM
G?RC=;HIM
&HG?=;@?
&HMNCNONI
G?RC=;HI
>?F
=;@Y



 Tomo I
La Economía y las Finanzas Públicas

"F
;JISI
>?=C>C>I
;F
=;GJI
M?
MIMNOPI
B;MN;
G?>C;>IM
>?
FIM
;[IM
=CH=O?HN;
S
?HNL\

?H
JLIAL?MCPI
>?N?LCILI
2H
?D?GJFI
?M
F;
?MNL;N?AC;
>?F
G?L=;>I
>?
AL;HIM
<XMC=IM

"MN;
M?
CHC=C\
?H

S
M?
=IHMIFC>;
=IH
?F
?MN;<F?=CGC?HNI
>?
JL?=CIM
>?
A;L;HNZ;
;

J;LNCL
>?

0O
?@?=NI
JIMCNCPI
?H
F;
JLI>O==C\H
S
?F
<C?H?MN;L
LOL;F?M
@O?
HIN;<F?

B;MN;
JLCH=CJCIM
>?
FIM
;[IM
M?M?HN;
J;L;
GXM
;>?F;HN?
=IHP?LNCLM?
?H
@;=NIL
>?F

>?N?LCILI
L?;F
>?F
CHAL?MI
LOL;F
S
L?P?LNCL
MO
CGJ;=NI
)IM
;JISIM
M?
BC=C?LIH
GO=BI

GXM
M?F?=NCPIM
JLCPCF?AC;H>I
F;
JLI>O==C\H
=IG?L=C;F
>?
LC?AI
!?

;

?F

D;79A
E7
7JB3@6;R
7@


?;>>A@7E
67
:75FND73E
?;7@FD3E
CG7
>3
EGB7D\5;7
5AE75:363
67

N?GJIL;F
M?
L?>ODI
?H

GCFFIH?M


)
"01/1"$&
!"
&+!201/&)&7 &s+
3r
0201&12 &s+
!"

&*-,/1 &,+"0

-1/s+
!"
,+02*,
1" +,),$r
"
&+3"/0&s+
&+!201/&)

);
MO<MNCNO=C\H
>?
CGJILN;=CIH?M
0&
M?
=;L;=N?LCT\
JIL
OH
J;NL\H
>?
=IHMOGI

S
N?=HIFIAZ;
>?N?LGCH;>I
JIL
F;
I@?LN;
?RN?LH;
>CM?[;>I
J;L;
F;
=F;M?
G?>C;

HILN?;G?LC=;H;
S
;D?HI
;
F;M
=;L;=N?LZMNC=;M
>?F
G?L=;>I
CHN?LHI
G?RC=;HI
+I
BO<I

?H
F;
?MNL;N?AC;
?M@O?LTIM
>?
;>;JN;=C\H
N?=HIF\AC=;
J;L;
=L?;L
OH;
I@?LN;
>?
<C?H?M
>?

=;JCN;F
;JLIJC;>IM
;
OH
@ILG;NI
>?
CHP?LMC\H
LOL;F
S
OL<;H;
>CMJ?LM;
S
;JLIJC;>;
;F

G?L=;>I
CHN?LHI
?H
MO
P?LNC?HN?
>?
=IHMOGI
JIJOF;L

$3
+!
5A@\9GDR
G@
?7D536A
3BDAB;36A
3
EG
A87DF3
?NE
CG7
363BF3DE7
3>
7J;EF7@F7


!?N?LGCH\
OH;
CGCN;=C\H
>?F
J;NL\H
>?
=IHMOGI
HILN?;G?LC=;HI
KO?
?H
HO?MNLI
=;MI

MIFI
JO>I
M?L
FCGCN;>I
?FCNCMN;
S
=OS;
?RJ;HMC\H
MIFI
JI>Z;
>;LM?
;
=IMN;
>?F
=IHMOGI

G;SILCN;LCI
"H
F;
G?>C>;
?H
KO?
;
G?>C;>IM
>?
FIM
;[IM
=CH=O?HN;
F;
CH>OMNLC;
NL;HMCN;

;
F;
MO<MNCNO=C\H
>?
<C?H?M
>?
=IHMOGI
>OL;>?LI
S
G?>CIM
>?
JLI>O==C\H
F;
CHP?LMC\H

M?
=;L;=N?LCT;
JIL
MO
=L?=C?HN?
=IH=?HNL;=C\H
?F
OMI
CHN?HMCPI
>?
=;JCN;F
?H
FOA;L
>?

G;HI
>?
I<L;
S
lM;FNIM
N?=HIF\AC=IMm




0;HNISI
/;@;?F
);
-IFZNC=;
>?
-L?=CIM
>?
$;L;HNZ;
/?PCMN;
!?GIAL;@Z;
S
"=IHIGZ;
5&



!CMJIHC<F?
?H
CHN?LH?N




l2HI
>?
FIM
G?=;HCMGIM
>?
JIF;LCT;=C\H
?HNL?
?F
=;GJI
S
F;M
TIH;M
OL<;H;M
?M
?F
MCMN?G;
>?
JL?=CIM

"H
N;HNI
FIM
JL?=CIM
>?
NI>IM
FIM
JLI>O=NIM
M?
?F?P;<;H
FIM
JL?=CIM
>?
A;L;HNZ;
>?
FIM
JLCH=CJ;F?M
<C?H?M

;ALZ=IF;M
M?
G;HNOPC?LIH
MCH
P;LC;=C\H
>OL;HN?
F;LAIM
J?LCI>IM
"H
?F
=;MI
>?F
;LLIT
>OL;HN?

;[IM
>?F

@LCDIF

>?F
G;ZT

>?F
NLCAI

S
=O;H>I
P;LC\
?H

>CMGCHOS\
>?

;

J?MIM
JIL
NIH?F;>;

?N=YN?L;
i
?MIM
JL?=CIM
@O?LIH
F;
G?DIL
A;L;HNZ;
>?
KO?
FIM
=;GJ?MCHIM
M?LZ;H
G;HN?HC>IM
?H
OH
JLI=?MI

=IHNCHOI
>?
>?J;OJ?L;=C\H
;<MIFON;
S
L?F;NCP;m
F;H=I
'IMY
"F
!?M;LLIFFI
>?
F;
LCMCM
?H
*YRC=I


j

?H
IL>?L;
/IF;H>I
=IIL>CH;>IL
l!?M;LLIFFI
S
LCMCM
>?
F;
"=IHIGZ;
*?RC=;H;m
#IH>I
>?

OFNOL;
"=IH\GC=;
*YRC=I





&+"$&
"MN;>ZMNC=;M
%CMN\LC=;M
>?
*YRC=I
 

 Tomo I
La Economía y las Finanzas Públicas

0?
NL;N\
>?
OH
ACLI
@OH>;G?HN;F
L?MJ?=NI
>?
F;
;HN?LCIL
?MNL;N?AC;
>?
=;JCN;FCT;=C\H

>CMJ?LM;
GXM
;DOMN;>;
;
F;
>CMNLC<O=C\H
>?
L?=OLMIM
JLI>O=NCPIM
>?F
J;ZM


-/,1" &s+
6
#&++ &*&"+1,

)
0&


 
"F
=L?=CGC?HNI
CH>OMNLC;F
JIL
F;
PZ;
>?
F;
MO<MNCNO=C\H
>?
CGJILN;=CIH?M
L?KOCLC\
OH;

;=NCP;
CHN?LP?H=C\H
>?F
"MN;>I
J;L;
@;PIL?=?LFI
G?>C;HN?
NL;HM@?L?H=C;M
G;MCP;M
>?F

L?MNI
>?
F;
?=IHIGZ;
!?MN;=;H
?H
?MN?
M?HNC>I

;
2H;
JIFZNC=;
GIH?N;LC;
=;L;=N?LCT;>;
JIL

;[IM
>?
J;LC>;>
=IHNLIF;>;
;

G@
F;BA
67
53?4;A
67


B7EAE
BAD
6R>3D

363
>3
;@]35;R@
;@F7D@3
7EFA
;?B>;5R
G@3

=L?=C?HN?
MI<L?P;FO;=C\H
>?
F;
GIH?>;
H;=CIH;F
!?
?MN?
GI>I
FIM
?RJILN;>IL?M
MI<L?

NI>I
;ALZ=IF;M
PC?LIH
L?>O=CLM?
=IHNCHO;G?HN?
MOM
CHAL?MIM
L?;F?M
?H
=IHNL;J;LN?
FIM

CGJILN;>IL?M
I<N?HZ;H
>\F;L?M
=;>;
P?T
GXM
<;L;NIM
?H
NYLGCHIM
L?;F?M

<
"F
?MN;H=;GC?HNI
>?
FIM
JL?=CIM
>?
A;L;HNZ;
;ALZ=IF;M
OH
@;=NIL
;>C=CIH;F
>?

F;
L?>O==C\H
>?
CHAL?MIM
L?;F?M
>?
FIM
JLI>O=NIL?M
S
>?
NL;HM@?L?H=C;
I
MO<MC>CI
;
FIM

<C?H?M
M;F;LCIM
>?
FIM
NL;<;D;>IL?M
OL<;HIM
#;=NIL
=?HNL;F
>?
F;
=IHN?H=C\H
?
CH=FOMI

>?N?LCILI
L?;F
>?
FIM
M;F;LCIM
CH>OMNLC;F?M

=
)IM
;P;H=?M
>?
<C?H?MN;L
JL?PCIM
=IHMNCNOS?LIH
OH
l=;JCN;Fm
;=OGOF;>I

KO?
J?LGCNC\
>?M=OC>;L
?F
A;MNI
?H
<C?H?MN;L
MI=C;F
J;L;
=?HNL;LFI
?H
CHP?LMCIH?M
?H

CH@L;?MNLO=NOL;
S
NL;HM@?L?H=C;M
>?F
M?=NIL
J]<FC=I
;
F;
CH>OMNLC;

l);
CHP?LMC\H
?H
@IG?HNI
CH>OMNLC;F
?F?=NLC=C>;>
J?NL\F?I
A;M
S
INL;M
CH>OMNLC;M
J;M\

>?
L?JL?M?HN;L
?F

>?F
NIN;F
>?
F;
CHP?LMC\H
J]<FC=;
?H

;F

S
 
J;L;


S

L?MJ?=NCP;G?HN?m
);
?RJLIJC;=C\H
J?NLIF?L;
M?
NL;>ODI
?H
OH;
CGJILN;HN?

<;D;
>?
MOM
JL?=CIM
);
JLI>O==C\H
>?
J?NL\F?I
GXM
KO?
M?
>OJFC=\
?HNL?


F;

>?
?H?LAZ;
?FY=NLC=;
=;MC
M?
=O;>LOJFC=\
S
F;
L?>
>?
=;GCHIM
GXM
KO?
M?
NLCJFC=\

>
E75FAD
BS4>;5A
BDA6G5F;HA
E;9G;R
G@3
BA>PF;53
67
BD75;AE
CG7
>7
E;9@;\5R
G@3

L?HN;<CFC>;>
<;D;
I
H?A;NCP;
S
?H
=IHNL;J;LN?
@ILN;F?=C\
F;
L?HN;<CFC>;>
JLCP;>;




Y 34P3
BA5A
>G93D
7@
>3
\>AEA8P3
67
ND67@3E
B3D3
5A@EFDG;D
B>3@F3E
;@6GEFD;3>7E
67
9D3@
7E53>3
A
57@FDAE

OL<;HI
CH>OMNLC;F?M
);
CH>OMNLC;
>?<?LZ;
M?L
NL;Z>;
;
F;
JI<F;=C\H
LOL;F
;
MOM
J?KO?[;M
;F>?;Mm
0;H>@IL>

*IME
&H>OMNLC;F
/?PIFONCIH
CH
*?RC=I
2HCP?LMCNS
I@
;FC@ILHC;
-L?MM

J

CN;>I
JIL
3CFF;LL?;F

 




3CFF;LL?;F
/?HY
&H>OMNLC;FCT;=C\H
=IGJ?NCNCPC>;>
S
>?M?KOCFC<LCI
?RN?LHI
?H
*YRC=I
2H
?H@IKO?

?35DA
;@6GEFD;3>
K
\@3@5;7DA
   

A@6A
67
G>FGD3
5A@R?;53
%OJ;5A


BN9








l-;L;
?F
J?LCI>I


F;M
?GJL?M;M
J]<FC=;M
B;<Z;H
NL;HM@?LC>I
 
GCFFIH?M
>?
J?MIM
;F

M?=NIL
CH>OMNLC;F
;
NL;PYM
>?
F;
JIFZNC=;
>?
aJL?=CIM
MI=C;F?Ma
?H
?F?=NLC=C>;>
NL;HMJILN?
JIL
#?LLI=;LLCF?M

+;=CIH;F?M
S
J?NL\F?IMm
'?M]M
-O?HN?
)?SP;
=CN;>I
JIL
3CFF;LL?;F
<=
6A
JXA




 Tomo I
La Economía y las Finanzas Públicas

6
3<A
5AEFA
\E53>

$3
B3DF;5;B35;R@
67
>AE
;?BG7EFAE
7@
7>
;@9D7EA
@35;A@3>

>CMGCHOS\
>?

?H

;

?H

>
\@3@5;3?;7@FA
67>
EF36A
E7
43ER
7@

?F
?H>?O>;GC?HNI
CHN?LHI
S
?RN?LHI
?
-LIN?==C\H
;
F;
JLI>O==C\H
CH>OMNLC;F
0?
?PCN;LIH
F;M
CGJILN;=CIH?M
?R=?MCP;M

KO?
JI>LZ;
A?H?L;L
F;
MI<L?P;FO;=C\H
G?>C;HN?
?F
=IHNLIF
=O;HNCN;NCPI
S
G?>C;HN?

;L;H=?F?M
>?
F;M
CGJILN;=CIH?M
"H

?F

JIL
=C?HNI
>?
F;M
CGJILN;=CIH?M
NIN;F?M

@OH>;G?HN;FG?HN?
>?
G;HO@;=NOL;M
L?KO?LZ;H
J?LGCMIM
JL?PCIM
>?
CGJILN;=C\H
?H


F;
JLIJIL=C\H
;M=?H>Z;
;
=;MC
?F

JIL
=C?HNI
>?GXM
?RCMNZ;
OH;
;FN;
JLIN?==C\H

;L;H=?F;LC;
J;L;
?F
M?=NIL
G;HO@;=NOL?LI
);
0&
@O?
JIMC<F?
?H
F;
G?>C>;
?H
KO?
=IH=?HNL\
F;M
=;J;=C>;>?M
>?
;=OGOF;=C\H

JLI>O=NCP;
>?
NI>I
?F
J;ZM
;
=IMN;
>?
F;
?LIMC\H
>?
FIM
;P;H=?M
JLI>O=NCPIM
S
?H

<C?H?MN;L
G;SILCN;LCI
A?H?L\
F;
?MNL;N?AC;
JL?PC;
>?
=;JCN;FCT;=C\H
A?H?L;FCT;>;


!"0".2&)&/&,
"51"/+,
6
/2-12/
!"
)
0&
T
(OD6;63
67>
6;@3?;E?A
39DP5A>3

"F
MOJ?LXPCN
>?
F;
<;F;HT;
=IG?L=C;F
;ALIJ?=O;LC;
?H
;FT;
B;MN;

?HNL;
?H

67F7D;ADA
K
B3D3

D79;EFD3
G@
;?BADF3@F7
6O\5;F
67
?7@AE

?;>>A@7E
67
B7EAE


J;LNCL
>?

M?
L?>O=?
F;
JLI>O==C\H
>?
G;ZT
S
F;
>?
@LCDIF
;
J;LNCL
>?
 
G<;M

E7
D7>35;A@3@
5A@
>3
6;E?;@G5;R@
67
>3
EGB7D\5;7E
5AE75:363
67
F7?BAD3>
CG7
67


GCFFIH?M
>?
B;M
"H

<;D\
;

GCFFIH?M
?H

"H
?M?
]FNCGI
;[I
F;M

CGJILN;=CIH?M
;M=?H>C?LIH
;
=;MC
F;
=O;LN;
J;LN?
>?
F;
JLI>O==C\H
CHN?LH;
>?
G;ZT
;
F;M

KO?
M?
;[;>C?LIH
@O?LN?M
CGJILN;=CIH?M
>?
NLCAI
@LCDIF
S
MILAI
)I
KO?
M?
?RJFC=;
JIL
F;

=IHDOH=C\H
>?F
>?N?LCILI
>?
F;
L?HN;<CFC>;>
CHN?LH;
=IH
F;
MI<L?P;FO;=C\H
>?
F;
GIH?>;
@
G@
BDA57EA
67
67F7D;ADA
BDA9D7E;HA
>3
39D;5G>FGD3
B3ER
67
8G7@F7
67
\@3@5;3?;7@FA

3
5A@H7DF;DE7
7@
G@3
53D93
\@3@5;7D3
K
EA5;3>




3CFF;LL?;F
JXA
 





l*C?HNL;M
KO?
?H

F;
>?O>;
J]<FC=;
L?JL?M?HN\
?F
 
>?F
-&
?H

M?
?F?P\
;F

>?F
=O;F

=;MC
F;
GCN;>
?L;
?H>?O>;GC?HNI
?RN?LHIm
3CFF;LL?;F
JXA






T/61
JXA





)I
KO?
=IHNL;MN;<;
=IH
F;
?M=;M;
JLIN?==C\H
;
F;
;ALC=OFNOL;
li
F;
JLIN?==C\H
?@?=NCP;
;L;H=?F;LC;
KO?

L?=C<C\
?F
M?=NIL
JLCG;LCI
@O?
;J?H;M
>?

S
>?F

J;L;
?F
M?=NIL
G;HO@;=NOL?LIim
/J1
JXA







/IM
';CG?
"=IHIGZ;
*?RC=;H;
"PIFO=C\H
/?=C?HN?
S
-?LMJ?=NCP;M
-

"H
IL>?L;
=IIL>CH;>IL






;MN?FF
;H=CHI
'ILA?
S
/?FFI
"MJCHIT;
#?LH;H>I
);M
!?MP?HNOL;M
>?
OH
-LIS?=NI
AL;LCI


J


"H
IL>?L;
=IIL>CH;>IL



 Tomo I
La Economía y las Finanzas Públicas

T
;@3@5;3?;7@FA
7JF7D@A

$3E
8G7@F7E
;@F7D@3E
67
\@3@5;3?;7@FA
8G7DA@
5D75;7@F7?7@F7
EGEF;FG;63E
BAD

?H>?O>;GC?HNI
?RN?LHI
?
CHP?LMC\H
?RNL;HD?L;
>CL?=N;
MIFI
KO?
;G<IM
NCJIM
>?

?H>?O>;GC?HNI
=L?;H
I<FCA;=CIH?M
>?
J;AI
;F
?RN?LCIL
"F
J;AI
;
F;
L?HN;
>?F
=;JCN;F

?RNL;HD?LI
L?JL?M?HN;<;
?F

>?
F;M
CGJILN;=CIH?M
NIN;F?M
?H

S
MO<C\
;F
 
;

\@7E
67
>AE
E7E7@F3



#&+
!"
)
"01/1"$&
!"
0201&12 &s+
!"

&*-,/1 &,+"0
"F
FIALI
>?F
GI>?FI
>?
=L?=CGC?HNI
?MN;<CFCT;>IL
@O?
B;<?L
;F=;HT;>I
OH
?KOCFC<LCI

CHN?LHI
=IGJF?NI
=L?=CGC?HNI
=IH
?MN;<CFC>;>
>?
JL?=CIM
;
=IMN;
>?
OH
=IHNCHOI
S

B7D?3@7@F7
67E7CG;>;4D;A
7JF7D@A
\@3@5;36A
5A@
53B;F3>
7JFD3@<7DA
K
67
G@
5D75;7@F7

6O\5;F
9G47D@3?7@F3>
67>
9A4;7D@A
8767D3>
K
7?BD7E3E
BS4>;53E
\@3@5;36A
5A@

?H>?O>;GC?HNI
CHN?LHI
S
?RN?LHI
1;F
;=OGOF;=C\H
>?
>?M?KOCFC<LCIM
B;<LZ;
>?
;=;<;L
=IH
?F
GI>?FI
);
>?P;FO;=C\H

>?
;AIMNI
>?

6747DP3
:347D
?3D536A
EG
\@3>

+;@
7?43D9A
G@
B3D
67
3QAE

GXM
N;L>?
F;
JLI>O==C\H
>?
HO?PIM
S;=CGC?HNIM
J?NLIF?LIM
B;<LZ;
>?
A?H?L;L
HO?PI

\@3@5;3?;7@FA
3EA5;36A
F3@FA
3
>3
7JBADF35;R@
67
7@7D9OF;5AE
5A?A
3
>3
3?B>;35;R@

>?F
=LY>CNI
?RN?LHI

,3>
4A@3@L3
@A
8G7
3BDAH75:363
B3D3
5A@\9GD3D
G@
?A67>A
67
5D75;?;7@FA
EGEF7@F34>7

MCHI
OH
GI>?FI
J?NLIF?LI
=IH
CGJILN;HN?
CH=L?G?HNI
>?F
=IHMOGI
MOMN?HN;>I
N;HNI

=IH
JLI>O==C\H
CHN?LH;
=IGI
=IH
G;SIL?M
CGJILN;=CIH?M

(3D3

7>
6O\5;F
?3@G835FGD7DA
>>79R
3


?;>
?;>>A@7E
67
6R>3D7E
X??6X

GC?HNL;M
KO?
?F
MOJ?LXPCN
J?NLIF?LI
?L;
>?

GG>
!?
HO?PI
?F
=L?=CGC?HNI

?3@G835FGD7DA
D743ER
3>
\@3@5;3?;7@FA
67>
D7EFA
67
>3
75A@A?P3

$A
CG7
>>7HR
7@


;
OH;
>?P;FO;=C\H
;OH
G;SIL
KO?
F;
>?

;
F;
MOMJ?HMC\H
>?
J;AIM
>?
F;

>?O>;
?RN?LH;
S
;
OH;
@O?LN?
?F?P;=C\H
>?
F;M
N;M;M
>?
CHN?LYM


=IHNCHO;=C\H
M?
JLCILCT;LZ;
F;
MOJ?L;=C\H
>?F
>?M?KOCFC<LCI
?RN?LHI
S
?F
=IG<;N?
;
F;

;@]35;R@

>
6O\5;F
?3@G835FGD7DA
67


??6
7@

E7
5A@H;DF;R
7@
G@
B7CG7QA

MOJ?LXPCN
?H

"H
?M?
;[I
F;M
?RJILN;=CIH?M
G;HO@;=NOL?L;M
L?JL?M?HN;LIH
F;
GCN;>

>?
F;M
?RJILN;=CIH?M
>?F
J;ZM
);
<;F;HT;
=IG?L=C;F
J;M\
>?
G@
6O\5;F
67


?;>7E
67




@FD7

K

7>
7@67G63?;7@FA
7JF7D@A
\@3@5;343
EA>3?7@F7
7>

67>
6O\5;F
;@6GEFD;3>
K
7@


M?
B;<Z;
?F?P;>I
;F

/IM
';CG?
<=
06A
J




3CFF;LL?;F
<=
06A
J





/61
J;A




!?

;

J?MIM
JIL
>\F;L




3CFF;LL?;F
<=
6A
J


 Tomo I
La Economía y las Finanzas Públicas

GCFFIH?M
>?
J?MIM
kGGJk
;
OH
MOJ?LXPCN
>?

GGJ
=IHMN;HN?M
>?
 

);
?MNL;N?AC;
>?
;DOMN?
M?
MOMN?HN\
?H
OH;
J;LC>;>
=IGJ?NCNCP;
F;
L?>O==C\H
>?
FIM

M;F;LCIM
L?;F?M
>?
FIM
NL;<;D;>IL?M
?F
OMI
>?
=;J;=C>;>?M
I=CIM;M
S
F;
L?H?AI=C;=C\H

>?F
J;AI
>?
F;
>?O>;
?RN?LH;
<;DI
?F
=LCN?LCI
>?
KO?
MO
M?LPC=CI
>?<?
CL
;=IGJ;[;>I
>?

=L?=CGC?HNI
CHN?LHI
T
*7]7J;R@
EA4D7
>3
+!

l"F
M?=L?NIm
>?
F;
CH>OMNLC;FCT;=C\H
MO<MNCNONCP;
>?
CGJILN;=CIH?M
@O?
?F
HI
N;H

BG4>;5;F36A
Y?;>39DA
DGD3>Z
CG7
>A
BD7576;R
K
35A?B3QA
:3EF3
7@FD3D
7@
5A@];5FA
5A@

>3
7JB3@E;R@
;@6GEFD;3>
K
E7D
E35D;\536A

>
343@6A@A
67
>3
53B;F3>;L35;R@
6;EB7DE3

LOL;F
S
OL<;H;
@O?LN?G?HN?
;F
CH=L?G?HNI
>?F
<C?H?MN;L
A?H?L;F
S
F;
@ILG;=C\H
>?

OH
G?L=;>I
CHN?LHI
>?
=IHMOGI
G;SILCN;LCI
FF?P\
;F
>?N?LCILI
>?
F;M
=;J;=C>;>?M

67
\@3@5;3?;7@FA
67
G@3
;@6GEFD;3>;L35;R@
5A@57@FD363
3EA5;363
3>
;@5D7?7@FA
67
>3

;@7CG;636
K
\@3>?7@F7
@A
EGEF7@F34>7


#O?
?F
;<;H>IHI
>?
F;
?MNL;N?AC;
>?
MIJILN?
;
F;
=;JCN;FCT;=C\H
>CMJ?LM;
J;L;

=IH=?HNL;LM?
?H
?F
;JISI
;
F;
CH>OMNLC;FCT;=C\H
GXM
F;
=IHP?LMC\H
>?F
=;GJI
?H
@O?HN?

>?
NL;HM@?L?H=C;M
B;=C;
F;
CH>OMNLC;FCT;=C\H
FI
KO?
FF?P\
;F
>?N?LCILI
>?
MOM
=;J;=C>;>?M

67
\@3@5;3?;7@FA
;@6GEFD;3>
K
GD43@A
6R>3D7E
K
4;7@7E
E3>3D;A
43D3FAE

EFA
AD;9;@R

\@3>?7@F7
7>
BDA4>7?3
67
\@3@5;3?;7@FA
CG7
?3D5R
7>
7B;F3\A
67>
?;>39DA
75A@R?;5A

>?
*YRC=I


$),)&7 &s+
*YRC=I
?M
OH;
>?
F;M
?=IHIGZ;M
GXM
;<C?LN;M
;F
=IG?L=CI
CHN?LH;=CIH;F
>?F
GOH>I

J;LNCL

>?

MO
?PIFO=C\H
M?
?RJFC=;
=IGI
J;LN?
>?
F;
AFI<;FCT;=C\H
(DABA@7?AE
CG7
>3
9>A43>;L35;R@
7@
F3@FA
CG7
:75:A
75A@R?;5A
K
\@3@5;7DA
E7
67\@7

S
?M
JIMC<F?
JIL
?F
=L?=CGC?HNI
?RJIH?H=C;F
>?F
=LY>CNI
=IGI
CHMNLOG?HNI
L?F;NCP;G?HN?

HIP?>IMI
JIL
MOM
;F=;H=?M
>?
F;
A?H?L;=C\H
>?
>?G;H>;

"M
F;
l>?G;H>;
=L?>CNC=C;m
F;
KO?
J?LGCN?
F;
?RJ;HMC\H
?RJIH?H=C;F
>?
F;
JLI>O==C\H

CH>OMNLC;F
=?HNL;FCT;>;
S
AFI<;FCT;>;
N;HNI
F;
>?
F;M
JIN?H=C;M
CH>OMNLC;F?M
JLIJC;G?HN?

>C=B;M
=IGI
F;
>?
FIM
H]=F?IM
>?
JLI>O==C\H
AFI<;FCT;>;
CHM?LNIM
?H
F;M
?=IHIGZ;M

J?LC@YLC=;M
0CH
?G<;LAI
?F
>?M?KOCFC<LCI
CH>O=C>I
?H
CHN?L=;G<CI
?HNL?
=?HNLIM
S

B7D;87D;3E
K
7>
39AF3?;7@FA
67>
5DO6;FA
5A?A
835FAD
67
67?3@63
?3D53@
:AK
7@
6P3
7>
\@3>

>?
?MN;
?MNL;N?AC;
AFI<;FCT;>IL;




3CFF;LL?;F
<=
6A




"H
;JLIRCG;=C\H
ALO?M;
?F
PC?DI
lN?L=?L
GOH>Im

 Tomo I
La Economía y las Finanzas Públicas


*,!"),
q0& ,
!"
)
$),)&7 &s+


J;LNCL
>?
FIM
;[IM
M?N?HN;
M?
;=?HNO;LIH
F;M
MCAOC?HN?M
N?H>?H=C;M
T
!@5D7?7@FA
357>7D36A
K
EAEF7@;6A
67
>3
BDA6G5F;H;636

);
?=IHIGZ;
HILN?;G?LC=;H;
CFOMNL;
?MN;
N?H>?H=C;
!?

;F
 
F;
JLI>O==C\H
JIL

NL;<;D;>IL
HILN?;G?LC=;HI
HI
;ALIJ?=O;LCI
=L?=C\
;
OH;
N;M;
G?>C;
>?
 
;HO;F
?MN?

LCNGI
@O?
G;SIL

;HO;F
?HNL?

S
 
0?
GOFNCJFC=\
JIL

?F
JLI>O=NI
JIL

NL;<;D;>IL
?H
FIM
]FNCGIM

;[IM
?MN?
CH=L?G?HNI
HI
@O?
BIGIAYH?I
MCHI
GO=BI
G;SIL

?H
F;M
AL;H>?M
?GJL?M;M
=IH
N?=HIFIAZ;M
>?
JOHN;
T
;EFD;4G5;R@
;@7CG;F3F;H3
67
>AE
;@5D7?7@FAE
7@
BDA6G5F;H;636

7
@G7H3
5G7@F3
>AE
63FAE
@ADF73?7D;53@AE
7<7?B>;\53@
7>
53?4;A
67
F7@67@5;3E

7


;

F;
JLI>O=NCPC>;>
HI
;ALIJ?=O;LC;
M?
?F?P\
?H
 
S
FIM
CHAL?MIM
>?
FIM
BIA;L?M

?H
?F
GCMGI
JIL=?HN;D?
M?
G;HNOPI
?H
FI
?M?H=C;F
F;
>CMNLC<O=C\H
>?F
CHAL?MI
?HNL?
NL;<;DI

S
=;JCN;F

!?

;F
 
M?
CH=L?G?HN\
F;
JLI>O=NCPC>;>
HI
;ALIJ?=O;LC;
?H

S
?F
CHAL?MI
>?

FIM
BIA;L?M
?H
N;H
MIFI

0CH
?G<;LAI
?M?
GI>?L;>I
CH=L?G?HNI
M?
?RJFC=;
JIL
F;

?HNL;>;
G;MCP;
>?
F;M
GOD?L?M
;F
G?L=;>I
>?
NL;<;DI
S
HI
JIL
CH=L?G?HNI
>?F
M;F;LCI
L?;F

!?
B?=BI
>?

?H
;>?F;HN?
NI>I
?F
CH=L?G?HNI
>?F
CHAL?MI
B;
MC>I
J;L;
?F
 
GXM
LC=I

GC?HNL;M
?F
 
>?
F;
JI<F;=C\H
L?>ODI
MO
CHAL?MI
L?;F
!?

;
 
?F
M;F;LCI
GZHCGI

@?>?L;F
HILN?;G?LC=;HI
M?
L?>ODI
>?

;

>\F;L?M
=IHMN;HN?M
>?
  
F;
BIL;
"F
L?T;AI
M;F;LC;F
?M
OH;
N?H>?H=C;
AFI<;F
)IM
>;NIM
>?

J;ZM?M
CH>C=;H
KO?
>?M>?


F;
JLI>O=NCPC>;>
F;<IL;F
JLIG?>CI
;OG?HN\
?H
GXM
>?
>IM
P?=?M
FIM
M;F;LCIM
JLIG?>CI
?H

F;M
?=IHIGZ;M
>?M;LLIFF;>;M
CH=FOS?H>I
;
F?G;HC;
FIM
"MN;>IM
2HC>IM
S
';J\H
T
%A6;\535;R@
67
>AE
FOD?;@AE
67
;@F7D53?4;A




!;NIM
?F;<IL;>IM
JIL
FIM
;ONIL?M
MI<L?
CH@ILG;=C\H
>?F
l20
OL?;O
I@
);<IL
0N;NCMNC=Mm
JO<FC=;>IM

JIL
F;
/?M?LP;
#?>?L;F
+ILN?;G?LC=;H;
!CMJIHC<F?M
?H
CHN?LH?N
-IL
INL;
J;LN?
BO<I
J?LCI>IM
CH=FOMI

GXM
HIN;<F?M
li
?F
=L?=CGC?HNI
>?
F;
JLI>O=NCPC>;>
>?F
NL;<;DI
?H
FIM
]FNCGIM
=CH=I
;[IM
B;
JLIG?>C;>I

OH

;HO;F
=?L=;
>?

GXM
LXJC>I
KO?
FIM
CGJL?MCIH;HN?M
;P;H=?M
I=OLLC>IM
>OL;HN?

S
?F

 m
HHO;F
/?JILN
 
I;L>
I@
$IP?LHILM
I@
NB?
#?>?L;F
/?M?LP?
0SMN?G
!CMJIHC<F?
?H
CHN?LH?N

1L;>O==C\H
>?
FIM
;ONIL?M




);QL?H=?
?LHMN?CH
S
;FF?AL?NI
l1B?
0N;N?
I@
4ILECHA
G?LC=;
  m
ILH?FF
2HCP?LMCNS

(D7EE


;F3
7@
D3@5A
$RB7L
"AD97
Y%OJ;5A
67>
7?BA4D75;?;7@FA
3>
4;7@7EF3D

>
\@3>
67
>3

AFI<;FCT;=C\Hm
2+*
*YRC=I
 
-


0IH
N;G<CYH
L?=IG?H>;<F?M
$L??HBIOM?
0N?P?H
l1B?

CA
0KO??T?
1IOAB
1CG?M
@IL
NB?
G?LC=;H
4ILE?Lm
-O<FCMB?>
<S
F@L?>

(HIJ@
/;H>IG
%IOM?

20
 
-IL
INL;
J;LN?
=IH
OH;
J?LMJ?=NCP;
J?LCI>ZMNC=;
S
>?M=LCJNCP;
>?
FI
KO?
?M
MI<L?PCPCL
=IH

?F
M;F;LCI
GZHCGI
"BL?HL?C=B
;L<;L;
+C=E?F
;H>
!CG?>
,H
HIN
A?NNCHA
<S
CH
G?LC=;

%IFN

-;J?L<;=E
+?Q
6ILE
 




"=IHIGC=
-IFC=S
&HMNCNON?
=CN;>I
JIL
#L;H=I
)\J?T
 
-





)IM
>;NIM
>?F
M;F;LCI
GZHCGI
MIH
?H
>\F;L?M
=IHMN;HN?M
>?
  
#L;H=I
)\J?T
 
J





,&1
l&H@ILG?
*OH>C;F
MI<L?
0;F;LCIM
 
 m
-


 Tomo I
La Economía y las Finanzas Públicas

);
L?ILC?HN;=C\H
G;MCP;
>?
F;
JLI>O==C\H
J?LC@YLC=;
;
F;
?RJILN;=C\H
;=?F?L;>;
>?M>?
FIM

;[IM

JLIPI=\
OH;
MI<L?I@?LN;
>?
G;N?LC;M
JLCG;M
-IL
?F
=IHNL;LCI
?F
=IHMOGI
J?LC@YLC=I

>?
<C?H?M
CH>OMNLC;FCT;>IM
M?
@O?
;JIS;H>I
JIL
?F
?H>?O>;GC?HNI
0?
CH>ODI
OH
>?N?LCILI

67
>AE
FOD?;@AE
67
;@F7D53?4;A
CG7
E;9@;\5R
7@
>3
BDN5F;53
7JBADF3D
?NE
?3F7D;3E
BD;?3E

J;L;
I<N?H?L
;
=;G<CI
G?HIM
<C?H?M
CH>OMNLC;F?M
T
+A4D7BDA6G55;R@
EG467?3@63
G@3
EA>G5;R@
B3D5;3>
7
;@EGEF7@F34>7

"F
YRCNI
>?
FIM
M?=NIL?M
AFI<;FCT;>IM
?MNX
>?N?LGCH;>I
JIL
MO
=IGJ?NCNCPC>;>
?M
>?=CL
JIL

MO
=;J;=C>;>
J;L;
J;A;L
G?HIM
JIL
G;HI
>?
I<L;
CHMOGIM
?
CGJO?MNIM
F
?RJ;H>CL
MO

JLI>O==C\H
?H
G?L=;>IM
?MN;H=;>IM
>?N?LGCH;H
F;
?RJOFMC\H
>?
MOM
=IGJ?NC>IL?M
>?
G?HIL

JLI>O=NCPC>;>
J?LI
G;SIL
A?H?L;=C\H
L?F;NCP;
>?
>?G;H>;
FI
KO?
J;L;>\DC=;G?HN?

N?LGCH;
JIL
L?>O=CL
MO
JLIJCI
G?L=;>I
,=OLL?
OH
CH=L?G?HNI
;FN;G?HN?
=IH=?HNL;>I
>?
F;M
A;H;H=C;M
?H
F;M
?GJL?M;M
JOHN?L;M

67
>3
BDA6G5F;H;636
7@
B3D3>7>A
3
>3
;@EG\5;7@5;3
67
ABADFG@;6367E
67
;@H7DE;R@

$A
CG7

ILCACH;
OH;
@O?LN?
JL?MC\H
;
L?=IHP?LNCL
FIM
M?LPC=CIM
J]<FC=IM
S
F;
JLI>O==C\H
?MN;N;F
?H

=;GJIM
>?
CHP?LMC\H
JLCP;>;
)I
>?M=LCNI
B;<LZ;
G;L=;>I
OH
;FNI
N?GJL;HI
;
F;
AFI<;FCT;=C\H
>?
HI
B;<?L
A?H?L;>I
OH;

MIFO=C\H
;F
JLI<F?G;
L?ILC?HN;L
F;M
A;H;H=C;M
>?
F;
JLI>O==C\H
AFI<;FCT;>;
;
F;
A?H?L;=C\H

>?
l>?G;H>;
=L?>CNC=C;m
+;>;
M?[;F;
N;HNI
F;
CGJILN;H=C;
>?F
=LY>CNI
?H
N;HNI
KO?
A?H?L;>IL
>?
>?G;H>;
S

>CH;GCT;>IL
>?
F;
JLI>O==C\H
=IGI
?F
FF?A;L
;
MOM
FZGCN?M
"M
?HNIH=?M
KO?
?F
JLI<F?G;
>?

8A@6A
>3
EG467?3@63
EGD97
67
?3@7D3
53F3EFDR\53


,=OLLC\
JLCG?LI
?H
FIM
J;ZM?M
J?LC@YLC=IM
=IH
=LCMCM
KO?
HI
@O?LIH
PCMN;M
?H
MO
L?;F

CGJILN;H=C;
=IGI
M?[;F?M
>?
OH;
=LCMCM
A?H?L;F
&H=FOMI
M?
F?M
G?HIMJL?=C\
l?@?=NI

N?KOCF;m
l?@?=NI
N;HAIm
l?@?=NI
M;G<;m
S
GXM
=IGI
L?MOFN;>I
>?
>?<CFC>;>?M
H;=CIH;F?M

S
JIMC<F?M
>?
M?L
=IHN?HC>;M
?H
?MIM
?MJ;=CIM

0IH
F;M
AL;H>?M
=LCMCM
=?HNL;F?M
F;M
KO?
;=;<;H
JIL
B;=?L
?PC>?HN?
OH
JLI<F?G;
MCMNYGC=I

"H
 
?H
FIM
"MN;>IM
2HC>IM
M?
=IHMNLOS?LIH

GCFFIH?M
>?
HO?P;M
PCPC?H>;M
?H

 
;J?H;M

GCF
;J;=C>;>?M
S
L?=OLMIM
M?AOZ;H
MC?H>I
FIM
GCMGIM
J?LI
F;
>?G;H>;

=;S\




liBIS
N?H?GIM
KO?
?HNL?A;L
NL?M
P?=?M
=O;NLI
P?=?M
S
B;MN;
M?CM
P?=?M
GXM
;T]=;L
N?
=;@Y
=;=;I

B?H?KOYH
=IJL;
BC?LLI
<;ORCN;
=I<L?
?N=YN?L;
JIL
?F
GCMGI
JLI>O=NI
KO?
CGJILNX<;GIM
B;=?


;HIMm
#C>?F
;MNLI
>CM=OLMI
>?F

>?
M?JNC?G<L?
>?

)I=;FCT;<F?
?H
CHN?LH?N




0I<L?JLI>O==C\H
S
MO<>?G;H>;
MIH
FIM
>IM
F;>IM
>?
F;
GCMG;
GIH?>;
0IFI
KO?
?F
NYLGCHI
JL?@?LC>I

JO?>?
;MI=C;LM?
;
MIFO=CIH?M
>CMNCHN;M
%;<F;L
>?
MI<L?JLI>O==C\H
J;L?=?
CGJFC=;L
KO?
F;
L?MJO?MN;
?M
F;

>?MNLO==C\H
>?
=;J;=C>;>?M
?R=?>?HN?M
0O<>?G;H>;
CGJFC=;LZ;
JL?@?LCL
?F
@ILN;F?=CGC?HNI
>?
FIM
CHAL?MIM

>?
F;
JI<F;=C\H
?F
AI<C?LHI
S
FIM
JLI>O=NIL?M
JLCG;LCIM


 Tomo I
La Economía y las Finanzas Públicas


/" -&12) &s+
")
"+!"2!*&"+1,
*)

0,)2 &s+
)
-/,)"*
q0& ,
"H
F;
AFI<;FCT;=C\H
?F
?H>?O>;GC?HNI
>?
AI<C?LHIM
S
JI<F;=CIH?M
=?HNL;F?M
S
J?LC@YLC=;M

B;
MC>I
OH
G?=;HCMGI
>?
;FCPCI
;F
JLI<F?G;
>?
MO<>?G;H>;
A?H?L;>I
JIL
?F
L?T;AI

CH=FOMI
>?N?LCILI
?H
M;F;LCIM
S
?GJF?IM
J;AI
>?
CGJO?MNIM
S
JL?=CIM
>?
l=IGGI>CNC?Mm

#O?
OH;
MIFO=C\H
NL;HMCNILC;
S
HI
MOMN?HN;<F?
KO?
B;
JLIPI=;>I
?HILG?
CH?MN;<CFC>;>

J?LCI>IM
>?
<O?H
=L?=CGC?HNI
;MI=C;>I
;
;FNIM
HCP?F?M
>?
?H>?O>;GC?HNI
S
AIFJ?M
;<LOJNIM

>?
L?=?MC\H
JLI>O=NCP;
?GJI<L?=CGC?HNI
S
>?M?GJF?I
KO?
;<L?H
J;MI
;
OH;
MCAOC?HN?

IF?;>;
>?
AFI<;FCT;=C\H
<;M;>;
?H
G;SIL
?H>?O>;GC?HNI

E
@A
A4EF3@F7
G@3
7EFD3F79;3
CG7
FA53
3
EG
\@
E;@
CG7
3
@;H7>
?G@6;3>
A
@35;A@3>
E7
:3K3@

67\@;6A
7EFD3F79;3E
67
E3>;63

$3
5A@57@FD35;R@
67
>3
BDA6G5F;H;636
7@
5GDEA
EA>A
BG767

;P;HT;L
>?
F;
G;HI
>?
F;
G;SIL
CHONCFCT;=C\H
>?
=;J;=C>;>?M
JLI>O=NCP;M
J?LC@YLC=;M
2H;

M;FC>;
L?;F
N?H>LX
KO?
MOMN?HN;LM?
?H
OH
CH=L?G?HNI
>?
F;
>?G;H>;
M\FC>;
S
MOMN?HN;<F?
>?

N;F
G;AHCNO>
KO?
JO?>;
MO<MNCNOCL
;F
?H>?O>;GC?HNI
MCH
MOM
=IHM?=O?H=C;M
H?A;NCP;M


*V5& ,
")
-"/&,!,
$),)&7!,/


 

)
$/+
-"/12/

J;LNCL
>?

*YRC=I
M?
MOG\
=IH
?HNOMC;MGI
;
F;
AFI<;FCT;=C\H
1;F
lMCHNIHCT;=C\Hm

=IH
F;M
N?H>?H=C;M
CHN?LH;=CIH;F?M
CH=FOS\
F;
L?>O==C\H
>?
F;
CHN?LP?H=C\H
AO<?LH;G?HN;F

?H
F;
=IH>O==C\H
?=IH\GC=;
F;
JLCP;NCT;=C\H
>?
F;M
?GJL?M;M
J]<FC=;M
S
MI<L?
NI>I
F;

3FD355;R@
67
53B;F3>7E
7JF7D@AE
5A?A
8G7@F7
67
\@3@5;3?;7@FA
67
>3
75A@A?P3


"H=IHNL;GIM
?H
?F
-F;H
+;=CIH;F
>?
!?M;LLIFFI

j

F;
G?DIL
>?M=LCJ=C\H
>?
FI

I=OLLC>I
?HNL?

S


&H@ILNOH;>;G?HN?
?F
CH>CMJ?HM;<F?
JLI=?MI
>?
=;G<CI
?MNLO=NOL;F
HI
M?

?3F7D;3>;LR
7@
G@
5D75;?;7@FA
75A@R?;5A
E;9@;\53F;HA
3
B7E3D
67
CG7

?HNL?

S

?F
J;ZM
NOPI
?F
G;SIL
;BILLI
?RN?LHI
>?
MO
BCMNILC;
"H

?M?
F;JMI
F;
N;M;
JLIG?>CI
;HO;F
>?
=L?=CGC?HNI
>?F
-&
@O?
>?
NL?M
JIL

=C?HNI
0C
M?
NIG;
?H
=O?HN;
F;
NL;HM@ILG;=C\H
?MNLO=NOL;F
S
?F
=O;HNCIMI

;BILLI
?RN?LHI
>CMJIHC<F?
JO?>?
P?LM?
KO?
?F
=L?=CGC?HNI
?=IH\GC=I
>?

?MIM
;[IM
L?MOFN\
J;LNC=OF;LG?HN?
L?>O=C>I
"M
GOS
CFOMNL;NCPI
?F
=;MI
>?


=O;H>I
CHAL?M\
;BILLI
?RN?LHI
?KOCP;F?HN?
;
=;MC
MC?N?
JIL
=C?HNI
>?F

-&
S
M?
;F=;HT\
OH
=L?=CGC?HNI
>?F
-LI>O=NI
>?
M\FI

6
GXM
;>?F;HN?

MZ
;F
>?>C=;LM?
;
L?GJF;T;L
=;JCN;F
I<MIF?NI
J;LN?
>?F
?M@O?LTI
>?

;@H7DE;R@
D73>;L36A
7@
>AE
S>F;?AE
3QAE
@A
E7
D7]7<R
7@
G@3
7JB3@E;R@
67


-+!

j
 
-L?MC>?H=C;
>?
F;
/?J]<FC=;
-
 



 Tomo I
La Economía y las Finanzas Públicas

F;
JF;HN;
JLI>O=NCP;
MCHI
KO?
G;HNOPI
?F
HCP?F
>?
F;
=;J;=C>;>
JLI>O=NCP;

?H
?F
=IHN?RNI
>?
OH;
?=IHIGZ;
;<C?LN;
)I
>?M=LCNI
M?LZ;
MILJL?H>?HN?
?H
F;
PC?D;
PCMC\H
>?F
=;JCN;F
?RN?LHI
=IGI
ILC?HN;>I
;

F;
CHP?LMC\H
JLI>O=NCP;
+I
FI
?M
MC
M?
FI
?HNC?H>?
?H
JLCG?L
FOA;L
=IGI
CGJOFMIL
>?
F;

MI<L?P;FO;=C\H
>?
F;
GIH?>; 
L?ILC?HN;>IL
>?
F;
>?G;H>;
?H
@;PIL
>?
F;M
CGJILN;=CIH?M

S
JIL
?FFI
@;=NIL
=?HNL;F
>?
F;
CHONCFCT;=C\H
>?F
;J;L;NI
JLI>O=NCPI
H;=CIH;F
&GJILN;

B;=?L
HIN;L
KO?
CH=FOMI
?F
#IH>I
*IH?N;LCI
&HN?LH;=CIH;F
M?
GO?MNL;
?M=YJNC=I
MI<L?
FIM

47@7\5;AE
67
>3E
7@FD363E
?3E;H3E
67
53B;F3>

T
@67G63?;7@FA
357>7D36A

!?

;

F;
;NL;==C\H
;HO;F
>?
CHP?LMC\H
>?
=;LN?L;
M?
?F?P\
>?

GG>
;


GG>
"H
?M?
F;JMI
F;
&HP?LMC\H
"RNL;HD?L;
!CL?=N;
&"!
ILC?HN;>;
;
F;
=IGJL;

>?
;=NCPIM
?RCMN?HN?M
MO<C\
>?


GG>
;

GG>
"MNIM
=;JCN;F?M
FF?P;LIH
;
OH;

MI<L?P;FO;=C\H
>?F
J?MI
>?
?HNL?
?F

S
?F

?H


"F
J;ZM
M?
=IHPCLNC\
?H
XPC>I
CGJILN;>IL
!?

;

?F
MOJ?LXPCN
=IG?L=C;F
>?


??6
E7
D76G<A
3
G@
6O\5;F
67
?7@AE


??6
7@


>
6O\5;F
5A?7D5;3>
E7
EG?R

?F
CH=L?G?HNI
>?
F;M
I<FCA;=CIH?M
>?
J;AI
JIL
F;

CHP?LMC\H
>?
=;LN?L;
S
F;
&"!
);

5G7@F3
5ADD;7@F7
B3ER
67
G@
EGB7DNH;F
67


??6
3
G@
6O\5;F
67


??6

35;3
\@7E
67

>AE
;@H7DE;A@;EF3E
?7J;53@AE
>>793DA@
3
>3
5A@5>GE;R@
67
CG7
7>

\@3@5;3?;7@FA
D7CG7D;6A
7@
;@5D7?7@FA
7JBA@7@5;3>
@A
7D3
EGEF7@F34>7





-+!

j
 
-L?MC>?H=C;
>?
F;
/?J]<FC=;
-
 




YV7>
F3?3QA
67>
6O\5;F
7@
5G7@F3
5ADD;7@F7
67
%OJ;5A
7@

EG9;7D7
CG7
>3
F3E3
67
53?4;A
E7

?H=IHNL;<;
JLI<;<F?G?HN?
<;MN;HN?
MI<L?P;FO;>;
?H
L?F;=C\H
;F
HCP?F
L?KO?LC>I
J;L;
OH
<;F;H=?
?RN?LHI

MOMN?HN;<F?m
+F7H7@


#3?;@
Y*73>
J5:3@97
*3F7E
3@6
!@]3F;A@
;@
J5:3@97 *3F7
3E76
+F34;>;L3F;A@E

;H
"GJCLC=;F
"R;GCH;NCIHm
I;L>
I@
$IP?LHILM
I@
NB?
#?>?L;F
/?M?LP?
0SMN?GM
;A2?;.A6<;.9
6;.;02

6@0B@@6<;
%.=2?@
+I

DOHCI
>?
1L;>O==C\H
>?
FIM
;ONIL?M



l.O?<L\
GXM
>?F
 
>?
J?KO?[;M
?GJL?M;M
?H
?F
M?R?HCI
M;FCHCMN;m
'ILA?
(;BQ;AC
$;MNCH?
JL?MC>?HN?

>?F
&HMNCNONI
*?RC=;HI
>?
F;
-?KO?[;
S
*?>C;H;
&H>OMNLC;
9
6;.;062?<

>?
I=NO<L?
>?





lFAOHIM
J;ZM?M
?H
>?M;LLIFFI
S
?H
NL;HMC=C\H
?MNXH
;NL;S?H>I
;FN;M
?HNL;>;M
>?
=;JCN;F
?RN?LHI
KO?

JO?>?H
>?M?MN;<CFCT;L
MOM
?=IHIGZ;Mim
3CG7
%3F:;7EA@
K
+:3D?3
Y3GE7E
A8
3B;F3>
!@]AIE
3@6

-IFC=S
/?MJIHM?M
NI
1B?Gm
6;.;02

2C29<=:2;A
&HN?LH;NCIH;F
*IH?N;LS
#OH>
G;L=B

);

GCMG;
L?PCMN;
JO<FC=\
INLI
;LNZ=OFI
=IH
=IH=FOMCIH?M
MCGCF;L?M
?H
M?JNC?G<L?
>?F
GCMGI
;[I




&H@ILG?M
;HO;F?M
>?F
;H=I
>?
*YRC=I




D3@5A
$RB7L
"AD97
Y%OJ;5A
67>
7?BA4D75;?;7@FA
3>
4;7@7EF3D

>
\@3>
67
>3
>A43>;L35;R@

2+*

*YRC=I
 
-





Y;g7D7@F
7JB75F3F;A@E
V
BDA?BF76
%7J;53@
;@H7EFADE
FA
47
F:7
\DEF
A@7E
FA
>73H7
F:7
5AG@FDKZ
7@

#L;HE?F
S
0=BGOEF?L
l IOHNLS
@OH>
>CM=IOHNM
;MSGG?NLC=
CH@ILG;NCIH
;H>
NB?
*?RC=;H
=LCMCM
I@


>C>
FI=;F
L?MC>?HNM
NOLH
J?MMCGCMNC=
<?@IL?
CHN?LH;NCIH;F
CHP?MNILM
,J?H
"=IHIGC?M
/?PC?Q

PIF


JJ

j




 Tomo I
La Economía y las Finanzas Públicas

EFA
3
B7E3D
67
>3E
675>3D35;A@7E
A\5;3>7E
S
>?F
#*&
;M?AOL;H>I
KO?
?RCMNZ;
?MN;<CFC>;>

\@3@5;7D3


T
7H3>G35;R@
K
5A?B7F;F;H;636

$3
5D;E;E
67E3F363
3
\@7E
67

FGHA
G@
7875FA
67H3EF36AD
7@
>3
75A@A?P3
K
7>
4;7@7EF3D

H;=CIH;F?M
+I
I<MN;HN?
CHN?L?M;
>?MN;=;L
?F
F;JMI


=IGI
CFOMNL;NCPI
>?
OH;

N?MCM
@OH>;G?HN;F
>?
?MN?
?HM;SI
F;
CHONCFCT;=C\H
>?
=;J;=C>;>?M
JLI>O=NCP;M
KO?

A?H?L;
F;
?MNL;N?AC;
>?
;NL;==C\H
>?
=;JCN;F?M
S
F;
JIMC<CFC>;>
>?
L?P?LNCL
?M?
CGJ;=NI

?H
=C?LN;M
=CL=OHMN;H=C;M

2H
B?=BI
CHOMCN;>I
?HNL?

S

F;M
?RJILN;=CIH?M
G;HO@;=NOL?L;M
>?
*YRC=I

HI
>?
G;KOCF;>IL;M
M?
?F?P;LIH
?H

JIL
=C?HNI

;F;HT;
IG?L=C;F

*CFFIH?M
>?
!\F;L?M
IH=?JNI
   3;LC;=C\H

JIL=?HNO;F


"RJILN;=CIH?M
HI
      
J?NLIF?L;M
" R J I L N ; = C I H ? M
        
G;HO@;=NOL?L;M
*;KOCF;>IL;M         
/?MNI        
;H=I
>?
*YRC=I
&H@ILG?
HO;F

J


1;F
;OA?
?RJILN;>IL
>?
NI>I
NCJI
>?
?RJILN;=CIH?M
HI
J?NLIF?L;M
?H
J;LNC=OF;L

G;HO@;=NOL;M
I=OLLC\
?H
=IH>C=CIH?M
GOS
JI=I
ILNI>IR;M
MCH
CHP?LMC\H
MCH
=LY>CNI




-IL
?D?GJFI
l;H=I
>?
*YRC=I
G;HC@?MN\
KO?
?F
=;G<CI
>?
;>GCHCMNL;=C\H
>?
HCHAOH;
G;H?L;

JLIPI=;LX
LC?MAIM
=;G<C;LCIM
JIL
@OA;
>?
=;JCN;F?M
I
JIL
INLIM
;MJ?=NIM
JILKO?
F;
MCNO;=C\H
?M
>?
=;FG;

7@
>AE
?7D536AE
\@3@5;7DAE

V
>3
FD3@E;5;R@
@A
BDAHA53DN
BD7E;A@7E
67
@;@9S@
F;BA
3
>3E
\@3@L3E
@;

3
>3
BA>PF;53
53?4;3D;3
K
EP
BAD
7>
5A@FD3D;A
E7
E;7@F7
G@3
?3KAD
5A@\3@L3
7@
7>
8GFGDA
67>
B3PE
Z
9

6;.;062?<

>?
HIPC?G<L?
>?




l"F
=L?=CGC?HNI
?=IH\GC=I
>?
*YRC=I
M?
NL;>O=CLX
B;MN;
?F
F;LAI
JF;TI
?H
OH
G;SIL
<C?H?MN;L

S
>?M;LLIFFI
MI=C;F
L?=IHI=C\
BIS
;KOZ
*C=B?F
;G>?MMOM
>CL?=NIL
A?L?HN?
>?F
#IH>I
*IH?N;LCI

&HN?LH;=CIH;F
#*&
i
;AL?A\
KO?
n>?MJOYM
>?
B;<?L
;P;HT;>I
>?
G;H?L;
GOS
JLI@OH>;
?H
?F
;DOMN?

?=IH\GC=I
S
MO
L??MNLO=NOL;=C\H
CH>OMNLC;F
*YRC=I
NC?H?
?H@L?HN?
J;LNC=OF;LG?HN?
=IH
F;
;J?LNOL;
KO?
M?

:3@
3FD7H;6A
3
:357D
G@3
B7DEB75F;H3
67
5D75;?;7@FA
8G7DF7
K
E;@
;@]35;R@
Z9
6;.;062?<

>?
I=NO<L?

>?

"H
M?HNC>I
=IHNL;LCI
?F
-+!

j

NIG;
=IGI
;JL?H>CT;D?
KO?
l?M
JL?=CMI
?PCN;L
KO?

OH;
MI<L?P;FO;=C\H
>?F
NCJI
>?
=;G<CI
MOD?N?
;
FIM
JLI>O=NIL?M
H;=CIH;F?M
;
OH;
=IGJ?N?H=C;
>?MCAO;F

7
;@<GEF3
3>
343D3F3D
3DF;\5;3>?7@F7
7>
BD75;A
67
>3E
?7D53@5P3EBDAH7@;7@F7E
67>
7JFD3@<7DA

>>A
D7H;7DF7

>AE
47@7\5;AE
67
>3
3B7DFGD3
K
5A@6G57
3>
7EF3@53?;7@FAK
3>
67E7?B>7A

,3?4;O@
5G3@6A
>AE
BDA6G5FAD7E

@35;A@3>7E
4GE53@
5A?B7@E3D
>3
67EH7@F3<3
CG7E;9@;\53
G@
F;BA
67
53?4;A
67E83HAD34>7
>AE
E3>3D;AE

L?;F?M
M?
?MN;H=;H
I
>CMGCHOS?Hm
-
 


 Tomo I
La Economía y las Finanzas Públicas

S
=IH
F;M
=;>?H;M
JLI>O=NCP;M
>CMFI=;>;M
0CH
?G<;LAI
F;
IJILNOHC>;>
=L?;>;
JIL

G@3
B3D;636
53?4;3D;3
5A?B7F;F;H3
8G7
EG\5;7@F7
B3D3
BDAHA53D
G@3
;@F7@E3
K
7J;FAE3

L?;=NCP;=C\H
>?
=;J;=C>;>?M
CHMN;F;>;M
MO<ONCFCT;>;M
"H
M?HNC>I
=IHNL;LCI
F;
IJ?L;=C\H
JLI
=Z=FC=;
>?F
A;MNI
J]<FC=I
MO
L?>O==C\H

S
?F
;<;NCGC?HNI
>?
FIM
CHAL?MIM
>?
F;
JI<F;=C\H
IJ?L;LIH
?H
=IHNL;
>?
MOG;L
OH;

L?;=NCP;=C\H
JLI>O=NCP;
ILC?HN;>;
;F
G?L=;>I
CHN?LHI


 
j
 
0,/"3)2 &s+
6
"01+ *&"+1,

"01&)&7!,/
"F
-F;H
+;=CIH;F
>?
!?M;LLIFFI


M?
=IGJLIG?NC\
;
l?PCN;L
MCMN?GXNC=;G?HN?

OH;
MI<L?P;FO;=C\H
>?F
NCJI
>?
=;G<CI
L?;F
KO?
CHBC<;
?F
;BILLI
CHN?LHI
S
F;
JLI>O==C\H

H;=CIH;Fm
"MN?
=IGJLIGCMI
HI
M?
=OGJFC\

IHMC>?L;H>I
F;
J;LC>;>
>?

=IGI

<;M?
=?LI 
J;L;
?F
;[I

F;
J;LC>;>
=;G<C;LC;
M?
B;<Z;
MI<L?P;FO;>I
?H

"H

;>?F;HN?
=IH
;FNC<;DIM
?F
J?MI
M?
G;HN?H>LZ;
MI<L?P;FO;>I
B;MN;
?F
 
"MN?
B;
MC>I
OH
@;=NIL
=?HNL;F
>?F
<;DI
=L?=CGC?HNI
!?

;F
;[I

F;
N;M;
G?>C;

>?
=L?=CGC?HNI
>?F
-LI>O=NI
&HN?LHI
LONI
G;HO@;=NOL?LI
@O?
>?

>?F


;F
 
@O?
>?

>?F
 
;F
 
@O?
H?A;NCP;
0?
;MI=C;
;F
GCMGI
?@?=NI

MO<MNCNO=C\H
>?
;J;L;NI
JLI>O=NCPI
S;
I<M?LP;>I
?H
INLI
J?LCI>I
4G@63@
>3E
3\D?35;A@7E
67
AD93@;L35;A@7E
7?BD7E3D;3>7E
EA4D7
5;7DD7
67
7?BD7E3E

CG7
7@
97@7D3>
@A
EA@
67E?7@F;63E
A
5ADD79;63E
5A@
63FAE
A\5;3>7E




l!IM
N?L=?L;M
J;LN?M
>?
F;M
?GJL?M;M
G;HO@;=NOL?L;M
?H=O?MN;>;M
CH>C=;LIH
KO?
?MN;<;H
L?;FCT;H>I

?M@O?LTIM
JIL
MOMNCNOCL
CHMOGIM
CGJILN;>IM
JIL
H;=CIH;F?Mm
;H=I
>?
*YRC=I
&H@ILG?
HO;F

-






-L?MC>?H=C;
>?
F;
/?J]<FC=;
-+!

j

J;LN;>I





1;F
P?T
M?LZ;
GXM
;JLIJC;>;
OH;
J;LC>;>
<;M?
=?LI
;MI=C;>;
;
OH
;[I
=IH
MOJ?LXPCN
?H
=O?HN;
=ILLC?HN?

)I
KO?
FF?P;LZ;
?F
=XF=OFI
>?
F;
MI<L?P;FO;=C\H
;
HCP?F?M
GXM
;FNIM




#L;H=I
)\J?T
<=
6A
J





!;NIM
>?F
&+"$&
j
&"
JLI=?M;>IM
JIL
FIM
;ONIL?M




);M
=C@L;M
>?
F;
"H=O?MN;
&H>OMNLC;F
*?HMO;F
J;L;
?F
J?LCI>I

 
CH>C=;H
KO?
?H
?F
JLCG?L
;[I

 
?GJL?M;M
=O<LZ;H
JIL
FI
G?HIM
?F
 
>?
F;
JLI>O==C\H
>?
G;HO@;=NOL;M
?H
 
F;
?H=O?MN;

=;JN;
MIFI
 
?GJL?M;M
)I
KO?
CH>C=;
F;
>?M;J;LC=C\H
>?
JIL
FI
G?HIM
 
OHC>;>?M
-O>C?LIH
M?L

GXM
&+"$&
HI
JLIJIL=CIH;
>;NIM
>?
F;M
?GJL?M;M
KO?
M?
CHN?AL;H
;
F;
?H=O?MN;
S
>?F
?@?=NI
MO<MNCNO=C\H

&+"$&
;0B2@A.
;1B@A?6.9
"2;@B.9
);G?HN;<F?G?HN?
&+"$,
>?D\
>?
JLIJIL=CIH;L
?MN;
@ILG;
>?

JL?M?HN;=C\H
?MN;>ZMNC=;
>?MJOYM
>?F
 



"D?GJFIM
l0?=NIL
>?
<C?H?M
>?
=;JCN;F
;F
<IL>?
>?
F;
>?M;J;LC=C\H

F;
CH>OMNLC;
NL;<;D;
;F
 
>?

MO
=;J;=C>;>
CHMN;F;>;m
;LFIM
$IHTXF?T
#CNMB
PC=?JL?MC>?HN?
>?F
IHM?DI
>?
<C?H?M
>?
;JCN;F
>?
F;

;H;=CHNL;
-?LC\>C=I
"F
#CH;H=C?LI

>?
DOFCI
>?
 
l!OL;HN?
?F
 
>?M;J;L?=C?LIH

?GJL?M;M

>?F
M?=NIL
G?N;F
G?=XHC=I
<C?H?M
>?
=;JCN;F
S
;FCG?HNIMm
0?LACI
?LP;HN?M
/I>CF?M
JL?MC>?HN?
>?
F;

;H;=CHNL;
-?LC\>C=I
"F
2HCP?LM;F

>?
G;LTI
>?
 
"MN;M
HIN;M
MIFI
JL?N?H>?H
M?L
L?JL?M?HN;NCP;M

>?
GO=B;M
INL;M
MCGCF;L?M


 Tomo I
La Economía y las Finanzas Públicas

T
%3@;87EF35;R@
;@F7D@3
67
>3E
F7@67@5;3E
4NE;53E
67
>3
9>A43>;L35;R@

"MN;M
N?H>?H=C;M
MIH
?M?H=C;FG?HN?
>?
CH=L?G?HNI
>?
F;
JLI>O=NCPC>;>
=IH
L?NLI=?MI

>?
CHAL?MIM
L?;F?M
>?
F;
G;SILZ;
KO?
?H
*YRC=I
B;H
MC>I
FF?P;>;M
;F
?RNL?GI
)I

;>GEFD3@
>3E
E;9G;7@F7E
9DN\53E

r

3@5A
67
%OJ;5A
!@8AD?7
@G3>


(



K
3@5A
67
%OJ;5A
!@8AD?7
EA4D7
>3
!@]35;R@



I=NO<L?
>C=C?G<L?
 
);
M?F?==C\H
>?
J?LCI>IM
M?
ILCACH;
?H
F;
>CMJIHC<CFC>;>
>?
CH@ILG;=C\H
>?F

;H=I
>?
*YRC=I


 Tomo I
La Economía y las Finanzas Públicas


HCP?F
CHN?LH;=CIH;F
F;
JLIJIL=C\H
>?
F;M
L?GOH?L;=CIH?M
;F
NL;<;DI
;M;F;LC;>I
?H
?F

P;FIL
;AL?A;>I
kMCH
=IHMC>?L;L
FIM
CHAL?MIM
GCRNIMk
?L;
?H
*YRC=I
?H
 
F;
GXM

<;D;
?HNL?

J;ZM?M
CH=FOC>IM
?H
F;
<;M?
>?
>;NIM
>?
F;
, !"
KO?
CH=FOZ;
;
;FAOHIM

J;ZM?M
HI
GC?G<LIM
"L;H
=;MC

JOHNIM
JIL=?HNO;F?M
CH@?LCIL
;
F;M
>?
BCF?
I
$L?=C;

S
=?L=;
>?

JOHNIM
GXM
<;D;
KO?
F;
>?
BCH;
IH
CH>?J?H>?H=C;
>?F
M?=NIL
?RN?LHI
FIM
M?=NIL?M
KO?
JI>?GIM
FF;G;L
AFI<;FCT;>IM

>?
F;
?=IHIGZ;
H;=CIH;F
MIH
;FNIM
A?H?L;>IL?M
>?
MO<>?G;H>;

0;G;HC?AI
L?;=B
+ILG;
l);
J;LNC=CJ;=C\H
>?F
NL;<;DI
?H
?F
CHAL?MI
H;=CIH;F?F
L?AL?MI
;
OH
N?G;



IFPC>;>Im
"=IHIGZ;
2+*
PIFOG?H

HI

-



 Tomo I
La Economía y las Finanzas Públicas


"+#"/*"!!
%,)+!"0
"+#"/*"!!
*"5& +

OH
=O;H>I
?MN;
n?H@?LG?>;>o
M?
;MI=C;
OMO;FG?HN?
;F
>?M=O<LCGC?HNI
>?

OH
L?=OLMI
H;NOL;F
>,7-4G8
:?0/0
9<4248,<=0
08
.?,6;?40<
0@96?.4I8

;?0
=0
><,/?.0
08
08><,/,=
47:9<>,8>0=
/0
7980/,
0A><,850<,
08

6,
0.9897H,
/0
?8
:,H=
"MNI
CH=FOS?
OH
CGJILN;HN?
CH=L?G?HNI
?H
?F

JL?=CI
>?
FIM
L?=OLMIM
H;NOL;F?M
-!
$!

# 

0A><,850<,=
/4<0.>,=
+O?MNLI
J;ZM
B;
N?HC>I
F;
lMO?LN?m
>?
=IHDOA;L
F;M
?HNL;>;M
JIL
?RJILN;=CIH?M

B7FDA>7D3E
5A@
AFD3E
;?BADF3@F7E
8G7@F7E
67
\@3@5;3?;7@FA
>3E
D7?7E3E
67
FD343<36AD7E

?GCAL;>IM
F;
P?HN;
J;NLCGIHC;F
CHP?LMC\H
?RNL;HD?L;
>CL?=N;
KO?
;>KOC?L?
;J;L;NI

BDA6G5F;HA
BD77J;EF7@F7
>3
7@FD363
67
;@H7DE;A@7E
67
53DF7D3
K
]G<AE
BDAH7@;7@F7E
67

;=NCPC>;>?M
CF?A;F?M




"<L;BCG
7;>?B
BLCMNCH?
l;=E
NI
<;MC=M
!ON=B
!CM?;M?
1II
GO=B
Q?;FNB
G;H;A?>
OHQCM?FSm ?H

6;.;02
.;1
2C29<=:2;A
L?PCMN;
NLCG?MNL;F
>?F
#IH>I
*IH?N;LCI
&HN?LH;=CIH;F
G;LTI
>?
 
3IF


+I

0NCAFCNT
JL?GCI
HI<?F
>?
?=IHIGZ;
S
;HN?LCIL
?=IHIGCMN;
D?@?
>?F
;H=I
*OH>C;F
FI
?RJL?M;

;MZ
l"RCMN?
OH
=OLCIMI
@?H\G?HI
KO?
FIM
?=IHIGCMN;M
FF;G;H
F;
G;F>C=C\H
>?
FIM
L?=OLMIM
i
?F
J?NL\F?I

S
INLIM
L?=OLMIM
H;NOL;F?M
MC
<C?H
MIH
N;F
P?T
OH;
@O?HN?
>?
LCKO?T;
HI
=L?;H
?GJF?IM
JIL
MZ
GCMGIM
S

=IH
@L?=O?H=C;
>?MJF;T;H
;
INLIM
M?=NIL?M
?=IH\GC=IM
-IL
?D?GJFI
F;
?HNL;>;
>?
>CH?LI
J?NLIF?LI
=IH

@L?=O?H=C;
FF?P;
;F
?H=;L?=CGC?HNI
>?
F;
GIH?>;
H;=CIH;F
OH
@?H\G?HI
FF;G;>I
?H@?LG?>;>
BIF;H>?M;

i
O;H>I
F;
N;M;
>?
=;G<CI
M?
>CMJ;L;
;
L?MOFN;M
>?
?M;
<OL<OD;
?=IH\GC=;
FIM
J;ZM?M
S;
HI
JO?>?H

?RJILN;L
<C?H?M
G;HO@;=NOL;>IM
I
;ALZ=IF;M
S
FIM
JLI>O=NIL?M
>IGYMNC=IM
HI
JO?>?H
=IGJ?NCL
=IH
F;

;P;F;H=B;
>?
CGJILN;=CIH?M
1;H
;<OH>;HN?
LCKO?T;
H;NOL;F
=L?;
=IH
@L?=O?H=C;
J;ZM?M
LC=IM
=IH
JI<F;=C\H

JI<L?m
'IM?JB
0NCAFCNT
l4?
;H
+IQ
OL?
!ON=B
!CM?;M?m
(52
B.?16.;

>?
;AIMNI
>?
 
);

=IHI=C>;
L?PCMN;
1B?
"=IHIGCMN
M?[;F;
l"F
=IG?L=CI
?M
<O?HI
-?LI
CH=FOMI
?F
GXM
?HNOMC;MN;
>?@?HMIL

67
>3
;@F79D35;R@
75A@R?;53
6747
7EF3D
7?B7L3@6A
3
BD79G@F3DE7
E;
7>
]G<A
E;@
A4EFN5G>AE
67>
53B;F3>
7E

L?;FG?HN?
OH;
<?H>C=C\Hm

LO?F
M?;
I@
;JCN;Fm
?H
(52
0<;<:6@A

>?
G;SI
>?
 
1L;>O==CIH?M

>?
FIM
;ONIL?M


 Tomo I
La Economía y las Finanzas Públicas

7EF353@
>AE
]G<AE
67
;@H7DE;R@
7JFD3@<7D3
5A?A
>A
;@6;53
7>
E;9G;7@F7
5G36DA

#FODIM
>?
&HP?LMC\H
"RNL;HD?L;

*CFFIH?M
>?
>\F;L?M
                 
1 I N ; F 

O ? H N ;
                  
\@3@5;7D3

& H P ? L M C \ H

                  
>CL?=N;

"H
*YRC=I         

!?
G?RC=;HIM

        
?H
?F
?RN?LCIL
&HP?LMC\H
>?

                 
;LN?L;
;H=I
>?
*YRC=I
CH@ILG?M
;HO;F?M
?
CH@ILG?M
NLCG?MNL;F?M
"MNIM
]FNCGIM
MO<MNCNOS?H
?H
 
S
 
;
FIM
CH@ILG?M

3@G3>7E
CG7
3@J;5A
>3?7@F34>7?7@F7
67<R
67
7>34AD3D



B3DF;D
67

3@J;5A
D7]7<R
BAD
H7L
BD;?7D3

CGJILN;HN?M
M;FC>;M
>?
CHP?LMCIH?M
>?
G?RC=;HIM
;F
?RN?LCIL
S
F;M
>?M=O?HN;
>?
F;
&"!
?H
*YRC=I
"HNL?
J;LYHN?MCM

=C@L;M
H?A;NCP;M
C@L;M
L?>IH>?;>;M
JIL
FIM
;ONIL?M

);
CHP?LMC\H
>?
=;LN?L;
PIFXNCF
GO?MNL;
CGJILN;HN?M
CH=L?G?HNIM
"H
=IHNL;JIMC=C\H

F;
CHP?LMC\H
>CL?=N;
M?
=IGJILN;
=IH
;FNC<;DIM
1;F
PIF;NCFC>;>
>;
FOA;L
;
F;
JLIJ?HMC\H

67
AFDA
7B;EA6;A
67
D7H7DE;R@
67
]G<AE
67
53B;F3>
5A@
>AE
D7EG>F36AE
@783EFAE
CG7
K3

5A@A57?AE

$3
7@FD363
67
53B;F3>7E
7E
?GK
EGB7D;AD
3>
6O\5;F
67
5G7@F3
5ADD;7@F7

KO?
?H
 
@O?
>?
G?HIM

GG>
1;F
>C@?L?H=C;
?M
FI
KO?
J?LGCN?
CH=L?G?HN;L
F;M

D7E7DH3E
;@F7D@35;A@3>7E
5A@
7@67G63?;7@FA
7@
G@
B3PE
5A@
6O\5;F
5A?7D5;3>
K
67
5G7@F3

=ILLC?HN?
=L\HC=IM

"F
CH=L?G?HNI
?RJIH?H=C;F
>?
F;
;NL;==C\H
>?
=;JCN;F
PIFXNCF
?H
*YRC=I
M?
=ILL?F;=CIH;

=IH
F;
JIFZNC=;
=?HNL;F
>?
=L?;=C\H
GIH?N;LC;
CHMNLOG?HN;>;
JIL
FIM
<;H=IM
=?HNL;F?M
>?

FIM
J;ZM?M
CH>OMNLC;F?M




!;NIM
>?F
;H=I
>?
*YRC=I
P;LCIM
CH@ILG?M
;HO;F?M




%7<AD
5A@A5;63
5A?A
Y)G3@F;F3F;H7
3E;@9Z
7>
A@6A
%A@7F3D;A
!@F7D@35;A@3>
BD7\7D7
:34>3D
67

lG?>C>;M
GIH?N;LC;M
HI
=IHP?H=CIH;F?Mm
"F
CHMNLOG?HNI
=?HNL;F
@O?
F;
=L?;=C\H
GIH?N;LC;
KO?
M?
CHS?=N\

;
F;
?=IHIGZ;
G?>C;HN?
F;
=IGJL;
JIL
J;LN?
>?
FIM
<;H=IM
=?HNL;F?M
>?
>?O>;
AO<?LH;G?HN;F
lFC<?L;H>Im

=;JCN;F?M
JLCP;>IM
IH
?FFI
M?
A?H?L\
FCKOC>?T
GIH?N;LC;
;<OH>;H=C;
>?
=LY>CNI
S
<;D;
>?
F;M
N;M;M

67
;@F7DOE

EF3E
?76;63E
8G7DA@
7875F;H3E
B3D3
E3>;D
67
>3
5D;E;E
\@3@5;7D3
K
F3?4;O@
FGH;7DA@
7875FAE

JIMCNCPIM
?H
F;
A?H?L;=C\H
>?
>?G;H>;
2HI
>?
MOM
?@?=NIM
GOS
@;PIL;<F?
;
F;M
?=IHIGZ;M
=?HNL;F?M

8G7
>3
E3>;63
34G@63@F7
67
]G<AE
67
53B;F3>
:35;3
>3E
75A@A?P3E
B7D;8OD;53E
7@
8AD?3
67
;@H7DE;A@7E

>?
=;LN?L;
S
=IGJL;
>?
;=NCPIM
S
?GJL?M;M
"MNI
@ILN;F?=C\
F;
>?G;H>;
J?LC@YLC=;
MI<L?
F;
JLI>O==C\H

=?HNL;F
(FSO?P
&GOM
;H>

0LCHCP;M;H
l2H=IHP?HNCIH;F
BIC=?M
@IL
2H=IHP?HNCIH;F
1CG?M
L?>CN
;H>

.O;HNCN;NCP?
";MCHA
CH
>P;H=?>
"=IHIGC?M
&HN?LH;NCIH;F
*IH?N;LS
#OH>
 
==?MC<F?
?H
&HN?LH?N

l$FI<;F
&GJ;=N
;H>
B;FF?HA?M
I@
2H=IHP?HNCIH;F
*IH?N;LS
-IFC=C?Mm
&*#
-IFC=S
-;J?L
,=NI<?L
 

==?MC<F?
?H
CHN?LH?N


 Tomo I
La Economía y las Finanzas Públicas

"F
#IH>I
*IH?N;LCI
&HN?LH;=CIH;F
BCTI
=F;L;M
;>P?LN?H=C;M
MI<L?
FIM
LC?MAIM

;@]35;A@3D;AE
67
EA4D7H3>G35;R@
K
67
BAEF7D;AD
5D;E;E
3EA5;36AE
3
>3
3FD355;R@
67
F3>7E

=;JCN;F?M


,+ )20&,+"0
6
-/,-2"010
T
&757E;636
67>
53?4;A

*YRC=I
?H@L?HN;
G]FNCJF?M
=LCMCM
MI=C;F
=;L;=N?LCT;>;
JIL
?F
?GJI<L?=CGC?HNI

G;SILCN;LCI
?=IH\GC=;
JIL
?MNL?=B?T
>?F
G?L=;>I
CHN?LHI
?M
>?=CL
MO<>?G;H>;

?35DA75A@R?;53
BAD
7>
67E7CG;>;4D;A
7JF7D@A
\@3@5;36A
67
?3@7D3
HA>NF;>

S
;=OGOF;NCPI
>?
=IGJ?NCNCPC>;>
?H
OH
?HNILHI
GOH>C;F
=;L;=N?LCT;>I
JIL
F;

MI<L?JLI>O==C\H

,A6AE
7EFAE
8D7@F7E
6747@
E7D
3F7@6;6AE
5A@
G@3
7EFD3F79;3
;@F79D3>
K
5A:7D7@F7
67\@;63

?H
NILHI
;
FIM
MCAOC?HN?M
FCH?;GC?HNIM


L?=?L
MCH
>?MNLOCL
"F
=L?=CGC?HNI
>?
FIM
M?=NIL?M
AFI<;FCT;>IM
>?<?
M?L
=IGJ;NC<F?

CH=FOMI
=I;>SOP;HN?
>?
F;
L?;=NCP;=C\H
S
=;JCN;FCT;=C\H
>CMJ?LM;
A?H?L;FCT;>;
>?

FIM
J?KO?[IM
S
G?>C;HIM
JLI>O=NIL?M
=IHP?H=CIH;F?M

!?L?=BI
;
JLI>O=CL
IGI
?RJL?MC\H
?@?=NCP;
>?F
>?L?=BI
;F
NL;<;DI

\5;7@5;3
?NJ;?3

*787D;63
3>
GEA
67
53B35;6367E
K
D75GDEAE
7J;EF7@F7E



"H@L?HN;L
?F
CGJ;=NI
>?
F;
MI<L?JLI>O==C\H
CHN?LH;=CIH;F
/?KO?LCGIM
;P;HT;L
;

OH
CHN?L=;G<CI
=IG?L=C;F
?KOCFC<L;>I
=IH
?F
?RN?LCIL
"MNI
MIFI
JO?>?
?MN;<F?=?LM?

G?>C;HN?
OH;
?MNL;N?AC;
CHC=C;F
KO?
FF?P?
;F
MOJ?LXPCN
?H
=O?HN;
=ILLC?HN?
B;MN;

M;F>;L
?F
?H>?O>;GC?HNI
;=OGOF;>I


"PCN;L
F;
A?H?L;=C\H
>?
MI<L?JLI>O==C\H
MO<>?G;H>;
>?HNLI
>?
F;
?=IHIGZ;

H;=CIH;F
*?>C;HN?
OH;
?MNL;N?AC;
=IH>O=?HN?
;F
?KOCFC<LCI
?HNL?
?F
M?=NIL

AFI<;FCT;>I
S
?F
L?MNI
>?
F;
?=IHIGZ;
H;=CIH;F




&*#
$FI<;F
#CH;H=C;F
0N;<CFCNS
/?JILN
  
==?MC<F?
?H
CHN?LH?N
l);
?RJ?LC?H=C;
>?GO?MNL;
KO?

>3
\@3@5;35;R@
7JF7D;AD
43D3F3
K
34G@63@F7
;@5D7?7@F3
7>
D;7E9A
67
G@
5;5>A
67
3G97
K
53P63E

>
CG7

?MIM
LC?MAIM
M?
G;N?LC;FC=?H
I
HI
>?J?H>?
>?
@ILG;
=LZNC=;
>?
F;M
JIFZNC=;M
KO?
M?
CGJF?G?HN?Hm
+C=IFXM

"ST;AOCLL?
L?MJIHM;<F?
>?F
#*&
J;L;
F;
L?AC\H
GYLC=;
"=IHIGZ;
   
);
JL?I=OJ;=C\H
>?F

#*&
FF?A\
CH=FOMI
;F
JOHNI
>?
;=?JN;L
F;
JO?MN;
?H
JLX=NC=;
>?
=IHNLIF?M
>?
=;JCN;F
>?@?HMCPIM
!CFG;

/IOMM?@
JL?MC>?HN?
>?
L;MCF

?H
MO
>CM=OLMI
>?F

>?
M?JNC?G<L?
>?
 
;HN?
F;

M;G<F?;
$?H?L;F

>?
F;M
+;=CIH?M
2HC>;M
?RJL?MI
lFIM
<;H=IM
=?HNL;F?M
>?
FIM
J;ZM?M
>?M;LLIFF;>IM
B;H
=IHNCHO;>I

B;=C?H>I
OMI
>?
JIFZNC=;M
GIH?N;LC;M
?RJ;HMCIHCMN;M
KO?
=;OM;H
>?M?KOCFC<LCIM
?H
F;M
N;M;M
>?
=;G<CI
);

3BD75;35;R@
3DF;\5;3>
67
>3E
?A@763E
67
>AE
B3PE7E
7?7D97@F7E
CG7
D7EG>F3
67
7>>A
>AE
:357
B7D67D
7EB35;A

>?
G?L=;>Iim
1L;>O==C\H
>?
FIM
;ONIL?M
==?MC<F?
?H
CHN?LH?N


 Tomo I
La Economía y las Finanzas Públicas

-F;HN?;GIM
KO?
?MNI
?M
JIMC<F?
S
;F
GCMGI
NC?GJI
?F?P;L
?F
<C?H?MN;L
G?>C;HN?
OH;

?MNL;N?AC;
>?
>?MFCH>?
=I?RCMN?H=C;
S
;JISI
GONOI
?HNL?
>IM
AL;H>?M
M?=NIL?M
>?
F;

JLI>O==C\H
"H
?F
G;L=I
=IHMNCNO=CIH;F
PCA?HN?
S
MCH
;FN?L;L
FIM
>?L?=BIM
>?
JLIJC?>;>

)IM
M?=NIL?M
L?@?LC>IM
MIH


-@
E75FAD
67
BDA6G5F;H;636
5A@H7@5;A@3>
D767\@;6A
5A?A
YE75FAD
EA5;3>
67
>3

?=IHIGZ;m
=;L;=N?LCT;>I
JIL
OH;
;FN;
S
=L?=C?HN?
CHN?AL;=C\H
>?
MOM
=;J;=C>;>?M

>?
I@?LN;
S
>?G;H>;
S
JIL
MO
L?F;=C\H
?KOCFC<L;>;
=IH
?F
L?MNI
>?
F;
?=IHIGZ;

H;=CIH;F
S
?RN?LH;


2H
PCAILIMI
M?=NIL
>?
JLI>O=NCPC>;>
;P;HT;>;
KO?
;JLIP?=B?
F;M
IJILNOHC>;>?M
KO?

<LCH>;
F;
CHN?LH;=CIH;FCT;=C\H
>?F
=IG?L=CI
S
F;M
JLIP?HC?HN?M
>?F
@ILN;F?=CGC?HNI

>?F
G?L=;>I
CHN?LHI
!?<?LX
?H=IHNL;LM?
?H
?KOCFC<LCI
?RN?LHI
?
CHN?LHI
"M
>?=CL

HI
M?L
@;=NIL
>?
?H>?O>;GC?HNI
?RN?LHI
S
HI
A?H?L;L
MI<L?JLI>O==C\H
>?MNLO=NCP;

>?
F;M
=;J;=C>;>?M
>?
MO
?HNILHI


&*-2)0,
)
0" 1,/
0, &)
!"
)
" ,+,*r

$A
CG7
E7
BDABA@7
7E
D75A@\9GD3D
7>
E75FAD
EA5;3>
67
>3
75A@A?P3
5A?A
G@
7EB35;A

>?
CHN?L=;G<CIM
L?=ZJLI=IM
S
ILA;HCT;>IM
?HNL?
JLI>O=NIL?M
MI=C;F?M
2H;
?MNL;N?AC;

>?
?MN?
NCJI
=IH>O=CLZ;
;
F;
=IHMNLO==C\H
>?
HCP?F?M
=L?=C?HN?M
>?
CHN?AL;=C\H
>?
F;

JLI>O==C\H
S
?F
=IHMOGI
?H
=;>;
L?AC\H
?MN;>I
S
?H
?F
J;ZM

"F
"MN;>I
=O?HN;
=IH
?F
L?=OLMI
l>CMJ;L;>ILm
>?
?MN;
?MNL;N?AC;
?H
F;M
NL;HM@?L?H=C;M

EA5;3>7E
CG7
:AK
7@
6P3
47@7\5;3@
3
3>D7676AD
67

?;>>A@7E
67
83?;>;3E
'BADFG@;6367E

-LI=;GJI
;JISIM
;
F;
N?L=?L;
?>;>
<?=;M
S
GXM
1;F?M
NL;HM@?L?H=C;M
M?
;MCAH;LXH

=IGI
>?L?=BIM
>?
=IGJL;
P;F?M
I
=OJIH?M
MI<L?
F;
JLI>O==C\H
FI=;F
L?ACIH;F
S

H;=CIH;F
>?
INLIM
JLI>O=NIL?M
MI=C;F?M

+7
3GFA67\@;DN@
5A?A
B3DF7
67>
E75FAD
EA5;3>
3CG7>>AE
BDA6G5FAD7E
6;EBG7EFAE
3
H7@67D

MO
JLI>O==C\H
;
=;G<CI
>?
;>KOCLCL
?H
L?=CJLI=C>;>
FIM
<C?H?M
S
M?LPC=CIM
I@L?=C>IM

JIL
JLI>O=NIL?M
MCGCF;L?M
)IM
P;F?M
>?F
M?=NIL
MI=C;F
JI>LXH
M?L
?D?L=C>IM
?H
OH

G?=;HCMGI
>?
=IG?L=C;FCT;=C\H
.1
5<0
N;HNI
J;L;
?F
CHN?L=;G<CI
?H
L?=CJLI=C>;>
=IGI

J;L;
F;
=IHMIFC>;=C\H
>?F
CHN?L=;G<CI
P?HN;M
S
=IGJL;M
=IH
?F
L?MNI
>?
F;
?=IHIGZ;

#L;H=I
)\J?T
'ILA?
l-LI>O=CL
J;L;
HIMINLIMm
&HMNCNONI
>?
&HP?MNCA;=CIH?M
?=IH\GC=;M
>?
F;
2+*



 

 Tomo I
La Economía y las Finanzas Públicas


-,)r1& 
-/
")
0" 1,/
$),)&7!,

"<9>0..4I8
,8>0
6,
=9-<0:<9/?..4I8
7?8/4,6

"MNI
CGJFC=;
OH;
;>GCHCMNL;=C\H
>?F
=IG?L=CI
?RN?LHI
KO?
=IG<;N;
?F
>OGJCHA
S

?MN;<F?T=;
G?>C>;M
>?
JIFZNC=;
=;G<C;LC;
I
;L;H=?F;LC;
ILC?HN;>;
;
F;
I<N?H=C\H
>?
OH

MOJ?LXPCN
?H
=O?HN;
=ILLC?HN?

97-,>4<
6,
2080<,.4I8
/0
=9-<0:<9/?..4I8

);
<L?=B;
?HNL?
JLI>O=NI
S
>?G;H>;
KO?
A?H?L;H
FIM
M?=NIL?M
GXM
=IGJ?NCNCPIM
>?

F;
?=IHIGZ;
H;=CIH;F
?M
BIS
?H
>Z;
?F
G;SIL
JLI<F?G;
>?
F;
?=IHIGZ;
H;=CIH;F
-;L;

?H@L?HN;LFI
M?
L?KOC?L?


-@3
BA>PF;53
\E53>
CG7
53EF;9G7
>3
;@EG\5;7@F7
97@7D35;R@
67
67?3@63



);
L?=OJ?L;=C\H
;=?F?L;>;
>?
FIM
CHAL?MIM
L?;F?M
>?
F;
JI<F;=C\H
NL;<;D;>IL;

)I
KO?
MIFI
?M
JIMC<F?
MC
?F
@ILN;F?=CGC?HNI
>?F
=IHMOGI
?M
=IH=OLL?HN?
;
F;

L?;=NCP;=C\H
>?
=;J;=C>;>?M
JLI>O=NCP;M
?H
?F
=IHN?RNI
>?F
M?=NIL
MI=C;F
>?
F;

?=IHIGZ;


,/,)/&,
&GJ?L;
OH
>C;AH\MNC=I
?KOCPI=;>I
KO?
P?
;F
?H>?O>;GC?HNI
=IGI
OH;
@;FN;
GIL;F
>?

>AE
7@67G636AE
K
@A
5A?A
G@
D7?76;A
F7?BAD3>
K
BA5A
3675G36A
B7DA
D7?76;A
3>
\@

J;L;
F;
MI<L?JLI>O==C\H
I
MO<>?G;H>;
KO?
A?H?L;
F;
?MNL;N?AC;
AFI<;FCT;>IL;


!?<?GIM
?HN?H>?L
KO?
F;
MI<L?JLI>O==C\H
M?
;=?HNO;LX
;F
>?D;L
>?
@OH=CIH;L
?F
=LY>CNI

=IGI
@;=NIL
>?
=L?;=C\H
>?
>?G;H>;
@L?M=;
)I
KO?
CGJFC=;LX
KO?
;GJFCIM
M?AG?HNIM

>?
F;
JLI>O==C\H
GOH>C;F
M?;H
CHONCFCT;>IM
);
=IHDOH=C\H
>?
MI<L?P;FO;=C\H
>?
F;

GIH?>;
S
;J?LNOL;
G?L=;HNCF
HIM
B;=?
?MJ?=C;FG?HN?
POFH?L;<F?M

2LA?
CHMNLOG?HN;L
OH;
?MNL;N?AC;
>?
JLIN?==C\H
;HN?
F;
MI<L?JLI>O==C\H
GOH>C;F
S
>?

=IG<;N?
;
MO
A?H?L;=C\H
CHN?LH;
OH;
KO?
MO<MNCNOS;
;F
?H>?O>;GC?HNI
G;MCPI
=IGI

?F?G?HNI
>CH;GCT;>IL
>?F
=IHMOGI
S
JIL
N;HNI
>?
F;
JLI>O==C\H
?MN;
MIFI
JO?>?
M?L

?F
@ILN;F?=CGC?HNI
>?
F;M
=;J;=C>;>?M
>?
>?G;H>;
>?
F;
JI<F;=C\H
S
L?=OJ?L;L
?F
J;J?F

L?=NIL
S
F;M
L?MJIHM;<CFC>;>?M
BCMN\LC=;M
>?
HO?MNLI
"MN;>I


 Tomo I
La Economía y las Finanzas Públicas

&)&,$/#r
;H=I
>?
*YRC=I
l&H@ILG?M
;HO;F?Mm>?
>CP?LMIM
;[IM
)I=;FCT;<F?M
?H
F;
JXACH;
>?

&HN?LH?N
>?F
;H=I
>?
*YRC=I
B;MN;
?F
;[I
 
=O;H>I
F;G?HN;<F?G?HN?
>?D\

>?
JO<FC=;LFIM

F;H=I
'IMY
9
2@.??<99<
12
9.
?6@6@
2;
"IE60<


P


?H
IL>?L;
/IF;H>I

=IIL>CH;>IL
l!?M;LLIFFI
S
LCMCM
>?
F;
"=IHIGZ;
*?RC=;H;m
#IH>I
>?
OFNOL;

"=IH\GC=;
*YRC=I


;MN?FF
;H=CHI
'ILA?
S
/?FFI
"MJCHIT;
#?LH;H>I
);M
!?MP?HNOL;M
>?
OH
-LIS?=NI

AL;LCI

j

-

"H
IL>?L;
=IIL>CH;>IL


IL>?L;
/IF;H>I
=IIL>CH;>IL
l!?M;LLIFFI
S
LCMCM
>?
F;
"=IHIGZ;
*?RC=;H;m

#IH>I
>?
OFNOL;
"=IH\GC=;
*YRC=I

"<L;BCG
T;>?B
BLCMNCH?
l.08
A<
/.@60@
BA05
6@2.@2
(<<
:B05
D2.9A5
:.;.421

B;D6@29Fm
6;.;02
.;1
2C29<=:2;A
3IF

+

&HN?LH;NCIH;F
*IH?N;LS

#OH>
4;MBCHANIH
*;L=B
 
"BL?HL?C=B
;L<;L;
+C=E?F
;H>
!CG?>
,H
+IN
$?NNCHA
S
CH

G?LC=;
&0+
  
%?HLS
%IFN
IGJ;HS
2HCN?>
0N;N?M
 
9
6;.;062?<
-?LC\>C=I
>CP?LM;M
HIN;M
#C>?F
;MNLI
>CM=OLMI
>?F

>?
M?JNC?G<L?

>?

)I=;FCT;<F?
?H
CHN?LH?N

#IH>I
*IH?N;LCI
&HN?LH;=CIH;F
<92AJ;
"
3IF

+I

4;MBCHANIH

>?

HIPC?G<L?
>?
 
S
INL;M
?>C=CIH?M

#L;H=I
)\J?T
'ILA?
*YRC=I
>?F
"GJI<L?=CGC?HNI
;F
C?H?MN;L
"F
#CH;F
>?
F;

$FI<;FCT;=C\H
2+*
*YRC=I
 

#L;H=I
)\J?T
'ILA?
-LI>O=CL
J;L;
+IMINLIM
LCMCM
"=IH\GC=;
S
!?M;LLIFFI
>?F
0?=NIL

0I=C;F
&HMNCNONI
>?
&HP?MNCA;=CIH?M
"=IH\GC=;M
>?
F;
2+*
 
==?MC<F?
?H

CHN?LH?N
JXACH;
>?F
&&"=
D3@=7>
"7gD7K


K
+7D9;A
$

+5:?G=>7D
Y<B;A?F
3B;1
16@0<B;A@
.@F::2A?60

6;3<?:.A6<;
.;1
A52
"2E60.;
0?6@6@
<3

 
161
9<0.9
?2@612;A@
AB?;
=2@@6:6@A60

/23<?2
6;A2?;.A6<;.9
6;C2@A<?@m
$=2;
0<;<:62@
&2C62D
3IF



$L??HBIOM?
0N?P?H
1B?
CA
0KO??T?
(<B45
(6:2@
3<?
A52
:2?60.;
+<?82?
/;H>IG

%IOM?
20
 
&HMNCNONI
+;=CIH;F
>?
"MN;>ZMNC=;
$?IAL;@Z;
?
&H@ILGXNC=;
&+"$&
"MN;>ZMNC=;M

%CMN\LC=;M
>?
*YRC=I
 
==?MC<F?
?H
CHN?LH?N

(;GCH
0N?P?H
l

,"
('
"
"8(#"
"

,"(
'

'A./696G.A6<;@
.;
:=6?60.9
E.:6;.A6<;m
I;L>
I@
$IP?LHILM
I@
NB?
#?>?L;F

/?M?LP?
0SMN?GM
;A2?;.A6<;.9
6;.;02
6@0B@@6<;
%.=2?@
+I

DOHCI
>?



 
 Tomo I
La Economía y las Finanzas Públicas

#DG9?3@
(3G>

@6
F:;E
7BD7EE;A@
&AI

/

/

&ADFA@

A?B3@K
-+
 


(LOAG;H
-;OF
(52
&2AB?;
<3
2=?2@@6<;
0<;<:60@
.;1
A52
?6@6@
<3
 
4
4

&ADFA@
A?B3@K


!+&
  
);A;L>?
BLCMNCH?
l)C@N
?<DA5
(<1.F
(<:<??<D
(<42A52?m
&HN?LH;NCIH;F
*IH?N;LS

#OH>
NF;HNC=
IOH=CF
JLCF

 
-XACH;
>?
CHN?LH?N
>?F
#*&

*CMB?F
);QL?H=?
?LHMN?CH
';L?>
FF?AL?NNI
0SFPC;
l(52
'A.A2
$3
+<?86;4
:2?60.

  m
"=IHIGC=
-IFC=S
&HMNCNON?
ILH?FF
2HCP?LMCNS
-L?MM
20
 

,&1
l&H@ILG?
*OH>C;F
MI<L?
0;F;LCIM
 
 m
-

-I>?L
"D?=ONCPI
#?>?L;F
-F;H
+;=CIH;F
>?
!?M;LLIFFI
j
*YRC=I
0?=L?N;LZ;

>?
%;=C?H>;
S
LY>CNI
-]<FC=I


/I>LZAO?T
3;FF?DI
'IMY
l);
-LI>O==C\H
S
F;
!?G;H>;
>?
$L;HIM
XMC=IM
?H
*YRC=Im

/?PCMN;
IG?L=CI
"RN?LCIL
PIF

H]G

*YRC=I
DOFCI
>?


&<1?68
.;6



1B?
$FI<;FCT;NCIH
-;L;>IR
#<?A<;

<:=.;F

;0
'#  


/IM
';CG?
"=IHIGZ;
*?RC=;H;
"PIFO=C\H
/?=C?HN?
S
-?LMJ?=NCP;M
-

"H

IL>?L;
=IIL>CH;>IL


0;HNISI
/;@;?F
l);
-IFZNC=;
>?
-L?=CIM
>?
$;L;HNZ;m
&2C6@A.
2:<4?.3J.
F
0<;<:J.

5&

!CMJIHC<F?
?H
CHN?LH?N

0NCAFCNT
'IM?JB
"
#L??@;FF
G?LC=;
#L??
*;LE?NM
;H>
NB?
0CHECHA
I@
NB?
4ILF>

"=IHIGS
&0+   
/

/

&ADFA@

A?B3@K
 

0NCAFCNT
'IM?JB
JL?GCI
+I<?F
>?
?=IHIGZ;
l+2
.;
#<D
B?2
BA05
6@2.@2m
?H

(52
B.?16.;
)IH>L?M

>?
;AIMNI
>?
 

0NCAFCNT
'IM?JB
JL?GCI
+I<?F
>?
?=IHIGZ;
"F
G;F?MN;L
?H
F;
AFI<;FCT;=C\H
1;OLOM

*;>LC>
 
1;R
-IFC=S
?HN?L
20
;16C61B.9
;0<:2
(.E
%2?@<;.9
E2:=A6<;@
.;1
!<D2@A
.;1

6452@A
(.E
?.082A
(.E
&.A2@
.;1
(.E
.@2
3<?
&24B9.?
(.E
(.E
-2.?@



P



&HN?LH?N

2A;LN?=B?
,M=;L
l%B/960
12/A
0?6@2@
6;
!.A6;
:2?60.;
.;1
B?<=2
.
0<:=.?.A6C2

.;.9F@6@
)
<3
<9<4;.
<;32?2;02

C26;A2
.K<@
129
A?.A.1<
12
"..@A?605A

;B2C<@
12@.3J<@
=.?.
9.
4</2?;.;G.
20<;L:60.
O?HIM
CL?M
JLCF
 


2F
%;KO?
+;>??G
!IH;F>
*;NBC?MIH
S
0OHCF
0B;LG;
l)''
#
$(
"8#+'

.;1
%<960F
&2@=<;@2@
A<
(52:m
?H
6;.;02

2C29<=:2;A
L?PCMN;
NLCG?MNL;F

&HN?LH;NCIH;F
*IH?N;LS
#OH>
4;MBCHANIH
G;LTI
>?

3CFF;LL?;F
/?HY
&H>OMNLC;FCT;=C\H
IGJ?NCNCPC>;>
S
!?M?KOCFC<LCI
"RN?LHI
?H

*YRC=I
2H
"H@IKO?
*;=LICH>OMNLC;F
S
#CH;H=C?LI

j
  
#IH>I
>?

OFNOL;
"=IH\GC=;
*YRC=I
 

 
 Tomo I
La Economía y las Finanzas Públicas

)0
/"#,/*0
"01/2 12/)"0
,+!& &,++

")

/" &*&"+1,
!"
)
" ,+,*r

*"5& +
AOMNZH
*CAO?F
FIHMI
/;S;

!OL;HN?
JI=I
GXM
>?
NL?M
>Y=;>;M
*YRC=I
B;
MC>I
=?HNLI
>?
?RJ?LCG?HN;=C\H

>?
JIFZNC=;M
G;=LI?=IH\GC=;M
KO?
JLIG?N?H
FIAL;L
OH
=L?=CGC?HNI
MIMN?HC>I
>?F

JLI>O=NI
CHN?LHI
<LONI
S
>?F
?GJF?I
-;L;F?F;G?HN?
M?
B;
;<;H>IH;>I
MCMN?GXNC=;

S
>?FC<?L;>;G?HN?
?F
J;J?F
S
F;
=IHNLC<O=C\H
=?HNL;F
KO?
?F
"MN;>I
>?<?
N?H?L
?H
F;

?=IHIGZ;
,A6A
7EFA
:3
B3E36A
BAD
<GEF;\53D
FA6A
F;BA
67
?76;63E
CG7
3B3D7@F7?7@F7
BAE;4;>;F3@

F;
=L?;=C\H
>?
OH
G;L=I
>?
l?MN;<CFC>;>
G;=LI?=IH\GC=;m
?HN?H>C>;
?MNX
S
>?
G;H?L;

?GK
>;?;F363
5A?A
;@]35;R@
@A
EGB7D;AD
3
>3
CG7
F;7@7
@G7EFDA
BD;@5;B3>
EA5;A

5A?7D5;3>
-
K
\@3@L3E
BS4>;53E
E3@3E
7E
675;D
57D53@3E
3>
7CG;>;4D;A
;@9D7EA
93EFA



"MN;
JLIJO?MN;
M?
;JIS;
?H
F;
PCMC\H
N?\LC=;
>IGCH;HN?
>?
F;
?=IHIGZ;
ILNI>IR;
KO?

EAEF;7@7
CG7
>AE
?753@;E?AE
67>
?7D536A
EA@
>3E
:7DD3?;7@F3E
@757E3D;3E
K

EG\5;7@F7E


J;L;
;F=;HT;L
?F
JF?HI
?GJF?I
>?
FIM
@;=NIL?M
JLI>O=NCPIM




+;=C\
?F

>?
;AIMNI
>?

?H
0;FP;NC?LL;
$O;H;DO;NI
"M
JLI@?MIL
>?
?>O=;=C\H
JLCG;LC;
?AL?M;>I

>?
F;
"M=O?F;
+ILG;F
)OCM
3CFF;LL?;F
>?
"F
*?R?
%C>;FAI


S
)C=?H=C;>I
?H
!?L?=BI
JIL
?F

&HMNCNONI
2HCP?LMCN;LCI
>?
-O?<F;
OLM\
?F
!CJFIG;>I
?H
HXFCMCM
-IFZNC=I
?H
F;
2HCP?LMC>;>
&<?LI;G?LC=;H;

S
?F
!CJFIG;>I
?H
/?F;=CIH?M
);<IL;F?M
?H
F;
2HCP?LMC>;>
ON\HIG;
*?NLIJIFCN;H;
%;
MC>I
0?=L?N;LCI

$?H?L;F
>?
F;
#?>?L;=C\H
>?
"MNO>C;HN?M
;GJ?MCHIM
0I=C;FCMN;M
>?
*YRC=I
#" 0*

GC?G<LI

@OH>;>IL
>?F
-;LNC>I
0I=C;FCMN;
>?
FIM
1L;<;D;>IL?M

>?F
-;LNC>I
*?RC=;HI
0I=C;FCMN;

S
>?F

-;LNC>I
>?
F;
/?PIFO=C\H
!?GI=LXNC=;

"H
?F
;[I

@O?
=;H>C>;NI
;
AI<?LH;>IL
>?
MO
?HNC>;>

H;N;F
>?
F;
96.;G.
=<?
B.;.7B.A<
=IH@ILG;>;
JIL
?F
-;LNC>I
>?
F;
/?PIFO=C\H
!?GI=LXNC=;
-/!


-;LNC>I
>?F
1L;<;DI
-1
S
IHP?LA?H=C;
BIS
*IPCGC?HNI
CO>;>;HI
"H
 
@O?
=;H>C>;NI
;
0?H;>IL

JIL
$O;H;DO;NI
JIL
F;
<.9606L;
=<?
29
62;
12
(<1<@
"H
?F
J?LCI>I
 
 
>CLCAC\
?F
IGCNY
"D?=ONCPI

"MN;N;F
>?F
-/!
?H
$O;H;DO;NI
%;
MC>I
@OH>;>IL
>?F
*IPCGC?HNI
!?GI=LXNC=I
+O?PI
0CH>C=;FCMGI
>?F

0CH>C=;NI
+;=CIH;F
>?
1L;<;D;>IL?M
>?
F;
">O=;=C\H
0+1"
S
0?=L?N;LCI
>?
-LIGI=CIH?M
"=IH\GC=;M

0?=L?N;LCI
>?
IH=CFC;=C\H
0CH>C=;F
0?=L?N;LCI
>?
!?L?=BIM
);<IL;F?M
1?=HIF\AC=IM
>?F
*;L
S
+CP?F?M

"MJ?=C;F?M
;>?GXM
>?

3C=?JL?MC>?HN?
>?F
IGCNY
+;=CIH;F
>?
==C\H
-IFZNC=;
>?F
IGCNY
"D?=ONCPI

+;=CIH;F
>?F
0+1"
M?MIL\
;MCGCMGI
;F
0CH>C=;NI
>?
ONINL;HMJILN?
'IMY
*;LZ;
*IL?FIM



S
;F
*IPCGC?HNI
!?GI=LXNC=I
-?NLIF?LI


"D?L=C\
=IGI
!CJON;>I
#?>?L;F
?H
F;M
)&&&
)3&&
S

)&5
)?ACMF;NOL;M
!OL;HN?
F;
)?ACMF;NOL;
)3&&
@O?
JL?MC>?HN?
>?
F;
IGCMC\H
&HP?MNCA;>IL;
,+02-,

S
?H
F;
)&5
JL?MC>C\
F;
IGCMC\H
>?
0?AOLC>;>
0I=C;F

"H
F;
;=NO;F
)5&&
)?ACMF;NOL;
?M
IIL>CH;>IL

>?F
$LOJI
-;LF;G?HN;LCI
>?F
-/!
S
JL?PC;G?HN?
@O?
3C=?=IIL>CH;>IL
>?F
GCMGI
?
CHN?AL;HN?
>?
F;M

=IGCMCIH?M
>?
IGOHC=;=CIH?M
"H?LAZ;
S
0?AOLC>;>
0I=C;F

 
 Tomo I
La Economía y las Finanzas Públicas

@
5A@E75G7@5;3
7>
5D75;?;7@FA
67>
93EFA
>3
67G63
K
7>
6O\5;F
BS4>;5A
D7BD7E7@F3@

MOJO?MN;G?HN?
OH
JLI<F?G;
=L?=C?HN?
S;
KO?
;=N];H
?H
=IHDOHNI
=IGI
OH;
AL;H


;@F7D87D7@5;3
7@
7>
8G@5;A@3?;7@FA
67
>AE
?7D536AE
\@3@5;7DAE
K
BDA6G5F;HAE

IGI
L?MOFN;>I
>?
?MN;
PCMC\H
?H
FIM
]FNCGIM
NL?CHN;
;[IM
M?
B;
CGJO?MNI
OH
GI>?FI

CG7
BD;AD;L3
7>
7CG;>;4D;A
\E53>
>3
>;47D3>;L35;R@
K
67ED79G>35;R@
67

>AE
?7D536AE
B3D3

63D
B3EA
3
>3
9>A43>;L35;R@
BDA6G5F;H3
K
\@3@5;7D3


0?
B;
FF?A;>I
;
F;
;<?LL;=C\H
>?
?HN?H>?L
JIL
?MN;<CFC>;>
G;=LI?=IH\GC=;
M\FI
N?H?L

43<3
;@]35;R@
K
Y7CG;>;4D;A
\E53>Z
67<3@6A
67
>36A
>3
7HA>G5;R@
67
>3E
H3D;34>7E
D73>7E

>?
F;
?=IHIGZ;

0?
>;
OH;
;<C?LN;
IJIMC=C\H
;
F;
CHN?LP?H=C\H
>?F
"MN;>I
?H
F;
?=IHIGZ;
=IH
JLIJ\MCNIM

?=IH\GC=IM
JLIGI=C\H
L?AOF;=C\H
S
>CL?==C\H
S;
KO?
MOJIH?H
KO?

?MNI
CGJC>?


CH=L?G?HN;L
?F
J;J?F
>?F
M?=NIL
J]<FC=I
?H
F;
?=IHIGZ;
=IGI
JLI>O=NIL
>?
<C?H?M
S

M?LPC=CIM

-IL
?FFI
;
FI
F;LAI
>?F
>?M;LLIFFI
>?
?MN?
NL;<;DI
NL;N;L?GIM
>?
?PC>?H=C;L
KO?
?H
*YRC=I

;
J;LNCL
>?
F;
=LCMCM
>?
F;
>?O>;
>?
FIM
;[IM
I=B?HN;
S
>?
FIM
>?M?KOCFC<LCIM
L?ACMNL;>IM
?H

>3E
\@3@L3E
BS4>;53E
CG7
3>53@L3DA@
EG
?NJ;?3
7JBD7E;R@
7@
6O\5;FE

67
3>D7676AD
67


JIL
=C?HNI
>?F
-&
M?
=L?;H
F;M
=IH>C=CIH?M
J;L;
CHMNLOG?HN;L
OH
JLI@OH>I
JLI=?MI

67
3<GEF7
?35DA75A@R?;5A
3
>3E
\@3@L3E
BS4>;53E
CG7
;@5>GK7
7@
G@A
67
EGE
3EB75FAE

=?HNL;F?M
?F
I<D?NCPI
>?
lM;H?;Lm
F;M
=O?HN;M
J]<FC=;M
J;L;
?MN;<CFCT;L
F;
?=IHIGZ;
S

JIMC<CFCN;L
=L?=CGC?HNI
?=IH\GC=I
"H
F;
;=NO;FC>;>

S

;
J?M;L
>?
FIM
G;FIM
L?MOFN;>IM
I<N?HC>IM
>?MJOYM
>?
NL;HM=OLLC>IM

NL?CHN;
S
>IM
;[IM
?H
NYLGCHIM
>?
=L?=CGC?HNI
S
>?M;LLIFFI
?=IH\GC=IM
FIM

?35DA75A@A?;EF3E
A\5;3>7E
7@
%OJ;5A

E;9G7@
B7@E3@6A
CG7
7E
@757E3D;A
5A@F;@G3D

>3
7EFD3F79;3
BDA8G@6;L3@6A
>3
Y6;E5;B>;@3
\E53>Z
B3D3
>A9D3D
7CG;>;4D;A
7@
>3E
\@3@L3E

J]<FC=;M
S
=IH
?FFI
?MN;<CFC>;>
G;=LI?=IH\GC=;
"H
 

S;
M?
CHMNLOG?HN;
OH
CGJILN;HN?
L?=ILN?
JL?MOJO?MN;F
S
J;L;

 
M?
JLIJIH?

INLI
L?=ILN?
;>C=CIH;F
;F
A;MNI
"F
AI<C?LHI
@?>?L;F
;=IGJ;[;
?MN;
]FNCG;
G?>C>;
=IH
?F

;HOH=CI
>?

CHMNLOG?HN;=C\H
J;L;
 
OH
-L?MOJO?MNI
;M?
?LI
- 
?F
=O;F
J;LN?

>?
OH;
HO?P;
G?NI>IFIAZ;
L?CHA?HC?LZ;
JL?MOJO?MN;F
J;L;
CHMNLOG?HN;L
OH;
JIFZNC=;
>?

;OMN?LC>;>
JL?MOJO?MN;F
GXM
JLI@OH>;
7@
7>
93EFA
5A@
7>
\@
67
5A?B35F3D
>3
7EFDG5FGD3

67
>3
36?;@;EFD35;R@
BS4>;53
3
B3DF;D
67
7\5;7@5;3
67
>AE
BDA9D3?3E
9G47D@3?7@F3>7E

B3D3
3EP
<GEF;\53D
:35;3
367>3@F7
?3KAD7E
D75ADF7E
BD7EGBG7EF3>7E
K
7>
DA?B;?;7@FA
5A@

?F
JL?MOJO?MNI
CH?L=C;F

 
 Tomo I
La Economía y las Finanzas Públicas

HN?
F;
>?@?HM;
?
CHMCMN?H=C;
>?
?MN?
NCJI
>?
JIFZNC=;M
B;S
KO?
>?D;L
=F;LI
KO?
J;L;
=O;FKOC?L

9A4;7D@A
67@FDA
67
EG
7EFD3F79;3
7>
B3B7>
67
>3E
\@3@L3E
BS4>;53E
K
7>
D7EG>F36A
67
EG

?3@7<A
6O\5;F
A
EGB7DNH;F
7E
H7D6367D3?7@F7
E;9@;\53F;HA
K3
CG7
67
OEF3E
67B7@67
>3

JIMC<CFC>;>
>?
;=?F?L;L
>?N?H?L
I
?MN;H=;L
;
F;
?=IHIGZ;

"MN?
NL;<;DI
JL?N?H>?
L?PCM;L
;FAOH;M
>?
F;M
=IH>C=CIH;HN?M
>?F
=L?=CGC?HNI
?=IH\GC=I

;
J;LNCL
>?
F;
L?PCMC\H
>?
F;
NL;S?=NILC;
>?
F;M
L?@ILG;M
?MNLO=NOL;F?M
S
MOM
L?MOFN;>IM
?H

NYLGCHIM
>?F
=L?=CGC?HNI
>?
F;
?=IHIGZ;
G?RC=;H;
"MN?
NL;<;DI
NL;HMCN;
S
>;
M?AOCGC?HNI
;
;FAOHIM
JLI=?MIM
S
>?=CMCIH?M
KO?

JIMC<CFCN;LIH

?F
CHC=CI
>?
OH;
F;LA;
G;L=B;
B;=C;
OH;
NL;HMC=C\H
?=IH\GC=;
KO?
?H
F;
;=NO;FC>;>

I<M?LP;GIM
CH=IH=FOM;
GOS
=IMNIM;
S
KO?
JLIG?NC\
;F=;HT;L
OH;
?=IHIGZ;
>?

?7D536A
34;7DF3
7\5;7@F7
5A?B7F;F;H3
5A@
\@3@L3E
BS4>;53E
E3@3E
7@
G@
5A@F7JFA
67


l=L?=CGC?HNI
=IH
?MN;<CFC>;>m
KO?
;
F;
@?=B;
M?AOCGIM
?MJ?L;H>I

&
+1" "!"+1"0
!"
)0
/"#,/*0
"01/2 12/)"0
"+
*V5& ,

!?
F;M
L?@ILG;M
?MNLO=NOL;F?M
HI
M?
>?<?
?MJ?L;L
OH
GCF;ALI

HC
N;GJI=I
KO?
F?
>?H
;
*YRC=I
L?MOFN;>IM
?H
?MN?
GIG?HNI
(LOAG;H
 

"H
*YRC=I
?F
=IF;JMI
?=IH\GC=I
>?

M?
JLI>ODI
=O;H>I
FIM
;=L??>IL?M
?RN?LHIM

3>
36H7DF;D
>3
7HA>G5;R@
67>
6O\5;F
>3
674;>;636
67>
?7D536A
B7FDA>7DA
>3
7@AD?7
67G63

?RN?LH;
;=OGOF;>;
S
F;M
N;M;M
>?
CHN?LYM
CHN?LH;=CIH;F?M
;F
;FT;
M?
H?A;LIH
;
M?AOCL

\@3@5;3@6A
7>
67E7CG;>;4D;A
7JF7D@A
67
>3
75A@A?P3

HN?
F;
OLA?H=C;
>?
F;
=ISOHNOL;
F;
;>GCHCMNL;=C\H
>?
'IMY
)\J?T
-ILNCFFI
?H
MO
]FNCGI

;[I
NOPI
KO?
;<;H>IH;L
FIM
JF;H?M
?RJ;HMCIHCMN;M
S
;>IJN\
OH;
JIFZNC=;
GO=BI
GXM

3GEF7D3
7@
>3E
\@3@L3E
BS4>;53E
D7EFD;55;R@
5D76;F;5;3
K
3<GEF7
67>
F;BA
67
53?4;A
7

;@F7@E;\535;R@
67
>AE
5A@FDA>7E
3
>3
;?BADF35;R@
B3D3
?A67D3D
7>
67E7CG;>;4D;A
7JF7D@A


+I
I<MN;HN?
FIM
?M@O?LTIM
KO?
BCTI
?F
AI<C?LHI
J;L;
GI>?L;L
?F
A;MNI
J]<FC=I
S

3G?7@F3D
EGE
;@9D7EAE
7>
6O\5;F
\@3@5;7DA
5A?A
BDABAD5;R@
67>
(!
3>53@LR
>3
5;8D3

LY=IL>
>?


"H
?F
$I<C?LHI
>?
'IMY
)\J?T
-ILNCFFI
BO<I
>IM
JF;H?M
>?
=;LX=N?L
G;=LI?=IH\GC=I
?F
0"-#&+




S
?F
-F;H
$FI<;F
>?
!?M;LLIFFI
0--
 
"F
JLCG?LI
?MNCG;<;
OH
=L?=CGC?HNI
>?
 
S
?F

M?AOH>I
>?

?H

 
 Tomo I
La Economía y las Finanzas Públicas

!OL;HN?

F;
>?O>;
J]<FC=;
?RN?LH;
M?
G;HNOPI
JLX=NC=;G?HN?
=IHMN;HN?
>?<C>I

;
F;
J;L;FCT;=C\H
>?F
=LY>CNI
J?LI
F;
>?O>;
J]<FC=;
CHN?LH;
=L?=C\
=;MC
OH
 
?H

NYLGCHIM
HIGCH;F?M
);
>?O>;
?RN?LH;
;M=?H>Z;
;

GCF
GCFFIH?M
>?
>\F;L?M
S
M?
B;<Z;
NL;HM@ILG;>I
?H

G@A
67
>AE
BD;@5;B3>7E
67F7D?;@3@F7E
67>
6O\5;F
67
>3
5G7@F3
5ADD;7@F7

BG7E
>AE
B39AE

>?
CHN?L?M?M
?L;H
G;SIL?M
KO?
F;
>CMJIHC<CFC>;>
H?N;
>?
L?=OLMIM
JLIP?HC?HN?M
>?
F;

=O?HN;
=IG?L=C;F
S
>?
FIM
M?LPC=CIM
HI
@;=NILC;F?M
"H
?MN?
=IHN?RNI
?F
AI<C?LHI
>?
*CAO?F
>?
F;
*;>LC>
JOMI
?H
G;L=B;
?F
-LIAL;G;
>?

*7AD67@35;R@
5A@R?;53
K
3?4;A
EFDG5FGD3>
3>
?;E?A
F;7?BA
\D?R
G@
35G7D6A
67


?RN?HMC\H
;GJFC;>I
J;L;
?F
J?LCI>I


=IH
?F
#IH>I
*IH?N;LCI
&HN?LH;=CIH;F

#*&
%;MN;
?MN?
GIG?HNI
?F
"MN;>I
B;<Z;
IJ?L;>I
JLIGIPC>I
MO<MC>C;>I
S
;MOGC>I
F;M

>?O>;M
BIL;
F?
NI=;<;
=IGI
;=NIL

JLCH=CJ;F
M?L
?F
?D?
S
L?MJIHM;<F?
>?F
;DOMN?
S
>?

L?MNLCHACL
?F
A;MNI

"F
AI<C?LHI
>?
*CAO?F
>?
F;
*;>LC>
JF;HN?\
?F
=;G<CI
?MNLO=NOL;F
JIL
G?>CI
>?
OH;

HO?P;
>CG?HMC\H
>?F
M?=NIL
J]<FC=I
F;
L;=CIH;FCT;=C\H
>?F
JLIN?==CIHCMGI
?R=?MCPI

?F
M;H?;GC?HNI
>?
F;M
?GJL?M;M
J]<FC=;M
S
F;
L?=IHP?LMC\H
CH>OMNLC;F
>?
F;
?=IHIGZ;

H;=CIH;F
S
>?F
JLIJCI
M?=NIL
J;L;?MN;N;F













)IM
MO=?MIM
JIMN?LCIL?M
;

B;H
J?LM?AOC>I
>IM
I<D?NCPIM
F;
=IHMIFC>;=C\H
>?F

BD7EGBG7EFA
5A?A
D7CG;E;FA
BD7H;A
67
>3
7EF34;>;L35;R@
67
>3
;@]35;R@
K
>3
?7<AD3
67

F;
=;J;=C>;>
>?F
M?LPC=CI
>?
F;
>?O>;
?RN?LH;
OHKO?
?MNIM
I<D?NCPIM
M?
;F=;HT;LIH

@O?
;
OH
AL;H
=IMNI
?H
NYLGCHIM
>?
L?>O==C\H
>?
FIM
HCP?F?M
>?
PC>;
S
G;F;
?PIFO=C\H

>?F
?GJF?I


(AEF7D;AD?7@F7
7>
?A67>A
\E53>
E7
D78G@5;A@3>;L3
3
B3DF;D
67>
D75A@A5;?;7@FA
67

F;
H?=?MC>;>
>?
;F=;HT;L
?MN;<CFC>;>
G;=LI?=IH\GC=;
;
J;LNCL
>?
F;
=IH>C=C\H
>?

7CG;>;4D;A
\E53>



"MN?
I<D?NCPI
M?
FIAL\
@OH>;G?HN;FG?HN?
G?>C;HN?
OH;
L?>O==C\H
?RNL;IL>CH;LC;
>?F

A;MNI
"F
A;MNI
J]<FC=I
MO@LC\
OH;
=;Z>;
>LXMNC=;
F;
L?>O==C\H
?H
?F
A;MNI
>?
=;JCN;F

<XMC=;G?HN?
F;
CHP?LMC\H
J]<FC=;
M?
=IHNL;DI
=IHMC>?L;<F?G?HN?
"MN;
L?@ILG;
?MNLO=NOL;F
M?
MOMN?HN\
?H
OH
CHN?HMI
JLI=?MI
>?
L?@ILG;
JL?MOJO?MN;F

5A?7D5;3>
K
\@3@5;7D3
PZ;
JLCP;NCT;=C\H
>?ML?AOF;=C\H
>?
FIM
G?L=;>IM
CHN?LHIM

S
L?>O==C\H
>?F
N;G;[I
>?F
"MN;>I
"F
I<D?NCPI
?L;
J;M;L
;
OH
MCMN?G;
?=IH\GC=I

BD;H3F;L36A
67
?7D536AE
>;4D7E
34;7DFAE
K
Y7\5;7@F7EZ




3CFF;LL?;F





!ILH<OM=B




MJ?

 
 Tomo I
La Economía y las Finanzas Públicas

IGI
L?MOFN;>I
>?
?MN;
PCMC\H
N?\LC=;
?H
FIM
]FNCGIM
NL?CHN;
;[IM
M?
B;
CGJO?MNI

7>
?A67>A
CG7
BD;AD;L3
7>
7CG;>;4D;A
\E53>
>3
>;47D3>;L35;R@
67
>3E
75A@A?P3E
K
>3

9>A43>;L35;R@
BDA6G5F;H3
K
\@3@5;7D3
7@
5A@E75G7@5;3
E7
63
G@3
34;7DF3
ABAE;5;R@
3

>AE
EG4E;6;AE
\E53>7E
3
>3
BDA6G55;R@
3>
\@3@5;3?;7@FA
43@53D;A
3>
E75FAD
BS4>;5A
K
3

FIM
FZGCN?M
>?
F;
N;M;
>?
CHN?LYM
<;H=;LC;
>?
JLYMN;GIM
S
>?
>?J\MCNIM

"F
?D?
>?
?MN?
JLIAL;G;
JL?N?H>?
F;
?MN;<CFCT;=C\H
CHN?LH;
S
=ILL?ACL
>CMNILMCIH?M

JLI>O=C>;M
JIL
F;
CH?MN;<CFC>;>
>?
F;M
JLCH=CJ;F?M
P;LC;<F?M
G;=LI?=IH\GC=;M
0?

B>3@F73

CG7
>3
6;E5;B>;@3
\E53>
K
?A@7F3D;3
K
G@
F;BA
67
53?4;A
D73>
5A?B7F;F;HA
EA@

FIM
NL?M
CHMNLOG?HNIM
J;L;
L?AOF;L
F;
?MN;<CFC>;>
>?
JL?=CIM
S
YMN;
?M
H?=?M;LC;
J;L;
OH;

@OH=C\H
;MCAH;>IL;
;>?=O;>;
>?
F;M
M?[;F?M
>?
JL?=CIM
"F
MOJO?MNI
CGJFZ=CNI
?M
KO?

F;
G;HI
CHPCMC<F?
>?F
FC<L?
G?L=;>I
<;DI
F;
AOZ;
>?
FIM
JL?=CIM
CHN?LH;=CIH;F?M
B;LX
?F

L?MNI


>
A4<7F;HA
7E
3>53@L3D
>3
7\5;7@5;3
7@
>3
3E;9@35;R@
67
D75GDEAE
7@
>3
75A@A?P3
K

MOJIH?
KO?
OH;
?=IHIGZ;
JLCP;NCT;>;
=IH
G?L=;>IM
FC<L?M
S
;<C?LNIM
;
F;
=IGJ?N?H=C;

CHN?LH;=CIH;F
?H
OH
;G<C?HN?
>?
?MN;<CFC>;>
>?
JL?=CIM
?M
OH;
=IH>C=C\H
H?=?M;LC;
S

EG\5;7@F7
@A
ER>A
B3D3
3>53@L3D
>3
7\5;7@5;3
7@
>3
3E;9@35;R@
67
D75GDEAE
E;@A
B3D3

A?H?L;L
OH
=L?=CGC?HNI
?=IH\GC=I
MIMN?HC>I

=IH
OH;
G?DIL
>CMNLC<O=C\H
>?F
CHAL?MI


$AE
67E7CG;>;4D;AE
D79;EFD36AE
7@
>3E
\@3@L3E
BS4>;53E
7@
%OJ;5A
3>53@L3DA@
EG

?NJ;?3
7JBD7E;R@
7@
>AE
3QAE
A5:7@F3
5A@
6O\5;FE
67
3>D7676AD
67

BAD
5;7@FA

>?F
-&
?MN;
MCNO;=C\H
=L?;
F;M
=IH>C=CIH?M
J;L;
CHMNLOG?HN;L
OH
JLI@OH>I
JLI=?MI

>?
;DOMN?
G;=LI?=IH\GC=I
KO?
CH=FOS?
?F
M;H?;GC?HNI
>?
F;M
=O?HN;M
J]<FC=;M
=IGI

=IH>C=C\H
J;L;
;F=;HT;L
=L?=CGC?HNI
?=IH\GC=I

J;LNCL
>?
?MN?
=IGJF?DI
JLI=?MI
M?
?HN?H>?LX
JIL
?MN;<CFC>;>
G;=LI?=IH\GC=;

ER>A
>A9D3D

43<3
;@]35;R@

K
Y7CG;>;4D;A
\E53>Z
67<3@6A
67>;47D363?7@F7
67
>36A
>3

?PIFO=C\H
>?
F;M
P;LC;<F?M
L?;F?M
=L?=CGC?HNI
S
JF?HI
?GJF?I

0?
;<;H>IH;
F;
C>?;
@OH>;G?HN;F
>?
KO?
?F
LCNGI
>?
=L?=CGC?HNI
S
F;
?MN;<CFC>;>
>?F

>?M;LLIFFI
=IHMNCNOS?H
?F
?D?

>?
F;
JIFZNC=;
?=IH\GC=;
?H
F;M
?=IHIGZ;M
"H
MO
FOA;L
F;M
JL?I=OJ;=CIH?M
M?
B;H
>?MJF;T;>I
B;=C;
F;
<]MKO?>;
MIF;G?HN?
>?
F;

?MN;<CFC>;>
G;=LI?=IH\GC=;
S
>?
JL?=CIM
>?
=;L;
;
F;
CHN?AL;=C\H
>?
FIM
G?L=;>IM

;@F7D@35;A@3>7E


$3
6;E5;B>;@3
\E53>
K
>3
7\5;7@5;3
B3D757@
93@3D
>3
43F3>>3
3
>AE

P;FIL?M
>?
F;
CAO;F>;>
S
MIFC>;LC>;>
MI=C;F?M




3CFF;LL?;F
<=
06A



&<;LL;
 
 
 Tomo I
La Economía y las Finanzas Públicas

&&
&!"0
.2"
'201&#& +
)0
/"#,/*0

"01/2 12/)"0

);M
C>?IFIAZ;M
M\FC>;M
@OH=CIH;H
JIL
F;
>I<F?
L;T\H
>?
KO?
HI
M\FI
MIH
CHGOH?M

;
FIM
B?=BIM
?GJZLC=IM
MCHI
KO?
F;M
JLO?<;M
?H
=IHNL;LC;M
MCLP?H
?H
L?;FC>;>
J;L;

@ILN;F?=?LF;M
"H
=IH=L?NI
?F
FC<?L;FCMGI
B;
;>KOCLC>I
F;
=IMNOG<L?
>?
CHMCMNCL

=;>;
P?T
KO?
MOM
JIFZNC=;M
=IM?=B;H
OH
@L;=;MI
?H
KO?
F;
=OFJ;
B;
>?
;NLC<OCLM?
;F

J;ZM
KO?
NL;N\
>?
;JFC=;LF;M
J?LI
?H
HCHA]H
=;MI
;
F;M
JIFZNC=;M
GCMG;M



*;LE
FSNB
 

$3
H;E;R@
F7RD;53
6A?;@3@F7
E7Q3>3
CG7
7>
93EFA
BS4>;5A
K
7>
6O\5;F
BS4>;5A
EA@

G@3
;@F7D87D7@5;3
7@
7>
8G@5;A@3?;7@FA
67
>AE
?7D536AE
\@3@5;7DAE
K
BDA6G5F;HAE

CG7
6;EFADE;A@3@
>AE
BD75;AE
K
5A@E75G7@F7?7@F7
6;EFD;4GK7@
;@7\5;7@F7?7@F7
>AE

L?=OLMIM
);
CHN?LJL?N;=C\H
GXM
>C@OH>C>;

>C=?
KO?
=O;H>I
FIM
A;MNIM
MOJ?L;H
FIM
CHAL?MIM

6O\5;F
\E53>
E7
H7D;\53DN
7@
>3
75A@A?P3
G@3
7JB3@E;R@
67
>3
67?3@63
39D79363
CG7

FF?P;LX
;
OH
;OG?HNI
?H
?F
HCP?F
>?
F;
;=NCPC>;>
?=IH\GC=;
JIMC=C\H
E?SH?MC;H;
I
OH

CH=L?G?HNI
?H
?F
HCP?F
A?H?L;F
>?
JL?=CIM
JIMC=C\H
=FXMC=;
I
<C?H
OH;
=IG<CH;=C\H

>?
;G<IM
!?
CAO;F
G;H?L;
?F
?R=?MI
>?
A;MNIM
MI<L?
FIM
CHAL?MIM
M?
CHN?LJL?N;<;

=IGI
OH;
M?[;F
CH?KOZPI=;
>?
KO?
?F
AI<C?LHI
M?
B;FF;<;
?GJ?[;>I
?H
OH;
JIFZNC=;

\E53>
7JB3@E;H3



);
JIMC=C\H
=LZNC=;
NL;>C=CIH;F

L?MJ?=NI

;F
A;MNI
AO<?LH;G?HN;F
S
F;
A?H?L;=C\H
>?

6O\5;F
\E53>
3EG?7
CG7
OEF7
97@7D3
G@
7875FA
67
67EB>3L3?;7@FA
7@FD7
\@3@5;3?;7@FA

J]<FC=I
S
?F
JLCP;>I

/?MJ;F>;>;
?H
?MN;
C>?;
MOLA?
F;
JLIJO?MN;
>?F
IHM?HMI
>?
4;MBCHANIH
=IGI
OH

=IHDOHNI
>?
FCH?;GC?HNIM
>?
JIFZNC=;
?=IH\GC=;
KO?
>?<Z;H
>?
;JFC=;LM?
;
FIM
J;ZM?M

MO<>?M;LLIFF;>IM
J;LNC=OF;LG?HN?
FIM
F;NCHI;G?LC=;HIM
J;L;
L?NIG;L
?F
M?H>?LI
>?F

=L?=CGC?HNI
S
?F
>?M;LLIFFI
?=IH\GC=IM
KO?
F;
G;SILZ;
>?
?MNIM
J;ZM?M
?GJ?T\
;
J?L>?L

>?M>?
G?>C;>IM
>?
F;
>Y=;>;
>?
FIM
M?N?HN;



"H

OH
ALOJI
>?
L?MJIHM;<F?M
>?
F;M
JIFZNC=;M
>?
F;
L?AC\H
>?
GYLC=;
);NCH;
S

?F
;LC<?
L?JL?M?HN;HN?M
>?
ILA;HCMGIM
CHN?LH;=CIH;F?M
S
GC?G<LIM
>?
=IGOHC>;>?M

;=;>YGC=;M
S
=?HNLIM
>?
?MNO>CI
J;LNC=CJ;LIH
?H
OH;
=IH@?L?H=C;
;OMJC=C;>;
JIL

?F
&HMNCNONI
>?
"=IHIGZ;
&HN?LH;=CIH;F
?H
4;MBCHANIH
0O
JLIJ\MCNI
?L;
?P;FO;L
?F

JLIAL?MI
FIAL;>I
JIL
FIM
J;ZM?M
>?
F;
L?AC\H
?H
F;
JLIGI=C\H
>?

L?@ILG;M
?=IH\GC=;M


>?MJOYM
>?
F;
=LCMCM
>?
F;
>?O>;
>?
F;
>Y=;>;
>?
FIM
I=B?HN;M




)?PS
 

 
 Tomo I
La Economía y las Finanzas Públicas

IH=FOC>;M
F;M
>?FC<?L;=CIH?M
'IBH
4CFFC;GMIH 
?M=LC<C\
KO?
M?
B;<Z;
;F=;HT;>I
OH

AL;>I
=IHMC>?L;<F?
>?
=IHM?HMI
;=?L=;
>?
>C?T
CHMNLOG?HNIM
>?
JIFZNC=;

MZ
FIM
>C?T
CHMNLOG?HNIM
>?
JIFZNC=;
JLIJO?MNIM
JIL
?F
l IHM?HMI
>?
4;MBCHANIHm

EA@
>3
6;E5;B>;@3
\E53>
BD;AD;L35;R@
67>
93EFA
BS4>;5A
7@
76G535;R@
K
E3>G6
D78AD?3

NLC<ON;LC;
N;M;M
>?
CHN?LYM
JIMCNCP;M
>?N?LGCH;>;M
JIL
?F
G?L=;>I
NCJIM
>?
=;G<CI

=IGJ?NCNCPIM
JIFZNC=;M
=IG?L=C;F?M
FC<?L;F?M
;J?LNOL;
;
F;
CHP?LMC\H
?RNL;HD?L;

JLCP;NCT;=CIH?M
>?ML?AOF;=C\H
S
JLIN?==C\H
;
F;
JLIJC?>;>
JLCP;>;





"MN?
=IHDOHNI
>?
JIFZNC=;M
@O?LIH
;P;F;>;M
JIL
?F
#IH>I
*IH?N;LCI
&HN?LH;=CIH;F
#*&

S
?F
;H=I
*OH>C;F
*
;MZ
=IGI
?F
JLIJCI
N?MILI
>?
FIM
"MN;>IM
2HC>IM

-;L;
CHMNLOG?HN;L
?MN;M
JIFZNC=;M
S
;F=;HT;L
F;
?MN;<CFCT;=C\H 
?L;
H?=?M;LCI
=;G<C;L

>3E
5A@6;5;A@7E
7@
>3E
CG7
AB7D343

>3
?35DA75A@A?P3
3
\@
67
BAE;4;>;F3D
>3
7EF34;>;636

>?
JL?=CIM


"MN;
JLIJO?MN;
>?
L?@ILG;
?MNLO=NOL;F
?MNX
<;M;>;
?H
OH
CHN?HMI
JLI=?MI
>?
L?@ILG;

5A?7D5;3>
K
\@3@5;7D3
HP3
BD;H3F;L35;R@
D76G55;R@
67>
F3?3QA
67>
EF36A
K

>?ML?AOF;=C\H
>?F
G?L=;>I
CHN?LHI

"F
I<D?NCPI
>?
F;
P?LNC?HN?
>?F
=;G<CI
?MNLO=NOL;F
?M
J;M;L
;
OH
MCMN?G;
?=IH\GC=I

JLCP;NCT;>I
>?
G?L=;>IM
FC<L?M
S
;<C?LNIM

6
JIL
?F
F;>I
>?
F;
JIFZNC=;
G;=LI?=IH\GC=;

>3
D78AD?3
BDABA@7

\@53D

>3
7EF34;>;L35;R@

7@
G@3
BA>PF;53
\E53>
EGEF7@F363
7@

7>
8G@63?7@FA
67
7CG;>;4D;A
\E53>
K
3>;@7363
3
G@3
BA>PF;53
?A@7F3D;3
K
53?4;3D;3

JLO>?HN?
>?
NCJI
>?
=;G<CI
L?;F
=IGJ?NCNCPI
J;L;
;MZ
;F=;HT;L
F;
?MN;<CFC>;>
>?
JL?=CIM

;@]35;R@
@G>3



"F
?D?
>?
?MN?
JLIAL;G;
?M
F;
?MN;<CFCT;=C\H
CHN?LH;
S
F;
=ILL?==C\H
>?
>CMNILMCIH?M

JLI>O=C>;M
JIL
F;
CH?MN;<CFC>;>
>?
F;M
JLCH=CJ;F?M
P;LC;<F?M
G;=LI?=IH\GC=;M

+7
B>3@F73

CG7
>3
6;E5;B>;@3
\E53>
K
?A@7F3D;3
K
G@
F;BA
67
53?4;A
D73>
5A?B7F;F;HA

MIH
FIM
NL?M
CHMNLOG?HNIM
J;L;
L?AOF;L
F;
?MN;<CFC>;>
>?
JL?=CIM

S
YMN;
?M
H?=?M;LC;

4CFFC;GMIH
 





);M
NL?M
lAL;H>?M
C>?;Mm
KO?
MCLP?H
>?
@OH>;G?HNI
;
?MN;M
L?@ILG;M
MIH
M?A]H
4CFFC;GMIH
lF;
>CM=CJFCH;

G;=LI?=IH\GC=;
F;
?=IHIGZ;
>?
G?L=;>I
S
F;
;J?LNOL;
;F
GOH>Im
l);M
NL?M
JLCG?L;M
L?@ILG;M
MIH

B;MN;
>IH>?
?MNIS
?HN?L;>I
;GJFC;G?HN?
;=?JN;>;M
?HNL?
FIM
?=IHIGCMN;Mm
P?L
?H
4CFFC;GMIH
'
 

&2:.?8@
A<
A52
2;A2?
3<?
'A?.A2460
.;1
;A2?;.06<;.9
'AB162@
HIPC?G<L?




l);
?MN;<CFCT;=C\H
G;=LI?=IH\GC=;
?M
OH
?F?G?HNI
?M?H=C;F
>?
F;
L?@ILG;
?=IH\GC=;
OH
;G<C?HN?

G;=LI?=IH\GC=I
CH?MN;<F?
HI
M\FI
>CMNILMCIH;
F;M
M?[;F?M
>?
JL?=CIM
?H
FIM
KO?
M?
>?M?HPO?FP?
F;
?=IHIGZ;


>?
G?L=;>I
MCHI
KO?
JO?>?
FF?P;L
;
=LCMCM
J?LC\>C=;M
KO?
>?<CFCN;H
NI>I
?F
JLI=?MI
>?
L?@ILG;
-IL
FI

F3@FA
7>
5A@FDA>
67>
BD7EGBG7EFA
BS4>;5A
>3E
5A@6;5;A@7E
?A@7F3D;3E
K
>3
;@]35;R@
6747@
E7D
7EF34>75;63E

>?M>?
?F
JLCH=CJCIm

3?L
?H
, !"

(52
(?.;@6A6L;
A<
".?82A
0<;<:F

JXA
 
 
 Tomo I
La Economía y las Finanzas Públicas

J;L;
OH;
@OH=C\H
;MCAH;>IL;
;>?=O;>;
>?
F;M
M?[;F?M
>?
JL?=CIM
"F
MOJO?MNI
CGJFZ=CNI

?M
KO?
F;
G;HI
CHPCMC<F?
>?F
FC<L?
G?L=;>I
<;DI
F;
AOZ;
>?
FIM
JL?=CIM
CHN?LH;=CIH;F?M

B;LX
?F
L?MNI


"MNI
CGJFC=;
KO?
?F
J;NL\H
>?
=L?=CGC?HNI
S
>?
;=OGOF;=C\H
M?
NL;HM@ILG;
?F
"MN;>I

=?>?
MO
J;J?F
>?
JLIGINIL
JIL
G?>CI
>?
F;
CHP?LMC\H
S
>?F
A;MNI
J]<FC=I
CH=FOMI
?F

M?=NIL
JLCP;>I
S
F;
CHP?LMC\H
?RNL;HD?L;
JO?>?H
;>KOCLCL
OH
LIF
JLIN;A\HC=I
JIL
?H=CG;

67
>3
;@H7DE;R@
@35;A@3>
K
5A@H7DF;DE7
3EP
7@
G@
?AFAD
E;9@;\53F;H3?7@F7
;?BADF3@F7

>?F
=L?=CGC?HNI

1I>I
?MNI
<;DI
?F
MOJO?MNI
@OH>;G?HN;F
>?
KO?
;F
;<LCLM?
F;M
?=IHIGZ;M
H;=CIH;F?M
>?

?OD;53
$3F;@3
3
\@
67
;@F79D3DE7
3>
?G@6A
9>A43>
K
3
>3
>;4D7
5A?B7F7@5;3
E7
>A9D3DN

>3
7\5;7@5;3
CG7
>3
?3@A
;@H;E;4>7
67
>AE
BD75;AE
;@F7D@35;A@3>7E
EGBG7EF3?7@F7
353DD73


&H=FOMI
MOJIH?
KO?
F;
L?>O==C\H
>?F
J;J?F
>?F
"MN;>I
;F
L;=CIH;FCT;L
MO
JIFZNC=;
>?

A;MNI
?
CHP?LMC\H
S
;F
N?H?L
F;
G?HIL
CHN?LP?H=C\H
JIMC<F?
>?HNLI
>?
F;
?=IHIGZ;

=IH>O=CLX
;
OH
\JNCGI
"F
MOJO?MNI
@OH>;G?HN;F
?M
KO?
OH;
?=IHIGZ;
JLCP;NCT;>;
=IH
G?L=;>IM
JI<L?M
S

;<C?LNIM
?H
OH
?MKO?G;
G;=LI?=IH\GC=I
=IH
?MN;<CFC>;>
>?
JL?=CIM
J?LGCNCLX
>?

G;H?L;
;ONIGXNC=;
AOC;>;
JIL
F;
G;HI
CHPCMC<F?
>?
FIM
JL?=CIM
CHN?LH;=CIH;F?M
;]H

7@
G@
B3PE
7@
67E3DDA>>A
5A?A
%OJ;5A
97@7D3D
>3
53B35;636
67
D7EBG7EF3
EG\5;7@F7

JIL
?F
F;>I
>?
F;
I@?LN;
JLI>O=NCP;

J;L;
=IH@ILG;L
?F
HO?PI
GI>?FI
>?
;=OGOF;=C\H

>?
=;JCN;F
S
=L?=CGC?HNI
KO?
J?LGCN;
A?H?L;L
?GJF?I
L?>O=CL
F;
JI<L?T;
S
GXM
;]H

JIMC<CFCN;LX
MOMN?HN;<CFC>;>
>?F
>?M;LLIFFI

!?M>?
F;
J?LMJ?=NCP;
>?
F;
?RJ?LC?H=C;
BCMN\LC=;
>C=BIM
MOJO?MNIM
MIH
;H;=L\HC=IM

"H
F;
AFI<;FCT;=C\H
FIM
G?L=;>IM
HI
M\FI
HI
MIH
>?
=IGJ?N?H=C;
J?L@?=N;
MCHI
KO?

M?
GO?P?H
>?
?MNLO=NOL;M
>?
=IGJ?N?H=C;
IFCAIJIFZMNC=;
;
=IGJ?N?H=C;
GIHIJ\FC=;

"H
?MN?
M?HNC>I
M?
NL;N;
>?
OH
@OH>;G?HNI
G;=LI?=IH\GC=I
MOMN?HN;>I
M\FI

:7GDPEF;53?7@F7

>53@L3D
7>
7CG;>;4D;A
\E53>
5A?A
5A@6;5;R@
67
7EF34;>;636

?35DA75A@R?;53
E;9@;\53

B7DE79G;D
G@
B>3@F73?;7@FA
CG7
7@
>3
D73>;636
7E

CH;F=;HT;<F?
,<M?LP;H>I
?H
J?LMJ?=NCP;
>?M>?
F;
PCMC\H
>?
F;
N?ILZ;
?=IH\GC=;
lF;M
L?@ILG;M

ILC?HN;>;M
;F
G?L=;>I
HI
B;H
A?H?L;>I
F;M
=IH>C=CIH?M
KO?
=IH>O=?H
;F
=L?=CGC?HNI

$3
@A5;R@

67
CG7
7>
?7D536A
BAD
EP
EA>A
BG767
3E;9@3D
7\5;7@F7?7@F7
>AE
D75GDEAE

?M=;MIM

?M
L?N\LC=;
JOL;m




3CFF;LL?;F
<=
06A



-LT?QILMES



 Tomo I
La Economía y las Finanzas Públicas

IGI
M?
JO?>?
P?L
?F
IHM?HMI
>?
4;MBCHANIH

B;
DOA;>I
S
MCAO?
>?M?GJ?[XH>IM?

>?MJOYM
>?
NL?M
>Y=;>;M
=IGI
?F
AL;H
?D?
>?F
GI>?FI
>?
NL;HMC=C\H
?=IH\GC=;
?H

*YRC=I
S
>?
F;M
L?@ILG;M
?MNLO=NOL;F?M

&&&
")
#*&
6
")
*
"+
)
&+01/2*"+1 &s+
!"
)0
/"#,/*0

"01/2 12/)"0

"F
#*&
?F
;H=I
*OH>C;F
S
?H
A?H?L;F
FIM
ILA;HCMGIM
CHN?LH;=CIH;F?M

NOPC?LIH

?LLIL?M
S
MI<L?P?H>C?LIH
MOM
L?=?N;M
>OL;HN?
>Y=;>;M


(LOAG;H
 

"F
L?J?HNCHI
;AIN;GC?HNI
>?
FIM
L?=OLMIM
>?F
M?=NIL
J]<FC=I
>?
GO=BIM
J;ZM?M
?H

F;
>Y=;>;
>?

>?M;N\
L?;==CIH?M
GXM
JLI@OH>;M
S
;GJFC;M
;HN?
F;M
JIFZNC=;M

?=IH\GC=;M
>?
FIM
AI<C?LHIM
"H
?MN?
G;L=I
OH;
A?H?L;=C\H
>?
?=IHIGCMN;M
l>?M=O<LC\m
F;M
PCLNO>?M
>?
F;
NIG;

67E57@FD3>;L363
67
675;E;A@7E
K
7>
BA67D
67
>3
7\5;7@5;3
67>
?7D536A
-;L;
GO=BIM

>?
?FFIM
F;
=O?MNC\H
JLCH=CJ;F
?L;
F;
?MNLO=NOL;=C\H
>?
FIM
G?L=;>IM
>?
GI>I
KO?

JO>C?L;H
JIH?LM?
?H
JLX=NC=;
MOM
PCLNO>?M
N?\LC=;M
);M
;AO>;M
H?=?MC>;>?M
>?
?@?=NCPI
?H
?F
M?=NIL
J]<FC=I
MOA?LZ;H
OH;
MIFO=C\H
JLIHN;

KO?
M?
NL;>ODI
?H
F;
P?HN;
>?
FIM
;=NCPIM
>?F
M?=NIL
J]<FC=I
P?H>C<F?M
;F
M?=NIL
JLCP;>I
"HNL?
?MN;M
HO?P;M
@ILG;M
M?
?H=IHNL;<;
OH;
N?H>?H=C;
MCH
JL?=?>?HN?
;
;JIS;L
OH

=;G<CI
?MNLO=NOL;F
=IH
G?>C>;M
KO?
@ILN;F?=C?L;H
?F
J;J?F
>?
F;M
@O?LT;M
>?F
G?L=;>I

S
L?MCMNCLM?
;
;KOYFF;M
KO?
@ILN;F?=C?L;H
F;M
@;=OFN;>?M
?=IH\GC=;M
>?F
"MN;>I

FI
F;LAI
>?
FIM
I=B?HN;
S
JLCH=CJCIM
>?
FIM
HIP?HN;
?H
F;
AL;H
G;SILZ;
>?
FIM
J;ZM?M

F;NCHI;G?LC=;HIM
M?
;JFC=;LIH
L?@ILG;M
?=IH\GC=;M
GOS
MCGCF;L?M

*YRC=I
;MOGC\

?MN?
JLI=?MI
S
>OL;HN?
FIM
I=B?HN;M
M?
=IHMNLOS?LIH
JLI@OH>;M
NL;HM@ILG;=CIH?M
?H

>3
75A@A?P3
?7J;53@3
AD;7@F363E
3
?A6;\53D
7>
?A67>A
67
67E3DDA>>A
E79G;6A
:3EF3

\@3>7E
67
>AE
E7F7@F3E

+7
;?B>3@F3DA@
D78AD?3E
7@53GL363E
3
D76G5;D
>3
B3DF;5;B35;R@

75A@R?;53
6;D75F3
7
;@6;D75F3
67>
EF36A
5A@
7>
\@
67
5767D
?3KAD
7EB35;A
3
>AE

G?=;HCMGIM
>?
G?L=;>I

"F
G?L=;>I
b?M
OH
G?=;HCMGI
>?
=IIL>CH;=C\H
>IH>?
F;M
@O?LT;M
>?
F;
I@?LN;
S
F;
>?G;H>;
?H
OH;



?=IHIGZ;
>?N?LGCH;H
FIM
JL?=CIM
PIFOG?H
S
GYNI>IM
>?
JLI>O==C\H
JIL
F;
PZ;
>?
OH
;DOMN?
;ONIGXNC=I

>?F
GIPCGC?HNI
>?
JL?=CIMm
1IG;>I
>?
IS?L
/
S

!L;=B?
!
'A.A2@
4.6;@A
".?82A@
/IONF?>A?

)IH>IH

JXA





 Tomo I
La Economía y las Finanzas Públicas

"MN;M
L?@ILG;M
MIH
OH
=IHDOHNI
>?
M?[;F?M
?G;H;>;M
>?F
XG<CNI
G;=LI?=IH\GC=I

<;DI
F;
@ILG;
>?
JIFZNC=;M
>?
;DOMN?
S
L?@ILG;M
?MNLO=NOL;F?M
"MNI
CGJFC=\
FC<?L;=C\H

5A?7D5;3>

>;47D35;R@
\@3@5;7D3
;@F7D@3
K
7JF7D@3

E3@73?;7@FA
\E53>
BD;H3F;L35;R@

>?
?GJL?M;M
?MN;N;F?M
;MZ
=IGI
>?
=C?LNIM
M?LPC=CIM
MI=C;F?M
CH=?HNCPIM
J;L;
;NL;?L

=;JCN;F?M
?RN?LHIM
S
>?ML?AOF;=C\H

!C=B;M
M?[;F?M
?MNXH
>?MNCH;>;M
;
=L?;L
OH
HO?PI
?HNILHI
?H
?F
=O;F
?F
M?=NIL
JLCP;>I

674P3
AB7D3D
67
?3@7D3
?NE
7\5;7@F7
K
6;@N?;53
B7D?;F;DP3
3>53@L3D
?3KAD7E

HCP?F?M
>?
<C?H?MN;L
?H
F;M
?=IHIGZ;M
>?
F;
L?AC\H

$3
D78AD?3
75A@R?;53
F;7@7
5A?A
\@
D76G5;D
>3
;@F7DH7@5;R@
7EF3F3>
6;E?;@G;D

6;EFADE;A@7E
7
;?BD;?;D
?3KAD
7\5;7@5;3
K
?753@;E?AE
67
?7D536A
7@
7>
CG7:357D

?=IH\GC=I
!C=B;M
L?@ILG;M
CH=C>?H
?H
FIM
AL;>IM
>?
FC<?LN;>
>?
=C?LNIM
CHMNLOG?HNIM

G;=LI?=IH\GC=IM
S
?H
FIM
I<D?NCPIM
GCMGIM
>?
F;
JIFZNC=;
?=IH\GC=;

=IGJLIG?NC?H>I
?H
I=;MCIH?M
FIM
;F=;H=?M
>?
F;M
JLIJC;M
L?@ILG;M
1I>I
?MNI
JLIJC=C;
F;
;>IJ=C\H
S
JLI@OH>CT;=C\H
>?
JLIAL;G;M
>?
?MN;<CFCT;=C\H

=IH=?LN;>IM
=IH
?F
#IH>I
*IH?N;LCI
&HN?LH;=CIH;F
#*&
S
?F
;H=I
*OH>C;F
*

L?=ILN?M
;F
A;MNI
J]<FC=I
L?;FCH?;=C\H
>?
JL?=CIM
L?F;NCPIM
CH=FOS?H>I
JL?=CIM
S

F3D;83E
67>
E75FAD
BS4>;5A
>3
?A6;\535;R@
67
>AE
5A@FDA>7E
67
BD75;AE
7@
>AE
E75FAD7E

L?T;A;>IM
S
?F
=IGJLIGCMI
>?
G;HN?H?L
JIFZNC=;M
>?
=LY>CNI
L?MNLC=NCP;M
;MZ
=IGI

OH
NCJI
>?
=;G<CI
L?;F
$3
BA>PF;53
67
3<GEF7
A
53?4;A
7EFDG5FGD3>
7@
%OJ;5A
E7
<GEF;\53
5A?A
BDN5F;53

>?
JIFZNC=;
?=IH\GC=;
>?M>?
?F
AI<C?LHI
>?
*CAO?F
>?
F;
*;>LC>
S
M?
?RNC?H>?

;>KOCLC?H>I
L?;F=?
N?\LC=I
S
JIFZNC=I
?MJ?=C;FG?HN?
?H
F;
;>GCHCMNL;=C\H
>?F

-L?MC>?HN?
;LFIM
0;FCH;M
>?
$ILN;LC
S
?HNL;
?H
OH
JLI=?MI
>?
JLI@OH>CT;=C\H
=IH
?F

JL?MC>?HN?
"HLCKO?
-?[;
+C?NI
3K
CG7
FA?3D
7@
5G7@F3
CG7
7>
53?4;A
7EFDG5FGD3>
67E67
>3
B7DEB75F;H3
A\5;3>
E7

?HNC?H>?
>?M>?
?F
=;G<CI
?H
F;

?MNLO=NOL;
?=IH\GC=;
?H
F;
KO?
IJ?L;H
FIM
G?L=;>IM

GXM
FC<L?G?HN?

-?HM;L
FI
=IHNL;LCI
L?MOFN;
CH=IHMCMN?HN?

*YRC=I
?FCAC\
?F
=;GCHI
B;=C;
F;
GI>?LHCT;=C\H
"H
?F
GIG?HNI
?H
KO?
HIM

?H=IHNLX<;GIM
?H
F;
=IH@OMC\H
>?
OH;
=LCMCM
?=IH\GC=;
S
?HA;[XH>IHIM
JIL

?F
?MJ?DCMGI
>?
HO?MNLI
"MN;>I
J;N?LH;FCMN;
L?NILH;GIM
;
HO?MNLIM
JLCH=CJCIM

8G@63?7@F3>7E
K
FGH;?AE
CG7
67\@;D
>3
?3@7D3
7@
CG7
>3E
8G7DL3E
BDA6G5F;H3E
67

HO?MNLI
J;ZM
N?H>LZ;H
KO?
L?ILA;HCT;LM?
J;L;
JLI>O=CL
<C?H?M
S
M?LPC=CIM
S
I@L?=?L
FIM

47@7\5;AE
67>
5D75;?;7@FA
3
FA6AE
>AE
?;7?4DAE
67
>3
EA5;7636


MJ?




 Tomo I
La Economía y las Finanzas Públicas

"F
=;G<CI
?MNLO=NOL;F
S
MO
CHMNLOG?HN;=C\H
>?<?H
J?HM;LM?
MC?GJL?
>?M>?
F;
J?LMJ?=NCP;

KO?
J?LGCN;
?M=F;L?=?L
F;
L?@OH=CIH;FCT;=C\H
>?
F;
;==C\H
>?F
"MN;>I
?H
F;
?=IHIGZ;

5A@
>3
;@F7@5;R@
67
:34;>;F3D
K
:357D
?NE
7\5;7@F7E
>AE
BDA57EAE
67
?7D536A

);
L?@ILG;
?MNLO=NOL;F
?H
*YRC=I
=IGI
B?GIM
PCMNI

M?
MOMN?HN;
?H
AL;H
G?>C>;
?H

F;M
L?=IG?H>;=CIH?M
>?F
#*&
>?F
*
S
M?
=IHMIFC>;
?H
F;M
JLIJO?MN;M
>?LCP;>;M
>?F

IHM?HMI
>?
4;MBCHANIH

);M
JLIJO?MN;M
>?
JIFZNC=;
G;=LI?=IH\GC=;
>?F
IHM?HMI
>?
4;MBCHANIH
MIH
F;M

MCAOC?HN?M
-LIAL;G;M
>?
"MN;<CFCT;=C\H
*;=LI?=IH\GC=;


;E5;B>;@3
\E53>


-LCILCT;=C\H
>?F
A;MNI
J]<FC=I
?>O=;=C\H
M;FO>
?
CH@L;?MNLO=NOL;

/?@ILG;
NLC<ON;LC;


$;47D3>;L35;R@
\@3@5;7D3
F3E3E
67
;@F7DOE
BAE;F;H3E
67F7D?;@363E
BAD
7>

G?L=;>I

-LIAL;G;
>?
/?@ILG;M
>?
;G<CI
"MNLO=NOL;F

1CJI
>?
=;G<CI
=IGJ?NCNCPI

-IFZNC=;
=IG?L=C;F
FC<?L;F


J?LNOL;
;
F;
CHP?LMC\H
?RNL;HD?L;


-LCP;NCT;=C\H
>?
?GJL?M;M
J]<FC=;M


!?ML?AOF;=C\H

/
-LIN?==C\H
>?
FIM
>?L?=BIM
>?
JLIJC?>;>
0CH
>O>;

F;
L?MJO?MN;
AO<?LH;G?HN;F
J;L;
lMIFO=CIH;L
?F
JLI<F?G;m
>OL;HN?
?F

AI<C?LHI
>?F
-L?MC>?HN?
0;FCH;M
=ICH=C>?
JF?H;G?HN?
=IH
F;M
JLIJO?MN;M
>?F
IHM?HMI

>?
4;MBCHANIH

A@
FA6A
@A
BG767
675;DE7
CG7
>AE
BDA4>7?3E
\E53>7E
67
%OJ;5A
E7
:3K3@
D7EG7>FA


HI
M\FI
M?
NL;N;
>?FC<?L;>;G?HN?
>?
J?LMCMNCL
?H
?MN?
?MKO?G;
>?
;DOMN?
MCHI
>?

JLI@OH>CT;LFI
>OL;HN?
OH
J?LCI>I
L?F;NCP;G?HN?
JLIFIHA;>I
;
J?M;L
>?
FIM
G]FNCJF?M

BDA4>7?3E
K
5D;E;E
5AKG@FGD3>7E
CG7
D7]7<3@
8D39;>;636
A
674;>;636
7EFDG5FGD3>
>?
F;

?=IHIGZ;
G?RC=;H;




-;A;T;


 Tomo I
La Economía y las Finanzas Públicas

"H
*YRC=I
F;M
L?@ILG;M
>?
JLCG?L;
A?H?L;=C\H
HI
B;H
N?HC>I
?F
YRCNI
?MJ?L;>I
"F

EF36A
?7J;53@A
:3
E;6A
;@7\5;7@F7
5A?A
BD;@5;B3>
BDA?AFAD
67
>3
7CG;636
>3
BA>ZNC=;

\E53>
CG7
;@EFDG?7@F3
7@
8G@5;R@
3
7EF7
A4<7F;HA
7E
;@5A?B>7F3
7
;@E3F;E835FAD;3
7>

I<D?NCPI
>?
NL;HM@ILG;=C\H
JLI>O=NCP;
=IH
?KOC>;>
MCAO?
J?H>C?HN?

&3
")
- 1,
-,/
*"5& ,
6
)
-/,#2+!&7 &s+
!"
)0
/"#,/*0

"01/2 12/)"0
 
 

"F
AI<C?LHI
G?RC=;HI
>?<?
CHMNLOG?HN;L
OH
G;SIL
A;MNI
J]<FC=I

J;L;
?H@L?HN;L
F;
=;Z>;
>?
FIM
JL?=CIM
>?F
J?NL\F?I

(LOAG;H
 

"F
JL?MC>?HN?
"HLCKO?
-?[;
+C?NI
;MOG?
?F
JI>?L
?H
G?>CI
>?
OH;
=LCMCM
?=IH\GC=;

?MNLO=NOL;F
>?
F;
?=IHIGZ;
G?RC=;H;
"H
?MN?
;G<C?HN?
?F
$I<C?LHI
#?>?L;F
;HOH=C;

F;
CHMNLOG?HN;=C\H
>?
P;LC;M
L?@ILG;M
KO?
JLIG?N?H
=IGI
?H
F;M
;HN?LCIL?M
>;L

PC;<CFC>;>
;
F;
?=IHIGZ;
S

G?DIL;L

FIM
HCP?F?M
>?
<C?H?MN;L
>?
F;
JI<F;=C\H
(3D3
7>>A
97EF;A@3
K
\D?3
7>

67
6;5;7?4D7
67
 

7>
Y(35FA
BAD
%OJ;5AZ
5A@

>3E
BD;@5;B3>7E
8G7DL3E
BA>PF;53E
(*!
(&
1
(*
5A@
7>
\@
67
;?BG>E3D
A@57


L?@ILG;M
=IGI
=IH>C=C\H
J;L;
L?MIFP?L
FIM
JLI<F?G;M
?=IH\GC=I
?MNLO=NOL;F?M
KO?

?F
J;ZM
PC?H?
;LL;MNL;H>I
>?M>?
B;=?
NL?CHN;
;[IM
S
JIMC<CFCN;L
;F
GCMGI
NC?GJI
OH;

G?DIL
AI<?LH;<CFC>;>
);
JLCG?L;
?H
M?L
;JLI<;>;
@O?
F;
L?@ILG;
F;<IL;F
F;
M?AOH>;
@O?
F;
?>O=;NCP;
F;

N?L=?L;
@O?
F;
L?@ILG;
>?
F;M
N?F?=IGOHC=;=CIH?M
S
=IGJ?N?H=C;
?=IH\GC=;
F;
=O;LN;

8G7
>3
\@3@5;7D3
>3
CG;@F3
8G7
>3
D78AD?3
:357@63D;3
K
67
E79GD;636
EA5;3>
67EBGOE
E7

;JLI<\

F;
L?@ILG;
?H?LAYNC=;
S
F;
L?@ILG;
JIFZNC=;
JIL
]FNCGI
M?
;JLI<\
?H
;<LCF
>?

 
F;
>?
NL;HMJ;L?H=C;
)IM
L?MOFN;>IM
;
J?M;L
>?
KO?
JLI@OH>CT;H
?F
JLIS?=NI
L?@ILG;>IL
CHC=C;>I
>?M>?

B;=?
GXM
>?
NL?CHN;
;[IM
MCAO?H
MC?H>I
GOS
FCGCN;>IM
?H
NYLGCHIM
>?
=L?=CGC?HNI
S

<C?H?MN;L




);M
FF;G;>;M
L?@ILG;M
>?
JLCG?L;
A?H?L;=C\H
>?<?H
M?L
=IHALO?HN?M
JIL
FI
G?HIM
2E
.;A2
=IH
FIM

A4<7F;HAE
57@FD3>7E
67
>3E
D78AD?3E
E3@73?;7@FA
\E53>
K
7EF34;>;L35;R@
?35DA75A@R?;53

$3
D78AD?3

NLC<ON;LC;
S
F;M
JLCP;NCT;=CIH?M
M?
;<I=;LIH
MCH
;G<CA^?>;>?M
;F
FIALI
>?F
JLCG?LI
?H
=;G<CI
F;
FC<?L;=C\H

67>
5A?7D5;A
7JF7D;AD
>3
67ED79G>35;R@
K
>3
>;47D35;R@
\@3@5;7D3
;@F7D@3
K
7JF7D@3
E7
5A@FD3BA@P3@
67E67

?F
CHC=CI
=IH
?F
I<D?NCPI
>?
;F=;HT;L
LXJC>;G?HN?
F;
?MN;<CFCT;=C\H
G;=LI?=IH\GC=;




 Tomo I
La Economía y las Finanzas Públicas

"F
-L?MC>?HN?
-?[;
>?M>?
?F
CHC=CI
>?
MO
;>GCHCMNL;=C\H
M?
=IGJLIG?NC\
;
NL;<;D;L

J;L;
=IHMNLOCL
OH
l*YRC=I
-L\MJ?LIm
?M
>?=CL
OH
*YRC=I
KO?
N?HA;
G;SIL
=L?=CGC?HNI

S
IJILNOHC>;>?M
J;L;
FIM
G?RC=;HIM
;MZ
=IGI
N;G<CYH
OH
*YRC=I
CH=FOS?HN?
>IH>?
?F

67E3DDA>>A
47@7\5;7
K
3>53@57
3
FA6AEZ

-IL
?FFI
JIMN?LCILG?HN?
JLIJOMI
OH
-LIAL;G;
>?
=?F?L;=C\H
>?F
L?=CGC?HNI

5A@R?;5A

EF7
BDA9D3?3
D7EBA@67
3>
;@EG\5;7@F7
67E7?B7QA
67
>3
75A@A?P3

H;=CIH;F
<OM=;
>CH;GCT;L
?F
G?L=;>I
CHN?LHI
S
;JIS;L
?F
?GJF?I
?HNL?
FIM
G?RC=;HIM
>
BDA9D3?3
7E
@AH76AEA
7EB75;3>?7@F7
BADCG7
]7J;4;>;L3
7>
6O\5;F
\E53>
3>
BDABA@7D


3?B>;3D>A
3


BAD
5;7@FA
67>
(!
7@
7>
3QA
 
5A@
7>
\@
67
7H;F3D
D75ADF7E
7@
7>

93EFA
BS4>;5A
3@F7
>3
7H;67@F7
D76G55;R@
67
>AE
;@9D7EAE
\E53>7E

-;L;
 
M?
CHMNLOG?HN;
;<C?LN;G?HN?
OH;
JIFZNC=;
=IHNL;=Z=FC=;
=IH
<;M?
?H
?F

8ADF3>75;?;7@FA
67
>3E
\@3@L3E
BS4>;53E
67D;H363
67
>3
*78AD?3
357@63D;3

(3D3
7>>A


E7
BDABA@7
E79G;D
3?B>;3@6A
7>
6O\5;F
3


BAD
5;7@FA
7@
 
5A@
7>
\@

67
7EF;?G>3D

>?=C>C>;G?HN?
F;
?=IHIGZ;
H;=CIH;F
"MN;
JIFZNC=;
L?=IHI=?
CGJFZ=CN;
S
?RJFZ=CN;G?HN?
F;
>?M;=?F?L;=C\H
>?
F;
?=IHIGZ;

H;=CIH;F
;HN?
@;=NIL?M
?RN?LHIM
?
CHN?LHIM
>?GXM
?MN?
JLIAL;G;
JL?PY
;=?F?L;L
F;
?D?=O=C\H
>?F
A;MNI
L?;MCAH;H>I
L?=OLMIM

B;=C;
;KO?FFIM
JLIS?=NIM
>?
LXJC>;
CHMNLOG?HN;=C\H
&H=FOS?
G?>C>;M
>?
;JISI
;
F;

PCPC?H>;
;
F;
=IHMNLO==C\H
G;SIL?M
L?=OLMIM
J;L;
F;
;H=;
>?
!?M;LLIFFI
;MZ
=IGI

J;L;
CH=L?G?HN;L
?F
=IHMOGI
?
CHP?LMC\H
>?F
M?=NIL
JLCP;>I
);
/?@ILG;
%;=?H>;LC;
M?
JF;HN?;
=IGI
OH;
L?@ILG;
L?MJIHM;<F?
KO?
JLIGO?P?
?F

7<7D5;5;A
7\5;7@F7
K
FD3@EB3D7@F7
67>
93EFA

A@
7>>3
E7
BD7F7@67
8ADF3>757D
7>
?3@7<A

D7EBA@E34>7
67
>3E
\@3@L3E
BS4>;53E
5A?A
BA>PF;53
67
EF36A

)IM
L?=OLMIM
I<N?HC>IM
>?
F;
/?@ILG;
%;=?H>;LC;
>?<?H
M?LPCL
;
>IM
JLIJ\MCNIM
=?HNL;F?M

2HI
!?NIH;L
OH
G;SIL
=L?=CGC?HNI
?=IH\GC=I
6
>IM
%;=?L
?@?=NCPIM
FIM
>?L?=BIM

MI=C;F?M
>?
FIM
G?RC=;HIM
1?HC?H>I
=IGI
;HN?=?>?HN?
?MNIM
JLIJ\MCNIM
);
L?;FC>;>
?=IH\GC=;
S
FIM
?LLIL?M

=IG?NC>IM
?H
MO
CHMNLOG?HN;=C\H
I<FCA;H
;F
-L?MC>?HN?
-?[;

S
;
MO
?KOCJI
;
JLI@OH>CT;L

S
;
=;G<C;L
F;
?MNL;N?AC;
"F

>?
?H?LI
>?F
 
?H
=IH@?L?H=C;
>?
JL?HM;
KO?
I@L?=C\
?F
0?=L?N;LCI
>?
%;=C?H>;

S
LY>CNI
-]<FC=I
)OCM
3C>?A;L;S
;MI
MI<L?
F;M
J?LMJ?=NCP;M
?=IH\GC=;M
 
 

3\D?A
>A
E;9G;7@F7
l IGI
OMN?>?M
M;<?H
?F
?HNILHI
?=IH\GC=I
CHN?LH;=CIH;F
M?
B;
>?N?LCIL;>I

E;9@;\53F;H3?7@F7
7@
>3E
S>F;?3E
E7?3@3E
674;6A
3
>AE
E;9G;7@F7E
835FAD7E
7@
BD;?7D


 Tomo I
La Economía y las Finanzas Públicas

FOA;L
OH;
>LXMNC=;
=;Z>;
>?F
JL?=CI
>?F
J?NL\F?I
;
HCP?F
CHN?LH;=CIH;F
KO?
M?A]H
F;M

JL?PCMCIH?M
>?
FIM
G?L=;>IM
S
FIM
;H;FCMN;M
N?H>LX
OH;
>OL;=C\H
GXM
;FFX
>?F
 
>?<C>I

;
F;M
=IH>C=CIH?M
AFI<;F?M
>?
J?NL\F?I
=LO>I
?H
I@?LN;
S
>?G;H>;
0?AOH>I
F;
CHGCH?HN?

HILG;FCT;=C\H
>?
F;
JIFZNC=;
GIH?N;LC;
?H
FIM
"MN;>IM
2HC>IM
FI
=O;F
=IHFF?P;LX
;
OH

;FT;
?H
F;M
N;M;M
>?
CHN?LYM
S
JIL
FI
N;HNI
A?H?L;LX
PIF;NCFC>;>
S
G?HIL
>CMJIHC<CFC>;>

67
]G<AE
\@3@5;7DAE
:35;3
>AE
B3PE7E
7?7D97@F7E

1
F7D57DA
G@3
67E357>7D35;R@
9>A43>

?H
>CMNCHN;M
L?ACIH?M
>?F
GOH>I
;=?HNO;>;
JIL
CH?MN;<CFC>;>
A?IJIFZNC=;
"F
CGJ;=NI
>?

FI
;HN?LCIL
B;
MC>I
A?H?L;FCT;>I
N;HNI
?H
F;M
?=IHIGZ;M
>?M;LLIFF;>;M
=IGI
?H
FIM
J;ZM?M

?G?LA?HN?M
HO?MNL;
?=IHIGZ;
S
?MNI
B;
MC>I
?F
=;MI
>OL;HN?
F;M
]FNCG;M
>IM
>Y=;>;M
?M

G@3
75A@A?P3
ER>;63
K
5A@
\@3@L3E
BS4>;53E
E3@3E


$3
6;E5;B>;@3
CG7
:7?AE
?3@F7@;6A
7@
7>
?3@7<A
67
>3E
\@3@L3E
BS4>;53E
>3
7EF34;>;636

G;=LI?=IH\GC=;
F;
/?@ILG;
%;=?H>;LC;
S
F;
?MNL;N?AC;
>?
=I<?LNOL;M
;HN?
F;
=;Z>;
>?F

JL?=CI
>?F
J?NL\F?I
B;H
M?LPC>I
J;L;
GCNCA;L
?F
CGJ;=NI
>?
@;=NIL?M
CHN?LH;=CIH;F?M
MI<L?

HO?MNL;
?=IHIGZ;

$3E
D7E7DH3E
;@F7D@35;A@3>7E
67

?;>
?;>>A@7E
67
6R>3D7E
K
>3
>P@73
67
5DO6;FA
]7J;4>7

KO?
N?H?GIM
=IH
?F
#IH>I
*IH?N;LCI
&HN?LH;=CIH;F
=?L=;H;
;
FIM

GCF
GCFFIH?M
>?

>\F;L?M
HIM
JLIP??H
?F?G?HNIM
>?
FCKOC>?T
J;L;
?H@L?HN;L
>?
G;H?L;
IL>?H;>;
=O;FKOC?L

5A@F;@97@5;3
7@
>AE
?7D536AE
\@3@5;7DAE
;@F7D@35;A@3>7E

!9G3>?7@F7
5A@F3D
5A@
G@

HCP?F
>?
>?O>;
J]<FC=;
?MN;<F?
S
<;DI
?H
=IGJ;L;=C\H
=IH
?=IHIGZ;M
=IGJ;L;<F?M
;
F;M

@G7EFD3E
3EP
5A?A
7>
:75:A
67
CG7
>3E
7JB75F3F;H3E
67
;@]35;R@
E7
?3@F;7@7@
ER>;63?7@F7

;H=F;>;M
?H
NILHI
;
F;
G?N;
>?F
;H=I
>?
*YRC=I
B;H
MC>I
S
=IHNCHO;LXH
MC?H>I

8G7@F7
67
57DF;6G?4D7
K
5A@\3@L3
B3D3
>AE
?7D536AE
@35;A@3>7E
7
;@F7D@35;A@3>7E
7@
>3

?=IHIGZ;
G?RC=;H;
!?M>?
FO?AI
OH;
G?>C>;
GOS
L?F?P;HN?
KO?
B?GIM
CGJF?G?HN;>I

B3D3
7EF7
3QA
 
B3D3
?3@F7@7D
>3E
\@3@L3E
BS4>;53E
E3@3E
:3
E;6A
>3
5A@FD3F35;R@
67

=I<?LNOL;M
J;L;
JLIN?A?LHIM
;HN?
F;
=;Z>;
>?
FIM
JL?=CIM
>?F
J?NL\F?I
?M
>?=CL
N?H?GIM
F;

53B35;636
EG\5;7@F7
7@
FOD?;@AE
67
;@9D7EAE
B3D3
7@8D7@F3D
>3E
5AKG@FGD3E
36H7DE3E
BAD

FI
KO?
L?MN;
>?
 
0CH
?G<;LAI
S
MC
<C?H
M;<?GIM
KO?
?M
JLX=NC=;G?HN?
CGJIMC<F?

JL?P?L
=IH
=?LN?T;
=OXF
M?LX
?F
>?M?GJ?[I
>?F
G?L=;>I
J?NLIF?LI
?H
FIM
;[IM
JIL
P?HCL

BIS
?H
>Z;
MC
P?GIM
F;
L?@?L?H=C;
>?
FIM
JL?=CIM
>?
@ONOLIM
>?F
JL?=CI
>?F
J?NL\F?I
J;L;

 
S
?H
;>?F;HN?
;MZ
=IGI
F;M
?RJ?=N;NCP;M
>?
G?L=;>I
=IH
L?MJ?=NI
;
F;M
N;M;M
>?

;@F7DOE
E347?AE
CG7
E7
BD7E7@F3
G@
7E57@3D;A
B3D3
>3E
\@3@L3E
BS4>;53E
@35;A@3>7E
67

?3KAD
6;\5G>F36
CG7
7>
CG7
:7?AE
F7@;6A
7@
>AE
3QAE
3@F7D;AD7E


-IL
FI
N;HNI
S
FI
KOC?LI
L?CN?L;L
?MN;
>GCHCMNL;=C\H
HI
MIF;G?HN?
P?
JIL
F;
=ISOHNOL;

;=NO;F
S
JIL
?MI
P;GIM
;
;JLIP?=B;L
>?M>?
;BIL;
?F
G;LA?H
>?
G;HCI<L;
KO?
F;M
>CMNCHN;M

G?>C>;M
>?
JLO>?H=C;
S
L?MJIHM;<CFC>;>
HIM
A?H?L;H
J;L;
B;=?L
>?M>?
;BIL;
FIM
;DOMN?M

KO?
L?KOC?L?
?MN?
HO?PI
?M=?H;LCI


 Tomo I
La Economía y las Finanzas Públicas

"H
?MN?
HO?PI
?M=?H;LCI
S
B;S
KO?
>?=CLFI
=IH
=F;LC>;>
M?
L?KOC?L?
>?
G;H?L;
GOFNC;HO;F

G@
@;H7>
67
93EFA
BS4>;5A
CG7
E73
5A@9DG7@F7
5A@
>3
53B35;636
67
\@3@5;3?;7@FA

MIMN?HC<F?
JIL
?F
"MN;>I
*?RC=;HI

3;GIM
;
;=NO;L
=IH@ILG?
;
F;M
MCAOC?HN?M
JL?GCM;M
)IM
;DOMN?M
;F
A;MNI
J]<FC=I
FIM

B;L?GIM
L?>O=C?H>I
?F
A;MNI
>?F
AI<C?LHI
HI
P;GIM
;
CH=L?G?HN;L
FIM
CGJO?MNIM
HI

P;GIM
;
=L?;L
HO?PIM
CGJO?MNIM
S
JIL
MOJO?MNI
HI
B;<L?GIM
>?
=IHNL;N;L
G;SIL
>?O>;

J]<FC=;

-IL
?FFI
KOC?LI
?H
JLCG?L
FOA;L
;HOH=C;L
KO?
P;GIM
;
?GJ?T;L
;
NL;<;D;L
>?M>?
BIS

?H
FI
KO?
M?LX
?F
-LIS?=NI
>?
-L?MOJO?MNI
>?
"AL?MIM
J;L;
 
<;DI
OH;
F\AC=;
>CMNCHN;

;
F;
KO?
B;
JL?P;F?=C>I
;
FI
F;LAI
JIL
FI
G?HIM
>?
F;
]FNCG;
>Y=;>;
?M
>?=CL
?H
 

N?H>L?GIM
KO?
=;G<C;L
F;
@ILG;
?H
KO?
?F;<IL;GIM
?F
-L?MOJO?MNI
>?M>?
?F
JLCH=CJCI

!IM
GCF
>C?=CMYCM
HI
JI>LX
M?L
OH
;[I
?H
?F
KO?
N?HA;GIM
OH
-L?MOJO?MNI
CH?L=C;F

?H
?F
KO?
M?
NIG;
=IGI
<;M?
?F
-L?MOJO?MNI
>?F
;[I
;HN?LCIL
S
M?
F?
B;=?H
;FAOH;M

?A6;\535;A@7E
?3D9;@3>7E


);
L?;FC>;>
HIM
?RCA?
KO?
HIM
;NL?P;GIM
;
B;=?L
OH;
L?PCMC\H
=IGJF?N;
>?
?H
KOY

?MN;GIM
A;MN;H>I
FIM
L?=OLMIM
KO?
JLIPC?H?H
>?
FIM
CGJO?MNIM
>?
FIM
G?RC=;HIM

)G7
@AE
3FD7H3?AE
3
;67@F;\53D
3CGO>>3E
ND73E
CG7
D7BD7E7@F3@
6GB>;5;6367E
3CGO>>AE

JLIAL;G;M
KO?
HI
=OGJF?H
=IH
MOM
JLIJ\MCNIM
KO?
HI
NC?H?H
FIM
HCP?F?M
>?
L?HN;<CFC>;>

MI=C;F
KO?
F;M
?P;FO;=CIH?M
?RCA?H
KO?
N?HA;H
I
KO?
NC?H?H
CGJ;=NIM
L?AL?MCPIM
?H

G;N?LC;
>?
>CMNLC<O=C\H
>?F
CHAL?MI
S
F;
LCKO?T;

"H
?MN?
M?HNC>I
?F
-LIS?=NI
>?
-L?MOJO?MNI
>?
"AL?MIM
>?
F;
#?>?L;=C\H
J;L;
?F

?D?L=C=CI
 
>?<?LX
B;=?LM?
<;DI
OH
?MKO?G;
>?
-L?MOJO?MNI
;M?
?LI
S
JLCPCF?AC;L

>AE
BDAK75FAE
67
;@H7DE;R@
K
>AE
BDA9D3?3E
CG7
F7@93@
G@
?3KAD
47@7\5;A
B3D3
>3

JI<F;=C\H

EF7
3@N>;E;E
67
93EFA
BS4>;5A
@A
EA>3?7@F7
@AE
B7D?;F;DN
E7D
?NE
7\5;7@F7E
E;@A
CG7

F3?4;O@
B7D?;F;DN
GF;>;L3D
7>
93EFA
BS4>;5A
B3D3
5A36KGH3D
67
?3@7D3
?NE
7\53L
7@

F;
=IHMIFC>;=C\H
>?
FIM
=;G<CIM
?MNLO=NOL;F?M
KO?
?MN;GIM
PCPC?H>I
S
>?NIH;L
;MZ
?F

BAF7@5;3>
BDA6G5F;HA
67>
B3PE

3EF3D
?7@AE
K
93EF3D
?7<AD
7@
47@7\5;A
67
>3
75A@A?P3

>?
F;M
@;GCFC;M
G?RC=;H;M
M?LX
F;
JL?GCM;
J;L;
F;
?F;<IL;=C\H
>?F
-L?MOJO?MNI
 

"F
I<D?NCPI
?M
L?PCM;L
;
JLI@OH>C>;>
S
=IH
I<D?NCPC>;>
CHMCMNI
NI>IM
;KO?FFIM
JLIAL;G;M

KA
67B7@67@5;3E
B3D3
:357D
?NE
7\5;7@F7
7>
93EFA
BS4>;5A
CG7
EA@
\@3>?7@F7

FIM
L?=OLMIM
KO?
JLIPC?H?H
>?
FIM
CGJO?MNIM
>?
FIM
G?RC=;HIM
6
J;L;
?FFI
KOC?LI

CH@ILG;LF?M
KO?
B?GIM
S;
;=IL>;>I
=IH
?F
;H=I
*OH>C;F
KO?
HIM
;=IGJ;[;LX
;

NL;PYM
>?
OH;
L?PCMC\H
CHN?AL;F
>?F
A;MNI
J]<FC=I
KO?
B;
CHC=C;>I
S;
S
=IHNCHO;LX
FIM


 Tomo I
La Economía y las Finanzas Públicas

MCAOC?HN?M
G?M?M
J;L;
N?H?L
F;
;M?MILZ;
S
?F
;JISI
>?
?MN;
CHMNCNO=C\H
GOFNCF;N?L;F
KO?

@AE
B7D?;F3
:357D
G@3
D7H;E;R@
67
>3
?3KAD
53>;636
K
7\5;7@5;3
7@
@G7EFD3
BA>PF;53
67

A;MNI

357D
G@
3<GEF7
:AK
7@
@G7EFD3
FD3K75FAD;3
67
93EFA
BS4>;5A
8ADF3>757
>3
5A@\3@L3
7@

@G7EFD3E
\@3@L3E
BS4>;53E
K
6;E?;@G;DN
@G7EFD3E
@757E;6367E
67
\@3@5;3?;7@FA
<GEFA

5G3@6A
F7@7?AE
G@
7@FAD@A
;@F7D@35;A@3>
67
?7@AD
6;EBA@;4;>;636
67
]G<AE
\@3@5;7DAE

J;L;
F;M
?=IHIGZ;M
?G?LA?HN?M

!?<?GIM
;=NO;L
>?
G;H?L;
JL?P?HNCP;
>?M>?
BIS
J;L;
KO?
?F
;DOMN?
M?;
IJILNOHI

AD67@36A
7
;@F79D3>

35;O@6A>A
67E67
:AK
63DN
57DF;6G?4D7
3
>AE
?7D536AE
\@3@5;7DAE

<;DI
JLCH=CJCIM
>?
L?MJIHM;<CFC>;>
S
?MN;<CFC>;>
J;L;
JLIN?A?LHIM
;HN?
MCNO;=CIH?M
>?

G;SIL
PIF;NCFC>;>
-IL
?FFI
?F
M?=NIL
J]<FC=I
@?>?L;F
L?;FCT;LX
>OL;HN?
 
;DOMN?M

JIL
OH
GIHNI
>?

GCF

GCFFIH?M
>?
J?MIM
>?F
A;MNI
J]<FC=I
FI
KO?
L?JL?M?HN;

?F

>?F
-&
"MN?
GIHNI
CH=FOS?
;DOMN?M
;
FIM
JL?MOJO?MNIM
>?
-?G?R
S
IGCMC\H

#?>?L;F
>?
"F?=NLC=C>;>
KO?
HIM
B;H
MC>I
CH@ILG;>IM
JIL
FIM
>CL?=NIL?M
A?H?L;F?M
>?

;G<;M
?GJL?M;M
JLI>O=NCP;M
>?F
"MN;>I
S
KO?
M?LXH
JO?MNIM
;
=IHMC>?L;=C\H
>?
MOM

=IHM?DIM
>?
;>GCHCMNL;=C\H
=IH@ILG?
FI
JL?PY
F;
L?@ILG;
?H?LAYNC=;
)IM
GIHNIM
KO?

=ILL?MJIH>?H
;
-?G?R
S
;
F;
#"
MIH
J;L;
?F
=;MI
>?
-?G?R

GCF
GCFFIH?M
>?

J?MIM
GC?HNL;M
KO?
?H
F;
IGCMC\H
#?>?L;F
>?
"F?=NLC=C>;>
?F
GIHNI
?M
>?

GCF

GCFFIH?M
>?
J?MIM
S
M?LXH
F;M
?GJL?M;M
;
NL;PYM
>?
MOM
>CL?=NIL?M
A?H?L;F?M
KOC?H?M

?H
FIM
JL\RCGIM
>Z;M
CH@ILG;LXH
;
F;
IJCHC\H
J]<FC=;
F;M
L?>O==CIH?M
KO?
FF?P;LXH
;

=;<I
?H
?F
A;MNI
>?
F;M
?GJL?M;M
JLI>O=NCP;M
>?F
"MN;>Im

-IMN?LCILG?HN?
?F

>?
G;LTI
>?
 
?F
AI<C?LHI
@?>?L;F

G?>C;HN?
F;
JO<FC=;=C\H

>?
FIM
-L?=LCN?LCIM
>?
-IFZNC=;
"=IH\GC=;
J;L;
 

JLIJIH?
OH
M?AOH>I
L?=ILN?
J;L;

 
>?

GCF
GCFFIH?M
>?
J?MIM
=IH
?MN;
G?>C>;
FIM
L?=ILN?M
MOG;H
OH
;DOMN?

JL?MOJO?MN;F
>?

GCF
GCFFIH?M
>?
J?MIM
?KOCP;F?HN?
;

>?F
-&
IGI
M?
JO?>?
P?L

FIM
L?=ILN?M
S
F;

HO?P;
G?NI>IFIAZ;
>?F
-L?MOJO?MNI
;M?
?LI

(
F;7@7@
5A?A
\@
S>F;?A
D76G5;D
7>
6O\5;F
\E53>
?76;3@F7
G@3
D7;@97@;7DP3

>?F
A;MNI
S
F;
L?PCMC\H
>?
JLIAL;G;M
JL?MOJO?MN;LCIM
KO?
L?JILN?H
>OJFC=C>;>?M
?

CH=IHMCMN?H=C;M
$3
BDABG7EF3
67
G@
@G7HA
BD7EGBG7EFA
Y43E7
57DAZ
B3D3
7>
7<7D5;5;A
\E53>
 
7E

D73>?7@F7
G@
@G7HA
BDA9D3?3
67
3GEF7D;636
BD7EGBG7EF3>

CG7
F;7@7
5A?A
\@
367>93L3D

S
L?>CG?HMCIH;L
;F
"MN;>I

"F
-
NC?H?
=IGI
<;M?
=LCN?LCIM
>?
L;=CIH;FC>;>
JLCP;>;
MO
ILCA?H
?M
F;
;>GCHCMNL;=C\H

=ILJIL;NCP;
IHMCMN?
?H
?P;FO;L
=;>;
OHI
>?
FIM
JLIAL;G;M
S
A;MNIM
J;LNC?H>I
MC?GJL?

>?
=?LI
?M
>?=CL
M?
?F;<IL;
=IGI
MC
@O?L;
F;
JLCG?L;
IJ?L;=C\H
>?
F;
?GJL?M;
0?

lIFPC>;
>?F
J;M;>Im
J;L;
JF;H?;L
?F
@ONOLI
0?
=IHMNLOS?
?H
<;M?
;
?RJ?=N;NCP;M
J;L;
?F

;[I
MCAOC?HN?
MCH
L?@?L?H=C;M
;
FIM
;[IM
;HN?LCIL?M
HI
J;LN?
>?
>;NIM
BCMN\LC=IM

 Tomo I
La Economía y las Finanzas Públicas

">
(

6747
?;@;?;L3D
5AEFAE
K
?3J;?;L3D
47@7\5;AE

$AE
5D;F7D;AE
67
D7@F34;>;636

MIH
?RJFZ=CNIM
0O

>CM?[I

S
A?MNC\H
M?

>;
?H
<;M?
;
F;
L;=CIH;FC>;>
S
L?HN;<CFC>;>

JLCP;>;M

"F
;J;L?HN?
l=;G<CI
>?
J;L;>CAG;m
KO?
M?
JLIJIH?
J;L;
?MNLO=NOL;L
?F
JL?MOJO?MNI

>?
?AL?MIM
>?
F;
@?>?L;=C\H
J;L;
 
N?H>LX
=IHM?=O?H=C;M
KO?
B;S
KO?
;H;FCT;L
=IH

GO=BI
=OC>;>I

S;
KO?
?F
A;MNI
J]<FC=I
HI
>?<?
P?LM?

MIF;G?HN?
?H
@OH=C\H
I
?H
<;M?

3
5D;F7D;AE
67
D7@F34;>;636
7\535;3
K
7\5;7@5;3
BD;H363
?G5:A
?7@AE
EG4EG?;6A
7@

5D;F7D;AE
5AEFA 47@7\5;A

>
93EFA
BS4>;5A
F;7@7
8G@5;A@7E
?G5:A
?NE
5A?B>7<3E
EGE

I<D?NCPIM
P;H
GO=BI
GXM
;FFX
>?
=LCN?LCIM
>?
L?HN;<CFC>;>
HN?
?MNI
>?<?GIM
JL?AOHN;L
KOY
?M
FI
KO?
L?;FG?HN?
M?
J?LMCAO?
CGJOFM;L
?F

=L?=CGC?HNI
?=IH\GC=I
I
MIF;G?HN?
G;HN?H?L
?MN;<CFC>;>
G;=LI?=IH\GC=;
MCH

5D75;?;7@FA
EG\5;7@F7

5A?A
E7
:3
H;EFA
:3EF3
>3
875:3



0?
KOC?L?
=L?=?L
I
G;HN?H?L
?F
?KOCFC<LCI
JL?MOJO?MN;F
0?
KOC?L?
L?>CG?HMCIH;L
;F

7EF36A
BAD
>3
HP3
67
G@3
D7;@97@;7DP3
BD7EGBG7EF3>
A
ER>A
E7
CG;7D7
5A@FDA>3D
7>
6O\5;F

7>
F;BA
67
53?4;A

K
>3
;@]35;R@
BAD
EA4D7
>AE
A4<7F;HAE
8G@63?7@F3>7E
67
;?BG>E3D
7>

=L?=CGC?HNI
S
?F
>?M;LLIFFI
?=IH\GC=IM

HN?
?MN;M
JL?AOHN;M
B;S
KO?
L?=IL>;L
KO?
F;
L;=CIH;FC>;>
S
L?HN;<CFC>;>
JLCP;>;
MIH


;<MIFON;G?HN?
=IHNL;LC;M
;
FIM
=LCN?LCIM
>?
?KOC>;>
S
L?HN;<CFC>;>
MI=C;F
)IM
;MOHNIM
J]<FC=IM
S
FIM
I<D?NCPIM
>?
NI>;

?=IHIGZ;

>?<?H
M?L
MC?GJL?
;F=;HT;L

G;SIL?M
HCP?F?M
>?

=L?=CGC?HNI
S
<C?H?MN;L
J;L;

F;
JI<F;=C\H
"F
L?>CM?[I
>?F
JL?MOJO?MNI
>?<?
J;M;L
JIL
OH;
L?PCMC\H
JLI@OH>;
>?
FIM
CHAL?MIM
?F

93EFA
K
>3
67G63
BS4>;53
7E
675;D
6747
D7H;E3D
;@F79D3>?7@F7
3
>3
BA>PF;53
\E53>

2LA?
L?=IL>;L
KO?
F;M
L?MJIHM;<CFC>;>?M
?=IH\GC=;M
>?F
"MN;>I
MIH
;MCAH;=C\H

>CMNLC<O=C\H
=L?=CGC?HNI
S
>?M;LLIFFI
?=IH\GC=IM

0Z
HI
=OGJF?
=IH
?MNIM
M?
JC?L>?

F?ACNCGC>;>
A?A
E7
BG767
H7D
7EF3
BDABG7EF3
67
D75ADF7E

<GEF;\5363
7@
>3
53P63
67
>AE
BD75;AE
67>

J?NL\F?I
?M
L?;FG?HN?
F;
AL;H
IJILNOHC>;>
KO?
?F
AI<C?LHI
;JLIP?=B;
J;L;
JLI@OH>CT;L

7>
?A67>A
\E53>
;@;5;36A
67E67
>3
6O5363
67
>AE
A5:7@F3
E7
3BDAH75:3
>3
5AKG@FGD3

;@F7D@35;A@3>
B3D3
EGB>;D
67\5;7@5;3E
7EFDG5FGD3>7E
;@F7D@3E
BAD
7>
>36A
67
>AE
;@9D7EAE

S

=IGJ;=N;L
?F

A;MNI
+7
BDA8G@6;L3@
>3E
?7F3E
67>
?A67>A
\E53>
E7
D75ADF3
7>
93EFA
B3D3
D77EF34>757D
GXM

DNB;63?7@F7
7>
7CG;>;4D;A
\E53>
?76;3@F7
G@
?OFA6A
>?
L?CHA?HC?LZ;
JL?MOJO?MN;F
S

;>GCHCMNL;NCP;
KO?
;N?HN;
=IHNL;
?F
J;NLCGIHCI
>?F
"MN;>I
>CMGCHOS?H>I
>LXMNC=;G?HN?

FIM
HCP?F?M
>?
CHP?LMC\H
>?
F;M
HO?P;M
"GJL?M;M
-LI>O=NCP;M
>?F
"MN;>I


 Tomo I
La Economía y las Finanzas Públicas

);
JLIJO?MN;
>?F
-L?MC>?HN?
S
>?F
0?=L?N;LCI
>?
%;=C?H>;
CGJFC=;
JIN?H=C;L
F;
;OMN?LC>;>

L?>CG?HMCIH;H>I
CHMNCNO=CIH?M
J]<FC=;M
S
;>?FA;T;H>I
F;M
L?MJIHM;<CFC>;>?M

I<FCA;=CIH?M
S
@OH=CIH?M
>?F
"MN;>I

@F7
7EFA
7>
D7FA
CG7
E7
F;7@7
:35;3
367>3@F7
7E
6;E5GF;D

3
>3
BA>PF;53
\E53>
67
?3@7D3

CHN?AL;F
=IH
NI>IM
MOM
=IGJIH?HN?M
L?PCM;H>I
CHN?AL;FG?HN?
?F
=IGJILN;GC?HNI
>?

FIM
CHAL?MIM
?F
A;MNI
S
F;
>?O>;
J]<FC=;

"MN;
JLIJO?MN;
>?F
JL?MOJO?MNI
<;M?
=?LI
- 
?M
F;
AL;H
IJILNOHC>;>
J;L;
KO?
?F

9A4;7D@A
6;E7Q7
G@3
D78AD?3
\E53>
67
3?B>;A
7EB75FDA
K

7EFDG5FGD7
3>
?;E?A
F;7?BA

OH;
JIFZNC=;
CH>OMNLC;F
S
>?
@IG?HNI
KO?
JIMC<CFCN?
?F
@ILN;F?=CGC?HNI
>?F
G?L=;>I

CHN?LHI
F;
CHP?LMC\H
?F
?GJF?I
S

?F
CHAL?MI

+I
B;=?LFI
CGJFC=;LZ;
KO?
?F
"MN;>I
MCAO?
>?D;H>I
>?
F;>I
LXJC>;G?HN?

MOM
I<FCA;=CIH?M

@OH>;G?HN;F?M
JIMC<CFCN;L
?F
=L?=CGC?HNI
S
?F
<C?H?MN;L
>?
NI>IM
FIM
G?RC=;HIM

+I
B;S
KO?
IFPC>;L
KO?
*YRC=I
M\FI
B;
=L?=C>I
?H
FIM
]FNCGIM

;[IM


?H

JLIG?>CI
;HO;F


(3D3
 
FA6A
7EFN
BAD
67\@;DE7
>A
GXM
JL?I=OJ;HN?
?M
KO?
F;
>CM=OMC\H
S
>CM?[I
>?F

JL?MOJO?MNI
<;M?
=?LI
-
M?
>;LX
?H
OH
=IHN?RNI
?=IH\GC=I
GOS
=IGJF?DI

?MN;GIM

;
JI=IM
>Z;M
>?
L?HIP;L
F;
%
XG;L;
>?
!CJON;>IM
?
CHC=C?
F;
)5&&&
)?ACMF;NOL;

B;S

?GK
BA5A
F;7?BA

K3
E7
?3@;\7EF3@
>3E
5A@E75G7@5;3E
67
G@3
5D;E;E
\E53>
35A?B3Q363

>?
=L?=C?HN?
CH?MN;<CFC>;>
=;G<C;LC;
S
OH
G;SIL

>?N?LCILI
?H
F;M
?RJ?=N;NCP;M
>?

=L?=CGC?HNI
S
<C?H?MN;L

*YRC=I
?MNX
;HN?
F;
AL;H
IJILNOHC>;>
>?
L?=IHI=?L
S
>CM=ONCL
M?LC;G?HN?
F;
JIFZNC=;

\E53>
H;O@6A>3
5A?A
G@A
67
>AE
BD;@5;B3>7E
;@EFDG?7@FAE
67
BA>PF;53
75A@R?;53
CG7

JIMC<CFCN?
L?;FG?HN?
=L?=CGC?HNI
?=IH\GC=I
OH;
G?DIL
>CMNLC<O=C\H
>?F
CHAL?MI
OH;

G?DIL
CHN?AL;=C\H
>?F
G?L=;>I
CHN?LHI
S
OH
CGJOFMI
=IHMCMN?HN?
S
>?
F;LAI
JF;TI
;
F;

CH>OMNLC;


 Tomo I
La Economía y las Finanzas Públicas

3
)$2+,0

/"02)1!,0
 
 

-;L;
HI
N?H?L
=L?=CGC?HNIM
>?=?J=CIH;HN?M
KO?
JLIG?>C;LIH
?H
F;M
]FNCG;M

>Y=;>;M

*YRC=I
>?<?
>?D;L
>?
;JFC=;L
JIFZNC=;M
JLI=Z=FC=;M
KO?
MIH

5A@FD3D;3E


3
>A
CG7
6747
:357DE7
7@
?A?7@FAE
67
6;\5G>F36

(LOAG;H
 


"H
<;M?
;
>;NIM
>?
F;
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
?H
FIM
]FNCGIM
NL?CHN;

;[IM
F;
?=IHIGZ;
G?RC=;H;
HI
B;
=L?=C>I
;
F;
;FNOL;
>?
MO
JIN?H=C;F
"H
?MN;M
NL?M

>Y=;>;M
?F
=L?=CGC?HNI
JLIG?>CI
>?F
-LI>O=NI
&HN?LHI
LONI
;J?H;M
FF?A;
;

?H

NYLGCHIM
L?;F?M
%;S
KO?
>?D;L
=F;LI
KO?
?MN?
J?LCI>I
>?
NC?GJI
;<;L=;
JL?=CM;G?HN?

FIM
;[IM
?H
KO?
M?
B;H
CHMNLOG?HN;>I
F;M
>CP?LM;M
L?@ILG;M
?MNLO=NOL;F?M

"MN?
>Y<CF
=L?=CGC?HNI
>?
F;
?=IHIGZ;
?H
FIM
]FNCGIM

;[IM
?MNX
;MI=C;>I
;F
HOFI

=L?=CGC?HNI
>?
F;
JLI>O=NCPC>;>
!?
;=O?L>I
;
F;
G?>C=C\H
KO?
L?;FCT\
?F
&+"$&
F;

JLI>O=NCPC>;>
NIN;F
>?
FIM
@;=NIL?M
?H
 
@O?

CH@?LCIL
;
F;
KO?
?RCMNZ;
?H


?MNI
CGJFC=;
KO?
JL?M?HN;
OH;
=IHNL;==C\H
;HO;F
JLIG?>CI
>?F


J?M;L
>?F
=L?=CGC?HNI
>?F
A;MNI

?H
NYLGCHIM
L?;F?M
?H
FIM
]FNCGIM
>IM
;[IM

 
K
 
>3
;@H7DE;R@
\<3
4DGF3
@A
5D757

$A
?NE
BD7A5GB3@F7
7E
CG7
>AE
@;H7>7E

5D75;7@F7E
67
;@H7DE;R@
BS4>;53

@A
:3@
H;EFA
D7]7<36AE
7@
7>
5D75;?;7@FA
67>
(DA6G5FA

&HN?LHI
LONI
&+"$&
);
J;LNC=CJ;=C\H
>?
F;
CHP?LMC\H
J]<FC=;
NC?H?
OH
CGJ;=NI

JLX=NC=;G?HN?
HOFI
?H
?F
=L?=CGC?HNI
>?
F;
?=IHIGZ;
);
CHP?LMC\H
?RNL;HD?L;
>CL?=N;
HI
M?
L?=OJ?L;
?H
 
MCAO?
;
F;
<;D;
MC
F;
=IGJ;L;GIM

=IH
 
>CMGCHOS\
;FL?>?>IL
>?F
 
)IM
ZH>C=?M
>?
JLI>O=NCPC>;>
?H
FIM
]FNCGIM


;[IM
B;H
J?LG;H?=C>I
JLX=NC=;G?HN?
?MN;H=;>IM
M\FI
B;
=L?=C>I

$3
67G63
BS4>;53

E;9G7
5D75;7@6A
7@
 
7>
6O\5;F
5A@
;@H7DE;R@
E7
G4;53DN
7@


>?F
-&
"H
<;M?
;
>;NIM
>?F
#*&
FIM
HCP?F?M
>?
?H>?O>;GC?HNI
>?
*YRC=I
M?

:3@
;@5D7?7@F36A
7@
8AD?3
;?BADF3@F7
>3
67G63
67>
9A4;7D@A
?7J;53@A
B3D3
\@3>7E

>?F
 
M?
MCNO;LX

?H

>?F
-&

=L?;H>I
NL;<;M
;F
=L?=CGC?HNI
S
;
F;
?MN;<CFC>;>

\@3@5;7D3

"F
<;DI
=L?=CGC?HNI
?=IH\GC=I
HI
B;
J?LGCNC>I
M;NCM@;=?L
F;M
H?=?MC>;>?M
MI=C;F?M


/H@60.@
12
.:=96<@
@24:2;A<@
12
9.
=</9.06L;
:2E60.;.
S
?M
JIL
?FFI
KO?
?F


>?
HO?MNL;
JI<F;=C\H
M?
?H=O?HNL;
;]H
?H
MCNO;=C\H
>?
JI<L?T;
*YRC=I
;
F;
@?=B;

MCAO?
N?HC?H>I
JLX=NC=;G?HN?
?F
GCMGI
JIL=?HN;D?
>?
JI<F;=C\H

?H
JI<L?T;
KO?
B;=?

;[IM
);
JIFZNC=;
MI=C;F
=IH
OH
?H@IKO?
;MCMN?H=C;FCMN;
B;
MC>I


 Tomo I
La Economía y las Finanzas Públicas

5>3D3?7@F7
;@EG\5;7@F7
B3D3
?7<AD3D
>3E
5A@6;5;A@7E
67
H;63
67
3?B>;AE
E75FAD7E
67

HO?MNL;
JI<F;=C\H
)IM
M;F;LCIM
L?;F?M
P;H
;
F;
<;D;
S
F;
JI<L?T;
M;F;LC;F
;F
;FT;
"F
IHM?DI
+;=CIH;F
>?
"P;FO;=C\H
>?
F;
-IFZNC=;
>?
!?M;LLIFFI
0I=C;F
?F
,+"3)


M?[;F;
KO?
?F

>?
FIM
G?RC=;HIM
?M
>?=CL

GCFFIH?M
>?
J?LMIH;M
=;L?=?
>?

;==?MI
;
F;
M?AOLC>;>
MI=C;F
MCGCMGI
>IM
N?L=?L;M
J;LN?M
>?
F;M
J?LMIH;M
G;SIL?M
>?

;[IM
HOH=;
B;H
=INCT;>I

;F
0CMN?G;
>?
0?AOLC>;>
0I=C;F
S

>?
?FF;M
HI
L?=C<?
HCHA]H
NCJI
>?
J?HMC\H
I

DO<CF;=C\H
*YRC=I
?M
?F
]HC=I
J;ZM
>?
FIM
CHN?AL;HN?M
>?
F;
, !"
KO?
HI
=O?HN;
=IH
OH
0?AOLI

>?
!?M?GJF?I
"MN?
B?=BI
?M
GXM
AL;P?
MC
=IHMC>?L;GIM
KO?
FIM
NL;<;D;>IL?M
=IH
G?HIL?M
CHAL?MIM
MIH

FIM
KO?
JL?M?HN;H
OH;
G;SIL
LIN;=C\H
F;<IL;F
!?
B?=BI
?F

>?
FIM
>?M?GJF?;>IM

KO?
JC?L>?H
MO
NL;<;DI
?H
?F
M?=NIL
@ILG;F
A;H;<;H
;HN?M
>?
M?L
>?M?GJF?;>IM
G?HIM

>?
=O;NLI
M;F;LCIM
GZHCGIM
>?GXM
?F

>?
FIM
>?M?GJF?;>IM
N;L>;H
GXM
>?
OH
G?M
?H
PIFP?L
;
?GJF?;LM?

J?LCI>I
?H
?F
KO?
MOM
@;GCFC;M
P?H
>?N?LCIL;>I
MO
CHAL?MI
S
JL?=CJCN;H
MO
L?=IHNL;N;=C\H

?H
?GJF?IM
JLI<;<F?G?HN?
>?HNLI
>?F
M?=NIL
CH@ILG;F
"F
 
>?
F;
JI<F;=C\H
KO?
NL;<;D;
?MNX
?GJF?;>I
?H
?F
M?=NIL
CH@ILG;F
>IH>?
F;

JLI>O=NCPC>;>
>?
F;M
?GJL?M;M
?M

CH@?LCIL
;
F;
>?F
M?=NIL
@ILG;F
FI
KO?
CGJ;=N;

>CL?=N;G?HN?
?H
FIM
M;F;LCIM
>?
FIM
NL;<;D;>IL?M
);
CH@ILG;FC>;>
?MNX
FCGCN;H>I
?F
JIN?H=C;F
>?
F;M
?GJL?M;M
S
FIM
NL;<;D;>IL?M

?7J;53@AE
K
>7E
;?B;67
?7<AD3D
EG
4;7@7EF3D
67
?3@7D3
E;9@;\53F;H3

@
7>
E75FAD

CH@ILG;F
HI
M?
NC?H?
;==?MI
;F
=LY>CNI
HC
;
F;
=I<?LNOL;
>?
M?AOLC>;>
MI=C;F
HC
;
F;

=;J;=CN;=C\H
HC
;
F;
HO?P;
N?=HIFIAZ;
$3
;@EG\5;7@F7
;@H7DE;R@
7@
4;7@7EF3D
EA5;3>
E7
67D;H3
7@
4G7@3
?76;63
67
>3
674;>;636

\E53>
67>
EF36A
?7J;53@A

$AE
;@9D7EAE
FD;4GF3D;AE
5A?A
BAD57@F3<7
67>
(DA6G5FA

&HN?LHI
LONI
MIH
>?

GC?HNL;M
KO?
?F
JLIG?>CI
?H
GYLC=;
);NCH;
;M=C?H>?
;F


6
?H
J;ZM?M
>?M;LLIFF;>IM
>?
F;
, !"
;F=;HT;
?F

"H
J;LNC=OF;L
F;
L?=;O>;=C\H
=IGI
JIL=?HN;D?
>?F
-LI>O=NI
&HN?LHI
LONI
>?F
&GJO?MNI

0I<L?
F;
/?HN;
;
F;M
J?LMIH;M
@ZMC=;M
L?JL?M?HN;
M\FI
OH;
=O;LN;
J;LN?
>?F
JLIG?>CI

?H
FIM
J;ZM?M
>?
F;
, !"
"MN?
CH>C=;>IL
N;G<CYH
?M
G?HIL
J;L;
FIM
CHAL?MIM
JIL

&GJO?MNI
0I<L?
F;
/?HN;
>?
F;M
?GJL?M;M


 Tomo I
La Economía y las Finanzas Públicas

!?
CAO;F
@ILG;

F;
G;SIL
J;LN?
>?
FIM
CHAL?MIM
?R?HNIM
F;M
>?>O==CIH?M
J?LMIH;F?M

K
>AE
D79P?7@7E
7EB75;3>7E
47@7\5;3@
ER>A
3>

67
>3
BA4>35;R@
CG7
F;7@7
?3KAD7E

HCP?F?M
>?
CHAL?MIM
"F
0CMN?G;
1LC<ON;LCI
*?RC=;HI
?M
CH?KOCN;NCPI
S
HI
B;
MC>I
?@?=NCPI
J;L;
L?>CMNLC<OCL

7>
;@9D7EA
3
6;87D7@5;3
67
>A
CG7
EG5767
7@
AFDAE
B3PE7E
6A@67
>3
BA>PF;53
\E53>
<G793

OH
J;J?F
@OH>;G?HN;F
J;L;
FIAL;L
G;SIL
CAO;F>;>
MI=C;F
F;
>CMNLC<O=C\H
>?F
CHAL?MI
?H

*YRC=I
;HN?M
S
>?MJOYM
>?
CGJO?MNIM
M?
G;HNC?H?
JLX=NC=;G?HN?
CH;FN?L;>;
"H
?MN?
;G<C?HN?
?M
OLA?HN?
?MNO>C;L
S
L?PCM;L
M?LC;G?HN?
F;
;=NO;F
?MNLO=NOL;
>?F

BD7EGBG7EFA
67
93EFAE
\E53>7E

EA4D7
FA6A

:3K
D7H;E3D
3
CG;O@
47@7\5;3
K
E;
7EFA

L?;FG?HN?
JIMC<CFCN;
OH

CGJOFMI
;
F;
CHP?LMC\H
S
;F
=L?=CGC?HNI
>?F
G?L=;>I
CHN?LHI
>
BD7EGBG7EFA
67
93EFAE
\E53>7E
FD3F3?;7@FAE
\E53>7E
7EB75;3>7E


7@
%OJ;5A


FF?A;
;JLIRCG;>;G?HN?
;

GCF
GCFFIH?M
>?
J?MIM

7D;H36A
67
7EF3
7E53E3
D753G635;R@
K
FD3F3?;7@FAE
\E53>7E
7EB75;3>7E
7>
93EFA
BS4>;5A

=IGI
JIL=?HN;D?
>?F
-&
?H
*YRC=I
?M
;J?H;M
>?F

GC?HNL;M
KO?
?H
?F
L?MNI
>?

GYLC=;
);NCH;
;F=;HT;
?H
JLIG?>CI
?F

S
?H
FIM
J;ZM?M
>?
F;
, !"
?M
>?



$AE
;@8AD?7E
67
>3
'
D7]7<3@
CG7
>3
BD7E;R@
FD;4GF3D;3
7@
%OJ;5A
7E
67
>3E
?NE

<;D;M
IGJ;L;>I
=IH
);NCHI;GYLC=;
?MN;GIM
JIL
;<;DI
>?
L;MCF
S
BCF?

S
?M
GOS

J?KO?[;
=IGJ;L;>;
=IH
FIM
J;ZM?M
>?M;LLIFF;>IM


*YRC=I
J?L=C<?
CHAL?MIM
JIL
CGJO?MNIM
>?F
IL>?H
>?

>?F
-&

L;MCF
 

S
?F

JLIG?>CI
>?
F;
, !"
?M
>?


);
LCKO?T;
J;NLCGIHC;F
>?
;FAOHIM
?GJL?M;LCIM
G?RC=;HIM
=L?=?
?RJIH?H=C;FG?HN?

JIL
?FFI
?M
OLA?HN?
;<LCL
F;
JIMC<CFC>;>
>?
L?>CM?[;L
?F
CGJO?MNI
MI<L?
F;
L?HN;
;MZ

=IGI
>CM=ONCL
S
?MN;<F?=?L
CGJO?MNIM
J;NLCGIHC;F?M
S
;
F;M
B?L?H=C;M
MI<L?
NI>I
;
F;

FOT
>?F
=L?=CGC?HNI
>?
FIM
HCP?F?M
>?
>?MCAO;F>;>
S
F;
;FN;
=IH=?HNL;=C\H
>?
F;
LCKO?T;

?H
?F
J;ZM
);
, !"
JF;HN?;
KO?
F;
>?MCAO;F>;>
?H
?F
CHAL?MI
S
?H
FIM
HCP?F?M
>?
NLC<ON;=C\H
?M

OH
@;=NIL
CGJILN;HNZMCGI
KO?
L?NL;M;
?F
=L?=CGC?HNI
>?
F;
?=IHIGZ;
"HNL?
GXM
M?;
F;

<L?=B;
?HNL?
JI<L?M
S
LC=IM
B;S
G?HIM
=;J;=C>;>?M
JLI>O=NCP;M
G?HIL
=;J;=C>;>
>?

>?M;LLIFFI
S
G?HIL
GIPCFC>;>
MI=C;F


"MNI
CGJFC=;
KO?
HO?MNL;
CHP?LMC\H
?H
JLIAL;G;M
MI=C;F?M
?H
=C?H=C;
S
N?=HIFIAZ;
?H

M;FO>
J]<FC=;
I
?H
CH@L;?MNLO=NOL;
?M
OH;
>?
F;M
GXM
<;D;M
?H
GYLC=;
);NCH;
"M
OLA?HN?
?FCGCH;L
?F
GI>?FI
>?
=L?=CGC?HNI
?=IH\GC=I
?R=FOS?HN?
"M
H?=?M;LCI

CG7
E7
;@5ADBAD7@
?NE
7?BD7E3E
6;E7Q3@6A

397@63E
D79;A@3>7E
\E53>7E
B3D3
3BAK3D

?F
>?M;LLIFFI
CH>OMNLC;F
S
F;
JLI>O=NCPC>;>


 Tomo I
La Economía y las Finanzas Públicas

-D97
;@57@F;H3D
\E53>?7@F7
3
>3
;@H7DE;R@
K
EA4D7
FA6A
3
>3
5D735;R@
67
7?B>7A
67

=;FC>;>
S

<C?H
L?GOH?L;>I
%;S
KO?
L?=IL>;L
KO?
HO?MNLI
J;ZM
L?KOC?L?
A?H?L;L
OH

GCFF\H
>?
?GJF?IM
;F
;[I


-D97
6;E7Q3D
;@57@F;HAE
\E53>7E
B3D3
3BAK3D
>3
8AD?35;R@
67
D75GDEAE
:G?3@AE
7

CH=?HNCP;L
FIM
HCP?F?M
>?
?M=IF;LC>;>
?H
HO?MNLI
J;ZM
);
JIFZNC=;
GIH?N;LC;
JL?M?HN;
JLI<F?G;M
HI
;NCH;
;
?MN;<CFCT;L
?F
NCJI
>?
=;G<CI
?F

J?MI
>OL;HN?
 
M?
B;
>?P;FO;>I
;FL?>?>IL
>?
 
S
?H
=IHM?=O?H=C;
F;M
JL?MCIH?M

;@]35;A@3D;3E
EA@
5D75;7@F7E

#CH;FG?HN?
B;S
KO?
M?[;F;L
KO?
>CP?LMIM
ILA;HCMGIM
H;=CIH;F?M
?
CHN?LH;=CIH;F?M

M?[;F;H
KO?
F;
=L?=C?HN?
=ILLOJ=C\H
S
F;
CHM?AOLC>;>
S
F;
PCIF?H=C;
F?
=O?MN;H
;F
J;ZM

;FL?>?>IL
>?

JOHNIM
>?F
-&


IGI
M?
JO?>?
P?L
F;
?MN;<CFC>;>
G;=LI?=IH\GC=;
M?
B;
IFPC>;>I
>?
FIM
CH>C=;>IL?M

GXM
L?F?P;HN?M
>?F
=L?=CGC?HNI
CHP?LMC\H
?GJF?I
?
CHAL?MI
S
M?
B;
=?HNL;>I

A4E7E;H3?7@F7
7@
3>53@L3D
Y\@3@L3E
BS4>;53E
E3@3EZ
K

G@
EGBG7EFA
Y7CG;>;4D;A
\E53>Z

=;>;
P?T
GXM
F?D;HI

3&
")
+2"3,

,+!& &,++1"

!")
/" &*&"+1,

NG3@6A
:3K
6;\5G>F367E
75A@R?;53E
7>
6O\5;F
F;7@7
E7@F;6A
7E
4G7@A
CG7
:3K3
6O\5;F

J;L;
B;=?L
KO?
F;M
=IM;M
M?
GO?P;H
O;H>I
F;
?=IHIGZ;
?MNX
?H
JLI<F?G;M

?M
?F
GIG?HNI
>?
A;MN;L
GXM
"H
*YRC=I
M?
B;=?
FI
=IHNL;LCIm

(LOAG;H
 

!OL;HN?
FIM
NL?M
JLCG?LIM
;[IM
>?
AI<C?LHI
>?F
-L?MC>?HN?
-?[;
+C?NI
F;
?=IHIGZ;

G?RC=;H;
B;
?RJ?LCG?HN;>I
OH;
G;L=;>;
>?M;=?F?L;=C\H
?=IH\GC=;
!?
;=O?L>I
;

>;NIM
>?
&+"$&
?H
 
?F
-&
=L?=C\
M\FI


?H

 

S
?H
 


)I
GXM
JL?I=OJ;HN?
?M
KO?
?F
0?=L?N;LCI
>?
%;=C?H>;
?F
!L
)OCM
3C>?A;L;S
;MI

L?=IHI=?
KO?
F;
N;M;
>?
=L?=CGC?HNI

>?F
-&
?H
FIM
]FNCGIM

;[IM
;J?H;M
FF?A;
;F


;HO;F

HN?
?MN;
MCNO;=C\H
>?
<;DI
=L?=CGC?HNI
?=IH\GC=I
?F
AI<C?LHI
@?>?L;F
>?<?

D7B>3@F73D
7EFDG5FGD3>?7@F7
EG
BA>PF;53
\E53>
?A@7F3D;3
\@3@5;7D3
7
;@6GEFD;3>
5A@
7>

\@
67
5A@EFDG;D
7<7E
67
5D75;?;7@FA
7@6R97@A
K
67<3D
67
67B7@67D
67
>AE
;?BG>EAE
67>

?RN?LCIL
=IGI
JO?>?
M?L
?F
=L?=CGC?HNI
>?
F;
?=IHIGZ;
HILN?;G?LC=;H;


 Tomo I
La Economía y las Finanzas Públicas

);
?=IHIGZ;
G?RC=;H;
MCAO?
;
F;
?MJ?L;
>?

N;M;M
>?
=L?=CGC?HNI
>?F
JLI>O=NI
CHN?LHI

<LONI
MOJ?LCIL?M
;

;HO;F

A@
>3
BDABG7EF3
67
G@
BD7EGBG7EFA
43E7
57DA
(
B3D3
7>
7<7D5;5;A
\E53>
 

FI
KO?
?F
AI<C?LHI
@?>?L;F
?MNX
I@L?=C?H>I
?M
L?;FG?HN?
OH
HO?PI
JLIAL;G;
>?

3GEF7D;636
BD7EGBG7EF3>
B3D3
D77EFDG5FGD3D
7>
93EFA
5A@
7>
\@
67
367>93L3D
5A?B35F3D


S
L?>CG?HMCIH;L
;F
"MN;>I
G?RC=;HI
MOM
@OH=CIH?M
S
L?MJIHM;<CFC>;>?M

>
(
@A
7E
G@
9A>B7
67
F;?R@
7@
>3
5A@6G55;R@
67
>3E
\@3@L3E
BS4>;53E
F3?BA5A


?M
OH
=;G<CI
>?
J;L;>CAG;
)I
KO?
?F
$I<C?LHI
#?>?L;F
F;
0?=L?N;LZ;
>?
%;=C?H>;
S
?F

;H=I
*OH>C;F
?MNXH
JLIJIHC?H>I
B;=C;
;>?F;HN?
?M
F;
JLI@OH>CT;=C\H
>?
F;
?MNL;N?AC;

\E53>
;@;5;363
67E67

43<A
@G7HAE
;@EFDG?7@FAE
8AD?3E
K
?753@;E?AE


C?H
FI
PCMO;FCTI
(LOAG;H
?H
MO
L?=C?HN?
PCMCN;
;
*YRC=I
;<LCF
>?
 
l O;H>I

:3K
6;\5G>F367E
75A@R?;53E
7>
6O\5;F
F;7@7
E7@F;6A
7E
4G7@A
CG7
:3K3
6O\5;F
B3D3

B;=?L
KO?
F;M
=IM;M
M?
GO?P;H
O;H>I
F;
?=IHIGZ;
?MNX
?H
JLI<F?G;M
?M
?F
GIG?HNI

>?
A;MN;L
GXM
"H
*YRC=I
M?
B;=?
FI
=IHNL;LCIm
-IL
?FFI
"F
-
>?<?
>;L
?HNL;>;
;
OH;
AL;H
>CM=OMC\H
MI<L?
F;
J?LG;H?H=C;
I
HI
>?F

=O?L>I
>?
?LNC>OG<L?
1LC<ON;LC;
L?=IHI=C?H>I
KO?
BIS
N?H?GIM
?PC>?HN?M
FZGCN?M

S
LCAC>?=?M
?H
FIM
CHAL?MIM
J?NLIF?LIM
%;S
KO?
?PC>?H=C;L
S
>?D;L
=F;LI
KO?
F;M
G?N;M

MIH
F;M
GCMG;M
KO?
M?
J?LMCAO?H

67E67
>3
6O5363
67
>AE
A5:7@F3
7>
E3@73?;7@FA
67
>3E
\@3@L3E
BS4>;53E
D7EF34>757D
7>

7CG;>;4D;A
\E53>
K
7>;?;@3D
>3E
BD7E;A@7E
;@]35;A@3D;3E
K
53?4;3D;3E

-?LI
=IGI
B?GIM
PCMNI
?H
FIM
L?MOFN;>IM
F;
?=IHIGZ;
HI
>?MJ?A;

S
?MNI
?M
FI
GXM

JL?I=OJ;HN?
?M
=F;LI
KO?
F;
?MNL;N?AC;
GO?MNL;
=F;L;G?HN?
MOM
FZGCN?M
);M

G?N;M
HI

M?
;F=;HT;H
S
MZ
>CMNILMCIH;H
FIM
G?L=;>IM
>?<CFCN;
?F
G?L=;>I
CHN?LHI
S
M?
=IHNL;?
F;

;=NCPC>;>
?=IH\GC=;
S
?F
=L?=CGC?HNI
IH
?MN?
NCJI
>?
G?>C>;M
L?=ILN?M
S
;OMN?LC>;>
?F
"MN;>I
MCAO?
>?D;H>I
>?
F;>I
S

LXJC>;G?HN?
MOM
I<FCA;=CIH?M
@OH>;G?HN;F?M
JIMC<CFCN;L
OH
G;SIL
=L?=CGC?HNI
S

G?DIL;L
?F
HCP?F
>?
<C?H?MN;L
>?
NI>IM
FIM
G?RC=;HIM


 Tomo I
La Economía y las Finanzas Públicas

3&&
,+ )20&,+"0

le \GI
?M
KO?
M?
=IHNCHO;
;JFC=;H>I
?M;

JIFZNC=;
>?
;OMN?LC>;>

=O;H>I
NI>I
FI
KO?
A?H?L;
?M
>?M?GJF?I
S
>?MNLO==C\H
>?F
-LI>O=NI
&HN?LCIL
LONIm

FSNB
 

);M
JIFZNC=;M
CHMNLOG?HN;>;M
B;MN;
F;
@?=B;
JIL
G?>CI
>?
F;M
=O;F?M
L?=ILN;H
?F
A;MNI

BS4>;5A
3G?7@F3@
7>
3<GEF7
\E53>
K
3?B>P3@
>AE
BDA9D3?3E
67
3GEF7D;636
7@
D73>;636


ER>A
B7DE;9G7@
3>53@L3D
7>
7CG;>;4D;A
\E53>
K
5A@
7>>A
67EFDGK7@
7>
5;D5G;FA
;@9D7EA

L?>O=?H
F;
CHP?LMC\H
J]<FC=;
=IHNL;?H
?F
G?L=;>I
CHN?LHI
S
>?<CFCN;H
?F
=L?=CGC?HNI

>?
F;
?=IHIGZ;

>7J;4;>;L3D
A
3?B>;3D
7>

93EFA
BS4>;5A
67E67
>3
;673
67>
5;D5G;FA
;@9D7EA 93EFA
3
\@

67
6;@3?;L3D
>3
75A@A?P3
;?B>;53DP3
F3?4;O@
?A6;\53D
>3
BA>PF;53
?A@7F3D;3
6N@6A>7

F3?4;O@
G@
B7D\>
5A@FD35P5>;5A
AFAD93@6A
?3KAD
5DO6;FA
3
\@
67
3G?7@F3D

>AE
@;H7>7E

>?
CHP?LMC\H
?GJF?I
?
CHAL?MI
G?DIL?M
?RJ?=N;NCP;M
J;L;
FIM
;A?HN?M
?=IH\GC=IM

G;SIL?M
JIMC<CFC>;>?M
>?
G?DIL;L
FIM
CHAL?MIM
NLC<ON;LCIM
>?F
"MN;>I
S
?H
=IHM?=O?H=C;

OH
=CL=OCNI
PCLNOIMI
KO?
JLIJC=C;LZ;
=L?=CGC?HNI
?=IH\GC=I
MIMN?HC>I
"MNI
?H
*YRC=I

B;S
KO?
>?=CLFI
MCAO?
MC?H>I
OH
;MOHNI
J?H>C?HN?
&HMCMNCL
M\FI
?H
F;
L?>O==C\H
>?F
A;MNI
J]<FC=I
MCMN?GXNC=;G?HN?
J;L;
>;L
=IHMCMN?H=C;
;

OH;
MOJO?MN;
JIFZNC=;
?=IH\GC=;
;J;L?HN?G?HN?
H?ONL;F
KO?
M\FI
JL?N?H>?
l?MN;<CFCT;L

;
F;
?=IHIGZ;m
JIL
G?>CI
>?
OH;
G?NI>IFIAZ;
JL?MOJO?MN;F
l<;M?
=?LIm
CGJFC=;
;P;F;L

>?FC<?L;>;G?HN?
S
JLI@OH>CT;L
OH

JLI=?MI
L?=?MCPI
S
>?
<;DI
=L?=CGC?HNI
KO?
N;L>?

I
N?GJL;HI
L?>O=CLX
?F
HCP?F
>?
CHAL?MI
S
F;
L?=;O>;=C\H
FI
KO?
;OG?HN;LX
NI>;PZ;

?NE
7>
@;H7>
67
7@67G63?;7@FA

>
D7EG>F36A
3>
\@3>
67
5G7@F3E
67
7EF7
BDA57EA
7E
>3

A?H?L;=C\H
>?
GXM
>?O>;
S
GXM
>?M?KOCFC<LCIM
C?H
FI
PCMO;FCT\
(LOAG;H
?H
MO
L?=C?HN?
PCMCN;
;
*YRC=I
;<LCF
>?
 
l O;H>I

:3K
6;\5G>F367E
75A@R?;53E
7>
6O\5;F
F;7@7
E7@F;6A
7E
4G7@A
CG7
:3K3
6O\5;F
B3D3

B;=?L
KO?
F;M
=IM;M
M?
GO?P;H
O;H>I
F;
?=IHIGZ;
?MNX
?H
JLI<F?G;M
?M
?F
GIG?HNI

>?
A;MN;L
GXM
"H
*YRC=I
M?
B;=?
FI
=IHNL;LCIm
-IL
?FFI
?M
OLA?HN?
;OG?HN;L
FIM
HCP?F?M
>?
A;MNI
S
?H
?MJ?=C;F
FIM
HCP?F?M
>?
CHP?LMC\H

J]<FC=;
MCH
?FFIM
?F
=L?=CGC?HNI
S
?F
<C?H?MN;L
HI
FF?A;LXH



);
JLIJO?MN;
>?
>CM=ONCL
OH
-
?M
OH;
AL;H
IJILNOHC>;>
J;L;
KO?
NI>;
F;
MI=C?>;>

HI
M\FI
F;
XG;L;
>?
!CJON;>IM
J;LNC=CJ?
?H
MO
>CM?[I
NI>IM
FIM
=CO>;>;HIM
>?<?H

L?PCM;L
MOM
I<D?NCPIM
J;L;
>;LF?
>CL?==C\H


 Tomo I
La Economía y las Finanzas Públicas

);
JLIJO?MN;
>?
OH
-
J;L;
 

;<L?
OH;
AL;H

IJILNOHC>;>
J;L;
;GJFC;L
?F
>?<;N?

K
6;E5GF;D
E7D;3
7
;@F79D3>?7@F7
3
>3
BA>PF;53
\E53>

-?LI
;HNC=CJI
>?M>?
;BIL;
F;
?RCMN?H=C;
>?
CGJILN;HN?M
LC?MAIM
;F
>CM=ONCL
F;
JLIJO?MN;

>?
L?>CM?[;L
?F
JL?MOJO?MNI
>?
?AL?MIM
>?
F;
@?>?L;=C\H
<;DI
F;
G?NI>IFIAZ;

<;M?
=?LI

2HI
>?
FIM
GXM
JL?I=OJ;HN?M
?M
KO?
F;
HO?P;
?MNLO=NOL;
>?F
JL?MOJO?MNI
M?;
>?=C>C>;

OHCF;N?L;FG?HN?
JIL
?F
?D?=ONCPI
@?>?L;F
MCH
F;
J;LNC=CJ;=C\H
>?
F;
MI=C?>;>
?
CH=FOMCP?

MCH
KO?
M?
J?LGCN;
OH;
;GJFC;
J;LNC=CJ;=C\H
>?
FIM
F?ACMF;>IL?M
KO?
CHN?AL;LXH
F;
)5&&&

)?ACMF;NOL;

&)&,$/#r
"H
?F
$I<C?LHI
>?
'IMY
)\J?T
-ILNCFFI
BO<I
>IM
JF;H?M
>?
=;LX=N?L
G;=LI?=IH\GC=I

?F
0"-#&+

S
?F
-F;H
$FI<;F
>?
!?M;LLIFFI
0--
 
"F
JLCG?LI

?MNCG;<;
OH
=L?=CGC?HNI
>?
 
S
?F
M?AOH>I
>?

?H

3CFF;LL?;F
/?HY

&H>OMNLC;FCT;=C\H
>?O>;
S
>?M?KOCFC<LCI
?RN?LHI
?H
*YRC=I

# "
*YRC=I
!ILH<OM=B
/

l*YRC=I
"MN;<CFCT;=C\H
!?O>;
S
L?=CGC?HNIm
"F
1LCG?MNL?

"=IH\GC=I
H]G

PIF
)5&&&


;<LCF
DOHCI
*YRC=I

MJ?
-?>LI

"F
;GCHI
*?RC=;HI
>?
F;
1L;HM@ILG;=C\H
"=IH\GC=;
# "

*YRC=I
3CFF;LL?;F
/?HY

&H>OMNLC;FCT;=C\H
>?O>;
S
>?M?KOCFC<LCI
?RN?LHI
?H
*YRC=I

# "
*YRC=I
&<;LL;
!;PC>
 
"HM;SIM
0I<L?
"=IHIGZ;
*?RC=;H;

# "

*YRC=I
)?PS
+I?GZ
 
& .1"
""&
-
07(
2 #
*CAO?F
qHA?F

-ILL];
*YRC=I
4CFFC;GMIH
'IBH
 
l4B;N
4;MBCHANIH
*?;HM
<S
-IFC=S
/?@ILGm
;JZNOFI

>?

!.A6;
:2?60.;
17B@A:2;A
<D
"B05
.@
.==2;21
&HMNCNON?
@IL
&HN?LH;NCIH;F

"=IHIGC=M
4;MBCHANIH
! 
S

l2:<0?.0F
.;1
A52
Q+.@56;4A<;

<;@2;@B@m
?H
+<?91
2C29<=:2;A
PIF

H]G

JXAM

&HMNCNON?
@IL

&HN?LH;NCIH;F
"=IHIGC=M
$L?;N
LCN;CH
);M
NL?M
lAL;H>?M
C>?;Mm
KO?
MCLP?H
>?
@OH>;G?HNI
;
?MN;M
L?@ILG;M
MIH
M?A]H

4CFFC;GMIH
MIH
lF;
>CM=CJFCH;
G;=LI?=IH\GC=;
F;
?=IHIGZ;
>?
G?L=;>I
S
F;

;J?LNOL;
;F
GOH>Im
l);M
NL?M
JLCG?L;M
L?@ILG;M
MIH
B;MN;
>IH>?
?MNIS
?HN?L;>I

;GJFC;G?HN?
;=?JN;>;M
?HNL?
FIM
?=IHIGCMN;Mm
P?L
?H
4CFFC;GMIH
'
 

/?G;LEM
NI
NB?
?HN?L
@IL
0NL;N?AC=
;H>
&HN?LH;=CIH;F
0NO>C?M
HIPC?G<L?

l);
?MN;<CFCT;=C\H
G;=LI?=IH\GC=;
?M
OH
?F?G?HNI
?M?H=C;F
>?
F;
L?@ILG;
?=IH\GC=;

OH
;G<C?HN?
G;=LI?=IH\GC=I
CH?MN;<F?
HI
M\FI
>CMNILMCIH;
F;M
M?[;F?M
>?
JL?=CIM

?H
FIM
KO?
M?
>?M?HPO?FP?
F;
?=IHIGZ;
>?
G?L=;>I
MCHI
KO?
JO?>?
FF?P;L


 Tomo I
La Economía y las Finanzas Públicas

;
=LCMCM
J?LC\>C=;M
KO?
>?<CFCN;H
NI>I
?F
JLI=?MI
>?
L?@ILG;
-IL
FI
N;HNI
?F

5A@FDA>
67>
BD7EGBG7EFA
BS4>;5A
>3E
5A@6;5;A@7E
?A@7F3D;3E
K
>3
;@]35;R@
6747@

M?L
?MN;<F?=C>;M
>?M>?
?F
JLCH=CJCIm

3?L
?H
, !"
(52
(?.;@6A6L;
A<
".?82A

0<;<:F

JXA
 
3CFF;LL?;F
/?HY

&H>OMNLC;FCT;=C\H
>?O>;
S
>?M?KOCFC<LCI
?RN?LHI
?H
*YRC=I

# "
*YRC=I
-LT?QILMES
>;G

l1B?
+?IFC<?L;F
#;FF;=Sm
?H
!C;GIH>
);LLS
;H>
*;L=

-F;NNH?L
?>CNIL?M
.=6A.96@:
'<06.96@:
.;1
2:<0?.0F
&2C6@6A21
1B?
'IBH

%IJECHM
2HCP?LMCNS
-L?MM

"F
G?L=;>I
b?M
OH
G?=;HCMGI
>?
=IIL>CH;=C\H
>IH>?
F;M
@O?LT;M
>?
F;
I@?LN;
S
F;

>?G;H>;
?H
OH;
?=IHIGZ;
>?N?LGCH;H
FIM
JL?=CIM
PIFOG?H
S
GYNI>IM
>?

JLI>O==C\H
JIL
F;
PZ;
>?
OH
;DOMN?
;ONIGXNC=I
>?F
GIPCGC?HNI
>?
JL?=CIMm

1IG;>I
>?
IS?L
/
S

!L;=B?
!
'A.A2@
4.6;@A
".?82A@
/IONF?>A?
)IH>IH


JXA

MJ?
-?>LI

"F
;GCHI
*?RC=;HI
>?
F;
1L;HM@ILG;=C\H
"=IH\GC=;
# "

*YRC=I
-;A;T;
">O;L>I
 
)ZGCN?M
>?F
"KOCFC<LCI
#CM=;F
!LC;>;
*YRC=I
);M
FF;G;>;M
L?@ILG;M
>?
JLCG?L;
A?H?L;=C\H
>?<?H
M?L
=IHALO?HN?M
JIL
FI
G?HIM

2E
.;A2
5A@
>AE
A4<7F;HAE
57@FD3>7E
67
>3E
D78AD?3E
E3@73?;7@FA
\E53>
K

?MN;<CFCT;=C\H
G;=LI?=IH\GC=;
);
L?@ILG;
NLC<ON;LC;
S
F;M
JLCP;NCT;=CIH?M
M?

;<I=;LIH
MCH
;G<CA^?>;>?M
;F
FIALI
>?F
JLCG?LI
?H
=;G<CI
F;
FC<?L;=C\H
>?F

5A?7D5;A
7JF7D;AD
>3
67ED79G>35;R@
K
>3
>;47D35;R@
\@3@5;7D3
;@F7D@3
K
7JF7D@3

M?
=IHNL;JIHZ;H
>?M>?
?F
CHC=CI
=IH
?F
I<D?NCPI
>?
;F=;HT;L
LXJC>;G?HN?
F;

?MN;<CFCT;=C\H
G;=LI?=IH\GC=;



+IN;M

>?<;DI
>?
FIM
NZNOFIM
>?
=;>;
;J;LN;>I
-;OF
(LOAG;H
 
"HNL?PCMN;
?H
*YRC=I
;F
-L?GCI
+I<?F
>?
"=IHIGZ;
 

9

);6C2?@.9
;LN?L;
JXAM

S

*YRC=I

>?
;<LCF
>?
 

*;LE
FSNB
 
OMN?LC>;>
BCMNILC;
>?
OH;
C>?;
J?FCALIM;
LZNC=;
"MJ;[;
 


 Tomo I
La Economía y las Finanzas Públicas

")
&*- 1,
!"
)
/"#,/*
"+"/$V1& 
"+
")

!"0//,)),
" ,+s*& ,
!"
*V5& ,

"+"#& &,0
6
0&$+12/0
-"+!&"+1"0
)OCM
>?
F;
;FF?
-;L>I

/"02*"+
"'" 21&3,
$3
D78AD?3
K
>3E
>7K7E
E75G@63D;3E
7@
>3E
CG7
E7
\@53
BG767@
F7@7D
5>3DAE
47@7\5;AE

B3D3
7>
67E3DDA>>A
75A@R?;5A
67
%OJ;5A

+;@
7?43D9A
@A
EA@
EG\5;7@F7E
7@
EP
?;E?3E


*YRC=I
NC?H?
;BIL;
F;
CGJILN;HN?
N;L?;
J?H>C?HN?
>?
;JLIP?=B;L
F;
L?@ILG;
?H?LAYNC=;

J?LI
N;G<CYH
>?
=IHNCHO;L
B;=C?H>I
=;G<CIM
?MNL;NYAC=IM
GXM
;FFX
>?
MO
MCGJF?

CGJF?G?HN;=C\H


)IAL;L
F;
;>?=O;>;
CHM?L=C\H
>?
*YRC=I
?H
F;
L?PIFO=C\H
CH>OMNLC;F
>?
GYLC=;

>?F
+ILN?

0?L
OH;
B?LL;GC?HN;
J;L;
F;
JLI>O==C\H
=IH
G;SIL
P;FIL
;AL?A;>I
JIL
OHC>;>

JLI>O=C>;

OG?HN;L
F;
A?H?L;=C\H
>?
?H?LAZ;
?H
*YRC=I

);
?MN;<CFC>;>
G;=LI?=IH\GC=;
-;L;
KO?
?F
J;ZM
JO?>;
=IHMNCNOCLM?
L?;FG?HN?
?H
OH
G?L=;>I
=IGJ?NC>I
S
=IGJ?NCNCPI

>?
?H?LAZ;
?H
?F
=;>;
P?T
GXM
=IGJF?DI
?HNILHI
CHN?LH;=CIH;F
>?
BC>LI=;L<OLIM

?M
G?H?MN?L
N;HNI
KO?
M?
>Y
OH;
=IGJ?N?H=C;
L?;F
?HNL?
FIM
;=NIL?M
?=IH\GC=IM

CH=FOS?H>I
;
F;M
?GJL?M;M
JLI>O=NCP;M
>?F
"MN;>I
=IGI
KO?
AI<C?LHI
CHC=C;NCP;

JLCP;>;
S
MI=C?>;>
=CPCF
CHPC?LN;H
?H
@ILG;
>?=C>C>;
?H
?F
>?M;LLIFFI
?H?LAYNC=I
>?

=;FC>;>
GOH>C;F
>?
NL;M=?H>?H=C;
A?H?L;=CIH;F
S
>?
;FNI
P;FIL
;AL?A;>I

)OCM
>?
F;
;FF?
?MNO>C\
F;
FC=?H=C;NOL;
?H
"=IHIGZ;
?H
?F
&HMNCNONI
1?=HIF\AC=I
S
ON\HIGI
>?
*YRC=I



S
NC?H?
OH
>I=NIL;>I
?H
F;
GCMG;
XL?;
JIL
F;
2HCP?LMC>;>
>?
3CLACHC;
"H
?F
M?=NIL
J]<FC=I
?F
>I=NIL
>?

F;
;FF?
M?
B;
>?M?GJ?[;>I
=IGI
MO<M?=L?N;LCI
>?
+?AI=C;=CIH?M
IG?L=C;F?M
&HN?LH;=CIH;F?M
?H
F;

0?=L?N;LZ;
>?
"=IHIGZ;
*CHCMNLI
J;L;
MOHNIM
IG?L=C;F?M
>?
F;
"G<;D;>;
>?
*YRC=I
?H
4;MBCHANIH

! 
S
@OH=CIH;LCI
?H
F;
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I

=NO;FG?HN?
?F
>I=NIL
>?
F;
;FF?

?M
>CL?=NIL
A?H?L;F
S
MI=CI
@OH>;>IL
>?
!?
F;
;FF?
*;>L;TI
S
*;H=?L;
;>?GXM
>?
;LNC=OFCMN;
>?
"F

2HCP?LM;F
>IH>?
?M=LC<?
F;
=IFOGH;
KOCH=?H;F
e.OY
GXM
"M
=I;ONIL
DOHNI
=IH
?F
>I=NIL
)OCM
/O<CI
>?F

FC<LI
9.@2:2162?<
=</?2
;<
:H@
12@.??<99.1<
.M;
;<
S
GC?G<LI
>?
>CP?LMIM
ILA;HCMGIM
H;=CIH;F?M


?
CHN?LH;=CIH;F?M
?HNL?
FIM
KO?
>?MN;=;H
?F
&HMNCNONI
*?RC=;HI
J;L;
F;
IGJ?NCNCPC>;>
S
?F
IHM?DI

*?RC=;HI
>?
MOHNIM
&HN?LH;=CIH;F?M

 Tomo I
La Economía y las Finanzas Públicas

"M
CH>CMJ?HM;<F?
J;L;
?FFI
KO?
*YRC=I
;MOG;
FIM
MCAOC?HN?M
L?NIM

$?H?L;L
JLIP??>OLZ;
>?
=F;M?
GOH>C;F

&HP?LNCL
?H
MO
=;JCN;F
BOG;HI

&HP?LNCL
?H
?F
?MN;>I
>?
>?L?=BI
%;MN;
KO?
HI
M?
L?MJ?N?H
?F
>?L?=BI
;D?HI
S
;
FIM
>?GXM
?H
MO
@ILG;
>?
J?HM;L
MO

NL;<;DI
MO
JLIJC?>;>
MO
@ILG;
>?
M?L
HI
M?LX
*YRC=I
OH
J;ZM
GI>?LHI
HC
=L?=?LX
;

N;M;M
;FN;M
HC
M?
?LL;>C=;LX
F;
JI<L?T;
+I
B;S
L?@ILG;
?H?LAYNC=;
KO?
P;FA;
?H
?MN?

E7@F;6A
E;
@A
E7
\@53
7@
>3
>793>;636
K
7@
>3
3B>;535;R@
5ADD75F3
67
>3E
>7K7E

!?M>?
B;=?
P;LCIM
;[IM
M?
=IHI=Z;
F;
H?=?MC>;>
>?
FF?P;L
;
=;<I
OH;
L?@ILG;
?H?LAYNC=;

>?
JLI@OH>C>;>
J;L;
=?LL;L
?F
CGJILN;HN?
L?T;AI
?H
?F
J;ZM
KO?
M?
B;<Z;
=IHP?LNC>I
?H
OH

@L?HI
J;L;
?F
>?M;LLIFFI
"F
GI>?FI
?H?LAYNC=I
G?RC=;HI
M?
B;<Z;
PO?FNI
CH=IGJ;NC<F?

=IH
OH;
?=IHIGZ;
;<C?LN;
AFI<;FCT;>;
S
=IH
F;
;MJCL;=C\H
>?
;F=;HT;L
OH
=L?=CGC?HNI

75A@R?;5A
7CG;F3F;HA

D3
;@5A?B3F;4>7
5A@
>3E
67?3@63E
67
5A?B7F7@5;3
7\535;3

S
PIFOG?H
>?
JLI>O==C\H
KO?
CGJIH?
?F
G?L=;>I
CHN?LH;=CIH;F
;=NO;F
>?F
J?NL\F?I

"L;
CH=IGJ;NC<F?
=IH
?F
>?L?=BI
KO?
NC?H?H
FIM
G?RC=;HIM
;
CG;ACH;LM?
>CMNCHNIM
S

=IHMNLOCL
OH;
HO?P;
L?;FC>;>


);
L?PIFO=C\H
?H?LAYNC=;
>?<Z;
N?H?L
F;
=;J;=C>;>
>?
NL;HM@ILG;L
?F
J;ZM
?H
@ILG;

N;F
KO?
YMN?
JO?>;
NL;HMCN;L
>?
OH
M?=NIL
?H?LAYNC=I
FI
KO?
NC?H?
;=NO;FG?HN?
;
OH

G?L=;>I
>?
?H?LAZ;
=IGJ?NC>I
S
=IGJ?NCNCPI
-IL
?FFI
MO
CGJF?G?HN;=C\H
CGJFC=;

OH;
L?MJIHM;<CFC>;>
JIL
J;LN?
>?
=CO>;>;HIM
;ONILC>;>?M
S
;=NIL?M
?=IH\GC=IM
=IH

?F
J;ZM

$3
D78AD?3
CG7
\@3>?7@F7
8G7
3BDA4363
K
>3E
>7K7E
E75G@63D;3E
7@
>3E
CG7
E7
\@53

BG767@
F7@7D
5>3DAE
47@7\5;AE
B3D3
7>
67E3DDA>>A
75A@R?;5A
67
%OJ;5A

+;@
7?43D9A

@A
EA@
EG\5;7@F7E
7@
EP
?;E?3E

%OJ;5A
F;7@7
3:AD3
>3
;?BADF3@F7
F3D73
B7@6;7@F7

>?
;JLIP?=B;L
F;
L?@ILG;
?H?LAYNC=;
J?LI
N;G<CYH
>?
=IHNCHO;L
B;=C?H>I
=;G<CIM

?MNL;NYAC=IM
GXM
;FFX
>?
MO
MCGJF?
CGJF?G?HN;=C\H


 Tomo I
La Economía y las Finanzas Públicas


"+"#& &,0
!"
)
/"#,/*
"+"/$V1& 
-/
")

!"0//,)),
" ,+s*& ,
+A@
?G5:AE
>AE
47@7\5;AE
CG7
>3
D78AD?3
;?B>;53
B7DA
7@FD7
>AE
?NE
;@?76;3FAE
E7

?H=O?HNL;H

)IAL;L
F;
;>?=O;>;
CHM?L=C\H
>?
*YRC=I
?H
F;
L?PIFO=C\H
CH>OMNLC;F
>?
GYLC=;

>?F
+ILN?
"F
>?M;LLIFFI
N?=HIF\AC=I
;=?F?L;>I
B;
J?LGCNC>I
;
"MN;>IM
2HC>IM
S
;H;>X

CH=L?G?HN;L
MO
JLI>O==C\H
>?
BC>LI=;L<OLIM
S
;JLIRCG;LM?
=IH
L;JC>?T
;
F;
;ONIHIGZ;

?H?LAYNC=;
?H
J;LNC=OF;L
;
J;LNCL
>?
F;
?RJFIN;=C\H
G;MCP;
>?
S;=CGC?HNIM
>?
A;M
H;NOL;F

S
J?NL\F?I
>?
FONCN;M
;AO;M
JLI@OH>;M
S
;L?H;M
<CNOGCHIM;M
FF;G;>IM
S;=CGC?HNIM
HI

=IHP?H=CIH;F?M
"MN;
L?PIFO=C\H
?H?LAYNC=;
?H
GYLC=;
>?F
+ILN?
?M
N;G<CYH
J;LN?

>?
OH;
HO?P;
L?PIFO=C\H
CH>OMNLC;F
);
;<OH>;H=C;
>?
CHMOGIM
>?
JLI>O==C\H
S
F;

=IGJ?NCNCPC>;>
>?
MOM
JL?=CIM
?MNXH
>?NIH;H>I
?F
L?AL?MI
>?
F;
CH>OMNLC;
G;HO@;=NOL?L;

CHN?HMCP;
?H
?H?LAZ;
;
GYLC=;
>?F
+ILN?
6
YMN?
?M
OH
@?H\G?HI
KO?
>?<?
M?L

JF?H;G?HN?
;JLIP?=B;>I
JIL
*YRC=I
+I
B;=?LFI
CGJFC=;LZ;
J;L;
?F
J;ZM
J?L>?L
F;

IJILNOHC>;>
BCMN\LC=;
>?
L?;FG?HN?
CH>OMNLC;FCT;LM?
S
;>?GXM
J?L>?L
JLIAL?MCP;G?HN?

MO
G?L=;>I
>?
?RJILN;=C\H
H;NOL;F
>?
BC>LI=;L<OLIM

"H
FIM
]FNCGIM
=CH=I
;[IM
F;
L?;FC>;>
?H?LAYNC=;
>?F
JF;H?N;
M?
NL;HM@ILG\
S
=IH
?FFI

?F
G;J;
>?F
GOH>I
"MN;>IM
2HC>IM
S
;H;>X
?MNXH
FC>?L;H>I
OH;
JLI@OH>;
L?PIFO=C\H

?MNL;NYAC=;
KO?
>;
;==?MI
;
BC>LI=;L<OLIM
KO?
;HN?M
HI
M?
=IHMC>?L;<;H
=IG?L=C;F
I

NY=HC=;G?HN?
L?=OJ?L;<F?M
"MNIM
L?=OLMIM
JF;HN?;H
OH;
;=?F?L;>;
NL;HM@ILG;=C\H
>?

JLI=?MIM
CH>OMNLC;F?M
=IH
<;M?
?H
?F
A;M
H;NOL;F
F;
=O;F
=IHFF?P;
F;
L?>O==C\H
>?
?GCMCIH?M

>?
A;M?M
>?
?@?=NI
CHP?LH;>?LI
S
L?A;F;
;
F;
MI=C?>;>
OHIM
;[IM
GXM
J;L;
M?AOCL
>?M;LLIFF;H>I

@O?HN?M
L?HIP;<F?M
KO?
MOMNCNOS;H
?H
MO
GIG?HNI
;
FIM
BC>LI=;L<OLIM

);
JLI>O==C\H
>?
J?NL\F?I
>?
"MN;>IM
2HC>IM
KO?
>?=FCH\
>?M>?

GCFFIH?M
>?

<;LLCF?M
>C;LCIM
?H

B;MN;

?H
 
BIS
?MNX
?H
L?=OJ?L;=C\H
=IH
JLIS?==CIH?M

>?
;F=;HT;L
FIM

GCFFIH?M
;HN?M
>?
  
"HNL?
?F
A;M
H;NOL;F
?F
J?NL\F?I
?F
=;L<\H

F;
?H?LAZ;
HO=F?;L
F;
<CIG;M;
S
F;M
?H?LAZ;M
L?HIP;<F?M
"MN;>IM
2HC>IM
M;NCM@;=?
?F


JIL
=C?HNI
>?
MO
>?G;H>;
=IH
JLI>O==C\H
H;=CIH;F
S
?H
?F
=;MI
>?F
A;M
H;NOL;F
;F

JL?=CI
GXM
<;DI
>?F
GOH>I

"MN;
L?PIFO=C\H
I<FCA;
;
FIM
J;ZM?M
;
L?J?HM;L
?F
@ONOLI
;
L?PCM;L
FIM
J;L;>CAG;M
>?F

J;M;>I
;
?P;FO;L
F;
L?F;=C\H
?HNL?
F;M
>?=CMCIH?M
>?
BIS
S
FIM
?@?=NIM
>?F
G;[;H;
"F

B3PE
CG7
?NE
BA6DP3
47@7\5;3D
67>
D7@35;?;7@FA
;@6GEFD;3>
CG7
35FG3>?7@F7
E7
63
7@

"MN;>IM
2HC>IM
?M
MCH
>O>;
*YRC=I
0CH
?G<L;AI
?MNI
HI
?L;
=IH=?<C<F?
;HN?
F;
@;FN;

>?
OH
G?L=;>I
>?
?H?LAZ;
=IGJ?NCNCPI
KO?
A;L;HNCT;L;
;
FIM
CHP?LMCIHCMN;M
F;M
GCMG;M

=IH>C=CIH?M
KO?
?H
?F
L?MNI
>?
GYLC=;
>?F
+ILN?


 Tomo I
La Economía y las Finanzas Públicas

+I
B;<Z;
IJ=C\H
MCH
L?@ILG;
?H?LAYNC=;
*YRC=I
HI
M\FI
J?L>?LZ;
F;
GI>?LHCT;=C\H
>?

?M?
M?=NIL
MCHI
KO?
BO<C?L;
=IH>?H;>I
;F
L?MNI
>?
F;
CH>OMNLC;
;
=IGJ?NCL
AFI<;FG?HN?

=IH
OH;
G;HI
;N;>;
+I
B;S
JIMC<CFC>;>?M
>?
>?M;LLIFFI
CH>OMNLC;F
CGJILN;HN?
?H

*YRC=I
MCH
A;M
H;NOL;F
;
JL?=CIM
S
=IH>C=CIH?M
>?
G?L=;>I
>?
1?R;M


0?L
OH;
B?LL;GC?HN;
J;L;
F;
JLI>O==C\H
=IH
G;SIL
P;FIL
;AL?A;>I
JIL
OHC>;>

JLI>O=C>;

)
/"#,/*
"+"/$V1& 
,*,
2+
")"*"+1,
)3"
-/
)

-/,!2 &s+
,+
*6,/
3),/
$/"$!,


J?M;L
>?
F;
CH=CJC?HN?
L?=OJ?L;=C\H
?=IH\GC=;
?F
=IHN?RNI
CHN?LH;=CIH;F
M?AOCLX

MC?H>I
=IGJF?DI
S
HI
GOS
>CHXGC=I
"M
>?=CL
?F
;OG?HNI
>?
F;M
?RJILN;=CIH?M

G?RC=;H;M
>?<?LX
=?HNL;LM?
S;
HI
?H
F;
>?G;H>;
CH?L=C;F
JIL
?FF;M
A?H?L;>;
JIL
?F

=L?=CGC?HNI
H;NOL;F
>?
FIM
JLCH=CJ;F?M
MI=CIM
=IG?L=C;F?M
MCHI
?H
MO
=;J;=C>;>
>?

5A?B7F;D
5A@
43E7
@A
ER>A
3
53>;636
E;@A
CG7
F3?4;O@
7@
BD75;A
K
7\5;7@5;3
>A9PEF;53



-;L;
KO?
F;M
?RJILN;=CIH?M
G?RC=;H;M
JO?>;H
=IGJ?NCL
=IH
YRCNI
?H
?M?
?HNILHI

=IGJF?DI
MCA;H
=IHNLC<OS?H>I
;F
=L?=CGC?HNI
>?F
J;ZM
KO?
F;M
?HNC>;>?M
@?>?L;NCP;M

M?
CH=ILJIL?H
JF?H;G?HN?
;F
=IG?L=CI
CHN?LH;=CIH;F
M?
L?KOC?L?
FIAL;L
NL?M
=IM;M

OH;
CH=L?G?HN;L
F;
J;LNC=CJ;=C\H
>?
*YRC=I
?H
?F
G?L=;>I
>?
"MN;>IM
2HC>IM
?MNI

CGJFC=;
>?MJF;T;L
=IGJ?NC>IL?M
?H
J;LNC=OF;L
;
BCH;
!IM
=IHP?LNCL
;
*YRC=I

?H
JF;N;@ILG;
>?
?RJFIN;=C\H
>?
GYLC=;
>?F
+ILN?
;F
GOH>I
1L?M
CH=ILJIL;L
GXM

P;FIL
;AL?A;>I
JIL
OHC>;>
?RJFIN;>;
"MNI
]FNCGI
CGJFC=;
KO?
?H
F;
?RJILN;=C\H
>?

=I=B?M
?F
;=?LI
M?;
G?RC=;HI
KO?
?H
F;
?RJILN;=C\H
>?
J;LN?M
>?
;PC\H
S
G;N?LC;F?M

67
F7>75A?G@;535;A@7E
>3
\4D3
67
H;6D;A
K
EGE
67D;H36AE
E73@
?7J;53@AE
CG7
7@
>3

?RJILN;=C\H
>?
=IGJON;>IL;M
N;<F?N;M
S
=?FOF;L?M
F;
L?MCH;
M?;
G?RC=;H;


 Tomo I
La Economía y las Finanzas Públicas

$/q#& 
&

-/1& &- &s+
!"
" ,+,*r0
0")" &,+!0
"+
)0

&*-,/1 &,+"0
!"
"01!,0
2+&!,0

   

    
&

&


&

&

&
#""
#"#
##
##
##
##
##
##

##!
##"
###







!
"
#






##





#O?HN?
lsitviplqvr
kl
rpltjnr
kl
oru
uvikru
-qnkru
?HMI
>?
"MN;>IM
2HC>IM

@
>3
9DN\53
3@F7D;AD
BG767
3BD75;3DE7
>3
5A?B7F;F;H;636
D7>3F;H3
67
%OJ;5A
7@
G@

G?L=;>I
;FN;G?HN?
=IGJ?NC>I
.O?>;
=F;L;
N;G<CYH
F;
NL;HM@ILG;=C\H
CH>OMNLC;F

FD3@EB35P\53
67
>AE
S>F;?AE

3QAE

$3
43E7
;@6GEFD;3>
67
"3BR@
E7
FD3E>36R
3

BCH;
GYLC=;
>?F
+ILN?
J?L>C\
=IGJ?NCNCPC>;>
=IH
L?MJ?=NI
;
MC;
?H
J;LN?
JIL

FIM
JL?=CIM
>?
A;M
H;NOL;F
;FNIM
@?H\G?HI
KO?
;=NO;FG?HN?
M?
L?PC?LN?

S
*YRC=I

A;H\
J;LNC=CJ;=C\H
>?
G?L=;>I
AL;=C;M
k?HNL?
INLIM
@;=NIL?Mk
;F
>?MJF;T;GC?HNI
>?

=;J;=C>;>
JLI>O=NCP;
>?F
G?>CI
I?MN?
>?
"MN;>IM
2HC>IM
S
;H;>X
B;=C;
?F
J;ZM
"F
L?NI
;BIL;
?M
L?<;M;L
;
;H;>X
FI
KO?
?M
CHGCH?HN?
S
;LL?<;N;L
JOHNIM
JIL=?HNO;F?M

;
BCH;
';J\H
S
F?G;HC;
;>?GXM
>?
CH=ILJIL;L
G;SIL
P;FIL
JIL
OHC>;>
?RJILN;>;

-;L;
?MNI
?M
CGJL?M=CH>C<F?
F;
;>?=O;>;
CGJF?G?HN;=C\H
>?
F;M
L?@ILG;M
?MNLO=NOL;F?M

?H
?MJ?=C;F
F;
?H?LAYNC=;
>?GXM
=;<?
L?=IL>;L
KO?
M?
?H@L?HN;LX
OH;
=IGJ?N?H=C;
G;SIL
S;
KO?
"MN;>IM

2HC>IM
M?
B;
=IHP?LNC>I
?H
?F
G?L=;>I
GXM
;NL;=NCPI
J;L;
P?H>?L
?H
YF
?H
PCLNO>
N;HNI

>?
MO
=L?=CGC?HNI
=IGI
>?
F;
;JL?=C;=C\H
>?F
>\F;L
*XM
;]H
;
J?M;L
>?
FI
KO?
JO>C?L;

J?HM;LM?
F;M
GIH?>;M
>?
FIM
JLCH=CJ;F?M
=IGJ?NC>IL?M
>?
*YRC=I
M?
B;H
>?JL?=C;>I

GXM
KO?
?F
J?MI


 Tomo I
La Economía y las Finanzas Públicas

$/q#& 
&&
,*-,/1*&"+1,
!"
!&3&00
0")" &,+!0
#/"+1"
)
!s)/

 
 




 


 


 














                
 


#O?HN?
/?M?LP;
@?>?L;F
>?
FIM
"MN;>IM
2HC>IM
>CMJIHC<F?
?H

BNNJQQQ@?>?L;FL?M?LP?AIP>;N;>IQHFI;> BIIM?;MJRL?F%

"H
OH;
?=IHIGZ;
L?F;NCP;G?HN?
=?LL;>;
;
F;
=IGJ?N?H=C;
S
MI<L?
NI>I
?H
OH
M?=NIL

?H?LAYNC=I
=;L;=N?LCT;>I
JIL
OH
GIHIJIFCI
=IGI
?L;
;HN?M
?F
G?RC=;HI

?F
P;FIL

;AL?A;>I
M?
J?L=C<Z;
=IGI
F;
MOG;
>?F
=IMNI
>?F
CHMOGI
JLCG;LCI
;[;>C>I
JIL
F;

NL;HM@ILG;=C\H
?H
F;M
MCAOC?HN?M
?N;J;M
>?
F;
JLI>O==C\H
S
F;
=IG?L=C;FCT;=C\H
MZ
?F

P;FIL
?L;
=IH=?<C>I
=IGI
?F
=IMNI
G?>CI
NIN;F
>?
JLI>O==C\H
MOG;>I
>?
OH
G;LA?H

>?
A;H;H=C;M
"MN;
=IH=?J=C\H
HI
?M
;=?LN;>;
S
FI
KO?
?M
GXM
AL;P?
;]H
JO?>?
M?L
J?FCALIM;
JILKO?

BIS
=IH
?MN;<CFC>;>
G;=LI?=IH\GC=;
KO?
J?LGCN?
F;
=IGJ;L;=C\H
>?
JL?=CIM
F;

?=IHIGZ;
;<C?LN;
S
=IH
F;
L?PIFO=C\H
?H
FIM
MCMN?G;M
>?
>CMNLC<O=C\H
>?
FIM
]FNCGIM

>C?T
;[IM
F;M
IJ=CIH?M
J;L;
?F
=IHMOGC>IL
M?
B;H
GOFNCJFC=;>I
P;LC;M
P?=?M
S
F;
=;>?H;

>?
P;FIL
M?
B;
CHP?LNC>I
MC
;HN?M
M?
<OM=;<;
;[;>CL
P;FIL
;
FIM
CHMOGIM
S
?RJFIN;L

75A@A?P3E
67
7E53>3
7@
>AE
BDA6G5FAE
\@3>7E
:AK
>3
97@7D35;R@
67
H3>AD
D7E;67
7@
>3

L?MJO?MN;
;
F;M
MCAOC?HN?M
$&)"('
4%)0

%)&&

#"')!#&
$&
"8)&
"

@B@
=?232?2;06.@
S
eKOY
KOC?L?
?F
=IHMOGC>IL
J;L;
;N?H>?L
;
MOM
AOMNIM
(3DF;7@6A
67>
5A@EG?;6AD
CG7
BD7\7D7
>3
H3D;7636
67
BDA6G5FAE
K
>3
ABADFG@;636
67

?HNL?A;
?M
H?=?M;LCI
?MN;<F?=?L
F;
=;>?H;
>?
P;FIL
B;=C;
;NLXM
S
?H=IHNL;L
?=IHIGZ;M
?H

5363
7E53>R@
BD75767@F7
K
@A
7@
7>
BDA6G5FA
\@3>

(AD
7EA
3
>3
BD7E;R@
67
>AE
5A?7D5;AE

GI>?LHIM
KO?
?RCA?H
NL;HM@?LCL
?F
LC?MAI
>?
CHP?HN;LCIM
I<MIF?NIM
;F
JLI>O=NIL


 Tomo I
La Economía y las Finanzas Públicas

IJ?L;=CIH?M
>?
FIAZMNC=;
MCH
L?>OH>;H=C;M
S
JL?=CIM
>CHXGC=;G?HN?
=IGJ?NCNCPIM
B;S

KO?
L?MJIH>?L
=IH
OH;
CHHIP;=C\H
J?LG;H?HN?
KO?
>?M=;HM?
?H
?F
=IHI=CGC?HNI
>?F

=IHMOGC>IL
J;L;
I<N?H?L
OH
G;SIL
P;FIL
JIL
OHC>;>
P?H>C>;
G?DIL;M
=IHNCHO;M
?H
FIM

E;EF7?3E
67
6;EFD;4G5;R@
K
?3@7<A
67
;@H7@F3D;AE
G@
E;EF7?3
67
BDA6G55;R@
]7J;4>7

KO?
J?LGCN;
=ILLC>;M
GXM
=ILN;M
S
P;LC?>;>
>?
JLI>O==C\H
;MZ
=IGI
F;
<]MKO?>;
>?

?=IHIGZ;M
>?
?M=;F;
?H
FIM
CHMOGIM
;HN?LCIL?M
KO?
>?<?H
?MN;L
>CMJIHC<F?M
;
JL?=CIM
S

=;FC>;>
CHN?LH;=CIH;F?M
)I
;HN?LCIL
?M
;FAI
KO?
FIM
JLI>O=NIL?M
G?RC=;HIM
NOPC?LIH
KO?
;MCGCF;L
LXJC>;G?HN?

;
L;ZT
>?
F;
;J?LNOL;
?=IH\GC=;
J?LI
B;<Z;
MC>I
OH;
F?==C\H
>?
F;
=O;F
-?NL\F?IM

*?RC=;HIM
-?G?R
S
F;
IGCMC\H
#?>?L;F
>?
"F?=NLC=C>;>
 #"
M?
B;<Z;H
PCMNI

?RCGC>;M
;F
?MN;L
;F
G;LA?H
N;HNI
>?
F;
;J?LNOL;
=IGI
>?
F;
=IGJ?N?H=C;
"H
?MN?
M?HNC>I
OH;
>?
F;M
=IHNLC<O=CIH?M
GXM
L?F?P;HN?M
>?
F;
L?@ILG;
?H?LAYNC=;

?M
KO?
J?LGCN?
F;
?HNL;>;
>?
HO?PIM
J;LNC=CJ;HN?M
?H
?F
?HNILHI
?H?LAYNC=I
G?RC=;HI

;OHKO?
HI
;]H
?H
=IH>C=CIH?M
>?
JF?H;
=IGJ?N?H=C;
S
KO?
NL;HM@ILG\
;
;G<;M

J;L;?MN;N;F?M
?H
?GJL?M;M
JLI>O=NCP;M
>?F
"MN;>I
"-"
FI
KO?
CGJFC=;
KO?
>?<?LXH
M?L

;>GCHCMNL;>;M
=IGI
?GJL?M;M
KO?
>?<?H
A?H?L;L
MOM
JLIJCIM
L?=OLMIM
L?H>CL
=O?HN;M

EA4D7
EG
36?;@;EFD35;R@
K
EA4D7
FA6A
?3@7<3DE7
5A@
>3
7\5;7@5;3
K
>3
7J57>7@5;3

=IH>O=?HN?M
;
F;
JLI>O==C\H
=IH
P;FIL
;AL?A;>I
"H
?MN?
=IHN?RNI
N;HNI
-?G?R
=IGI

#"
>?<?LXH
;
J;LNCL
>?
F;
L?@ILG;
P?LM?
=IGI
=L?;>IL;M
>?
P;FIL
?H
?F
>CM?[I
F;

CHA?HC?LZ;
F;
FIAZMNC=;
?F
M?LPC=CI
;F
=FC?HN?
S
MI<L?
NI>I
?H
F;
P?HN;
S
HI
M\FI
=IGI

JLI>O=NIL;M
>?
?H?LAZ;
"H
F;
?=IHIGZ;
GI>?LH;
KO?
>?M=;HM;
?H
F;
?MJ?=C;FCT;=C\H
F;M
?GJL?M;M
M?

CHN?AL;H
P?LNC=;FG?HN?
JIL
?F?==C\H
MIF;G?HN?
);
CHN?AL;=C\H
@ILT;>;
M?
NL;>O=?
?H

;@7\5;7@5;3E
CG7
?7D?3@
>3
5A?B7F;F;H;636

$A
?;E?A
7E
HN>;6A
B3D3
>3E
7?BD7E3E
67

?H?LAZ;
?H
MO
HO?P;
L?;FC>;>
=IGI
"-"
);
CHN?AL;=C\H
B;=C;
MOM
MO<MC>C;LC;M
>?<?LX

E7D
F3?4;O@
EA>3?7@F7
BAD
7>755;R@
K
BAD
7>
B7EA
7EB75P\5A
D73>
67
>3
5A?B7F;F;H;636

KO?
>C=B;M
>CPCMCIH?M
NC?H?H
?H
F;
I@?LN;
>?
JLIP??>OLZ;
KO?
JO?>?
?H=IHNL;LM?
?H
?F

M?=NIL
?H?LAYNC=I
G?RC=;HI
S
=IH
F;
;J?LNOL;
N;G<CYH
?H
?F
CHN?LH;=CIH;F
MZ
F;
L?@ILG;
?H?LAYNC=;
I<FCA;
;
KO?
F;M
"-"
S
MOM
MO<MC>C;LC;M
=IHNLC<OS;H
;
F;

=L?;=C\H
>?
P;FIL
;AL?A;>I
>?HNLI
>?
F;
=IH=?J=C\H
GI>?LH;
>?
YMN?
?F
P;FIL
;AL?A;>I

7E
7>
3G?7@FA
67
53>;636
K
5A?B7F;F;H;636
\@3>
67>
BDA6G5FA
CG7
B7D?;F7
>3
7JB3@E;R@

>?
MO
JLIJCI
G?L=;>I


 Tomo I
La Economía y las Finanzas Públicas

"+"/$r
,*-"1&1&3
,*,
")"*"+1,
)3"
-/
2+
&+!201/&

,+
3),/
$/"$!,
-?LI
F;
L?@ILG;
?H?LAYNC=;
=IHNLC<OS?
;
F;
=L?;=C\H
>?
P;FIL
;AL?A;>I
HI
M\FI
?H
PCLNO>

HI
M\FI
>?
F;
JLI>O==C\H
?H?LAYNC=;
S
F;
CHP?LMC\H
=ILL?MJIH>C?HN?
MCHI
JILKO?
B;=?

>?
F;
?H?LAZ;
G?RC=;H;
OH
CHMOGI
JLI=FCP?
;
F;
JLI>O==C\H
>?
G;SIL
=;FC>;>
?H
NI>IM

FIM
M?=NIL?M
?=IH\GC=IM
?M
>?=CL
N;HNI
?H
F;M
;=NCPC>;>?M
JLCG;LC;M
;ALC=OFNOL;
S

A;H;>?LZ;
=IGI
?H
F;M
M?=OH>;LC;M
G;HO@;=NOL?L;M
S
?H
F;M
N?L=C;LC;M
=IG?L=CI
S

M?LPC=CIM
!CMJIH?L
>?
OH
M?=NIL
?H?LAYNC=I
>?
=F;M?
GOH>C;F
J?LGCN?

1?H?L
=?LNC>OG<L?
?H
?F
;<;MNI
?H?LAYNC=I

$IT;L
>?
JL?=CIM
=IGJ?NCNCPIM
>?N?LGCH;>IM
JIL
F;M
=IH>C=CIH?M
>?
FIM

G?L=;>IM
CHN?LH;=CIH;F?M

;E8DGF3D
67
>AE
47@7\5;AE
CG7
67D;H3@
67
>3
5A?B7F7@5;3
7@FD7
>AE
BDAH776AD7E

>?
F;
?H?LAZ;
F;
=O;F
;>?GXM
>?
FIM
JL?=CIM
M?
?RJL?M;
?H
;
;J;=C>;>
>?
>CMNLC<O=C\H
S
FIAZMNC=;
<
;J;=C>;>
>?
A;L;HNCT;L
>CP?LMC>;>
?H
FIM
JLI>O=NIM
?H?LAYNC=IM

I@?LN;>IM
CH=FOC>;M
F;M
?H?LAZ;M
L?HIP;<F?M
=
;J;=C>;>
>?
A;L;HNCT;L
F;
JLIP??>OLZ;
?H?LAYNC=;
=IH
;FNIM
?MNXH>;L?M

YNC=IM
>?
M?AOLC>;>
F;<IL;F
JLIN?==C\H
=CPCF
S
JLIN?==C\H
;F
G?>CI

;G<C?HN?

);
A?H?L;=C\H
>?
G;SIL
CH@L;?MNLO=NOL;
?H?LAYNC=;
=IGI
L?MJO?MN;
H;NOL;F
;
F;

?RJ;HMC\H
>?F
G?L=;>I
>?
JLI>O=NIM
?H?LAYNC=IM

2*"+1/
)
$"+"/ &s+
!"
"+"/$r
"+
*V5& ,
2H;
@ILG;
CGJILN;HN?
J;L;
;F=;HT;L
F;
=IGJ?NCNCPC>;>
>?
FIM
JLI>O=NIM
?H?LAYNC=IM

G?RC=;HIM
?M
N?H?L
?H
=O?HN;
KO?
F;
H;NOL;F?T;
>?
FIM
S;=CGC?HNIM
H;=CIH;F?M
N;G<CYH

M?
B;
NL;HM@ILG;>I
S
M?
B;
B?=BI
GXM
>C@Z=CF
MO
?RJFIL;=C\H
S
?RJFIN;=C\H
JIL
FI
KO?

L?MOFN;
GXM
=IMNIMI
S
;LLC?MA;>I
L?;FCT;LF;M
1L;M
?F
;=?F?L;>I
;AIN;GC?HNI
>?
;HN;L?FF
F;
L?;FC>;>
G?RC=;H;
?M
BIS
?H
>Z;
OH;
>?

J?NL\F?I
>C@Z=CF
=OS;
?RJFIN;=C\H
MCAO?
=OLP;M
N?=HIF\AC=;M
GOS
G;L=;>;M
?H
XL?;M
JI=I

=IGOH?M
*YRC=I
>?<?
;MOGCL
?F
L?NI
>?
?H=IHNL;L
;FN?LH;NCP;M
?H?LAYNC=;M
;F
J?NL\F?I

l@X=CFm
>?
;AO;M
MIG?L;M
?H
?F
KO?
B;MN;
;BIL;
B;
>?J?H>C>I
"HNL?
?MN;M
;FN?LH;NCP;M


 Tomo I
La Economía y las Finanzas Públicas

?MNXH
F;
?RJFIL;=C\H
>?
=;GJIM
G;>OLIM
O
IFPC>;>IM
FIM
JLI>O=NIM
>?
FONCN;M
N;HNI
A;M

=IGI
J?NL\F?I
F;
?RJFIL;=C\H
S
J?L@IL;=C\H
?H
;AO;M
JLI@OH>;M
S
F;
A?H?L;=C\H
>?

?H?LAZ;M
;FN?LH;NCP;M
?HNL?
F;M
KO?
L?M;FN;
F;
?\FC=;
M?=NIL
?H
?F
KO?
*YRC=I
NC?H?H
OH

;FNI
JIN?H=C;F
-;L;
?RJFIN;L
;>?=O;>;G?HN?
?MN;M
IJILNOHC>;>?M
S
L?P?LNCL
F;
N?H>?H=C;
>IGYMNC=;
>?

67E343EFA
7
;@H7DE;R@
;@7\53L
7@
7>
E75FAD
7D3
@757E3D;A
53?4;3D
67
?A67>A
7@7D9OF;5A

S
=IHMNLOCL
OHI
HO?PI
FI
KO?
M?
=IHMCAOC\
=IH
F;
L?@ILG;
?H?LAYNC=;
"F
HO?PI
?MKO?G;

>?
=IHNL;N;=C\H
KO?
F;
L?@ILG;
B;
=L?;>I
;MZ
=IGI
FIM
ILA;HCMGIM
L?=NIL?M
KO?
>?
?FF;

M?
>?LCP;H
J?LGCN?H
KO?
*YRC=I
A?H?L?
OH;
G;SIL
=;HNC>;>
>?
L?=OLMIM
?H?LAYNC=IM
;F

2*"+1/
0&$+&#& 1&3*"+1"
)
-/,!2 &s+
!"
-"1/s)",
6

$0
);
L?@ILG;
;<L?
F;
JO?LN;
;
F;
CHP?LMC\H
?H
;FN?LH;NCP;M
?H?LAYNC=;M
;
F;M
KO?
-?G?R
HI

N?HZ;
F;
=;J;=C>;>
>?
FF?A;L
JIL
MZ
MIFI
);
JIMC<CFC>;>
>?
CHP?LNCL
?H
HO?PIM
L?=OLMIM

?H?LAYNC=IM
?M
MCH
>O>;
OH;
>?
F;M
JLCH=CJ;F?M
P?HN;D;M
>?
F;
L?@ILG;

*"',//
)
%&)&!!
-/
1/+0#,/*/),0
"+
")" 1/& &!!

,*201&)"
6
-"1/,.2r*& ,0

);
;<OH>;H=C;
>?
L?=OLMIM
?H?LAYNC=IM
?H
*YRC=I
B;=?
KO?
F;
=;J;=C>;>
>?
F;M
"-"
S

7?BD7E3E
BD;H363E
@35;A@3>7E
K
7JFD3@<7D3E
E73@
;@EG\5;7@F7E
E;
@A
E7
H7@
3BG@F3>363
67

OH;
LI<OMN;
CH@L;?MNLO=NOL;
>?
NL;HM@ILG;=C\H
?H?LAYNC=;
S
?FY=NLC=;
-;L;
?FFI
*YRC=I

D7CG;7D7
D7\@35;R@
B7FDACGP?;53
4NE;53
K
E75G@63D;3
K
3@F7
FA6A
;@8D37EFDG5FGD3
67

=;FC>;>
J;L;
?F
=L?=CGC?HNI
S
>?M;LLIFFI
>?
?MN;M
CH>OMNLC;M
-?G?R
S
#"
HI
M\FI

=3D75P3@
67
>AE
D75GDEAE
B3D3
67E3DDA>>3D
F3@FA
>AE
E75FAD7E
67
B7FDACGP?;53
D7\@35;R@

FD3@E8AD?35;R@
7
;@8D37EFDG5FGD3
E;@A
CG7
EG
BDA6G55;R@
@A
<GEF;\5343
>3
;@H7DE;R@
7@

?FFIM

);
L?@ILG;
?H?LAYNC=;
N?H>LX
=IGI
=IHM?=O?H=C;
>CL?=N;
OH;
G;SIL
A?H?L;=C\H
>?

BC>LI=;L<OLIM
S
>?
?H?LAZ;
?FY=NLC=;
S
=IH
?FFI
OH;
G;SIL
>?G;H>;
JIL
FIM
M?LPC=CIM

L?F;=CIH;>IM
S
JIL
CH@L;?MNLO=NOL;
>?
=F;M?
GOH>C;F
);
G;SIL
>?G;H>;
;NL;?LX
F;M

CHP?LMCIH?M
N;HNI
J]<FC=;M
=IGI
JLCP;>;M


 Tomo I
La Economía y las Finanzas Públicas

) +7/
),0
"01q+!/"0
!"
"#& &"+ &
"+"/$V1& 
.2"

!"*+!/q
")
/" &*&"+1,
!")
#212/,
$3
BDA6G55;R@
7@7D9OF;53
67
5>3E7
?G@6;3>
BD7E7@F3
67?3@63E
7EB75P\53E
7@
BDA57EAE

L?F;=CIH;>IM
=IH
F;
M?AOLC>;>
CH>OMNLC;F
?F
=OC>;>I
>?F
G?>CI
;G<C?HN?
S
F;
JLIN?==C\H

N;HNI
>?
F;
M?AOLC>;>
>?F
J?LMIH;F
=IGI
>?
MOM
>?L?=BIM
F;<IL;F?M
"H
?MN?
M?HNC>I
F;

;J?LNOL;
KO?
CGJFC=;
F;
L?@ILG;
?H?LAYNC=;
J?LGCNCLX
C
KO?
?M;M
G?DIL?M
JLX=NC=;M
?H

?F
M?=NIL
FF?AO?H
;
*YRC=I
S
M?;H
J;LN?
>?
FIM
?MNXH>;L?M
GZHCGIM
>?
F;
CH>OMNLC;
S
CC

KO?
-?G?R
S
#"
F;M
CGJF?G?HN?H
HI
M\FI
=IGI
OH;
JLX=NC=;
PIFOHN;LC;
MCHI
J;L;

?MN;L
;
F;
;FNOL;
>?
MOM
=IGJ?NC>IL?M

#,/1)" "/
)
/" 1,/r
!")
"01!,
")
*+"',
/"0-,+0)"
!"

),0
/" 2/0,0
6
")
2"+
*+"',
!"
)
21&)&!!
);
L?@ILG;
?H?LAYNC=;
CH=FOS\
F;
=L?;=C\H
>?
>CP?LMIM
ILA;HCMGIM
>?
MOJ?LPCMC\H
>?

FIM
MCAOC?HN?M
?F?G?HNIM
;
&GJ;=NI
?H
?F
G?>CI
;G<C?HN?
A?H=C;
+;=CIH;F
>?
0?AOLC>;>

&H>OMNLC;F
S
>?
-LIN?==C\H
;F
*?>CI
G<C?HN?
<
2MI
>?
FIM
L?=OLMIM
#IH>I
*?RC=;HI
>?F
-?NL\F?I
=
"RJFIL;=C\H
S
?RNL;==C\H
>?
FIM
L?=OLMIM
 IGCMC\H
+;=CIH;F
>?

%C>LI=;L<OLIM
S
IGCMC\H
/?AOF;>IL;
>?
"H?LAZ;
67?NE
67
EGE
>34AD7E
7EB75P\53E
7EFAE
AD93@;E?AE
5A@FD;4G;DN@
3
>3
D75FADP3
67>
E75FAD

?H?LAYNC=I
=IH
GCL;M
;
MO
=L?=CGC?HNI
G;SIL
JLI>O==C\H
=IHNCHOC>;>
A?H?L;=CIH;F

EGEF7@F34;>;636
3?4;7@F3>
K
47@7\5;AE
;@F7D
97@7D35;A@3>7E
K
3BDAH75:3?;7@FA

=ILL?=N;
CHP?LMC\H
>?
FIM
L?=OLMIM
?H
F;
G?DIL;
>?
CH@L;?MNLO=NOL;
)IM
L?MOFN;>IM

>?
OH;
;>?=O;>;
L?=NILZ;
M?
NL;MF;>;LXH
?H
OH;
G;SIL
S
G?DIL
JLI>O==C\H
?H?LAYNC=;
)
"01&)&!!
* /," ,+s*& 
2HI
>?
FIM
=;G<CIM
GXM
L?F?P;HN?M
>?
F;M
]FNCG;M
>Y=;>;M
?H
*YRC=I
@O?
MCH
>O>;

F;
;ONIHIGZ;
>?F
<;H=I
=?HNL;F
?H

MI<L?
F;
=O;F
>?M=;HM;H
F;
?MN;<CFC>;>

;@]35;A@3D;3
>3
>;4D7
]AF35;R@
67>
F;BA
67
53?4;A
K
G@
6O\5;F
BS4>;5A
E3@A


*YRC=I
B;
B?=BI
;P;H=?M
GOS
M?[;F;>IM
?H
JLI
>?
F;
;J?LNOL;
?=IH\GC=;
S
>?
F;

=IGJ?N?H=C;
S
;G<;M
B;H
=IHNLC<OC>I
;F
>?M;LLIFFI
CH>OMNLC;F
?=IH\GC=I
S
MI=C;F
>?F

B3PE
>AE
?7J;53@AE
:3@
7JB7D;?7@F36A
5>3DAE
B7DA
;@EG\5;7@F7E
3H3@57E
7@
?3F7D;3

>?
=;FC>;>
>?
PC>;
M;FO>
CHAL?MI
S
HCP?F
?>O=;NCPI
);
JIMC<CFC>;>
>?
=IGJ?NCL
?H

G?L=;>IM
CHN?LH;=CIH;F?M
S
?F
L?NI
>?
=IGJ?NCL
?H
?F
JLIJCI
G?L=;>I
=IH
JLI>O=NIM


 Tomo I
La Economía y las Finanzas Públicas

>?
INLIM
J;ZM?M
I<FCA\
HI
M\FI
;
JLI>O=CL
=IH
G;SIL
=;FC>;>
MCHI
N;G<CYH
;
FIM

G?RC=;HIM
;
;F=;HT;L
?MNXH>;L?M
GXM
;FNIM
>?
JLI>O=NCPC>;>
G?>C;HN?
F;
JL?J;L;=C\H

J?LG;H?HN?
S
F;
CHHIP;=C\H
N?=HIF\AC=;
FI
=O;F
M?
NL;>ODI
?H
G?DIL?M
M;F;LCIM
S
HCP?F?M

>?
<C?H?MN;L
J;L;
NI>IM
;KO?FFIM
M?=NIL?M
FCA;>IM
;F
=IG?L=CI
?RN?LCIL
)I
;HN?LCIL
HI

;?B>;53
5>3DA
7EFN
CG7
7@
7>
B3PE
@A
7J;EF3@
67E38PAE
E;9@;\53F;HAE
7@
?3F7D;3
67

?LL;>C=;=C\H
>?
F;
JI<L?T;
F;
=O;F
CH=FOMI
JO?>?
FF?A;L
;
M?L
?RNL?G;
J?LI
FI
=C?LNI
?M

KO?
F;
G;SIL
;J?LNOL;
S
G;SIL
=IGJ?N?H=C;
M?HN;LIH
F;M
<;M?M
DOHNI
=IH
F;
?MN;<CFC>;>

G;=LI?=IH\GC=;
J;L;
?F
>?M;LLIFFI
MIMN?HC>I
?H
P;LC;M
L?ACIH?M
>?F
J;ZM
1I>I
?FFI
?R=?JNO;H>I
;F
M?=NIL
?H?LAYNC=I
?F
=O;F
J?LG;H?=C\
;F
G;LA?H
N;HNI
>?

F;
;J?LNOL;
=IGI
>?
F;
=IGJ?N?H=C;
6
HI
M\FI
>?
?FF;M
MCHI
N;G<CYH
>?
F;
I@?LN;
S

>?
F;
>?G;H>;
>;>I
KO?
F;
JLI>O==C\H
?L;
>?N?LGCH;>;
JIL
-?NL\F?IM
*?RC=;HIM

"H
F;
?=IHIGZ;
GI>?LH;
?F
YRCNI
>?
=O;FKOC?L
M?=NIL
CH>OMNLC;F
=IHMCMN?
?H
JLI>O=CL

?7<AD
CG7
>AE
5A?B7F;6AD7E
>A
CG7
7>
5A@EG?;6AD
67?3@63
@A
7@
5A@\3D
7@
CG7

?F
=IHMOGC>IL
>?G;H>;LX
FI
KO?
M?
JLI>O=?
"F
=;MI
>?F
M?=NIL
?H?LAYNC=I
G?RC=;HI

?L;
CH=FOMI
GXM
AL;P?
;]H
JO?M
-?G?R
HI
M\FI
89
JLI>O=Z;
FI
KO?
M?
>?G;H>;<;
?H

G;N?LC;
>?
=;HNC>;>
S
=;FC>;>
MCHI
KO?
?L;
F;
]HC=;
;FN?LH;NCP;
>?
=IHMOGI
?M
>?=CL

I<FCA;<;
kI
FI
B;=Z;
?F
G;L=I
L?AOF;NILCI
>?
?HNIH=?Mk
;
=IHMOGCL
FI
KO?
JLI>O=Z;

S
;>?GXM
>CMJIHZ;
>?
FIM
L?=OLMIM
>?F
AI<C?LHI
J;L;
CGJILN;L
FI
KO?
HI
;F=;HT;<;
;

JLI>O=CL
S
M;NCM@;=?L
;MZ
F;
>?G;H>;
>?
MOM
l=IHMOGC>IL?Mm
MCH
J;A;L
FIM
=IMNIM
>?

>3
;@7\5;7@5;3

"H
OH;
?=IHIGZ;
;<C?LN;
=IGI
F;
G?RC=;H;
N?H?L
OH
M?=NIL
N;H
AL;H>?
=IGI
?F

?H?LAYNC=I
=?LL;>I
S
=IHNLIF;>I
JIL
?F
AI<C?LHI
L?JL?M?HN;<;
OH
>?M?KOCFC<LCI

*C?HNL;M
?F
L?MNI
>?
FIM
CHMOGIM
M?
L?AZ;H
JIL
FIM
G?L=;>IM
CHN?LH;=CIH;F?M
?F
M?=NIL

?H?LAYNC=I
?7J;53@A
X3G@CG7
@A
BA6P3
67>
FA6A
7J;?;DE7
67
EG
;@]G7@5;3X
AB7D343

=IH
?F
JLCPCF?ACI
KO?
CGJFC=;<;
?F
M?L
OH
GIHIJIFCI
>?F
"MN;>I
G?RC=;HI
J?LI
M?

=IHP?LNZ;
?H
OH
I<MNX=OFI
J;L;
?F
L?MNI
>?
F;
?=IHIGZ;

);
L?@ILG;
?H?LAYNC=;
HI
B;
KOCN;>I
F;
NCNOF;LC>;>
>?
FIM
L?=OLMIM
?H?LAYNC=IM
>?
F;

+;=C\H
J?LI
;F
B;=?L
>?
-?G?R
S
>?
F;
IGCMC\H
#?>?L;F
>?
"F?=NLC=C>;>
?GJL?M;M

JLI>O=NCP;M
>?F
"MN;>I
F;M
I<FCA;
;
;=NO;L
=IGI
N;F?M
N;HNI
?H
?F
G;H?DI
>?
MOM
L?=OLMIM

5A?A
7@
EGE
8G7@F7E
67
\@3@5;3?;7@FA

E
675;D
>3E
A4>;93
3
E7D
EA>H7@F7E
K
EAEF7@;4>7E

?H
@OH=C\H
>?
F;
=;FC>;>
>?
MO
JLI>O==C\H
S
>?
MO
<O?H
G;H?DI
;>GCHCMNL;NCPI
-IL
INL;
J;LN?
?F
"MN;>I
>?D;
>?
?D?L=?L
OH
l=IHNLIF
JL?MOJO?MN;LCIm
MI<L?
FIM
M?=NIL?M

67
:;6DA53D4GDAE
K
67
7@7D9P3
7>O5FD;53

&A
E;9@;\53
BAD
EGBG7EFA
CG7
67<7
67
;@H7DF;D

?H
?FFIM
=IGI
JLIJC?N;LCI
>?
F;M
"-"
J?LI
;F
J?LGCNCL
F;
;J?LNOL;
J?LGCN?
F;
CHP?LMC\H

H;=CIH;F
S
?RNL;HD?L;

;>C=CIH;F
;
F;
JLIJC;
?H
@OH=C\H
>?
F;
L?HN;<CFC>;>
>?F
JLIJCI

M?=NIL
S
>?
F;M
F?S?M
>?
I@?LN;
S
>?G;H>;
=IGI
?H
?F
L?MNI
>?
FIM
CHMOGIM
JLI>O=NCPIM

 Tomo I
La Economía y las Finanzas Públicas


0&$+12/0
-"+!&"+1"0
0C
<C?H
F;
L?@ILG;
?H?LAYNC=;
CGJFC=\
OH
=;G<CI
GOS
CGJILN;HN?
J;L;
F;
?=IHIGZ;

?7J;53@3
6;EF3
?G5:A
67
E7D
BAD
EP
?;E?3
EG\5;7@F7

(3D3
CG7
7>
B3PE
BG763

=IHMNCNOCLM?
L?;FG?HN?
?H
OH
G?L=;>I
=IGJ?NC>I
S
=IGJ?NCNCPI
>?
?H?LAZ;
?H
?F
=;>;

P?T
GXM
=IGJF?DI
?HNILHI
CHN?LH;=CIH;F
>?
BC>LI=;L<OLIM
?M
G?H?MN?L
N;HNI
KO?
M?

>Y
OH;
=IGJ?N?H=C;
L?;F
?HNL?
FIM
;=NIL?M
?=IH\GC=IM
CH=FOS?H>I
;
F;M
"-"
=IGI

KO?
AI<C?LHI
CHC=C;NCP;
JLCP;>;
S
MI=C?>;>
=CPCF
CHPC?LN;H
?H
@ILG;
>?=C>C>;
?H
?F

>?M;LLIFFI
?H?LAYNC=I
>?
=;FC>;>
GOH>C;F
>?
NL;M=?H>?H=C;
A?H?L;=CIH;F
S
>?
;FNI
P;FIL

;AL?A;>I
-/,3""!2/r
!"
)0"
*2+!&)
);
=L?;=C\H
>?
OH
G?L=;>I
H;=CIH;F
>?
?H?LAZ;
>CHXGC=I
L?MC>?
?H
F;
JIMC<CFC>;>
>?

KO?
MOM
J;LNC=CJ;HN?M
?H=O?HNL?H
?H
YF
HI
M\FI
=IH>C=CIH?M
\JNCG;M
>?
=IGJ?N?H=C;

MCHI
N;G<CYH
F;
JLIP??>OLZ;
KO?
F?M
J?LGCN;
JLI>O=CL
=IH
;FNIM
?MNXH>;L?M
>?
=;FC>;>

)IM
JLIP??>IL?M
G?RC=;HIM
>?
F;
CH>OMNLC;
?H?LAYNC=;
N?H>LXH
F;
P?HN;D;
=IGJ;L;NCP;

>?
C
DOA;L
l?H
=;M;m
?M
>?=CL
NC?H?H
=IHI=CGC?HNI
>?F
N?LLCNILCI
G?RC=;HI
S
>?
MOM

L?=OLMIM
S
CC
M?L
?F
JLIP??>IL
GXM
=?L=;HI
J;L;
F;
CH>OMNLC;
?H?LAYNC=;
?MN;<F?=C>;
?H

7>
B3PE

+;@
7?43D9A
7EF3E
H7@F3<3E
@A
E7DN@
EG\5;7@F7E
B3D3
5A?B7F;D
7@
G@
7@FAD@A

>IH>?
F;
JLIP??>OLZ;
?M
AFI<;F
MC
=;L?=?H
?H
J;LNC=OF;L
F;M
J?KO?[;M
S
G?>C;H;M

?GJL?M;M
I
-SG?M
>?
FIM
MCAOC?HN?M
?F?G?HNIM
.
'#

7""!"(#
#$#&()"#
"H
?MN?
LO<LI
?M
>?
J;LNC=OF;L
L?F?P;H=C;

>3
D75;7@F7
D78AD?3
\@3@5;7D3
B7DA
7E
@757E3D;A
5A@F;@G3D
7EF;?G>3@6A
G@3

G;SIL
J?H?NL;=C\H
>?F
=LY>CNI
?GJL?M;LC;F
;
NL;PYM
>?

F;
;==?MC<CFC>;>
S
F;M

G?HIL?M
N;M;M
S
=IGCMCIH?M
>?LCP;>;M
>?
OH;
;GJFC;
S
HONLC>;
=IGJ?N?H=C;

7@FD7
>AE
E7DH;5;AE
\@3@5;7DAE

/
.;.92@
12
.@24B?.:62;A<
.1
5<0
=.?.
%F:2@
);M
J?KO?[;M
S
G?>C;H;M

?GJL?M;M
MIH
J;LNC=OF;LG?HN?
POFH?L;<F?M
;
LC?MAIM
S
=IHNCHA?H=C;M
KO?

=O;H>I
I=OLL?H
F;M
FF?P;H
CH=FOMI
;
@L;=;M;L
-IL
?FFI
M?
>?<?
;OG?HN;L

?F
OMI
>?
FIM
M?AOLIM
?GJL?M;LC;F?M
N;HNI
FIM
J;NLCGIHC;F?M
CH=FOS?H>I
?F

;M?AOL;GC?HNI
>?
CHMOGIM
@ONOLIM
=IGI
FIM
>?
L?MJIHM;<CFC>;>
=CPCF

0
(?.;@32?2;06.
A20;<9L460.
"F
=L?=CGC?HNI
>?
F;
JLIP??>OLZ;
G?RC=;H;

67E53@E3
7@
EG
53B35;636
67
BDA6G5;D
5A@
7\535;3
K
5A@
3>FA
H3>AD
39D7936A


2H
?F?G?HNI
=F;P?
>?
?FFI
?M
KO?
=O?HN?
=IH
N?=HIFIAZ;
>?
JOHN;
FI
KO?
HI

MC?GJL?
I=OLL?
-;L;
KO?
F;M
-SG?M
N?HA;H
;==?MI
;
N?=HIFIAZ;
>?
P;HAO;L>C;


 Tomo I
La Economía y las Finanzas Públicas

?M
H?=?M;LCI
KO?
?MNYH
;F
N;HNI
>?
MO
?RCMN?H=C;
KO?
N?HA;H
FIM
=IH>O=NIM

\@3@5;7DAE
B3D3
36CG;D;D>3
67
@G7HA
7>
\@3@5;3?;7@FA
ABADFG@A
B3D3
>AE

JLIP??>IL?M
S
KO?
JO?>;H
<LCH>;L
;
MOM
?KOCJIM
>?
NL;<;DI
=;J;=CN;=C\H
J;L;

ONCFCT;LF;
1;HNI
?F
AI<C?LHI
@?>?L;F
k;
NL;PYM
>?
F;
0?=L?N;LZ;
>?
"=IHIGZ;k
=IGI
FIM
AI<C?LHIM

?MN;N;F?M
B;H
=L?;>I
S;
>CP?LMIM
G?=;HCMGIM
J;L;
;JIS;L
;
F;M
-SG?M
"M
H?=?M;LCI

GOFNCJFC=;L
?MNIM
?M@O?LTIM
"M
H?=?M;LCI
N;G<CYH
=L?;L
FIM
CH=?HNCPIM
S
=IH>C=CIH?M

67
>793>;636
EG\5;7@F7E
B3D3
CG7
>AE
9D3@67E
BDAH776AD7E
67
E7DH;5;AE
\@3@5;7DAE
E7

;=?LKO?H
=;>;
>Z;
GXM
;
F;M
-SG?M
-&1)
%2*+,
*YRC=I
>?<?
NL;HM@ILG;LM?
?H
OH
J;ZM
>?
JLI@?MCIHCMN;M
NY=HC=IM
S
I<L?LIM
=;J;T
>?

JLI>O=CL
=IH
;FNI
P;FIL
;AL?A;>I
?H
MOM
L?MJ?=NCPIM
LO<LIM
)I
;HN?LCIL
?M
=C?LNI
HI

M\FI
J;L;
FIM
M?=NIL?M
>CL?=N;G?HN?
CHPIFO=L;>IM
?H
F;
L?@ILG;
?H?LAYNC=;
MCHI
J;L;

NI>IM
FIM
M?=NIL?M
CH>OMNLC;F?M
=IG?L=C;F?M
S
>?
M?LPC=CIM
0?[;F;H
;=?LN;>;G?HN?
F;O>CI
)IM?L
S
%;LCH>?L
(IBFC
?H
?F
?MNO>CI
#ONOLI
J;L;

NI>IM
;==CIH?M
CHG?>C;N;M
J;L;
*YRC=I
KO?
?F
J;ZM
JO?>?
=;?L
?H
F;
NL;GJ;
>?F

CHAL?MI
G?>CI
?H
F;
=O;F
;M?AOL;H
M?
?H=O?HNL;H
)IM
J;ZM?M
KO?

NC?H?H
M;F;LCIM
KO?
MIH
GOS
;FNIM
J;L;
J?LGCNCLF?M
M?L

=IGJ?NCNCPIM
?H
G;HO@;=NOL;
<XMC=;
;MI=C;>;
=IH
G;HI
>?
I<L;
<;L;N;
F

GCMGI
NC?GJI
?MNIM
J;ZM?M
;]H
HI
NC?H?H
F;M
=;J;=C>;>?M
N?=HIF\AC=;M

?F
=;JCN;F
BOG;HI
S
F;M
CHMNCNO=CIH?M
H?=?M;LC;M
J;L;
JLI>O=CL
JLI>O=NIM

?NE
EA\EF;536AE
K
5A?B7F;D
5A@
>AE
B3PE7E
3H3@L36AE

8
9><,=
:,6,-<,=

89
3,8
692<,/9
:,=,<
/06
.<0.47408>9
47:?6=,/9
:9<
06
48=?79
,6

.<0.47408>9
47:?6=,/9
:9<
6,
:<9/?.>4@4/,/
VH@;MCM
;[;>C>I
$3
D7]7J;R@
67
$AE7D
K
#A:>;
D7EG?7
5>3D3?7@F7
G@A
67
>AE
D7FAE
?NE
;?BADF3@F7E

J;L;
*YRC=I
>?D;L
>?
=?HNL;L
?F
=L?=CGC?HNI
?H
?F
CHMOGI
?H
?MN?
=;MI
?F
J?NL\F?I

>?
@X=CF
?RNL;==C\H
>?
;HN;L?FF
S
INL;M
;AO;M
MIG?L;M
J;L;
J;M;L
;
OH
=L?=CGC?HNI

=?HNL;>I
?H
F;
JLI>O=NCPC>;>
F;
=;J;=C>;>
>?
?RNL;?L
L?=OLMIM
?H?LAYNC=IM
=IH
HO?P;M

N?=HIFIAZ;M

);
L?@ILG;
;<LCLX
F;M
JO?LN;M
;
F;
CHP?LMC\H
?RNL;HD?L;
S
;
F;
N?=HIFIAZ;
KO?
>C=B;M

?GJL?M;M
NL;?H
=IHMCAI
J?LI
CGJFC=;
N;G<CYH
;MOGCL
?F
L?NI
>?
KO?
FIM
G?RC=;HIM

GOFNCJFCKO?H
=IHMC>?L;<F?G?HN?
MO
JLI>O=NCPC>;>
;
NL;PYM
>?
F;
=;J;=CN;=C\H
=IHMN;HN?



$rult
F;O>CI
S
#rmon
%;LCH>?L
?>CNIL?M
BAB?<
=.?.
A<1<@
.006<;2@
6;:216.A.@
=.?.
"IE60<

?>CN;>I
JIL
?HN?HHC;F
$LIOJ
?F
?HNLI
>?
"MNO>CIM
"=IH\GC=IM
>?F
0?=NIL
-LCP;>I
?F
&HMNCNONI

*?RC=;HI
J;L;
F;
IGJ?NCNCPC>;>
S
*YRC=I
"P;F];
*YRC=I
M;

 Tomo I
La Economía y las Finanzas Públicas

*YRC=I
B;
>?GIMNL;>I
?H
F;M
]FNCG;M
>IM
>Y=;>;M
KO?
JO?>?
N?H?L
=;J;=C>;>
>?
A?H?L;L

=;JCN;F
BOG;HI
!?
;=O?L>I
;
F;
,LA;HCT;=C\H
J;L;
F;
IIJ?L;=C\H
S
?F
!?M;LLIFFI

"=IH\GC=I
, !"
*YRC=I
;OG?HN\
?HNL?

S
 
?F
H]G?LI
NIN;F
>?
CHA?HC?LIM

AL;>O;>IM
;HO;FG?HN?
;
OH;
N;M;
>?
=L?=CGC?HNI
;HO;F
JLIG?>CI
>?

JIL
=C?HNI

$/q#& 
&&&
10
!"
/" &*&"+1,
+2)
-/,*"!&,
!"
&+$"+&"/,0

$/!2!,0
-,/
W,

 
-r0"0
0")" &,+!,0
, !"























 




 
 



 
 


 


 






#O?HN?
,LA;HCT;=C\H
J;L;
F;
IIJ?L;=C\H
S
?F
!?M;LLIFFI
"=IH\GC=I
"MN;>ZMNC=;M
AL;>O;>IM
JIL
=;GJI

>?
?MNO>CI
!CMJIHC<F?
?H
BNNJMN;NMI?=>ILA

$3
9DN\53
3@F7D;AD
?G7EFD3
>3
53B35;636
67
%OJ;5A
67
97@7D3D
BDA87E;A@;EF3E
7@
>3E

XL?;M
>?
CHA?HC?LZ;
;
N;M;M
MOJ?LCIL?M
CH=FOMI
;
F;M
>?
MOM
MI=CIM
=IG?L=C;F?M
>?F
1L;N;>I

>?
)C<L?
IG?L=CI
>?
GYLC=;
>?F
+ILN?
I
>?
OH
J;ZM
N;H
CHN?HMCPI
?H
CHHIP;=C\H

=IGI
?M
IL?;
>?F
0OL
I
>?
?=IHIGZ;M
>?>C=;>;M
;
F;
JLI>O==C\H
?H?LAYNC=;
=IGI
?F

/?CHI
2HC>I
I
+ILO?A;

+;@
7?43D9A
7>>A
@A
7E
EG\5;7@F7
B3D3
97@7D3D
7>
53B;F3>
:G?3@A
CG7
>3
D78AD?3

7@7D9OF;53
67?3@63

$3
9DN\53
E;9G;7@F7
?G7EFD3
5R?A
3
B7E3D
67>
7@AD?7
3H3@57
CG7

?F
J;ZM
B;
N?HC>I
;F
M?L
=IGJ;L;>I
MI<L?
MO
JLIJCI
=L?=CGC?HNI
JL?M?HN;
F;
N;M;
GXM
<;D;

>?
AL;>O;>IM
MI<L?
JI<F;=C\H
NIN;F
?H
 




&AF3
+7
D7\7D7
3>
FAF3>
67
>3E
ND73E
67
;@97@;7DP3
CG7
D75A@A57
>3
'
>3E
5G3>7E
7EFN@
43E363E
7@
>3

>3E;\535;R@
!@F7D@35;A@3>
&AD?3>;L363
67
>3
6G535;R@
!+
BAD
EGE
E;9>3E
7@
;@9>OE
BG4>;5363E

JIL
F;
,LA;HCT;=C\H
>?
F;M
+;=CIH?M
2HC>;M
J;L;
F;
">O=;=C\H
F;
C?H=C;
S
F;
OFNOL;
2H?M=I
JIL
MOM

E;9>3E
7@
;@9>OE

$3
5>3E;\535;R@
;@5>GK7
;@97@;7DP3
?3@G835FGD3
K
BDA57EAE
3DCG;F75FGD3
K
5A@EFDG55;R@


 Tomo I
La Economía y las Finanzas Públicas

$/q#& 
&3
$/!2!,0
,*,
-,/ "+1'"
!"
)
-,) &s+
1,1)
 
























#O?HN?
,LA;HCT;=C\H
J;L;
F;
IIJ?L;=C\H
S
?F
!?M;LLIFFI
"=IH\GC=I
"MN;>ZMNC=;M
AL;>O;>IM
JIL

=;GJI
>?
?MNO>CI
!CMJIHC<F?
?H
BNNJMN;NMI?=>ILA
S
;H=I
*OH>C;F
"MN;>ZMNC=;M
>?
JI<F;=C\H
 


!CMJIHC<F?
?H
BNNJ>;N;QILF><;HEILACH>C=;NIL0--,-1,1)

MCGCMGI
P;F?
F;
J?H;
;H;FCT;L
=OXF
?M
F;
JLIJIL=C\H
>?
AL;>O;>IM
G?RC=;HIM

>?>C=;>IM
;
=;LL?L;M
L?F;=CIH;>;M
=IH
F;
CHA?HC?LZ;


 Tomo I
La Economía y las Finanzas Públicas

2!/,

!&01/&2 &s+
!"
),0
$/!2!,0
!"
"!2  &s+
02-"/&,/
"+

*V5& ,
 
-,/
q/"
!"
"012!&,
">O=;=C\H

 
#ILG;=C\H
>?
G;?MNLIM
&0 "!"!
   
C?H=C;
>?
F;
?>O=;=C\H
&0 "!"!
  
LN?M
S
BOG;HC>;>?M  
LN?
&0 "!
  
%OG;HC>;>?M&0 "!
   
C?H=C;M
MI=C;F?M
H?AI=CIM
S
F?S?M  
C?H=C;M
MI=C;F?M
S
>?F
=IGJILN;GC?HNI
&0 "!
   
-?LCI>CMGI
S
=IGOHC=;=C\H
&0 "!
   
+?AI=CIM
S
;>GCHCMNL;=C\H
&0 "!
   
!?L?=BI
&0 "!
  
C?H=C;M   
C?H=C;M
>?
F;
PC>;
&0 "!
   
C?H=C;M
@ZMC=;M
&0 "!
  
"MN;>ZMNC=;M
S
G;N?GXNC=;M
&0 "!
  
IGJON;=C\H
&0 "!
  
&HA?HC?LZ;
G;HO@;=NOL;
S
=IHMNLO==C\H  
&HA?HC?LZ;
S
H?AI=CIM
L?F;=CIH;>IM
&0 "!
   
*;HO@;=NOL;
S
JLI=?MIM
&0 "!
  
LKOCN?=NOL;
S
=IHMNLO==C\H
&0 "!
  
ALC=OFNOL;  
ALC=OFNOL;
<IMKO?
S
J?M=;
&0 "!
   
3?N?LCH;LCI
&0 "!
  
0;FO>
S
<C?H?MN;L  
0;FO>
&0 "!
  
0?LPC=CIM
MI=C;F?M
&0 "!
  

0?LPC=CIM   
0?LPC=CIM
J?LMIH;F?M
&0 "!
    
0?LPC=CIM
>?

NL;HMJILN?
&0 "!
   
-LIN?==C\H
;G<C?HN;F
&0 "!
  
0?LPC=CIM
>?
M?AOLC>;>
&0 "!
   
1,1)    

#O?HN?
,LA;HCT;=C\H
J;L;
F;
IIJ?L;=C\H
S
?F
!?M;LLIFFI
"=IH\GC=I
"MN;>ZMNC=;M
AL;>O;>IM
JIL
=;GJI
>?
?MNO>CI

!CMJIHC<F?
?H
BNNJMN;NMI?=>ILA


 Tomo I
La Economía y las Finanzas Públicas

IGI
M?
JO?>?
I<M?LP;L
?F
XL?;
>?
=C?H=C;M
MI=C;F?M
>?L?=BI
S
H?AI=CIM
?M
F;
>?

G;SIL
JIL=?HN;D?
=IH

JIL
=C?HNI
>?F
NIN;F
>?
AL;>O;>IM
);
MCAO?
?F
XL?;
>?

CHA?HC?LZ;
J?LI
=IH
G?HIM
>?
F;
GCN;>
>?
FIM
AL;>O;>IM
>?
=C?H=C;M
MI=C;F?M


JIL
=C?HNI
>?F
NIN;F
"FFI
?M
OH;
=F;L;
CH>C=;=C\H
>?
F;
JL?J;L;=C\H
KO?
M?
NC?H?
J;L;
F;

JL?J;L;=C\H
>?
OH
G;SIL
H]G?LI
>?
CHA?HC?LIM
?
CHA?HC?L;M
*YRC=I
NC?H?
JIL
>?F;HN?
?HNIH=?M
NL?M
=F;L;M
N;L?;M
?H
G;N?LC;
>?
?>O=;=C\H
HI
M\FI

JILKO?
F;
?>O=;=C\H
?M
F;
]HC=;
PZ;
JIMC<F?
B;=C;
?F
>?M;LLIFFI
?KOCN;NCPI
MCHI
JILKO?

>?
?FF;
>?J?H>?
N;G<CYH
KO?
?F
J;ZM
JO?>;
;JLIP?=B;L
=;<;FG?HN?
F;M
IJILNOHC>;>?M

CHNLZHM?=;M
?H
F;
L?@ILG;
?H?LAYNC=;
"MN;M
N;L?;M
MIH
C
;OG?HN;L
?F
H]G?LI
>?

?MNO>C;HN?M
KO?
FF?A;H
;
F;
?>O=;=C\H
MOJ?LCIL
S
KO?
M?
AL;>];H
>?
YMN;
CC
FIAL;L
OH

<;F;H=?
?HNL?
FIM
?AL?M;>IM
>?
F;M
XL?;M
MI=C;F?M
S
F;M
CHA?HC?LZ;M
S
F;M
JLI@?MCIH?M

L?F;=CIH;>;M
=IH
F;
M;FO> 
CCC
G?DIL;L
F;
?HM?[;HT;
>?
G;N?GXNC=;M
S
=C?H=C;
?H

76G535;R@
4NE;53
K
76G535;R@
?76;3
5A@
7>
\@
67
B3H;?7@F3D
7>
53?;@A
B3D3
CG7
>AE

7EFG6;3@F7E
F7@93@
>3
BD7B3D35;R@
EG\5;7@F7
B3D3
7@FD3D
3
>3E
53DD7D3E
67
;@97@;7DP3

"01!,
!"
!"/" %,
1;HNI
M?LPC>IL?M
J]<FC=IM
=IGI
;H;FCMN;M
NIG;>IL?M
>?
>?=CMCIH?M
M?=NIL
JLCP;>I
S

MI=C?>;>
=CPCF
=ICH=C>?H
?H
KO?
*YRC=I
>?<?
CHP?LNCL
?H
@ILG;
>?=C>C>;
?H
A;L;HNCT;L

?F
?MN;>I
>?
>?L?=BI
?F
=O;F
>?<?
<;M;LM?
?H
=O;NLI
JCF;L?M
?M?H=C;F?M
#&$2/
&
!")
"01!,
!"
!"/" %,


"F
AI<C?LHI
S
FIM
M?LPC>IL?M
J]<FC=IM
;MZ
=IGI
FIM
CH>CPC>OIM
S
F;M
?HNC>;>?M

JLCP;>;M
MIH
L?MJIHM;<F?M
;HN?
F;
)?S

);M
F?S?M
MIH
=F;L;M
>C@OH>C>;M
?MN;<F?M
S
DOMN;M
M?
;JFC=;H
;
NI>IM
JIL
CAO;F

JLIN?A?H
FIM
>?L?=BIM
@OH>;G?HN;F?M
CH=FOS?H>I
F;
M?AOLC>;>
>?
F;M
J?LMIH;M

S
>?
MO
J;NLCGIHCI

"F
JLI=?MI
>?
JLIGOFA;=C\H
;>GCHCMNL;=C\H
S
;JFC=;=C\H
>?
F;
)?S
?M

;==?MC<F?

<GEFA
K
7\5;7@F7


);

DOMNC=C;
M?
;JFC=;
?H
@ILG;
IJILNOH;
JIL
L?JL?M?HN;HN?M
=IGJ?N?HN?M
YNC=IM

@7GFD3>7E
7
;@67B7@6;7@F7E
>AE
5G3>7E
EA@
EG\5;7@F7E
7@
@S?7DA
5G7@F3@
5A@

>AE
D75GDEAE
3675G36AE
K
D7]7<3@
>3
7EFDG5FGD3
K
675;E;A@7E
67
>3E
5A?G@;6367E

;
F;M
KO?
MCLP?H
#O?HN?
1B?
4ILF>
'OMNC=?
-LID?=N
rH>C=?
>?
"MN;>I
>?
!?L?=BI
 
J
4;MBCHANIH
! 
 
-





+I
?M
?F
N?G;
>?
?MN?
;HXFCMCM
J?LI
?F
JIL=?HN;D?
>?
AL;>O;>IM
>?>C=;>IM
;
F;M
XL?;M
>?
M;FO>
?M
M\FI
?F


JIL
=C?HNI

 Tomo I
La Economía y las Finanzas Públicas

%;MN;
KO?
HI
M?
L?MJ?N?H
?F
>?L?=BI
;D?HI
S
;
FIM
>?GXM
?H
MO
@ILG;
>?
J?HM;L
MO

NL;<;DI
MO
JLIJC?>;>
MO
@ILG;
>?
M?L
HI
M?LX
*YRC=I
OH
J;ZM
GI>?LHI
HC
=L?=?LX
;

N;M;M
;FN;M
HC
M?
?LL;>C=;LX
F;
JI<L?T;
+I
B;S
L?@ILG;
?H?LAYNC=;
KO?
P;FA;
?H
?MN?

E7@F;6A
E;
@A
E7
\@53
7@
>3
>793>;636
K
7@
>3
3B>;535;R@
5ADD75F3
67
>3E
>7K7E

);
L?PIFO=C\H
>?F
L?MJ?NI
;F
>?L?=BI
;D?HI
?M
F;
=F;P?
J;L;
?F
AI=?
>?
FC<?LN;>?M
S

F;
L?>O==C\H
>?
F;
>?MCAO;F>;>

);
@;FN;
>?
JLIN?==C\H
>?
>?L?=BIM
=CO>;>;HIM
S
>?

F;
JLIJC?>;>
J]<FC=;
=IGOH;F
JLCP;>;
CH=FOC>I
?F
M;F;LCI
=IGI
@LONI
>?F
?M@O?LTI

J?LMIH;F
?M
?F
JLCH=CJ;F
I<MNX=OFI
J;L;
?F
>?M;LLIFFI
S
F;
L?>O==C\H
>?
F;
>?MCAO;F>;>

S
F;
JI<L?T;

);
=LCMCM
>?
CHM?AOLC>;>
KO?
MO@L?
?F
J;ZM
@O?LT;
;
F;
MI=C?>;>
;
JIH?L

;N?H=C\H
;
?MN?
N?G;

"F
=LCG?H
ILA;HCT;>I
B;
>?MHO>;>I
F;
>?<CFC>;>
CHMNCNO=CIH;F
KO?

M?
J;>?=?
JIL
FI
KO?
F;
CHM?AOLC>;>
S
F;
PCIF?H=C;
H?=?MCN;H
HI
N;HNI
>?
KO?
M?
A;H?
F;

9G7DD3
5A@FD3
7>
@3D5AFDN\5A
E;@A
67
>3
;@H7DE;R@
7@
;@EF;FG5;A@7E
CG7
93D3@F;57@
>AE

>?L?=BIM
=CO>;>;HIM
OHKO?
MIH
GO=B;M
F;M
XL?;M
?H
G;N?LC;
>?
?MN;>I
>?
>?L?=BI
KO?
L?KOC?L?H
>?
F;

;N?H=C\H
OLA?HN?
N;HNI
>?
F;M
;ONILC>;>?M
=IGI
>?
FIM
=CO>;>;HIM
M?
JO?>?H
M?[;F;L

;FAOH;M
KO?
MIH
>?
J;LNC=OF;L
L?F?P;H=C;
J;L;
?F
YRCNI
>?
F;
L?@ILG;
?H?LAYNC=;

"/1&!2*/"
"+
)
1"+"+ &
!"
)
1&"//
);
L?@ILG;
?H?LAYNC=;
>?M=;HM;
?H
?F
OMI
>?
HO?P;M
;FN?LH;NCP;M
>?
?RJFIL;=C\H
S

?RJFIN;=C\H
?H?LAYNC=;
0C
<C?H
;FAOH;M
M?
?H=O?HNL;H
?H
;AO;M
JLI@OH>;M
INL;M
GXM

?MNXH
?H
FIM
=;GJIM
G;>OLIM
FIM
L?=OLMIM
>?
FONCN;M
N;HNI
A;M
=IGI
J?NL\F?I
S
F;M

?H?LAZ;M
L?HIP;<F?M
=IGI
?M
?F
=;MI
>?
F;
?H?LAZ;
?\FC=;

$3
D75;7@F7
D78AD?3
7@7D9OF;53
BG767
F7@7D
G@
;?B35FA
E;9@;\53F;HA
EA4D7
>3
D7>35;R@

KO?
M?
NC?H?
MI<L?
FIM
>?L?=BIM
>?
JLIJC?>;>
"F
;LNZ=OFI

>?
F;
IHMNCNO=C\H
?MN;<F?=?

KO?
F;
JLIJC?>;>
l0<??2@=<;12
<?646;.?6.:2;A2
.
9.
#.06L;m
F;
=O;F
NC?H?
?F
>?L?=BI

>?
NL;HMGCNCL
?F
>IGCHCI
;
FIM
J;LNC=OF;L?M
J;L;
=IHMNCNOCL
F;
JLIJC?>;>
JLCP;>;
J?LI
;

F;
KO?
M?
JI>LXH
l6:=<;2?
9.@
:<1.961.12@
>B2
160A2
29
6;A2?I@
=M/960<m
>?GXM
?H

?F
=;MI
>?
FIM
BC>LI=;L<OLIM
S
FIM
GCH?L;F?M
?H
?F
MO<MO?FI
l29
1<:6;6<
12
9.
#.06L;

2@
6;.962;./92
2
6:=?2@0?6=A6/92m

!OL;HN?
>Y=;>;M
F;
?RJFIL;=C\H
S
?RJFIN;=C\H
>?
BC>LI=;L<OLIM
?MNOPI
?MNLC=N;G?HN?

L?MNLCHAC>;
;
-?G?R
;F
HI
JI>?L
=?F?<L;LM?
=IHNL;NIM
>?
LC?MAI
HC
=IH=?MCIH;LM?
;

JLCP;>IM
-;L;
F;
GCH?LZ;
JIL
INL;
J;LN?
M?
JO?>?
>?M>?
B;=?
GO=BI
=IH=?MCIH;L
MO

?RJFIN;=C\H
S
B;=?LFI
>?
G;H?L;
JL?@?L?HN?


 Tomo I
La Economía y las Finanzas Públicas

);
F?S
*CH?L;
>?

?MN;<F?=?
?H
MO
;LNZ=OFI

KO?
l9.
2E=9<?.06L;
2E=9<A.06L;
F

"7#

#'
!"& '
#
')'("'

%)
'
&7&
'(
-
'#"

)( 
$2 

@2?H;
=?232?2;A2@
@</?2
0B.9>B62?
<A?<
B@<
<
.=?<C205.:62;A<
129
A2??2;<m
?M
>?=CL
MI<L?

F;
;ALC=OFNOL;
F;
PCPC?H>;
?F
=IG?L=CI
I
=O;FKOC?L
INLI
OMI
"R=?JNI
FIM
BC>LI=;L<OLIM
);
L?=C?HN?
L?@ILG;
?H?LAYNC=;
;[;>C\
;
?MN?
;LNZ=OFI
KO?
l29
0.?H0A2?
=?232?2;A2
12
9.@

(*'

%)
'
&7&

$/&&#
"(&#&
"#
("&/
(#'
&"(

'
(*'

12
2E=9<?.06L;
F
2EA?.006L;
129
=2A?L92<
F
12:H@
561?<0.?/B?<@m
MZ
F;M
F?S?M
?MN;<F?=?H
OH;
JL?F;=C\H
>?
JL?@?L?H=C;
=F;L;
?H
JLCG?L
FOA;L
FIM

BC>LI=;L<OLIM
?H
M?AOH>I
F;
GCH?LZ;
S
?H
N?L=?LI
=O;FKOC?L
INL;
;=NCPC>;>
;
KO?
N?HA;H

>?L?=BI
I
CHN?LYM
FIM
JLIJC?N;LCIM
JLCP;>IM
?DC>;F?M
S
J]<FC=IM
"F
IHAL?MI
>?
F;
2HC\H
?H
F;
L?>;==C\H
>?
F;M
F?S?M
L?AF;G?HN;LC;M
>?
F;
L?@ILG;
?H?LAYNC=;

MCH
?G<;LAI
KOCMI
KO?
F;
CGJIMC=C\H
>?
GI>;FC>;>?M
HI
>?D;L;
?H
?F
>?M;GJ;LI
;
FIM

BDAB;7F3D;AE
67
>3
EGB7D\5;7
7@
7>
53EA
67
>3
BD787D7@5;3
7@7D9OF;53

EF3E
>7K7E
B3D757@

D75A@A57D
E;
4;7@
67
?3@7D3
B3D5;3>
7>
67D75:A
67
>AE
BDAB;7F3D;AE
67
>3
EGB7D\5;7
EA4D7
>AE

S;=CGC?HNIM
>?
BC>LI=;L<OLIM
CH;FC?H;<F?M
?
CGJL?M=LCJNC<F?M
;OHKO?
HI
J;L;
F;
GCH?LZ;

@FD7
>AE
3DFP5G>AE
?NE
D7>7H3@F7E
7@
>3
?3F7D;3
\9GD3@

"F
;LNZ=OFI

>?
F;
F?S
>?
%C>LI=;L<OLIM
?MN;<F?=?
OH;
=IHNL;JL?MN;=C\H
J;L;
?F

OMI
AI=?
I
;@?=N;=C\H
>?
FIM
N?LL?HIM
<C?H?M
I
>?L?=BIM
H?=?M;LCIM
J;L;
L?;FCT;L
F;M

;=NCPC>;>?M
>?
?RJFIL;=C\H
S
?RNL;==C\H
>?
BC>LI=;L<OLIM
F;
=O;F
M?LX
H?AI=C;>;
S

;=IL>;>;
?HNL?
FIM
JLIJC?N;LCIM
I
NCNOF;L?M
>?
>C=BIM
N?LL?HIM
CH=FOS?H>I
>?L?=BIM

L?;F?M
?DC>;F?M
I
=IGOH;F?M
S
FIM
;MCAH;N;LCIM
I
=IHNL;NCMN;M

"F
;LNZ=OFI
 
>?F
GCMGI
IL>?H;GC?HNI
?MNCJOF;
F;M
<;M?M
>?
F;
H?AI=C;=C\H
S

;=O?L>I
>?
F;
=IHNL;JL?MN;=C\H


&
"M=LCNI
>CLCAC>I
;F
JLIJC?N;LCI
I
NCNOF;L
>?F
N?LL?HI
>?F
CHN?LYM
>?
OM;LFI

J;L;
BC>LI=;L<OLIM


&&
!?M=LCJ=C\H
>?F
JLIS?=NI
S
;N?H=C\H
>?
>O>;M
S
=O?MNCIH;GC?HNIM

&&&
);
JIMC<F?
J;LNC=CJ;=C\H
>?
N?MNCAIM
MI=C;F?M


!.

$3
@AF;\535;R@
3
>3
+75D7F3DP3
67
@7D9P3
K
>3
+75D7F3DP3
67
7E3DDA>>A

AL;LCI
1?LLCNILC;F
S
2L<;HI
>?F
CHC=CI
>?
N;F?M
H?AI=C;=CIH?M


3

);
GI>;FC>;>
>?F
;=O?L>I
;LL?H>;GC?HNI
M?LPC>OG<L?
PIFOHN;LC;

A5GB35;R@
EGB7D\5;3>
A5GB35;R@
F7?BAD3>
5A?BD3H7@F3
B7D?GF3
K

=O;FKOC?L
INL;
KO?
HI
=IHNL;P?HA;
F;
F?S

!?<?
MOJIH?LM?
KO?
F;
?RJLIJC;=C\H
HI
?MNX
?R=FOC>;
=IGI
GI>;FC>;>
?H
=;MI
>?
KO?
@O?L?
H?=?M;LC;



;OHKO?
F;
PIFOHN;>
>?F
F?ACMF;>IL
J;L?=?
M?L
KO?
HI
M?
;=O>;
;
?MN;
GI>;FC>;>

 Tomo I
La Economía y las Finanzas Públicas

3&
);
=IHNL;JL?MN;=C\H
>?<?
=O<LCL
;
P;FIL
=IG?L=C;F
?F
J;AI
>?
F;M

;@?=N;=CIH?M
JL?PCMC\H
>?
>;[IM
S
J?LDOC=CIM
S
F;
L?HN;
JIL
I=OJ;=C\H

M?LPC>OG<L?
I
OMI
>?GXM
=O;H>I
B;S;
?RJFIN;=C\H
=IG?L=C;F

=O<LCLX
OH
JIL=?HN;D?
>?F

;F

JIL
=C?HNI
J;L;
A;M
HI
;MI=C;>I
I
>?


;

JIL
=C?HNI
=O;H>I
B;S;
J?NL\F?I
>?
FIM
CHAL?MIM
>?F
;MCAH;N;LCI

I
=IHNL;NCMN;
OH;
P?T
>?M=IHN;>IM
FIM
J;AIM
;F
#IH>I
*?RC=;HI
>?F

-?NL\F?I

IGI
JO?>?
P?LM?
?MN;M
<;M?M
J;L;
F;
=IHNL;JL?MN;=C\H
>?D;H
=F;LI
KO?
?F
JLIJC?N;LCI

A
F;FG>3D
67
>3
EGB7D\5;7
F;7@7
G@
67D75:A
B3D5;3>
EA4D7
>3
GF;>;636
67
>AE
:;6DA53D4GDAE

MO<N?LLXH?IM
S
;
P;FIL
=IG?L=C;F
"M
?HNIH=?M
JL?MOGC<F?
KO?
MC
?MIM
N?LL?HIM
@O?L?H

;FAOH;
P?T
?RJLIJC;>IM
JIL
=;OM;
>?
ONCFC>;>
J]<FC=;
F;
=IGJ?HM;=C\H
CH=FOCLZ;
?H

>3
H3>AD35;R@
67>
F7DD7@A
G@
BAD57@F3<7
67>
H3>AD
7EB7D36A
67
>AE
]G<AE
8GFGDAE
67
>3

?RJFIN;=C\H
>?
BC>LI=;L<OLIM

1/+0-/"+ &
6
/"+!& &s+
!"
2"+10
"+
)& &1 &,+"0
6

,*-/0
!"
$,&"/+,
);
L?@ILG;
?M
;<OH>;HN?
?H
MOM
>CMJIMC=CIH?M
J;L;
A;L;HNCT;L
HI
M\FI
F;
NL;HMJ;L?H=C;

S
L?H>C=C\H
>?
=O?HN;M
>?
F;M
"-"
;
NL;PYM
>?
>CP?LMIM
\LA;HIM
MOJ?LPCMIL?M
N;HNI
FIM

CHN?LHIM
>?
=IHNLIF
=IGI
F;
JLIJC;
O>CNILZ;
0OJ?LCIL
>?
F;
#?>?L;=C\H
MCHI
N;G<CYH

F;
J;LNC=CJ;=C\H
=CO>;>;H;
?H
?FF;M
-IL
INL;
J;LN?
?M
GO=BI
FI
KO?
M?
B;
;P;HT;>I
?H

?3F7D;3
67
57DF;6G?4D7
<GDP6;53
K
7\5;7@5;3
7@
5A?BD3E
67
9A4;7D@A

0CH
?G<;LAI
FI
;HN?LCIL
HI
B;
>?D;>I
;
OH
F;>I
F;
JIMC<CFC>;>
>?
?GJ;[;L
F;M

>;5;F35;A@7E
5A@
H;5;AE
5A?A
>AE
67
5ADDGB5;R@
5A@];5FAE
67
;@F7DOE
5A?B36D3L9AE

S
?F
G;H?DI
CH;JLIJC;>I
>?
FIM
L?=OLMIM
)IM
L?=C?HN?M
?M=XH>;FIM
?H
>CP?LMIM
HCP?F?M

>?F
AI<C?LHI
FI
>?GO?MNL;H
-;L;
KO?
F;
L?@ILG;
?H?LAYNC=;
@OH=CIH?
?M
H?=?M;LCI
HI

M\FI
KO?
FIM
;A?HN?M
?=IH\GC=IM
KO?
?H
?FF;
J;LNC=CJ;H
N?HA;H
F;
=?LN?T;
>?
KO?
FIM

JLI=?MIM
M?LXH
NIN;FG?HN?
;J?A;>IM
;
>?L?=BI
MCHI
KO?
?M;
=?LN?T;
FF?AO?
N;G<CYH
;

FIM
=CO>;>;HIM
JO?M
F;
L?@ILG;
?H?LAYNC=;
?M
N;G<CYH
=F;L;
?H
>?=CL
KO?
F;
+;=C\H

MCAO?
N?HC?H>I
F;
JLIJC?>;>
CH;FC?H;<F?
>?
FIM
L?=OLMIM
?H?LAYNC=IM
=OS;
?RNL;==C\H
S

;JLIP?=B;GC?HNI
M?
FC=CN;

"F
C>?;F
M?LZ;
JIL
MOJO?MNI
KO?
?F
G?L=;>I
>?
?H?LAZ;
M?
=IHPCLNC?L;
?H
?D?GJFI
J;L;

?F
L?MNI
>?
F;
?=IHIGZ;
?H
G;N?LC;
>?
NL;HMJ;L?H=C;
?MN;>I
>?
>?L?=BI
S
L?H>C=C\H
>?

=O?HN;M


 Tomo I
La Economía y las Finanzas Públicas

-/"*&/
1/+0-/"+ &
6
$,&"/+,
,/-,/1&3,

-;L;
?MNIM
?@?=NIM
?F
AI<C?LHI
JI>LZ;
JLIGIP?L
JIFZNC=;M
J;L;
@IG?HN;L
F;
J;LNC=CJ;=C\H

?H
F;
IFM;
*?RC=;H;
>?
3;FIL?M
J;L;
NI>;M
F;M
?GJL?M;M
>?F
L;GI
KO?
;>;JN?H

?MNXH>;L?M
>?
NL;HMJ;L?H=C;
;==CIHCMN;M
;=N;M
=IHMNCNONCP;M
>?=F;L;=CIH?M
>?

;?BG7EFAE
K
67
BAE;4>7E
5A@];5FAE
67
;@F7DOE
K
67
9A4;7D@A
5ADBAD3F;HA

+7
BA6DP3

JIL
?D?GJFI
JLIJIH?L
KO?
NI>IM
;KOYFF;M
?GJL?M;M
KO?
M?
FCMN?H
S
;>IJN?H
G?>C>;M

GZHCG;M
>?
NL;HMJ;L?H=C;
KO?>;M?
?R?HN;M
>?
F;
JL?M?HN;=C\H
>?
>I=OG?HNIM
?H

JLI=?MIM
>?
FC=CN;=C\H
>?F
M?=NIL
>?
?H?LAZ;

/"0-"1,

)
-/,-&"!!
&+1")" 12)
"
&+!201/&)
,*,
-&)/

!"
)
&++,3 &s+
MZ
=IGI
L?MOFN;
CH>CMJ?HM;<F?
KO?
*YRC=I
A?H?L?
=;JCN;F
BOG;HI
=;J;T
>?
JLI>O=CL

=IH
?R=?F?H=C;
FI
?M
N;G<CYH
KO?
?H
?F
J;ZM
M?
L?MJ?N?
S
JLIGO?P;
F;
CHHIP;=C\H

-;L;
?FFI
M?
L?KOC?L?
KO?
FIM
CHP?MNCA;>IL?M
G?RC=;HIM
N?HA;H
F;
A;L;HNZ;
>?
KO?
MO

NL;<;DI
M?LX
L?MJ?N;>I
L?=IHI=C>I
JIL
FIM
>?L?=BIM
;GJ;L;>IM
<;DI
F;M
>CP?LM;M
F?S?M

>?
JLIJC?>;>
CHN?F?=NO;F
S
L?GOH?L;>I
?H
@OH=C\H
HI
M\FI
>?F
;JISI
KO?
L?=C<?H
JIL

J;LN?
>?F
AI<C?LHI
I
>?
F;
CHC=C;NCP;
JLCP;>;
MCHI
>?
MO
DOMNI
P;FIL
?H
FIM
G?L=;>IM
0CH
?MN;
=?LNC>OG<L?
?M
>C@Z=CF
KO?
?F
N;F?HNI
G?RC=;HI
>?=C>;
J?LG;H?=?L
?H
?F
J;ZM

B3D3
;@@AH3D
7@
O>
BD7\D;7@6A
D36;53D
7@
6A@67
EP
7@5G7@FD3
7E3E
5A@6;5;A@7E
?P@;?3E


"F
=OGJFCGC?HNI
>?
F;
JLIG?M;
MC?GJL?
JIMN?LA;>;
>?
>?MNCH;L
?F

>?F
JLI>O=NI

CHN?LHI
<LONI
;
F;
=C?H=C;
S
N?=HIFIAZ;
M?LZ;
N;G<CYH
OH;
CGJILN;HN?
=IHNLC<O=C\H
J;L;

?FFI

#&+
!"
)
/&0&0
!"
&+0"$2/&!!
6
!"
)
2)12/
!"
)
"51,/0&s+

>?GXM
>?
;N?H>?L
MOM
L?MJIHM;<CFC>;>?M
F;
GXM
CGJILN;HN?
=IHNLC<O=C\H
KO?
JI>LZ;H

B;=?L
FIM
AI<C?LHIM
;
F;
L?@ILG;
?H?LAYNC=;
?M
G?DIL;L
F;M
=IH>C=CIH?M
>?
F;
=CO>;>;HZ;

KO?
>?NIH;H
F;
?RNILMC\H
S
?FCGCH;L
FIM
?F?G?HNIM
>?
FIM
KO?
>CMJIH?H
;FAOH;M

;ONILC>;>?M
J;L;
?D?L=?L
JLX=NC=;M
?RNILMCIH;>IL;M

);
?RNILMC\H
;BOS?HN;
HI
M\FI
;
F;
CHP?LMC\H
?RNL;HD?L;
?H
G;N?LC;
>?
?H?LAZ;
MCHI
?H

=O;FKOC?L
XG<CNI
"H
?MN?
M?HNC>I
?M
CH>CMJ?HM;<F?
KO?
HI
M\FI
F;M
;ONILC>;>?M
?H
FIM

NL?M
HCP?F?M
>?
AI<C?LHI
M?
>?H
;
F;
N;L?;
>?
?LL;>C=;LF;
MCHI
KO?
M?
=OC>?H
<C?H
>?

CH=OLLCL
?H
?FF;
;
NL;PYM
>?
F;
=ILLOJ=C\H
I
>?
@IG?HN;LF;
=IGJ?HM;H>I
;
ALOJIM
>?

;@F7DOE
CG7
D73>;L3@
67?3@63E
CG7
47@7\5;3@
3
EGE
397@63E


 Tomo I
La Economía y las Finanzas Públicas

2*"+1,
!"
)
#,/*)&!!

1/3V0
!"
)
"//!&  &s+
!"

020&!&,0
-"/3"/0,0
2H
J;ZM
>IH>?
?F

>?F
P;FIL
;AL?A;>I
<LONI
>?
F;
?=IHIGZ;
JLIPC?H?
>?F
M?=NIL

CH@ILG;F
?M
>?=CL
KO?
HI
J;A;
CGJO?MNIM
HI
?M
JF?H;G?HN?
=IGJ?NCNCPI
+I
FI
?M

JILKO?
?MIM
L?=OLMIM
HI
M?
?MNXH
>?MNCH;H>I
;
L?CHP?LMC\H
?H
<C?H?M
J]<FC=IM
HC
?H

CH@L;?MNLO=NOL;
?H
?MN?
=;MI
?M
>?
J;LNC=OF;L
L?F?P;H=C;
F;
?H?LAYNC=;
HC
?H
G;SIL
<C?H?MN;L

J;L;
F;
JI<F;=C\H
?H
G;N?LC;
>?
M?LPC=CIM
J]<FC=IM
?MNL;NYAC=IM
J;L;
F;
=;FC>;>
>?
PC>;

=IGI
F;
M;FO>
F;
?>O=;=C\H
F;
;N?H=C\H
>?
ALOJIM
POFH?L;<F?M
I
F;
CHP?LMC\H
?H
=C?H=C;

S
N?=HIFIAZ;
LO<LI
N;G<CYH
?M?H=C;F
?H
F;
L?@ILG;
?H?LAYNC=;
);
L?@ILG;
?H?LAYNC=;
G?>C;HN?
F;
=IGJ?N?H=C;
J?LGCNCLX
KO?
FIM
JL?=CIM
>?
?H?LAZ;

?FY=NLC=;
S
A;MIFCH;
M?;H
=IGJ?NCNCPIM
HI
JIL
FIM
MO<MC>CIM
KO?
?F
AI<C?LHI
INILA;

E;@A
674;6A
3
CG7
>AE
BD75;AE
7@
8G@5;R@
67
>3
6;EFD;4G5;R@
7\5;7@F7
K
>3
53B35;636
67

A?H?L;L
?=IHIGZ;M
>?
?M=;F;
?F
OMI
>?
F;M
G?DIL?M
N?=HIFIAZ;M
S
F;
CHP?LMC\H
J;L;
?F

=L?=CGC?HNI

(3D3
CG7
>3E
(
BG763@
D73>?7@F7
5A?B7F;D
7E
@757E3D;A
CG7
E7
;67@F;\CG7
7
;?B;63@

F;M
JYL>C>;M
NY=HC=;M
S
?F
LI<I
>?
?H?LAZ;
;>?GXM
>?
>CMGCHOCL
?F
MO<MC>CI
;
F;
A;MIFCH;

"MNI
HI
KOC?L?
>?=CL
KO?
HI
M?
=O?HN?
=IH
JLIAL;G;M
>?
;JISI
;
FIM
M?AG?HNIM
GXM

>?M@;PIL?=C>IM
>?
F;
JI<F;=C\H
-;L;
KO?
F;M
"-"
JO?>;H
=IGJ?NCL
>?<?H
B;=?LFI
MCH
MO<N?L@OACIM
HI
M\FI
L?MJ?=NI
;

F;M
P?HN;D;M
KO?
L?=C<Z;H
<;DI
?F
?MN;NOM
;HN?LCIL
>?
GIHIJIFCI
F?A;F
MCHI
KO?
N;G<CYH

L?MJ?=NI
;
F;
IL>?[;
KO?
>?
?FF;M
B;=Z;H
FIM
G?RC=;HIM

&)&,$/#r
;H=I
*OH>C;F
@A.1J@A60.@
12
=</9.06L;



!CMJIHC<F?
?H
BNNJ>;N;QILF><;HE
ILACH>C=;NIL0--,-1,1)

<;@A6AB06L;
%<9JA60.
12
9<@
@A.1<@
);61<@
"2E60.;<@
!?J;LN;G?HNI
>?
IG?L=CI
>?
FIM
"MN;>IM
2HC>IM
2;@<
12
@A.1<@
);61<@

!CMJIHC<F?
?H
BNNJQQQ=?HMOMAIP@IL?CAH
NL;>?CH>?RBNGF
&HMNCNONI
+;=CIH;F
>?
"MN;>ZMNC=;
S
$?IAL;@Z;
"21606L;
12
9.
20<;<:J.
6;3<?:.9

!CMJIHC<F?
?H
BNNJQQQCH?ACILAGR?MN=IHN?HC>IMJLIS?=NIM=HCH@ILG;F
)?S
+;=CIH;F
>?
%C>LI=;L<OLIM

&HMNCNONI
+;=CIH;F
>?
"MN;>ZMNC=;
S
$?IAL;@Z;
*?>C=C\H
>?
F;
?=IHIGZ;
CH@ILG;F
!CMJIHC<F?
?H
BNNJ


QQQCH?ACILAGR?MN=IHN?HC>IMJLIS?=NIM=HCH@ILG;F


 Tomo I
La Economía y las Finanzas Públicas

)IM?L
F;O>CI
S
(IBFC
%;LCH>?L
?>CNIL?M
BAB?<
=.?.
A<1<@
.006<;2@
6;:216.A.@

=.?.
"IE60<
?>CN;>I
JIL
?HN?HHC;F
$LIOJ
?F
?HNLI
>?
"MNO>CIM
"=IH\GC=IM
>?F

0?=NIL
-LCP;>I
?F
&HMNCNONI
*?RC=;HI
J;L;
F;
IGJ?NCNCPC>;>
S
*YRC=I
"P;F];

*YRC=I
M;
,LA;HCT;=C\H
J;L;
F;
IIJ?L;=C\H
S
?F
!?M;LLIFFI
"=IH\GC=I
@A.1J@A60.@
!CMJIHC<F?

?H
BNNJMN;NMI?=>ILA
/?M?LP;
#?>?L;F
>?
FIM
"MN;>IM
2HC>IM
>CMJIHC<F?
?H
BNNJQQQ@?>?L;FL?M?LP?AIP
>;N;>IQHFI;> BIIM?;MJRL?F%
1B?
4ILF>
'OMNC=?
-LID?=N
T;1602
12
@A.1<
12
2?205<


J

4;MBCHANIH
! 

 


 Tomo I
La Economía y las Finanzas Públicas


 Tomo I
La Economía y las Finanzas Públicas

/"#,/*0
"01/2 12/)"0
 
 
2+
3&0&s+

!"
#212/,
!"
)
" ,+,*r
*"5& +
)OCM
3C>?A;L;S
;MI

&+1/,!2 &s+
IH
F;
?>C=C\H
>?
!<@
C.;02@
129
"YRC=I
<;A2:=<?H;2<



F;
)5&&

)?ACMF;NOL;
>?
F;
%
XG;L;
>?
!CJON;>IM
JLIGO?P?
OH;
I<L;
KO?
M?LX
OH
L?@?L?HN?

BCMN\LC=I
>?
AL;H
L?F?P;H=C;
J;L;
*YRC=I
"F
FC<LI
>I=OG?HN;

;[IM
?H
FIM
KO?
?F
J;ZM

B;
?RJ?LCG?HN;>I
OH;
NL;HM@ILG;=C\H
CHMNCNO=CIH;F
JIFZNC=;
?=IH\GC=;
S
>?GI=LXNC=;

?R=?J=CIH;F
"F
;[I
KO?
>;
CHC=CI
;
?M?
J?LCI>I
?M
?G<F?GXNC=I
?F

>?
DOFCI
>?

M?
FF?P;LIH
;

=;<I
F;M
?F?==CIH?M
J;L;
>CJON;>IM
@?>?L;F?M
>?
F;
5)&&&
)?ACMF;NOL;
S
;KO?F
>Z;
F;M

G?RC=;H;M
;=O>C?LIH
JIL
JLCG?L;
P?T
;
F;M
OLH;M
J;L;
?GCNCL
MO
PINI
NL;M
OH;
FO=B;

>?
>Y=;>;M
JIL
F;
CAO;F>;>
>?
>?L?=BIM
?HNL?
GOD?L?M
S
BIG<L?M
KO?
BCTI
JIMC<F?
F;

L?@ILG;
=IHMNCNO=CIH;F
JLIGOFA;>;
JIL
?F
-L?MC>?HN?
>IF@I
/OZT
ILNCH?M
?F

>?

I=NO<L?
>?

;MC
M?M?HN;
;[IM
>?MJOYM
?H
F;
?F?==C\H
>?
DOFCI
>?
 
F;
G;SILZ;
>?
FIM
=CO>;>;HIM

KO?
J;LNC=CJ;LIH
?H
F;M
?F?==CIH?M
@O?LIH
GOD?L?M
F;
L?JL?M?HN;=C\H
>?
GOD?L?M

F?ACMF;>IL;M
?H
?F
IHAL?MI
=IH@ILG;>I
NL;M
?M;
?F?==C\H
@O?
>?

"F

>?
DOHCI

>?
 
M?
=?F?<L;LIH
HO?P;G?HN?
=IGC=CIM
J;L;
>CJON;>IM
@?>?L;F?M
?MN;
M?LX
F;

JLCG?L;
?F?==C\H
?H
F;
KO?
JIL
G;H>;NI
=IHMNCNO=CIH;F
FIM
J;LNC>IM
>?<?H
A;L;HNCT;L

F;
?KOC>;>
>?
AYH?LI
 
>?
L?JL?M?HN;=C\H
?H
F;
JIMNOF;=C\H
>?
MOM
=;H>C>;NIM
)IM
=;G<CIM
?H
?F
>?M;LLIFFI
CHMNCNO=CIH;F
S
JIFZNC=I
>?F
J;ZM
B;H
MC>I
?RNL;IL>CH;LCIM

(3E3?AE
67
G@
DO9;?7@
BA>PF;5A
G@;B3DF;6;EF3
7
;@]7J;4>7
3
AFDA
7@
7>
CG7
7J;EF7@

?F?==CIH?M
>?GI=LXNC=;M
ILA;HCT;>;M
JIL
OH
CHMNCNONI
=IH
;ONIHIGZ;
=IHMNCNO=CIH;F

&HMNCNONI
+;=CIH;F
"F?=NIL;F
KO?
B;
J?LGCNC>I
F;
;FN?LH;H=C;
?H
?F
JI>?L
?H
NI>IM

FIM
\L>?H?M
>?
AI<C?LHI
F;
J;LNC=CJ;=C\H
;<C?LN;
>?
F;
JI<F;=C\H
?H
?F
JLI=?MI
S
F;

5A@EFDG55;R@
67
?3KADP3E
B3D3
>3
3BDA435;R@
67
?A6;\535;A@7E
>793>7E

"H
G;N?LC;
>?
NL;HMJ;L?H=C;
BIS
?H
>Z;
?RCMN?H
G?=;HCMGIM
KO?
;<L?H
;F
?M=LONCHCI

J]<FC=I
F;
;=NO;=C\H
>?F
AI<C?LHI
F
GCMGI
NC?GJI
F;
J;LNC=CJ;=C\H
S
=;J;=C>;>




0?=L?N;LCI
>?
%;=C?H>;
S
LY>CNI
-]<FC=I



!?
;=O?L>I
;
>;NIM
>?F
l"MNO>CI
?HM;F
>?
F;
-;LNC=CJ;=C\H
CO>;>;H;
?H
F;M
"F?==CIH?M
#?>?L;F?M
>?

 m
>?F
?HNIH=?M
&HMNCNONI
#?>?L;F
"F?=NIL;F
?F

>?
FIM
PIN;HN?M
?H
F;
?F?==C\H
>?F

>?
DOFCI
@O?LIH

GOD?L?M

 Tomo I
La Economía y las Finanzas Públicas

67
AD93@;L35;R@
67
>3
EA5;7636
5;H;>
E7
:3
;@5D7?7@F36A
67
?3@7D3
E;9@;\53F;H3

JLIGIPC?H>I
F;
J;LNC=CJ;=C\H
;=NCP;
>?F
=CO>;>;HI
?H
?F
JLI=?MI
>?GI=LXNC=I
S
F;

L?H>C=C\H
>?
=O?HN;M
>?
FIM
M?LPC>IL?M
J]<FC=IM
"H
?MNIM
M?M?HN;
;[IM
N;G<CYH
M?
B;H
>;>I
=;G<CIM
?=IH\GC=IM
GOS
JLI@OH>IM
>?M>?

\@3>7E
67
>3
6O5363
67
>AE
5G3D7@F3
:3EF3
;@;5;AE
67
>AE
E7F7@F3
7>
?G@6A
7JB7D;?7@FR

F;
?RJ;HMC\H
?=IH\GC=;
>?
F;
JIMNAO?LL;
JLCH=CJ;FG?HN?
CGJOFM;>;
JIL
F;M
?=IHIGZ;M

;P;HT;>;M
KO?
?MNOPI
=;L;=N?LCT;>;
JIL
;FN;M
N;M;M
>?
=L?=CGC?HNI
?=IH\GC=I

CH=L?G?HNIM
?H
F;
JLI>O=NCPC>;>
S
<;D;M
N;M;M
>?
>?M?GJF?I
*XM
;>?F;HN?
?F
=IF;JMI

>?F
MCMN?G;
>?
L?NNIH
4II>M
S
F;
=;MC
CHG?>C;N;
=LCMCM
>?F
J?NL\F?I
;
JLCH=CJCIM
>?

FIM
M?N?HN;
>C?LIH
?HNL;>;
;
OH
J?LCI>I
?=IH\GC=;G?HN?
>C@Z=CF
=IH
;FNIM
HCP?F?M
>?

;@]35;R@
K
67E7?B>7A

!?M>?
G?>C;>IM
>?
FIM
I=B?HN;
S
B;MN;
 
F;M
?=IHIGZ;M
;P;HT;>;M
kJLCH=CJ;FG?HN?

EF36AE
-@;6AEX
7JB7D;?7@F3DA@
;@]35;R@
?A67D363
K
5D75;?;7@FA
EAEF7@;6A

>?F
-LI>O=NI
&HN?LHI
LONI
-&
OH
J?LCI>I
>?
?MN;<CFC>;>
S
=L?=CGC?HNI
=IHI=C>I

=IGI
F;
l$L;H
*I>?L;=C\Hm
0CH
?G<;LAI
;FAOHIM
J;ZM?M
?G?LA?HN?M
;OH
=O;H>I

CGJF?G?HN;<;H
JIFZNC=;M
>?
@ILN;F?=CGC?HNI
?=IH\GC=I
CHN?AL;=C\H
=IG?L=C;F
S
=;G<CI

?MNLO=NOL;F
MO@LC?LIH
;FAOHIM
?JCMI>CIM
>?
AL;H
PIF;NCFC>;>
KO?
M?
>?LCP;LIH
?H
=LCMCM

=IGI
F;
>?
*YRC=I

?F
MO>?MN?
MCXNC=I

/OMC;

I
L;MCF



!OL;HN?
?MNIM
;[IM
F;
?=IHIGZ;
GOH>C;F
?RJ?LCG?HN\
OH
JLI=?MI
>?
AFI<;FCT;=C\H

CGJOFM;>I
JIL
=;G<CIM
N?=HIF\AC=IM
MCH
JL?=?>?HN?M
F;
=;Z>;
>?F
LYACG?H
=IGOHCMN;
F;

=L?;=C\H
>?
F;
,LA;HCT;=C\H
*OH>C;F
>?F
IG?L=CI
S
>?
F;
2HC\H
"OLIJ?;
;MZ
=IGI
>?F

=;G<CI
?H
F;
JIFZNC=;
=IG?L=C;F
>?
BCH;
@

7>
?G@6A
HA>H;R
3
E35G6;DE7
5A@
G@3
@G7H3
5D;E;E
\@3@5;7D3
;@F7D@35;A@3>

KO?
NOPI
?@?=NIM
CGJILN;HN?M
S
>OL;>?LIM
?H
F;
?=IHIGZ;
L?;F
JLCH=CJ;FG?HN?
?H
F;M

?=IHIGZ;M
;P;HT;>;M
FIM
=O;F?M
MCAO?H
?H
?F
=?HNLI
>?
F;M
>CM=OMCIH?M
AFI<;F?M
>?

JIFZNC=;
?=IH\GC=;
)IM
;=IHN?=CGC?HNIM
>?
*YRC=I
B;H
?MN;>I
?MNL?=B;G?HN?
L?F;=CIH;>IM
=IH
?F
=IHN?RNI

CHN?LH;=CIH;F
0CH
?G<;LAI
F;
NL;HM@ILG;=C\H
?=IH\GC=;
>?
HO?MNLI
J;ZM
?H
?MN?
J?LCI>I

B;
MC>I
?RNL;IL>CH;LC;
-;M;GIM
>?
M?L
H;=C\H
?H
PZ;M
>?
>?M;LLIFFI
=IH
HCP?F?M
GZHCGIM

>?
?>O=;=C\H
S
OH;
JF;HN;
JLI>O=NCP;
CH=CJC?HN?
;
M?L
OH
FZ>?L
=IG?L=C;F
S
>?
JLI>O==C\H

G;HO@;=NOL?L;

);M
N;M;M
>?
=L?=CGC?HNI
L?;F
>?F
-LI>O=NI
&HN?LHI
LONI
J?L
=XJCN;
?H


@O?LIH
#L;H=C;




F?G;HC;
 
&N;FC;

"MN;>IM
2HC>IM

/?CHI
2HC>I

S
';J\H

-?HH

4ILF>
1;<F?
!;N;
<;M?
 

?LH;HE?
?H
l1B?
$L?;N
*I>?L;NCIHm
1B?
#?>?L;F
/?M?LP?
I;L>
BNNJQQQ@?>?L;FL?M?LP?AIP



8
>?
@?<L?LI
>?
 9

"H

?F
ZH>C=?
>?
;H;F@;<?NCMGI
?L;
>?F

J;L;

>CMGCHOS\
;

S
J;L;
 
F;
=C@L;



;F=;HT\
?F

P?L
+;LLI
/I<F?M
'
S
*I=N?TOG;
+;P;LLI
!
 
lH;F@;<?NCMGI
?H
*YRC=I
OH;

>?O>;
MI=C;Fm
/?PCMN;
&HN?LH;=CIH;F
>?
"MN;>ZMNC=;
S
$?IAL;@Z;
3IF
+]G
M?JNC?G<L?
>C=C?G<L?

 Tomo I
La Economía y las Finanzas Públicas

"H
NYLGCHIM
>?F
-&
*YRC=I
?M
F;
>?=CGIKOCHN;
?=IHIGZ;
>?F
GOH>I 
S
@ILG;GIM

B3DF7
67
8ADAE
75A@R?;5AE
67
;@]G7@5;3
;@F7D@35;A@3>
5A?A
7>
DGBA
67
>AE



S
>?
F;
,LA;HCT;=C\H
J;L;
?F
L?=CGC?HNI
S
>?F
!?M;LLIFFI
"=IH\GC=I
, !"

"F
=;GCHI
KO?
HIM
B;
FF?P;>I
;
?MN;
MCNO;=C\H
M?
B;
=;L;=N?LCT;>I
JIL
=;G<CIM
FIM

?MNLO=NOL;F?M
CGJF?G?HN;>IM
?H
FIM
]FNCGIM
M?M?HN;
;[IM
"H

HNIHCI
;LLCFFI
#FIL?M
@OHAZ;
=IGI
0?=L?N;LCI
>?
%;=C?H>;
"F
;[I
;HN?LCIL

B;<Z;
MC>I
?=IH\GC=;G?HN?
>C@Z=CF
S
=OFGCH\
=IH
OH;
>?P;FO;=C\H
>?
HO?MNL;
GIH?>;

>?

;

J?MIM
JIL
>\F;L
MCH
?G<;LAI
FIM
MCAOC?HN?M

;[IM
F;JMI
=IHI=C>I

=IGI
?F
!?M;LLIFFI
"MN;<CFCT;>IL
@O?LIH
OH
J?LCI>I
>?
=L?=CGC?HNI
?=IH\GC=I
S

7EF34;>;636
67
BD75;AE
<G@FA
5A@
G@
DO9;?7@
67
F;BA
67
53?4;A
\<A

EF3
OBA53
67

?RJ;HMC\H
?MNOPI
;MI=C;>;
=IH
OH
>?M;LLIFFI
CGJILN;HN?
>?
F;
CH>OMNLC;
H;=CIH;F
J?LI

=IH
OH
;FNI
AL;>I
>?
JLIN?==CIHCMGI
=IG?L=C;F
F;
N;M;
G?>C;
>?
=L?=CGC?HNI
L?;F
;HO;F

>?F
-LI>O=NI
&HN?LHI
LONI
@O?
>?F

);
>Y=;>;
>?
FIM
M?N?HN;
N;G<CYH
?MNOPI
=;L;=N?LCT;>;
JIL
?M?
JLIN?==CIHCMGI
GC?HNL;M

KO?
?F
=L?=CGC?HNI
S
F;
CHP?LMC\H
?MNOPC?LIH
CGJOFM;>IM
?H
AL;H
G?>C>;
JIL
?F
M?=NIL

?H?LAYNC=I
?H
J;LNC=OF;L
JIL
?F
>?M=O<LCGC?HNI
>?F
S;=CGC?HNI
J?NLIFZ@?LI
>?
;HN;L?FF

+;@
7?43D9A
7>
?A67>A
67
\@3@5;3?;7@FA
67>
93EFA
BS4>;5A
<G@FA
5A@
5:ACG7E
7JF7D@AE

>?LCP;>IM
>?
F;
=LCMCM
CHN?LH;=CIH;F
>?
FIM
JL?=CIM
>?F
J?NL\F?I
FF?P;LIH
;
HO?MNLI
J;ZM

;
G@3
E;FG35;R@
;@EAEF7@;4>7
67
>3E
\@3@L3E
BS4>;53E
K
3
G@3
5D;E;E
5A@
G@
BDA8G@6A

CGJ;=NI
H?A;NCPI
?H
?F
<C?H?MN;L
>?
FIM
G?RC=;HIM
?MJ?=C;FG?HN?
?F
>?
FIM
BIA;L?M

GXM
POFH?L;<F?M

J;LNCL
>?
F;
M?AOH>;
GCN;>
>?
FIM
I=B?HN;
S
B;MN;
F;
JLCG?L;
>Y=;>;
>?F
MCAFI
55&

?F
GI>?FI
?=IH\GC=I
>?
*YRC=I
=;G<C\
>C;G?NL;FG?HN?
?H
J;LN?
;DOMNXH>IM?
;
F;

HO?P;
L?;FC>;>
CHN?LH;=CIH;F
"MN?
GI>?FI
CH=FOZ;
>IM
JCF;L?M
@OH>;G?HN;F?M
;J?LNOL;

75A@R?;53
K
7EF34;>;636
?35DA75A@R?;53
K
67
>3E
\@3@L3E
BS4>;53E

$3
3B7DFGD3

?=IH\GC=;
M?
L?;FCT\
>?
G;H?L;
?RN?LH;
?
CHN?LH;
-IL
OH
F;>I
M?
;<LC?LIH
HO?MNLIM

?7D536AE
3>
5A?7D5;A
;@F7D@35;A@3>
F7@;7@6A
5A?A
D7EG>F36A
7?4>7?NF;5A
>3
\D?3
67>

1L;N;>I
>?
)C<L?
IG?L=CI
=IH
GYLC=;
>?F
+ILN?
1) +
-IL
INLI
F;>I
M?
;GJFC\

F;
J;LNC=CJ;=C\H
>?F
M?=NIL
JLCP;>I
?H
F;
?=IHIGZ;
"H
?MIM
;[IM
?RJ?LCG?HN;GIM

367?NE
B7D;A6AE
6;8P5;>7E
3EA5;36AE
5A@
>3
5D;E;E
67

K
>3
5D;E;E
\@3@5;7D3
9>A43>

67>


A?A
D7EG>F36A
E7
:3@
;?B>7?7@F36A
53?4;AE
;@EF;FG5;A@3>7E
E;9@;\53F;HAE

KO?
B;H
J?LGCNC>I
@ILN;F?=?L
F;
?=IHIGZ;
>?F
J;ZM

*?>C>I
=IH
?F
-LI>O=NI
&HN?LHI
LONI
?H
GCF?M
>?
GCFFIH?M
>?
>\F;L?M
J;L;
?F
;[I
 
=IH
=C@L;M
>?F



/?JILN?
>?
F;
"=IHIGZ;
*OH>C;F
+<?91
0<;<:60
$BA9<<8
>?
;<LCF
>?
 
JO<FC=;>I
JIL
?F
#IH>I

*IH?N;LCI
&HN?LH;=CIH;F

;F=OF;>I
=IH
CH@ILG;=C\H
>?
F;
<;M?
>?
>;NIM
#2D
".116@<;
%?<720A
.A./.@2



 Tomo I
La Economía y las Finanzas Públicas

);
NL;M@ILG;=C\H
S
GI>?LHCT;=C\H
>?
F;
?=IHIGZ;
G?RC=;H;
B;H
A?H?L;>I
MIFC>?T
S

?MN;<CFC>;>
?=IH\GC=;
=IHPCLNC?H>I
;
*YRC=I
?H
OH
DOA;>IL
CGJILN;HN?
?H
?F
GOH>I


J?M;L
>?
FIM
=BIKO?M
?=IH\GC=IM
KO?
B?GIM
?H@L?HN;>I
GO=BIM
>?
?FFIM
?RN?LHIM

?MN;GIM
=?L=;
>?
=OGJFCL

;[IM
>?
?MN;<CFC>;>
G;=LI?=IH\GC=;
?RJ?=N;NCP;M
>?

;@]35;R@
3@5>363E
43<AE
@;H7>7E
67
67G63
K
6O\5;F
BS4>;5A
K
G@
E;EF7?3
43@53D;A

<C?H
=;JCN;FCT;>I
>C=CIH;FG?HN?
BIS
?F
J;ZM
=O?HN;
=IH
G?=;HCMGIM
>?
JLIN?==C\H

CGJILN;HN?M
;HN?
?JCMI>CIM
>?
PIF;NCFC>;>
?=IH\GC=;
=IGI
?F
LYACG?H
>?
NCJI
>?

53?4;A
]7J;4>7
>3E
5A47DFGD3E
B3D3
7>
BD75;A
67>
B7FDR>7A
7@
>AE
?7D536AE
\@3@5;7DAE

OH;
;=OGOF;=C\H
BCMN\LC=;
>?
L?M?LP;M
CHN?LH;=CIH;F?M
KO?
;
G;SI
>?
 
;M=C?H>?H

;

GCF?M
>?
GCFFIH?M
>?
>\F;L?M
;MZ
=IGI
OH;
)ZH?;
>?
LY>CNI
#F?RC<F?
JIL

;JLIRCG;>;G?HN?

GCF
GCFFIH?M
>?
>\F;L?M
=IH
?F
#IH>I
*IH?N;LCI
&HN?LH;=CIH;F
+I
I<MN;HN?
?RCMN?
OH;
;MCAH;NOL;
J?H>C?HN?
KO?
>?<?
M?L
F;
JLCILC>;>
>?
F;
JIFZNC=;

J]<FC=;
J;L;
?F
@ONOLI
?F
=L?=CGC?HNI
>?
F;
JLI>O=NCPC>;>
J;L;
;OG?HN;L
?F
<C?H?MN;L

>?
F;
JI<F;=C\H
S
>CMGCHOCL
F;
JI<L?T;
"H
G;SI
>?
 
?H
?F
=IHN?RNI
>?
F;M
L?OHCIH?M
>?F
#ILI
"=IH\GC=I
*OH>C;F
>?

);NCHI;GYLC=;
?F
!CL?=NIL
>?
F;
&HC=C;NCP;
J;L;
?F
0CMN?G;
#CH;H=C?LI
$FI<;F
>?F
@ILI

G;HC@?MN\
?H
OH
;LNZ=OFI
KO?
FIM
J;ZM?M
>?
GYLC=;
);NCH;
NC?H?H
F;
IJILNOHC>;>
>?

G?DIL;L
MOM
J?LMJ?=NCP;M
>?
F;LAI
JF;TI
MC
M?
L?;FCT;H
NL?M
;==CIH?M
@OH>;G?HN;F?M

G@A
?3@F7@7D
>3
7EF34;>;636
?35DA75A@R?;53
K
@A
343@6A@3D
>3
6;E5;B>;@3
\E53>
6AE

JLIP??L
>?
FCKOC>?T
?H
=;MI
>?
GIPCGC?HNIM
>?
=;JCN;F
OM;H>I
?F
LYACG?H
=;G<C;LCI

=IGI
G?=;HCMGI
>?
;<MIL=C\H
>?
=BIKO?M
S
NL?M
L?@ILT;L
F;
CGJF?G?HN;=C\H
>?

L?@ILG;M
?MNLO=NOL;F?M
"MN?
?M
?F
=;GCHI
KO?
B;
NIG;>I
*YRC=I
S
KO?
B;
M?LPC>I

J;L;
>;LF?
?MN;<CFC>;>
;
HO?MNL;
?=IHIGZ;
"F
JL?M?HN?
?HM;SI
>?M=LC<?
=\GI
F;M
L?@ILG;M
?MNLO=NOL;F?M
JLIJO?MN;M
JIL
?F

-L?MC>?HN?
"HLCKO?
-?[;
+C?NI
S
;JLI<;>;M
JIL
?F
IHAL?MI
>?
F;
2HC\H
?HNL?
 
S

 
JLIGO?P?H
F;
JLI>O=NCPC>;>
S
?F
=L?=CGC?HNI
?=IH\GC=I
MIMN?HC>I
J;L;
G?DIL;L

FIM
HCP?F?M
>?
PC>;
>?
F;
JI<F;=C\H




ILA
H>?LM
 
l
Q;SM
);NCH
G?LC=;
=;H
NOLH
;
=LCMCM
CHNI
;
JIMCNCP?m
4ILF>
"=IHIGC=
#ILOG

 Tomo I
La Economía y las Finanzas Públicas


-/,!2 1&3&!!
/" &*&"+1,
" ,+s*& ,
6
&"+"01/

*YRC=I
?M
OH
J;ZM
=IH
OH
AL;H
JIN?H=C;F
=O?HN;
=IH
OH;
JI<F;=C\H
DIP?H
=IH
OH;
?>;>

G?>C;
>?

;[IM
F;
=O;F
?M
G?HIL
;
F;
>?
L;MCF
BCH;
IL?;
I
"MN;>IM
2HC>IM

?M
?F
>?=CGIM?RNI
J;ZM
=IH
G;SIL
PIFOG?H
=IG?L=C;F
?H
?F
GOH>I
JIL
;LLC<;
>?

?=IHIGZ;M
=IGI
OMNL;FC;
L;MCF
"MJ;[;
I
1OLKOZ;
NC?H?
;=O?L>IM
=IG?L=C;F?M

=IH

J;ZM?M
=O?HN;
=IH
OH;
LCKO?T;
?RNL;IL>CH;LC;
>?
L?=OLMIM
H;NOL;F?M
S
OH;

BAE;5;R@
97A9DN\53
7EFD3FO9;53

,A63E
7EF3E
8ADF3>7L3E
EA@
@757E3D;3E
B3D3
D76G5;D
>3
BA4D7L3
B7DA
@A
EG\5;7@F7E

JIL
MZ
MIF;M
"F
IHM?DI
+;=CIH;F
>?
"P;FO;=C\H
>?
F;
-IFZNC=;
>?
!?M;LLIFFI
0I=C;F

 IH?P;F
?MNCG;
KO?

>?
F;
JI<F;=C\H
M?
?H=O?HNL;
?H
MCNO;=C\H
>?
JI<L?T;


?H
JI<L?T;
?RNL?G;
S
?F

NC?H?
;F
G?HIM
OH;
=;L?H=C;
MI=C;F
"H
?F
M?=NIL

LOL;F

>?
F;
JI<F;=C\H
M?
?H=O?HNL;
?H
MCNO;=C\H
>?
JI<L?T;
?RNL?G;
>?GXM

OH;
>?
F;M
=;L?H=C;M
MI=C;F?M
KO?
GXM
JL?P;F?=?
?M
F;
M?AOLC>;>
MI=C;F

>?
F;

JI<F;=C\H
HI
=O?HN;
=IH
;==?MI
;
?MNIM
M?LPC=CIM
"RCMN?
OH;
@O?LN?
=ILL?F;=C\H
?HNL?
F;
L?>O==C\H
>?
F;
JI<L?T;
S
?F
=L?=CGC?HNI

75A@R?;5A

A?A
E7
;>GEFD3
7@
>3
\9GD3

ER>A
3CG7>>AE
B3PE7E
5A@
3>F3E
F3E3E
67

=L?=CGC?HNI
B;H
JI>C>I
>CMGCHOCL
F;
JI<L?T;
>?
@ILG;
MOMN;H=C;F
BCH;
&H>C;

?
&H>IH?MC;
B;H
N?HC>I
N;M;M
;HO;F?M
>?
=L?=CGC?HNI
L?;F
>?F
-&
>?


S


?H
JLIG?>CI
L?MJ?=NCP;G?HN?
GC?HNL;M
KO?
MO
JI<F;=C\H
?H
JI<L?T;
?RNL?G;

>CMGCHOS\
?H


S

?H
?F
J?LCI>I

 
"F
=L?=CGC?HNI

75A@R?;5A
EAEF7@;6A
E7
D7]7<3
F3@FA
7@
?3KAD7E
;@9D7EAE
5A?A
7@
?7@AD7E
@;H7>7E
67

JI<L?T;
S
G?DIL
=;FC>;>
>?
PC>;
MCGCMGI
FIM
J;ZM?M
>?
G;SIL
>?M;LLIFFI
G?>C>I

?H
NYLGCHIM
>?F
-&
J?L
=XJCN;
MIH
N;G<CYH
;KO?FFIM
?H
FIM
KO?
F;
?MJ?L;HT;
>?
PC>;

?M
GXM
;FN;
S
=O?HN;H
=IH
OH;
G;SIL
JLIJIL=C\H
>?
JI<F;=C\H
?>O=;>;




*?>C>;
=IGI
F;
G?>C;H;
>?
?>;>
>?
F;
JI<F;=C\H
?H
 
=IH
>;NIM
>?F
L?JILN?
%?<@=20A6C.
12
9.

%</9.06L;
"B;16.9


,LA;HCT;=C\H
>?
F;M
+;=CIH?M
2HC>;M



@A.1J@A60.@
<:2?06.92@
;A2?;.06<;.92@


,LA;HCT;=C\H
*OH>C;F
>?F
IG?L=CI



*YRC=I
MIMNC?H?
NL;N;>IM
>?
FC<L?
=IG?L=CI
=IH

=O?L>IM
>?
IGJF?G?HN;=C\H
"=IH\GC=;
S

=O?L>IM
>?
F=;H=?
-;L=C;F
=IH

S
=O?L>IM
J;L;
F;
-LIGI=C\H
S
F;
-LIN?==C\H
L?=ZJLI=;
>?
F;M

CHP?LMCIH?M
=IH

0?=L?N;LZ;
>?
"=IHIGZ;



2NCFCT;H>I
>;NIM
>?
F;
"H=O?MN;
+;=CIH;F
>?
&HAL?MI
S
$;MNI
>?
FIM
%IA;L?M
"+&$%
>?F
&+"$&
J;L;

?F
 



/?MOFN;>IM
>?
F;
*?>C=C\H
>?
-I<L?T;
IH?P;F
 

 Tomo I
La Economía y las Finanzas Públicas

#&$2/


:.,252.6<7
@
#7+:.A*

 

e

9+3</<
 
#7+4*,2F6
87:
-.+*37
-.
4*
4D6.*
-.
87+:.A*



>*:2*,2F6

87:,.6<=*4

     



 )

 

 

 

 

 

 

  :.,252.6<7
#:75.-27
-.4
#



#7+4*,2F6 9=.
>2>.
,76
5.67;
-.


'%
87:
-D*
*3=;<*-7;
87:
## 

=.6<.
6-2,*-7:.;
47+*4.;
-.
.;*::7447

*6,7
=6-2*4

);
N;M;
JLIG?>CI
;HO;F
>?
=L?=CGC?HNI
L?;F
>?F
-&
?H
*YRC=I
?HNL?

S
 
@O?

>?

IHMC>?L;H>I
?F
;OG?HNI
>?
F;
JI<F;=C\H
?MNI
M?
NL;>O=?
?H
OH
=L?=CGC?HNI

>?F
-&
J?L
=XJCN;
>?

?H
?M?
J?LCI>I
$3
\9GD3

?G7EFD3
7>
67E7?B7QA
67>
(!
B7D
5NB;F3
7@
%OJ;5A
67

3
 
7>

=O;F
>?M>?

M?
B;
>?M;=?F?L;>I
IGI
=IHM?=O?H=C;
?F
CHAL?MI
L?;F
J?L
=XJCN;

?H
*YRC=I
M?
B;
;F?D;>I
>?
F;
N?H>?H=C;
KO?
M?AOZ;
B;MN;
;HN?M
>?
?M?
;[I
)I
;HN?LCIL

NC?H?
CGJFC=;=CIH?M
CGJILN;HN?M
J;L;
?F
>?M;LLIFFI
?=IH\GC=I
>?
FIM
G?RC=;HIM


 Tomo I
La Economía y las Finanzas Públicas

#&$2/

#
8.:
,B82<*
C?2,7



581+;3=68
7+=>;+5

































































 

 
 






470
#
8.:
,B82<*

 
&.6-.6,2*

 

=.6<.
*--2;76
#:73.,<
*<*+*;.
!
@
"!#"

);
?PC>?H=C;
CHN?LH;=CIH;F
GO?MNL;
KO?
FIM
JLCH=CJ;F?M
@;=NIL?M
KO?
>?N?LGCH;H
F;
N;M;

>?
=L?=CGC?HNI
?=IH\GC=I
MIH
CHP?LMC\H
?H
=;JCN;F
@ZMC=I
;=OGOF;=C\H
>?
=;JCN;F

BOG;HI
;OG?HNI
>?
F;
@O?LT;
F;<IL;F
S
=L?=CGC?HNI
>?
F;
JLI>O=NCPC>;>
"H
FIM
J;ZM?M

>?M;LLIFF;>IM
F;
N;M;
>?
=L?=CGC?HNI
>?F
-&
J?L
=XJCN;
?MNX
?RJFC=;>;
?H
MO
G;SILZ;

JIL
?F
CH=L?G?HNI
?H
F;
JLI>O=NCPC>;>
)I
;HN?LCIL
?M
?F
L?MOFN;>I
=IHDOHNI
>?
P;LCIM

JLI=?MIM
?HNL?
?FFIM
CHHIP;=CIH?M
N?=HIF\AC=;M
;=NCPC>;>
?GJL?M;LC;F
FC<L?
S
?H

5A?B7F7@5;3
;@H7DE;A@7E
E;9@;\53F;H3E
7@
76G535;R@
K
53B;F3>
8PE;5A
7@FD7
AFDAE

$3
\9GD3

;>GEFD3
7@
G@3
?G7EFD3
67

B3PE7E
B3D3
7>
B7D;A6A
  
5\GI
F;M

;FN;M
N;M;M
>?
=L?=CGC?HNI
>?
F;
JLI>O=NCPC>;>
>?
FIM
@;=NIL?M
>?
F;
JLI>O==C\H
?MNXH

@O?LN?G?HN?
;MI=C;>;M
=IH
;FN;M
N;M;M
>?
=L?=CGC?HNI
>?
F;
?=IHIGZ;
>C=CIH;FG?HN?

5A?A
E7
A4E7DH3
7@
>3
\9GD3

B3PE7E
7?7D97@F7E
K
7@
67E3DDA>>A
5A@
?3KAD

JLI>O=NCPC>;>
NC?H?H
;MI=C;>;M
G?HIL?M
N;M;M
>?
JI<F;=C\H
?H
MCNO;=C\H
>?
JI<L?T;

?RNL?G;


 Tomo I
La Economía y las Finanzas Públicas

);
>CHXGC=;
>?F
=L?=CGC?HNI
I<M?LP;>I
?H
*YRC=I
?H
FIM
]FNCGIM

;[IM
?MNX

;FN;G?HN?
L?F;=CIH;>;
=IH
F;
?PIFO=C\H
>?
F;
JLI>O=NCPC>;>
IGI
M?
I<M?LP;
?H
F;

\9GD3

F;
JLI>O=NCPC>;>
?H
*YRC=I
>OL;HN?
?MN?
J?LCI>I
NOPI
OH;
N;M;
>?
=L?=CGC?HNI

JLIG?>CI
;HO;F
>?


,NLIM
J;ZM?M
=IGI
BCH;
IL?;
BCF?
&H>C;
I
&H>IH?MC;

KO?
B;H
?RJ?LCG?HN;>I
N;M;M
>?
=L?=CGC?HNI
?=IH\GC=I
GXM
;FN;M
?H
F;M
>Y=;>;M

D75;7@F7E
:3@
F7@;6A
5D75;?;7@FAE
EAEF7@;6AE
67
>3
BDA6G5F;H;636
H7D
\9GD3


 
7  
8
#:7-=,<2>2-*-
@
:.,252.6<7
,76F52,7 #:7-=,<2>2-*-
@
87+:.A*
.?<:.5*


9;86/.38



 9;86/.38<







&*;*
-.
87+4*,2F6
,76

5.67;
-.


-44;
*4
-D*


:.,252.6<7
*6=*4
-.4
#









 


 )

 


)


 
      
 
      

     
:.,252.6<7
*6=*4
-.
4*
#:7-=,<2>2-*-
&7<*4
-.
47;

*,<7:.; #:7-=,<2>2-*-
:.4*<2>*
,76
:.;8.,<7
'

=.6<.
6-2,*-7:.;
47+*4.;
-.
.;*::7447


-.4

*6,7
=6-2*4 @
*;.
-.
*<7;
-.

#:7-=,<2>2-*-

=6-2*4
-.
4*
":0*62A*,2F6
-.
.;*::7447
6-=;<:2*4
-.
4*;
!*,276.;
'62-*; =.6<.
6-2,*-7:.;
47+*4.;
-.
.;*::7447
*6,7
=6-2*4 


 
9  
:
I6-2,.
-.
#:7-=,<2>2-*-
&7<*4
-.
47;
*,<7:.;
8*:*
#:7-=,<2>2-*-
@
#:7-=,<7
6<.:67
:=<7
;/-363/7=8<
98;-/7=>+5/< +7>+5/<
9;86/.38




C?2,7







 #:7-=,<2>2-*- #

I6-2,.
-.
#:7-=,<2>2-*-





C?2,7

124.

*4*;2*

6-2*

6-76.;2*

%260*8=:

7:.*

126*

:4*6-*
;:*.4





















































 

 
 


>/7=/
7.3-+.8;/<
58,+5/<
./
/<+;;8558


./5

+7-8
>7.3+5 A
+</
./
+=8<
./

";8.>-=3?3.+.

>7.3+5
./
5+
!;1+73B+-3H7
./
/<+;;8558
7.><=;3+5
./
5+<
+-387/<
&73.+<
=.6<.
!

"MNIM
>;NIM
CFOMNL;H
F;
H?=?MC>;>
>?
KO?
F;M
JIFZNC=;M
J]<FC=;M
CH=L?G?HN?H
>?
G;H?L;

EAEF7@;63
>3
BDA6G5F;H;636

$3
BDA6G5F;H;636
7E
D7EG>F36A
67
>3
7\5;7@5;3
5A@
>3
CG7

M?
ONCFCT;H
FIM
@;=NIL?M
>?
JLI>O==C\H
?H
F;
?=IHIGZ;
?M
>?=CL
>?F
?M@O?LTI
>?
FIM

NL;<;D;>IL?M
>?F
;=?LPI
>?
=;JCN;F
@ZMC=I
S
BOG;HI
>?F
KO?
>CMJIH?GIM
>?
F;
NC?LL;
S

>?
FIM
L?=OLMIM
H;NOL;F?M
?HNL?
INLIM
);
JLI>O=NCPC>;>
;OG?HN;LX
?H
F;
G?>C>;
?H
KO?

FIM
NL;<;D;>IL?M
F;M
?GJL?M;M
S
FIM
JLI>O=NIL?M
>?F
J;ZM
JO?>;H
;JLIP?=B;L
;
JF?HCNO>


 Tomo I
La Economía y las Finanzas Públicas

MOM
=;J;=C>;>?M
JLI>O=NCP;M
FIAL;H>I
;MZ
OH;
G;SIL
JLI>O==C\H
>?
<C?H?M
S
M?LPC=CIM

=IH
F;
GCMG;
=;HNC>;>
>?
CHMOGIM
);M
L?@ILG;M
?MNLO=NOL;F?M
CGJOFM;>;M
JIL
?F
AI<C?LHI
>?F
-L?MC>?HN?
-?[;
+C?NI

<OM=;H
JL?=CM;G?HN?
?FCGCH;L
F;M
L?MNLC==CIH?M
S
LCAC>?=?M
KO?
B;H
CHBC<C>I
?F

G?DIL
OMI
JIMC<F?
>?
FIM
L?=OLMIM
>?
FIM
KO?
>CMJIH?
*YRC=I

NL;PYM
>?
OH;
G;SIL

=IGJ?N?H=C;
>?
F;
CHHIP;=C\H
S
?F
>?M;LLIFFI
N?=HIF\AC=I
>?
OH;
@O?LT;
F;<IL;F

?NE
53>;\5363
67
835;>;F3D
7>
3557EA
3
;@EG?AE
BDA6G5F;HAE
67
;@57@F;HAE
B3D3
>3

8AD?3>;L35;R@
67
7?BD7E3E
K
FD343<36AD7E
K
67
G@
?3KAD
3557EA
3>
\@3@5;3?;7@FA
K

;F
=;JCN;F
F;M
L?@ILG;M
>;LXH
CGJOFMI
;
F;
JLI>O=NCPC>;>
=IGI
<;M?
>?
OH
=L?=CGC?HNI

?=IH\GC=I
MIMN?HC>I
?
CH=FOS?HN?


)0
/"#,/*0
"01/2 12/)"0
!"
 
 
!?M>?
?F

>?
>C=C?G<L?
>?
 
?F
-L?MC>?HN?
"HLCKO?
-?[;
+C?NI
?MN;<F?=C\
=IGI

I<D?NCPI
=?HNL;F
>?
MO
;>GCHCMNL;=C\H
F;
NL;HM@ILG;=C\H
>?
*YRC=I
;
NL;PYM
>?
OH

;G<C=CIMI
JLIAL;G;
>?
L?@ILG;M
?MNLO=NOL;F?M
F
>Z;
MCAOC?HN?
>?
MO
NIG;
>?
JIM?MC\H
?H
?F
;F=XT;L
>?F
;MNCFFI
>?
B;JOFN?J?=
M?

\D?R
G@
35G7D6A
BA>PF;5A
E;@
BD75767@F7E
7@
>3
:;EFAD;3
67>
B3PE
7@FD7
7>
A4;7D@A
67

F;
/?J]<FC=;
S
FIM
JLCH=CJ;F?M
J;LNC>IM
JIFZNC=IM
?F
-;=NI
JIL
*YRC=I
"MN?
;=O?L>I

MOLAC\
>?F
L?=IHI=CGC?HNI
>?
F;M
JLCH=CJ;F?M
@O?LT;M
JIFZNC=;M
>?
F;
H?=?MC>;>
>?

L?;FCT;L
=;G<CIM
KO?
B;<Z;H
MC>I
JIMN?LA;>IM
JIL
GO=BIM
;[IM
S
KO?
F?
J?LGCNCLZ;H

;
*YRC=I
;P;HT;L
?H
?F
JLIJ\MCNI
=IG]H
>?
G?DIL;L
F;M
=IH>C=CIH?M
>?
PC>;
>?
FIM

G?RC=;HIM
MZ
MOLAC\
?F
=IGJLIGCMI
>?
;F=;HT;L
OH
;=O?L>I
>?
NL;HM@ILG;=C\H
KO?

;<;L=;
F;M
?M@?L;M
MI=C;F
?=IH\GC=;
S
JIFZNC=;
"F
-;=NI
JIL
*YRC=I
@O?
OH
G?=;HCMGI
CHHIP;>IL
KO?
@;=CFCN\
OH
=;G<CI
BCMN\LC=I

?H
*YRC=I
"F

>?
;AIMNI
>?
 
=OFGCH\
?F
JLI=?MI
F?ACMF;NCPI
;
NL;PYM
>?F
=O;F

?F
-L?MC>?HN?
-?[;
+C?NI
JLIJOMI
S
?F
%
IHAL?MI
>?
F;
2HC\H
;JLI<\
L?@ILG;M

?MNLO=NOL;F?M
?H
M?=NIL?M
=F;P?M
=IGI
?F
?>O=;NCPI
F;<IL;F
>?
N?F?=IGOHC=;=CIH?M
>?

5A?B7F7@5;3
75A@R?;53
\@3@5;7DA
7@7D9OF;5A
K
:357@63D;A
3EP
5A?A
7>
67
<GEF;5;3

B7@3>
K
67
FD3@EB3D7@5;3

@
5A@<G@FA
7EF3E
D78AD?3E
;?B>;53DA@

?A6;\535;A@7E

;
F;
IHMNCNO=C\H

=;G<CIM
;
F?S?M
M?=OH>;LC;M
F;
=L?;=C\H
>?

IL>?H;GC?HNIM

DOLZ>C=IM
S
F;
;<LIA;=C\H
>?

"F
=O;>LI

JL?M?HN;
OH;
MZHN?MCM
>?F
JLI=?MI
>?

;JLI<;=C\H
S
JLIGOFA;=C\H
>?
F;M
L?@ILG;M


 Tomo I
La Economía y las Finanzas Públicas

2!/,

-/, "0,
!"
-/, &s+
!"
)0
/"#,/*0
"01/2 12/)"0


Constitucionales
Reforma Presentada Aprobada Promulgada
Reforma Educativa 11-dic-12 21-dic-12 25-feb-13
Reforma de Telecomunicaciones 11-mar-13 30-abr-13 10-jun-13
Reforma de Competencia Económica 11-mar-13 30-abr-13 10-jun-13
Reforma Política 24-sep-13 13-dic-13 31-ene-14
Reforma Energética 12-ago-13 11-dic-13 20-dic-13
Código Nacional de Procedimientos Penales 24-abr-13 17-jul-13 08-oct-13
Reforma Transparencia 06-sep-12 26-nov-13 07-feb-14

Legales
Presentada Aprobada Promulgada
Ley Federal del Trabajo 01-sep-12 13-nov-12 29-nov-12
Ley General de Educación 13-ago-13 22-ago-13 10-sep-13
Ley General del Servicio Profesional Docente 13-ago-13 22-ago-13 10-sep-13
Ley del Instituto Nacional para la Evaluación de la Educación 13-ago-13 03-sep-13 10-sep-13
Reforma Financiera 08-may-13 27-nov-13 09-ene-14
Reforma Hacendaria 08-sep-13 31-oct-13 10-dic-13
Ley de Competencia Económica 19-feb-14 29-abr-14 23-may-14
Leyes Secundarias Energía 30-abr-14 06-ago-14 11-ago-14
Leyes Secundarias Telecomunicaciones 24-mar-14 08-jul-14 14-jul-14
Código Nacional de Procedimientos Penales 30-abr-13 05-feb-14 04-mar-14
Ley de Amparo 15-feb-11 20-mar-13 02-abr-13

0C
<C?H
F;M
L?@ILG;M
?MNOPC?LIH
JF;H?;>;M
J;L;
JLI>O=CL
L?MOFN;>IM
>?
G?>C;HI
S

F;LAI
JF;TI
?H
FIM
JLCG?LIM
G?M?M
>?
MO
CGJF?G?HN;=C\H
B;H
N?HC>I
?@?=NIM
JIMCNCPIM

=IH=L?NIM

=IHNCHO;=C\H
M?
JL?M?HN;H
FIM
JLCH=CJ;F?M
=;G<CIM
L?ACMNL;>IM
?H
FIM

M?=NIL?M
L?@ILG;>IM
S
;FAOHIM
>?
FIM
L?MOFN;>IM
KO?
M?
B;H
I<N?HC>I
?H
FIM
JLCG?LIM

G?M?M
>?MJOYM
>?
F;
JLIGOFA;=C\H
>?
F;M
F?S?M
KO?
F?M
>;H
MOMN?HNI


/"#,/*
,+01&12 &,+)
"+
*1"/&
"!2 1&3

);
CHP?LMC\H
?H
=;JCN;F
BOG;HI
?M
OHI
>?
FIM
GINIL?M
JLCH=CJ;F?M
>?F
=L?=CGC?HNI
>?

F;LAI
JF;TI
);
?>O=;=C\H
S
F;M
B;<CFC>;>?M
>?
FIM
NL;<;D;>IL?M
A?H?L;H
?F
=IHI=CGC?HNI

;
NL;PYM
>?F
=O;F
M?
CH=L?G?HN;
F;
JLI>O=NCPC>;>
S
M?
@;=CFCN;
F;
;>;JN;=C\H
S
F;
;>IJ=C\H

>?
N?=HIFIAZ;M
?H
>CP?LM;M
;=NCPC>;>?M
>?
F;
?=IHIGZ;
)IM
J;ZM?M
=IH
;FNIM
HCP?F?M
>?

>?M;LLIFFI
NC?H?H
;MI=C;>IM
;FNIM
HCP?F?M
?>O=;NCPIM
S
>?
CHP?LMC\H
?H
CHP?MNCA;=C\H

=C?H=C;
S
N?=HIFIAZ;
!?
;=O?L>I
=IH
OH
L?JILN?
L?=C?HN?
>?
F;
, !" 
MC
NI>IM
FIM

?MNO>C;HN?M
G?RC=;HIM
?@?=NCP;G?HN?
;>KOCLC?L;H
F;M
B;<CFC>;>?M
<XMC=;M
?F
P;FIL

JL?M?HN?
>?F
-&
>?
FIM
JL\RCGIM

;[IM
M?LZ;

G;SIL
0CH
?G<;LAI
?H
*YRC=I

B;S
>CP?LM;M
XL?;M
>?
IJILNOHC>;>
J;L;
G?DIL;L
?F
HCP?F
?>O=;NCPI
?F
>?M?GJ?[I
?H

G;N?GXNC=;M
=C?H=C;
S
B;<CFC>;>?M
>?
F?=NOL;
KO?
GC>?
F;
JLO?<;
-&0
L?MOFN;
<;DI




, !" 
IGJ?N?H=C;M
XMC=;M
2HCP?LM;F?M
FI
KO?
FIM
J;ZM?M
JO?>?H
A;H;L

 Tomo I
La Economía y las Finanzas Públicas

?H
=IGJ;L;=C\H
=IH
INLIM
J;ZM?M
;P;HT;>IM
S
?G?LA?HN?M
!?
CAO;F
@ILG;
?F
H]G?LI

>?
CHP?MNCA;>IL?M
=IGI
JLIJIL=C\H
>?
F;
JI<F;=C\H
?=IH\GC=;G?HN?
;=NCP;
?H
HO?MNLI

J;ZM
?H
F;
;=NO;FC>;>
?M
G?HIL
;F
KO?
NC?H?H
J;ZM?M
=IGI
L;MCF
BCH;
"MJ;[;
"MN;>IM

2HC>IM
I
FIM
>?
F;
2HC\H
"OLIJ?;
#&$2/
 #&$2/

.;.58.E7
8:=.+*
#%
.6
5*<.5B<2,*;
@
#
.;.58.E7
8:75.-27
.6
4*
#:=.+*
#%
8.:
,B82<*

 

6+=/6D=3-+<
 





 
*42/2,*,2F6





 





;<*-7;
'62-7;

$.267
'62-7
C?2,7

124.

*6*-B
:0.6<26*

$=;2*

4.5*62*
:*6,2*

#74762*

7:.*

126*
;8*E*




      

#
8.:
,B82<*
524.;
-.
-F4*:.;
###; =.6<.
"
=.6<.
"

);
L?@ILG;
?>O=;NCP;
NC?H?
?F
JLIJ\MCNI
>?
?F?P;L
F;
=;FC>;>
>?
F;
?>O=;=C\H
?H
*YRC=I

;
?MNXH>;L?M
CHN?LH;=CIH;F?M
L?=IG?H>;>IM
2HI
>?
MOM
JLCH=CJ;F?M
?F?G?HNIM
?M
=L?;L

OH
MCMN?G;
JLI@?MCIH;F
J;L;
?P;FO;L
=IHNL;N;L
;MCAH;L
S
INILA;L
JLIGI=CIH?M
;
FIM

G;?MNLIM
S
L?>O=CL
F;M
>CMNILMCIH?M
?H
?F
;==?MI
;
F;M
JF;T;M
>I=?HN?M
2H;
G?DIL
=;FC>;>

>?
F;
?>O=;=C\H
J]<FC=;
L?>O=CLX
F;
>CMJ;LC>;>
>?
IJILNOHC>;>?M
?HNL?
F;
JI<F;=C\H
?

CGJOFM;LX
F;
CHN?AL;=C\H
>?
OH;
G;SIL
JLIJIL=C\H
>?
F;
@O?LT;
F;<IL;F
;
M?=NIL?M
GXM

JLI>O=NCPIM
$3
;?B>7?7@F35;R@
67
>3
D78AD?3
76G53F;H3
:3
F7@;6A
3H3@57E
E;9@;\53F;HAE


>3

JLIGOFA;=C\H
>?
F;
L?@ILG;
=IHMNCNO=CIH;F
F?
MCAOC\
F;
;JLI<;=C\H
>?
F;
)?S
$?H?L;F

>?
">O=;=C\H
F;
)?S
>?F
&HMNCNONI
+;=CIH;F
J;L;
F;
"P;FO;=C\H
>?
F;
">O=;=C\H
S
F;
)?S

$?H?L;F
>?F
0?LPC=CI
-LI@?MCIH;F
!I=?HN?
"F
&HMNCNONI
+;=CIH;F
J;L;
F;
"P;FO;=C\H
>?

F;
">O=;=C\H
&+""
M?
=IHPCLNC\
?H
ILA;HCMGI
J]<FC=I
;ON\HIGI
S
?H
F;
;=NO;FC>;>

=O?HN;
=IH
OH;
'OHN;
>?
$I<C?LHI
CHN?AL;>;
JIL
=CH=I
>?MN;=;>IM
CHP?MNCA;>IL?M
=IH

=;J;=C>;>
S
?RJ?LC?H=C;
>C=CIH;FG?HN?
=IH
F;
L?@ILG;
M?
?MN;<F?=C\
?F
0CMN?G;
>?
&H@ILG;=C\H
S
$?MNC\H

">O=;NCP;
S
M?
MIFC=CN\
;F
&HMNCNONI
+;=CIH;F
>?
"MN;>ZMNC=;
S
$?IAL;@Z;
L?;FCT;L
OH
=?HMI

>?
?M=O?F;M
G;?MNLIM
S
;FOGHIM
>?
CHMNCNO=CIH?M
J]<FC=;M
S
JLCP;>;M
>?
?>O=;=C\H

<XMC=;
>?F
MCMN?G;
?>O=;NCPI
?M=IF;LCT;>I
S
?MJ?=C;F
"H
?MN?
=?HMI
M?
=IHN;<CFCT;LIH

 
=?HNLIM
>?
NL;<;DI
>?
FIM
=O;F?M
 
M?
?H=O?HNL;H
?H
IJ?L;=C\H
?M
>?=CL

?F
 
>?F
NIN;F
>?
?MNIM
?F

=ILL?MJIH>?
;
?>O=;=C\H
<XMC=;
S
?MJ?=C;F
!?
F;M


 Tomo I
La Economía y las Finanzas Públicas

?M=O?F;M
=?HM;>;M

=ILL?MJIH>?
;
JLCG;LC;
 
;
JL??M=IF;L
S

;
M?=OH>;LC;

"H
?F
=?HMI
M?
=IHN;<CFCT;LIH
=;MC

GCFFIH?M
>?
J?LMIH;M
KO?
F;<IL;H
?H
?MNIM
=?HNLIM

>?
NL;<;DI
);
CH@ILG;=C\H
I<N?HC>;
>?
?MN;
?H=O?MN;
M?LX
>?
AL;H
ONCFC>;>
J;L;
F;

CGJF?G?HN;=C\H
>?
JIFZNC=;M
J]<FC=;M
?>O=;NCP;M
S
J;L;
FIAL;L
OH;
G?DIL
;MCAH;=C\H

>?
L?=OLMIM
?H
FIM
;[IM
MCAOC?HN?M


/"#,/*
,+01&12 &,+)
!"
,*-"1"+ &
" ,+s*& 

2H;
>?
F;M
=IH>C=CIH?M
CH>CMJ?HM;<F?M
J;L;
JLIGIP?L
?F
=L?=CGC?HNI
?H
?F
J;ZM
?M
=IHN;L

=IH
OH
?HNILHI
KO?
@IG?HN?
F;
=IGJ?N?H=C;
?=IH\GC=;
);
=IGJ?N?H=C;
?=IH\GC=;
S

F;
JLI>O=NCPC>;>
?MNXH
;FN;G?HN?
L?F;=CIH;>;M
S;
KO?
YMN;
CGJOFM;
F;
CHHIP;=C\H
S
?F

JLIAL?MI
N?=HIF\AC=I
"RCMN?
OH;
@O?LN?
L?F;=C\H
?HNL?
?F
HCP?F
>?
>?M;LLIFFI
?=IH\GC=I

67
>AE
B3PE7E
K
>3
5A?B7F7@5;3
7@
>AE
?7D536AE
H7D
\9GD3


"F
JLIAL?MI
?=IH\GC=I
?M
JIMC<F?
MC
?RCMN?H
=IH>C=CIH?M
KO?
A;L;HNC=?H
F;
CAO;F>;>

>?
IJILNOHC>;>?M
?H
F;
MI=C?>;>
F;
=IGJ?N?H=C;
?M
OH;
>?
?FF;M
!?
;=O?L>I
=IH
?F

/?JILN?
$FI<;F
MI<L?
IGJ?NCNCPC>;>
>?F
#ILI
"=IH\GC=I
*OH>C;F
B;MN;
;HN?M
>?

F;
L?@ILG;
?H
F;
G;N?LC;
F;
JIFZNC=;
;HNCGIHIJIFCIM
>?
*YRC=I
?L;
JI=I
?@?=NCP;

7@
5A?B3D35;R@
5A@
AFDAE

B3PE7E
5A?A
E7
?G7EFD3
7@
>3
\9GD3

3@F7
7>>A

?L;
CH>CMJ?HM;<F?
CGJF?G?HN;L
=;G<CIM
CHMNCNO=CIH;F?M
JLI@OH>IM
KO?
J?LGCNC?L;H

@IG?HN;L
F;
=IGJ?N?H=C;
?H
?F
J;ZM
 
;  
54
758.<.6,2*
@
#
8.:
,B82<* /.,<2>2-*-
-.
4*
874D<2,*
*6<2
57678F42,*





/<-+5+
./
9/8;/<
+
6/48;/<
-87.3-387/<
./
-869/=/7-3+


I6-2,.
-.
26<.6;2-*-
-.
,758.<.6,2*




 
  


   
 
  
 


















*4*;2*

&=:9=D*
%260*8=:

124.

6-2*

:*;24

':=0=*@
126*

7;<*
$2,*

#74762*

7475+2*

#.:G

C?2,7
76-=:*;

!2,*:*0=*

742>2*

:0.6<26*

(.6.A=.4*
4
%*4>*-7:

*5*2,*

#*6*5B

#*:*0=*@


   




70*:2<57
-.4
#
8.:
,B82<*
5
7I6/;8
+;;3,+
./
5+
,+;;+
37.3-+
5+
98<3-3H7
./5
9+F<
/7=;/
58<

-+5303-+.8<
>/7=/
#/98;=/
58,+5
./
869/=3=3?3.+.



8;8
-87H63-8
>7.3+5
>/7=/


A
8;8
-87H63-8
>7.3+5

);
L?@ILG;
=IHMNCNO=CIH;F
?MN;<F?=C\
;
F;
IGCMC\H
#?>?L;F
>?
IGJ?N?H=C;
"=IH\GC=;

 I@?=?
=IGI
OH
\LA;HI
;ON\HIGI
J;L;
JL?P?HCL
CHP?MNCA;L
S
=IG<;NCL
JLX=NC=;M




&H@ILG;=C\H
>?F
?HMI
>?
"M=O?F;M
*;?MNLIM
S
FOGHIM
>?
">O=;=C\H
XMC=;
S
"MJ?=C;F
 
&+"$&

 Tomo I
La Economía y las Finanzas Públicas

?A@ABR>;53E
K
43DD7D3E
CG7
3875F3@
7>
8G@5;A@3?;7@FA
7\5;7@F7
67
>AE
?7D536AE


MCGCMGI
J;L;
;M?AOL;L
FIM
>?L?=BIM
>?
FIM
;=NIL?M
?=IH\GC=IM
M?
=L?;LIH
NLC<OH;F?M

?MJ?=C;FCT;>IM
?H
G;N?LC;
>?
=IGJ?N?H=C;
?=IH\GC=;
S
M?
@ILN;F?=C?LIH
F;M
CHMNCNO=CIH?M

?H=;LA;>;M
>?
F;
JLIN?==C\H
;F
=IHMOGC>IL
);
CGJF?G?HN;=C\H
>?
?MN;
L?@ILG;
P;
JIL
<O?H
=;GCHI
);
HO?P;
)?S
#?>?L;F
>?

IGJ?N?H=C;
"=IH\GC=;
?MN;<F?=?
OH
G;L=I
L?AOF;NILCI
?H
?MN;
G;N?LC;
KO?
CH=FOS?

F;M
G?DIL?M
JLX=NC=;M
CHN?LH;=CIH;F?M
F?
<LCH>;
HO?P;M
@;=OFN;>?M
;
F;
I@?=?
S
F?

CGJIH?
I<FCA;=CIH?M
>?
L?H>C=C\H
>?
=O?HN;M
S
>?
L?MJ?NI
;F
>?<C>I
JLI=?MI
2HI
>?

FIM
JLCG?LIM
L?MOFN;>IM
@O?
F;
?F;<IL;=C\H
JIL
J;LN?
>?
F;
I@?=?
kJIL
G;H>;NI
>?

F;
/?@ILG;
#CH;H=C?L;k
>?
OH;
CHP?MNCA;=C\H
MI<L?
F;M
=IH>C=CIH?M
>?
=IGJ?N?H=C;

7@
7>
E;EF7?3
K
7@
>AE
?7D536AE
\@3@5;7DAE
BG4>;5363
67>

67
<G>;A
67
 
K
CG7

CH=FOS\
L?=IG?H>;=CIH?M
CGJILN;HN?M
J;L;
CGJOFM;L
F;
=IGJ?N?H=C;
?H
?MN?
M?=NIL
"F
HO?PI
G;L=I
HILG;NCPI
F?
B;
J?LGCNC>I
;
F;
I@?=?
=IG?HT;L
=IH
=?F?LC>;>

CHP?MNCA;=CIH?M
S
?GCNCL
L?MIFO=CIH?M
?H
>CMNCHNIM
G?L=;>IM
JIL
=O?MNCIH?M
>?

=IGJ?N?H=C;
0O
;=NO;=C\H
>?M>?
F;
?HNL;>;
?H
PCAIL
>?
F;
L?@ILG;
B;
MC>I
CH=FOMI

L?=IHI=C>;
JIL
?F
9</.9
<:=2A6A6<;
&2C62D
CG7
?;67
7>
67E7?B7QA
K
7\535;3

>?
F;M
;A?H=C;M
>?
=IGJ?N?H=C;
?=IH\GC=;
;MZ
=IGI
JIL
F;
/?>
&HN?LH;=CIH;F
>?

IGJ?N?H=C;
S
?F
;H=I
*OH>C;F


/"#,/*
,+01&12 &,+)
!"
1")" ,*2+&  &,+"0

"H
FIM
]FNCGIM
;[IM
FIM
CH=L?G?HNIM
?H
F;
JLI>O=NCPC>;>
NIN;F
>?
FIM
@;=NIL?M
B;H

?MN;>I
CGJOFM;>IM
?H
AL;H
G?>C>;
JIL
F;M
CHHIP;=CIH?M
N?=HIF\AC=;M
?H
?F
M?=NIL
>?

N?F?=IGOHC=;=CIH?M
"MNX
;GJFC;G?HN?
>I=OG?HN;>I
KO?
F;
CHP?LMC\H
?H
N?=HIFIAZ;M

>?
F;
CH@ILG;=C\H
S
>?
F;
=IGOHC=;=C\H
1& 
B;
N?HC>I
CGJ;=NIM
JIMCNCPIM
S

E;9@;\53F;HAE
7@
7>
5D75;?;7@FA
67
>3
BDA6G5F;H;636
K
7>
(!

@
7>
53EA
67
EF36AE

2HC>IM
JIL
?D?GJFI
J;L;
?F
J?LCI>I

 
F;
=IHNLC<O=C\H
>?F
M?=NIL
>?
F;M
1&

;F
=L?=CGC?HNI
>?
F;
JLI>O=NCPC>;>
>?F
NL;<;DI
@O?
G;SIL
KO?
F;
=IHNLC<O=C\H
>?
INLIM

M?=NIL?M
?H
F;
?=IHIGZ;
+;@
7?43D9A
%OJ;5A
7@8D7@F3
D7L39AE
E;9@;\53F;HAE
7@
7EF3
?3F7D;3
67
35G7D6A
5A@

>;NIM
>?F
;H=I
*OH>C;F
?H
F;
;=NO;FC>;>
MIF;G?HN?

>?
=;>;

B;<CN;HN?M
?H

%OJ;5A
F;7@7@
3557EA
3
E7DH;5;AE
67
;@F7D@7F
67
43@63
3@5:3
\<3
?7@AE
67
>3
F7D57D3

B3DF7
67
>A
CG7
E7
A4E7DH3
7@
AD73
67>
+GD
\9GD3


@
7>
?G@6A
9>A43>;L36A
K
67




BNNJQQQ=I@?=?GRCG;A?M IGOHC=;>IM ,#" ":: J>@



BNNJQQQ=I@?=?GRCG;A?M IGOHC=;>IMIF?NCH?M:  ,#" "

 J>@



?NN?
$
(I=IAFO
(
S
*;CL?MM?
'
 
l%?<1B0A6C6AF
?<DA5
.;1
!2C29@
6;
?.;02
.=.;
A52

);6A21
6;41<:
.;1
A52
);6A21
'A.A2@
6;
A52
(D2;A62A5
2;AB?Fm
+;NCIH;F
OL?;O
I@
"=IHIGC=
/?M?;L=B

 Tomo I
La Economía y las Finanzas Públicas

F;
?L;
>?
F;
CH@ILG;=C\H
?F
;==?MI
;
<;H>;
;H=B;
N?F?@IHZ;
?
CHN?LH?N
=IH
=I<?LNOL;

;GJFC;
S
;
<;DI
=IMNI
?M
OH
CHMOGI
<XMC=I
=IGI
JO?>?
M?L
?F
;==?MI
;
F;
?F?=NLC=C>;>
#&$2/


';=*:27;
-.
*6-*
6,1*
/23*

 

98;
-+.+


2+,3=+7=/<


:*;24

%=-B/:2,*
*6*-B

=60:D*
%=2A*

760
760

'62F6
=:78.*

;<*-7;
'62-7;

124.

&=:9=D*

C?2,7

&*24*6-2*

6-2*
7:.*

:.,2*

%260*8=:

$=;2*
*8F6

:0.6<26*

7;<*
$2,*

(.6.A=.4*

028<7
;:*.4

>/7=/
7.3-+.8;/<
58,+5/<
./
/<+;;8558
+7-8
>7.3+5



);
L?@ILG;
=IHMNCNO=CIH;F
?H
G;N?LC;
>?
N?F?=IGOHC=;=CIH?M
CH=FOS?
NL?M
G?>C>;M

NL;M=?H>?HN;F?M
J;L;
JLIGIP?L
F;
=IGJ?N?H=C;
?H
?F
M?=NIL
S
JLIP??L
;==?MI
GXM
<;L;NI

S
;GJFCI
;
FIM
M?LPC=CIM
>?
N?F?=IGOHC=;=CIH?M
"H
JLCG?L
FOA;L
J?LGCN?
OH;
G;SIL

J;LNC=CJ;=C\H
>?
?GJL?M;M
?RNL;HD?L;M
?H
=C?LNIM
M?AG?HNIM
>?F
M?=NIL
CH=FOS?H>I

=IGOHC=;=CIH?M
M;N?FCN;F?M
"H
M?AOH>I
FOA;L
=L?;
OH
HO?PI
\LA;HI
L?AOF;NILCI
?F

&HMNCNONI
#?>?L;F
>?
1?F?=IGOHC=;=CIH?M
&#1
KO?
INILA;LX
S
L?PI=;LX
=IH=?MCIH?M

S
JI>LX
>?=L?N;L
?M=CMCIH?M
S
P?HN;
>?
;=NCPIM
J;L;
?FCGCH;L
JLX=NC=;M
;HNC=IGJ?NCNCP;M

-IL
]FNCGI
?FCGCH;
<;LL?L;M
J;L;
F;
;JFC=;=C\H
?@?=NCP;
>?
L?MIFO=CIH?M
FI
KO?

>CMGCHOCLX
?F
OMI
>?
JLX=NC=;M
F?A;F?M
J;L;
L?NL;M;L
F;
;JFC=;=C\H
>?
L?MIFO=CIH?M

;>GCHCMNL;NCP;M


 Tomo I
La Economía y las Finanzas Públicas


F;
JLIGOFA;=C\H
>?
F;
L?@ILG;
=IHMNCNO=CIH;F
MCAOC\
F;
;JLI<;=C\H
S
JLIGOFA;=C\H

?H
 
>?
F;
)?S
#?>?L;F
>?
1?F?=IGOHC=;=CIH?M
S
/;>CI>C@OMC\H
S
F;
)?S
#?>?L;F

>?F
0CMN?G;
-]<FC=I
>?
/;>CI>C@OMC\H
DOHNI
=IH
?F
G;L=I
HILG;NCPI
J;L;
F;
?D?=O=C\H

>?F
HO?PI
G;H>;NI
KO?
M?
?MN;<F?=?
J;L;
?F
M?=NIL
);
, !"
B;
M?[;F;>I
KO?
F;

D79G>35;R@
67
>3E
F7>75A?G@;535;A@7E
7@
%OJ;5A
7E
3:AD3
E;9@;\53F;H3?7@F7
?7@AE

L?MNLC=NCP;
CH=FOMI
MCNOXH>IM?
JIL
>?<;DI
>?F
JLIG?>CI
>?
FIM
J;ZM?M
GC?G<LIM
>?
?M;

ILA;HCT;=C\H
);
CGJF?G?HN;=C\H
>?
F;
L?@ILG;
B;
N?HC>I
L?MOFN;>IM
L?F?P;HN?M
;
N;H
M\FI
;FAOHIM

G?M?M
>?
MO
?HNL;>;
?H
PCAIL
"F
&#1
B;
B?=BI
OMI
>?
F;M
HO?P;M
@;=OFN;>?M
KO?
F?

INILA;
F;
IHMNCNO=C\H
?GCNC?H>I
JIL
JLCG?L;
P?T
L?MIFO=CIH?M
KO?
>?=F;L;H
;
ALOJIM

?GJL?M;LC;F?M
=IGI
;A?HN?M
?=IH\GC=IM
JL?JIH>?L;HN?M
?
CGJIHC?H>I
L?AOF;=CIH?M

;MCGYNLC=;M
;
;A?HN?M
JL?JIH>?L;HN?M
JLIGIPC?H>I
;MZ
F;
=IGJ?N?H=C;
>?GXM
?F

&#1
L?;FCT\
OH
JLI=?MI
>?
FC=CN;=C\H
?H
F;
KO?
M?
INILA\
OH;
HO?P;
=IH=?MC\H
J;L;
OH;

=;>?H;
>?
N?F?PCMC\H
>CACN;F
;<C?LN;
FI
=O;F
?M
OH
B?=BI
MCH
JL?=?>?HN?M
?H
F;
CH>OMNLC;

MCGCMGI
B;
?GCNC>I
L?MIFO=CIH?M
J;L;
=;MNCA;L
JLX=NC=;M
GIHIJ\FC=;M
;<MIFON;M
S

L?F;NCP;M
B;
>?=F;L;>I
JI>?L
MOMN;H=C;F
>?
OH
ALOJI
?GJL?M;LC;F
?H
?F
G?L=;>I
>?

N?F?PCMC\H
>?
J;A;
B;
=IH>C=CIH;>I
F;
=IH=?HNL;=C\H
>?
ALOJIM
?GJL?M;LC;F?M
?H
?F

M?LPC=CI
>?
N?F?=IGOHC=;=CIH?M
G\PCF?M
?HNL?
INL;M
;==CIH?M
!?
;=O?L>I
=IH
?F
&#1
>?
>C=C?G<L?
>?
 
;
DOHCI
>?F
 
F;
J?H?NL;=C\H
>?

F;
<;H>;
;H=B;
CH;FXG<LC=;
M?
>OJFC=\
;F
FF?A;L
;

MOM=LCJNIL?M
JIL
=;>;
=C?H

B;<CN;HN?M
"F
H]G?LI
>?
OMO;LCIM
>?
CHN?LH?N
M?
CH=L?G?HN\

?HNL?
 
S
 

AL;=C;M
?H
<O?H;
G?>C>;
;
F;
=IH?RC\H
;
CHN?LH?N
>?
GXM
>?

GCF
?MJ;=CIM
J]<FC=IM

;
NL;PYM
>?F
-LIAL;G;
*YRC=I
IH?=N;>I
);
?FCGCH;=C\H
>?F
=I<LI
>?
F;LA;
>CMN;H=C;

?H
FF;G;>;M
H;=CIH;F?M
JLI>ODI
;BILLIM
>?
B;MN;

J?MIM
JIL
GCHONI
?H
N?F?@IHZ;

\<3
K

B7EAE
BAD
?;@GFA
7@
F7>78A@P3
57>G>3D
>A
CG7
E;9@;\53
G@
3:ADDA
67
?NE
67


GCF
GCFFIH?M
>?
J?MIM
;F
;[I
J;L;
FIM
BIA;L?M
S
?GJL?M;M
>?F
J;ZM
!?
?H?LI
>?
 
;

?H?LI
>?
 
FIM
JL?=CIM
;F
=IHMOGC>IL
>?
F;LA;
>CMN;H=C;
CHN?LH;=CIH;F
>CMGCHOS?LIH



>AE
67
F7>78A@P3
?RH;>
43<3DA@


K
>AE
67
F7>78A@P3
\<3
E7
D76G<7DA@






@AB16<@
0<;L:60<@
12
9.
$
"IE60<
;2?<


, !"



"F
!?=L?NI
>?
L?@ILG;
=IHMNCNO=CIH;F
?H
MO
LNZ=OFI
_
NL;HMCNILCI
@L;==C\H
&&
JL?PY
KO?
?F
&HMNCNONI

J;L;
=OGJFCL
=IH
?F
l-LIAL;G;
>?
)C=CN;=C\H
S
>DO>C=;=C\H
>?
#L?=O?H=C;M
>?
1?F?PCMC\H
/;>CI>C@OH>C>;

!CACN;Fm
>?<Z;
JO<FC=;L
?H
OH
JF;TI
HI
G;SIL
;

>Z;M
H;NOL;F?M
;
J;LNCL
>?
MO
CHN?AL;=C\H
F;M
<;M?M

S
=IHPI=;NILC;M
J;L;
FC=CN;L
HO?P;M
=IH=?MCIH?M
>?
@L?=O?H=C;M
>?
N?F?PCMC\H
L;>CI>C@OH>C>;
;ALOJ;>;M
;

?@?=NI
>?
@ILG;L
JIL
FI
G?HIM
>IM
HO?P;M
=;>?H;M
>?
N?F?PCMC\H
=IH
=I<?LNOL;
H;=CIH;F
"F

>?
;<LCF

>?
 
?F
-F?HI
>?F
&#1
>?=F;L\
>?MC?LNI
?F
JLI=?MI
>?
FC=CN;=C\H
J;L;
OH;
>?
F;M
=;>?H;M
H;=CIH;F?M
>?

N?F?PCMC\H
;<C?LN;
;F
CH=OGJFCLM?
?F
J;AI
>?
F;
=IHNL;JL?MN;=C\H
I@L?=C>;
JIL
?F
ALOJI
?GJL?M;LC;F
KO?
A;H\

?F
=IH=OLMI

 Tomo I
La Economía y las Finanzas Públicas


/"#,/*
#&++ &"/
>
E;EF7?3
\@3@5;7DA
<G793
G@
B3B7>
5>3H7
7@
7>
BDA57EA
67
67E3DDA>>A
67
>3E
75A@A?P3E

;F
@;=CFCN;L
F;M
NL;HM;==CIH?M
?HNL?
FIM
GC?G<LIM
>?
F;
MI=C?>;>
JLIGIPC?H>I
F;

?MJ?=C;FCT;=C\H
>?
FIM
@;=NIL?M
S
I@L?=C?H>I
M?LPC=CIM
KO?
?MNCGOF;H
?F
;BILLI
S
F;

=;H;FCT;=C\H
>?
L?=OLMIM
;
FIM
JLIS?=NIM
>?
CHP?LMC\H
GXM
JLI>O=NCPIM
!?M>?

?F

=LY>CNI
;F
M?=NIL
JLCP;>I
B;
=L?=C>I
;
OH;
N;M;
G?>C;
;HO;F
>?

G?HIL
KO?
L;MCF


S
KO?
?F
JLIG?>CI
>?
GYLC=;
);NCH;
S
?F
;LC<?


B7E3D
67
CG7
7>
E;EF7?3
\@3@5;7DA
?7J;53@A
7E
G@A
67
>AE
?NE
ER>;6AE
7@
FOD?;@AE

>?
MO
=;JCN;FCT;=C\H
S
MO
HCP?F
>?
LC?MAI
?RCMN?
OH
XL?;
>?
IJILNOHC>;>
?H
NYLGCHIM

>?
J?H?NL;=C\H
=L?>CNC=C;
"F
=LY>CNI
;F
M?=NIL
JLCP;>I
=IGI
JLIJIL=C\H
>?F
-&
?H

*YRC=I
;F
=C?LL?
>?F
 
?L;
>?

GC?HNL;M
KO?
?H
L;MCF
S
BCF?
?L;
>?
 

S
 
L?MJ?=NCP;G?HN?
 
56  
57
:C-2<7
,757
87:,.6<*3.
-.
47;
*,<2>7;
-.
47;

26*6,2*52.6<7
26<.:67
*4
;.,<7:
8:2>*-7


+*6,7;



-.4
#

 ;<*-7;
'62-7; " 124. :*;24 C?2,7

  

 


 

 


 




C?2,7

:*;24

<*42*


''

$.267
'62-7
4.5*62*

':=0=*@
:0.6<26*

=*<.5*4*

(.6.A=.4*

:*6,2*

$=;2*

#7:<=0*4

126*

%=2A*

74*6-*

#.:G

124.
;8*E*

4
%*4>*-7:

#*6*5B

#*:*0=*@

=;<:*42*

=.6<.
*6,7
=6-2*4
C?2,7
,76
-*<7;
-.
4*
!(

=.6<.
*6,7
=6-2*4

>
\@3@5;3?;7@FA
:3
E;6A
7EB75;3>?7@F7
7E53EA
B3D3
>3E
B7CG7Q3E
K
?76;3@3E

7?BD7E3E
(K%E
>3E
5G3>7E
EG7>7@
\@3@5;3DE7
3
FD3HOE
67
53@3>7E
;@8AD?3>7E
CG7
E7

=;L;=N?LCT;H
JIL
MO
;FNI
=IMNI
+I
I<MN;HN?
KO?
F;M
-S*"M
A?H?L;H
?F

>?F
?GJF?I

7@
%OJ;5A
EG
3557EA
3>
\@3@5;3?;7@FA
43@53D;A
D7BD7E7@F3
7>


67>
FAF3>
67
>AE

=LY>CNIM
INILA;>IM
$3
D78AD?3
\@3@5;7D3
CG7
?A6;\5R

>7K7E
K
5R6;9AE
F;7@7
5A?A
7<7
57@FD3>

JLIGIP?L
F;
=IGJ?N?H=C;
?H
?F
M?=NIL
J;L;
;GJFC;L
MO
J?H?NL;=C\H
S
KO?
M?
=OGJF;H

MOM
>IM
I<D?NCPIM
@OH>;G?HN;F?M
KO?
B;S;
GXM
=LY>CNI
S
KO?
M?;
GXM
<;L;NI


@?<L?LI
>?
 
?F
ZH>C=?
>?
=;JCN;FCT;=C\H
?M
>?F

G;SIL
CH=FOMI
KO?
?H
J;ZM?M
=IGI
"MN;>IM



2HC>IM
I
-ILNOA;F
-IL
INLI
F;>I
?F
ZH>C=?
>?
GILIMC>;>
?M
>?

G?HIL
N;G<CYH
KO?
?H
>C=BIM
J;ZM?M

>;NIM
>?
F;
IGCMC\H
+;=CIH;F
;H=;LC;
S
>?
3;FIL?M
S
>?F
#IH>I
*IH?N;LCI
&HN?LH;=CIH;F

 Tomo I
La Economía y las Finanzas Públicas

@
7EF7
E7@F;6A
>3
D78AD?3
D767\@;R
7>
?3@63FA
67
>3
3@53
67
7E3DDA>>A
B3D3
CG7

BG763
5G?B>;D
5A@
EG
A4<7FA
67
?3@7D3
?NE
7\53L
7
;@FDA6G<A
?7<AD3E
3>
?3D5A
>793>

CG7
835;>;F3@
7>
AFAD93?;7@FA
K
>3
7<75G5;R@
67
93D3@FP3E
3EP
5A?A
?A6;\535;A@7E
3
>AE

JLI=?MIM
>?
L?MIFO=C\H
>?
=IHNLIP?LMC;M
G?L=;HNCF?M
>C=CIH;FG?HN?
M?
@ILN;F?=C?LIH

>3E
835G>F367E
D79G>3FAD;3E
67
>3E
3GFAD;6367E
\@3@5;7D3E
K
E7
7EF34>75;7DA@
?76;63E

B3D3
G@3
?7<AD
BDAF755;R@
67
>AE
67D75:AE
67
>AE
GEG3D;AE
67
E7DH;5;AE
\@3@5;7DAE

$AE
D7EG>F36AE
A4F7@;6AE
7@
>AE
?7E7E
67E67
>3
;?B>7?7@F35;R@
67
>3
D78AD?3
\@3@5;7D3

EA@
BDA?;EAD;AE
67
 
3>
5;7DD7
67
 
7>
\@3@5;3?;7@FA
;@F7D@A
3>
E75FAD
BD;H36A

B3ER
67>


3>


67>
(!
>3
?7F3
B3D3
 
7E

K
7>
3:ADDA
\@3@5;7DA

CHN?LHI
NIN;F
;OG?HN\
>?

;

>?F
-&
);M
N;M;M
>?
CHN?LYM
M?
B;H
L?>O=C>I

E;9@;\53F;H3?7@F7
3>
5;7DD7
67
 
>3E
F3E3E
67
>AE
5DO6;FAE
3
?;5DA
B7CG7Q3E
K

G?>C;H;M
?GJL?M;M
*C-S*"M
B;H
MC>I
B;MN;

JOHNIM
JIL=?HNO;F?M
G?HIL?M

=IGJ;L;>;M
=IH
F;M
>?F
 
)IM
=LY>CNIM
J?LMIH;F?M
JL?M?HN;LIH
;F
=C?LL?
>?
 

OH;
>CMGCHO=C\H
>?
N;M;M
>?
GXM
>?F

?H
=IGJ;L;=C\H
=IH
?F
=C?LL?
>?
 
)IM

=LY>CNIM
;F
=;GJI
JIL
JLCG?L;
P?T
;F=;HT;LIH
N;M;M
>?
OH
>ZACNI
S
@O?LIH
G?HIL?M

J;L;
GOD?L?M
S
J?KO?[IM
JLIJC?N;LCIM
LOL;F?M
IH
?F
HO?PI
?MKO?G;
>?
MO<LIA;=C\H

67
:;BAF753E
E7
D7\@3@5;3DA@

?;>
 
:;BAF753E
7@
 
?;7@FD3E
CG7
7@
 
ER>A

E7
D7\@3@5;3DA@

?;>

(AD
EG
B3DF7
>3
3@53
67
7E3DDA>>A
3>53@LR
3>
5;7DD7
67
 

OH
M;F>I
>?
=LY>CNI
>?

<CFFIH?M
>?
J?MIM
FI
KO?
L?JL?M?HN;
OH
CH=L?G?HNI
>?


L?;F
=IH
L?MJ?=NI
;F
=C?LL?
>?
 


/"#,/*
,+01&12 &,+)
"+
*1"/&
"+"/$V1& 

"H
F;M
]FNCG;M
>Y=;>;M
AL;=C;M
;F
>?M;LLIFFI
N?=HIF\AC=I
F;
CH>OMNLC;
J?NLIF?L;
B;

5D75;6A
E;9@;\53F;H3?7@F7
7@
5A?B>7<;636
K
6;H7DE;636
D3LR@
BAD
>3
5G3>
>3E
7?BD7E3E

J?NLIF?L;M
B;H
N?H>C>I
;
?MJ?=C;FCT;LM?
!;>I
KO?
*YRC=I
NC?H?
JIN?H=C;F
?H
OH;
AL;H

P;LC?>;>
>?
>CMNCHNIM
NCJIM
>?
S;=CGC?HNIM
HI
L?MOFN;
@;=NC<F?
KO?
-?G?R
MCH
?F
;JISI

67
AFD3E
7?BD7E3E
B7FDA>7D3E
67E3DDA>>7
5A@
ABADFG@;636
K
7\5;7@5;3
FA6A
F;BA
67

S;=CGC?HNIM
>?
BC>LI=;L<OLIM
?H
N?LLCNILCI
H;=CIH;F
);M
A;H;H=C;M
?H
JLI>O=NCPC>;>
KO?
JO?>?
A?H?L;L
F;
L?@ILG;
;F
M?=NIL
?H?LAYNC=I

NC?H?H
F;
=;J;=C>;>
>?
CGJOFM;L
?F
=L?=CGC?HNI
?=IH\GC=I
>?
G;H?L;
?MNLO=NOL;F
S

J?LG;H?HN?
?H
HO?MNLI
J;ZM
"F
>?M;LLIFFI
>?
?MN?
M?=NIL
CGJFC=;
;==?MI
;
@O?HN?M

>?
?H?LAZ;
>?
G;H?L;
?MN;<F?
S
;
JL?=CIM
=IGJ?NCNCPIM
J;L;
FIM
=IHMOGC>IL?M
S
F;M

7?BD7E3E
7EB75;3>?7@F7
>3E
B7CG7Q3E
K
?76;3@3E
367?NE
67
;?BADF3@F7E
]G<AE
67

CHP?LMC\H
NL;HM@?L?H=C;
>?
HO?P;M
N?=HIFIAZ;M
S
L?=OLMIM
J;L;
KO?
?F
"MN;>I
=OGJF;

=IH
MOM
I<FCA;=CIH?M
>?
G?DIL
G;H?L;


 Tomo I
La Economía y las Finanzas Públicas


J?M;L
>?
KO?
?F
"MN;>I
B;
>?MNCH;>I
JL?MOJO?MNIM
>?
CHP?LMC\H
;
-?G?R
=;>;
P?T

G;SIL?M
>?M>?
 
F;
JLI>O==C\H
>?
BC>LI=;L<OLIM
HI
B;
JI>C>I
L?P?LNCL
MO
N?H>?H=C;

675D75;7@F7
H7D
\9GD3


@
>AE
3QAE
3@F7D;AD7E
>3
53P63
7@
>3
BDA6G55;R@
:34P3

MC>I
J;L=C;FG?HN?
=IGJ?HM;>;
JIL
OH
?HNILHI
@;PIL;<F?
>?
JL?=CIM
0CH
?G<;LAI
F;

=ISOHNOL;
KO?
PCPCGIM
?H
 
GO?MNL;
FIM
LC?MAIM
;
FIM
KO?
HIM
?H@L?HN;GIM
=IH
FIM

GIPCGC?HNIM
>?
FIM
JL?=CIM
CHN?LH;=CIH;F?M
>?F
J?NL\F?I
S
F;
H?=?MC>;>
>?
OH;
L?@ILG;

KO?
CGJOFM?
F;
JLI>O==C\H
>?F
J;ZM
#&$2/


#:7-=,,2F6
-.
#.<:F4.7
.
6>.:;2F6
.6
?847:*,2F6
@

#:7-=,,2F6






24.;
-.
524476.;
-.
-F4*:.;

 

 

24.;
-.
+*::24.;
87:
-D*











 















#:7-=,,2F6
-.
8.<:F4.7 6>.:;2F6
.6
.?847:*,2F6
@
8:7-=,,2F6
-.:.,1*
=.6<.
# )

>
A@9D7EA
67
>3
-@;R@
3BDA4R
?A6;\535;A@7E
3
>AE
3DFP5G>AE


K

67
>3

IHMNCNO=C\H
J;L;
>;LF?
F;
JIMC<CFC>;>
;F
"MN;>I
>?
FF?P;L
;
=;<I
=IHNL;NIM
=IH

J;LNC=OF;L?M
?H
;=NCPC>;>?M
>?
?RJFIL;=C\H
S
?RNL;==C\H
>?
BC>LI=;L<OLIM
S
;<LCL
;
F;

J;LNC=CJ;=C\H
>?F
M?=NIL
JLCP;>I
F;M
;=NCPC>;>?M
>?
NL;HM@ILG;=C\H
S
>?
NL;HMJILN?
;MZ

5A?A
5A@>3
97@7D35;R@
7@
7>
E75FAD
7>O5FD;5A

(3D3
7>>A
E7
7EF34>75;R
G@
DO9;?7@
\E53>

KO?
A;L;HNCT;
KO?
F;
+;=C\H
M?AOCLX
MC?H>I
F;
]HC=;
JLIJC?N;LC;
>?
F;
L?HN;
J?NLIF?L;
);
L?@ILG;
?H?LAYNC=;
N;G<CYH
<OM=;
L?>O=CL
F;M
N;LC@;M
?FY=NLC=;M
J;L;
F;M
@;GCFC;M

G?RC=;H;M
S
FIM
=IHMOGC>IL?M
=IG?L=C;F?M
?
CH>OMNLC;F?M
CH=FOS?H>I
F;M
J?KO?[;M

"F

>?
;<LCF
>?F
 
?F
JL?=CI
>?F
J?NL\F?I
>CMGCHOS\

=IH
L?MJ?=NI
;F
GCMGI
G?M
>?F
;[I



;HN?LCIL

 Tomo I
La Economía y las Finanzas Públicas

S
G?>C;H;M
?GJL?M;M
>?
*YRC=I
);
L?>O==C\H
>?
N;LC@;M
M?
?MNX
FIAL;H>I
;
J;LNCL

>?
F;
>CMGCHO=C\H
>?
=IMNIM
>?
JLI>O==C\H
?H
F;
CH>OMNLC;
?FY=NLC=;
?F
CH=L?G?HNI

7@
>3
A87DF3
67
7>75FD;5;636
6;EBA@;4>7
>3
AB7D35;R@
7\5;7@F7
67>
+;EF7?3
>O5FD;5A

+;=CIH;F
;MZ
=IGI
>?F
@ILN;F?=CGC?HNI
>?
F;
IGCMC\H
#?>?L;F
>?
"F?=NLC=C>;>
 #"
);
L?@ILG;
=IHMNCNO=CIH;F
?MN;<F?=C\
OH
LYACG?H
NL;HMCNILCI
=IH
JF;TIM
S
FCH?;GC?HNIM

GOS
JL?=CMIM
KO?
M?
@ILG;FCT;LIH
?H
F;
F?ACMF;=C\H
M?=OH>;LC;
"HNL?
?FFIM
F;

NL;HM@ILG;=C\H
>?
-?G?R
S
>?
F;
#"
?H
?GJL?M;M
JLI>O=NCP;M
>?F
"MN;>I
=IH

;ONIHIGZ;
JL?MOJO?MN;LC;
S
>?
A?MNC\H
G;H>;N;
?F
?MN;<F?=CGC?HNI
>?F
#IH>I

*?RC=;HI
>?F
-?NL\F?I
J;L;
F;
"MN;<CFCT;=C\H
S
?F
!?M;LLIFFI
?H
?F
KO?
M?
;=OGOF;LXH

D75GDEAE
BDAH7@;7@F7E
67>
E75FAD
67
:;6DA53D4GDAE
B3D3
\@3@5;3D
BDA9D3?3E
EA5;3>7E
K

J;L;
?F
;BILLI
>?
F;LAI
JF;TI
M?
M?[;F;H
FIM
NCJIM
>?
=IHNL;NIM
KO?
JI>LX
=?F?<L;L
?F

"MN;>I
=IH
J;LNC=OF;L?M
J;L;
F;
?RJFIL;=C\H
S
?RNL;==C\H
>?
BC>LI=;L<OLIM
;MZ
=IGI

5A@6;5;A@7E
67
FD3@EB3D7@5;3
\<3
@G7H3E
3FD;4G5;A@7E
B3D3
>AE
RD93@AE
D79G>36AD7E

J;L;
F;
0?=L?N;LZ;
>?
"H?LAZ;
S
F;
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
S
?MN;<F?=?

>CMJIMC=CIH?M
J;L;
N?G;M
>?
JLIN?==C\H
;F
;G<C?HN?
-@
7>7?7@FA
D7>7H3@F7
7E
7>
53?4;A
67
B3D36;9?3
7@
?3F7D;3
\E53>


B3DF;D
67
>3

3BDA435;R@
67
>3
D78AD?3
E7
5G7@F3
5A@
G@
DO9;?7@
\E53>
5A?B7F;F;HA
B3D3
7>
E75FAD
67

?H?LAZ;
?F
=O;F
JLIGO?P?
G;SIL
CHP?LMC\H
S
=L?=CGC?HNI
S
;M?AOL;
KO?
FIM
G?RC=;HIM

E;93?AE
D75;4;7@6A
>3
D7@F3
B7FDA>7D3
P@F79D3?7@F7
$3
53D93
\E53>
67
(7?7J
E7
D76G57

J?LGCNCYH>IF?
>CMJIH?L
>?
G;SIL?M
L?=OLMIM
KO?
JO?>;H
M?L
L?CHP?LNC>IM
S
J?LGCN?

KO?
M?
F?
L?=IHIT=;H
MOM
=IMNIM
>?
JLI>O==C\H
?MNI
CH=?HNCP;LX
OH;
=ILL?=N;
NIG;
>?

>?=CMCIH?M
L?MJ?=NI
;
MOM
JLIS?=NIM
>?
CHP?LMC\H
);
L?@ILG;
L?AF;G?HN\
F;
=L?;=C\H
>?F
#IH>I
*?RC=;HI
>?F
-?NL\F?I
J;L;
F;

"MN;<CFCT;=C\H
S
?F
!?M;LLIFFI
?F
=O;F
J?LGCNCLX
;
F;M
A?H?L;=CIH?M
JL?M?HN?M
S
@ONOL;M

47@7\5;3DE7
67
>3
D7@F3
B7FDA>7D3

>
A@6A
67EF;@3DN
G@
?A@FA
67
;@9D7EAE
B7FDA>7DAE

J;L;
?F
JL?MOJO?MNI
@?>?L;F
?KOCP;F?HN?
;F

>?F
-&
JLIP?HC?HN?M
>?
FIM
J;AIM

=IHNL;=NO;F?M
KO?
L?=C<;
>?
-?G?R
S
>?
FIM
=IHNL;NCMN;M
;MZ
=IGI
>?
FIM
>?L?=BIM
KO?

?HN?L?
-?G?R
JIL
MOM
;MCAH;=CIH?M
)IM
CHAL?MIM
KO?
?MNYH
JIL
;LLC<;
>?
?M?
HCP?F
M?

G;HN?H>LXH
?H
?F
#IH>I
=IGI
OH
;BILLI
>?
F;LAI
JF;TI
B;MN;
FF?A;L
;
OH
GZHCGI
>?


>?F
-&
"MN?
;BILLI
>?
F;LAI
JF;TI
?M
OH
G?=;HCMGI
J;L;
JLIN?A?L
;
*YRC=I
>?

?P?HNIM
G;=LI?=IH\GC=IM
CGJL?PCMNIM
);
CGJF?G?HN;=C\H
>?
F;
L?@ILG;
?H?LAYNC=;
M?
?MNX
L?;FCT;H>I
=IH@ILG?
;
FIM

JF;TIM
?MN;<F?=C>IM
?H
F?S
)IM
\LA;HIM
L?AOF;>IL?M
=IGI
F;
IGCMC\H
+;=CIH;F

>?
%C>LI=;L<OLIM
 +%
S
F;
IGCMC\H
/?AOF;>IL;
>?
"H?LAZ;
 /"
S;
?D?L=?H
;

JF?HCNO>
MOM
HO?P;M
;NLC<O=CIH?M
S
FIM
HO?PIM
ILA;HCMGIM
?
CHMNCNO=CIH?M
KO?
=L?\
F;

L?@ILG;
=IGI
?F
?HNLI
+;=CIH;F
>?
IHNLIF
>?
"H?LAZ;
 ?H;=?
?F
?HNLI
+;=CIH;F

>?
IHNLIF
>?
$;M
+;NOL;F
 ?H;A;M
F;
A?H=C;
+;=CIH;F
>?
0?AOLC>;>
&H>OMNLC;F
S
>?


 Tomo I
La Economía y las Finanzas Públicas

-LIN?==C\H
;F
*?>CI
G<C?HN?
>?F
0?=NIL
%C>LI=;L<OLIM
M?;
I
?F
#IH>I
*?RC=;HI

>?F
-?NL\F?I
S;
?MNXH
CHMN;F;>IM
S
@OH=CIH;H>I
=IH
NI>;
HILG;FC>;>
);
/IH>;
?LI
>?
;MCAH;=CIH?M
M?
;HOH=C\
?H
;AIMNI
>?F
 
0?
F?
;MCAH;LIH
;
-?G?R

?F

>?
F;M
L?M?LP;M
JLI<;<F?M
>?F
J;ZM
S
?F

>?
FIM
L?=OLMIM
JLIMJ?=NCPIM
KO?

F?
J?LGCNCLXH
JLI>O=CL
B;MN;

GCFFIH?M
>?
<;LLCF?M
>C;LCIM
?H
FIM
JL\RCGIM

;[IM
S

G?>CI
"H
>C=C?G<L?
>?F
GCMGI
;[I
M?
JO<FC=\
F;
JLCG?L;
>?
F;M
=CH=I
=IHPI=;NILC;M

KO?
=IGJL?H>?H
F;
/IH>;
2HI
M?
NL;N;
>?

<FIKO?M
>?
?RJFIL;=C\H
KO?
JL?PYH
OH;

CHP?LMC\H
>?

GCF

GCFFIH?M
>?
>\F;L?M
J;L;
?F
J?LCI>I
 
 
S
F;
=L?;=C\H

>?

GCF
?GJF?IM
"H
@?<L?LI
>?
 
M?
?GCNC\
F;
M?AOH>;
=IHPI=;NILC;
>?
F;M

=CH=I
KO?
=IGJL?H>?
F;
/IH>;
2HI
KO?
;<;L=;
HO?P?
=;GJIM
=IH
L?M?LP;M
NIN;F?M

JIL

GCFFIH?M
>?
<;LLCF?M
>?
J?NL\F?I
=LO>I
?KOCP;F?HN?
=IH
OH;
CHP?LMC\H
>?
 

GCFFIH?M
>?
>\F;L?M
J;L;
FIM
JL\RCGIM
NL?M
;[IM
>C=CIH;FG?HN?
M?
?H=O?HNL;
?H
G;L=B;
F;
?MNL;N?AC;
>?
MOGCHCMNLI
>?F
A;M
H;NOL;F

=;L;=N?LCT;>;
JIL
OH;
HO?P;
L?>
>?
A;MI>O=NIM
M?CM
B;H
MC>I
=IH=FOC>IM
MC?N?
?MNXH

?H
=IHMNLO==C\H
=CH=I
;>DO>C=;>IM
=O;NLI
?H
JLI=?MI
>?
FC=CN;=C\H
S
IH=?
?MNXH
?H
F;

?N;J;
>?
JLIS?=NI
"F
M?=NIL
?FY=NLC=I
;JILN;LX
?H
FIM
;[IM
MCAOC?HN?M
;
F;
?HNL;>;
?H
PCAIL
>?
F;
L?@ILG;

CHP?LMCIH?M
JIL

GCF

GCFFIH?M
>?
>\F;L?M
?H
F;
CHMN;F;=C\H
>?
HO?P;M
=?HNL;F?M

>?
A?H?L;=C\H
S
 
GCFFIH?M
>?
>\F;L?M
?H
F;
GI>?LHCT;=C\H
S
;GJFC;=C\H
>?
F;
/?>

+;=CIH;F
>?
1L;HMGCMC\H
F
G?M
>?
;<LCF
>?
 
F;M
N;LC@;M
?FY=NLC=;M
>CMGCHOS?LIH

=IH
L?MJ?=NI
;F
GCMGI
G?M
>?
 
?H

J;L;
?F?=NLC=C>;>
>?
;FN;
N?HMC\H
F;M
>?

G?>C;
N?HMC\H
?H

S
F;M
>?
<;D;
N?HMC\H
S
>IGYMNC=;M
>?
;FNI
=IHMOGI
?H
 


/"#,/*
% "+!/&
;EFRD;53?7@F7
>3
53B35;636
\@3@5;7D3
67>
A4;7D@A
67
%OJ;5A
:3
E;6A
D76G5;63
>A

=O;F
M?
?PC>?H=C;
?H
?F
HCP?F
L?F;NCP;G?HN?
<;DI
>?F
A;MNI
KO?
?F
AI<C?LHI
B;
JI>C>I

?D?L=?L
*C?HNL;M
KO?
?H
*YRC=I
?F
A;MNI
J]<FC=I
NIN;F
M?
B;
O<C=;>I
?H

>?F
-&

?F
JLIG?>CI
J;L;
FIM
J;ZM?M
>?
GYLC=;
);NCH;
S
>?
F;
, !"
?M
>?
 
S
 

>?F
-&
L?MJ?=NCP;G?HN?
"MNI
M?
B;
NL;>O=C>I
?H
<;DIM
HCP?F?M
>?
CHP?LMC\H
J]<FC=;

?H
?>O=;=C\H
M;FO>
M?AOLC>;>
J]<FC=;
CH@L;?MNLO=NOL;
CHP?MNCA;=C\H
S
>?M;LLIFFI

J]<FC=I
S
INLIM
M?LPC=CIM
L?KO?LC>IM
J;L;
;JOHN;F;L
F;
=IGJ?NCNCPC>;>
>?
F;M
?GJL?M;M
S

?F?P;L
F;
JLI>O=NCPC>;>
>?
F;
?=IHIGZ;
)I
;HN?LCIL
?M
=IHM?=O?H=C;
>?F
HCP?F
L?>O=C>I

>?
FIM
CHAL?MIM
J]<FC=IM
?H
?F
J;ZM
*C?HNL;M
FIM
CHAL?MIM
NLC<ON;LCIM
?H
*YRC=I
B;H

MC>I
>?F
IL>?H
>?

>?F
-& 
FIM
J;ZM?M
>?
GYLC=;
);NCH;
S
>?
F;
, !"
=O?HN;H

=IH
CHAL?MIM
NLC<ON;LCIM
>?

S
 
>?F
-&
?H
JLIG?>CI


&H=FOS?H>I
F;
L?=;O>;=C\H
>?F
$I<C?LHI
#?>?L;F
S
>?
FIM
AI<C?LHIM
FI=;F?M



 Tomo I
La Economía y las Finanzas Públicas

A@
7>
\@
67
;@5D7?7@F3D
>3
53B35;636
B3D3
3F7@67D
>3E
@757E;6367E
BD;AD;F3D;3E
67

F;
JI<F;=C\H
J;LNC=OF;LG?HN?
F;
>?
G?HIL?M
L?=OLMIM
S
G?DIL;L
?F
?HNILHI
?H
?F
KO?

AB7D3@
>3E
7?BD7E3E
7>
A4;7D@A
;?BG>ER
G@3
D78AD?3
:357@63D;3

$3E
?A6;\535;A@7E

3>
E;EF7?3
FD;4GF3D;A
E7
AD;7@F3DA@
3
97@7D3D
>AE
D75GDEAE
@757E3D;AE
B3D3
\@3@5;3D

F;
CHP?LMC\H
J]<FC=;
?H
XL?;M
>?
;FN;
L?HN;<CFC>;>
MI=C;F
;MZ
=IGI
;
>IN;L
;F
J;ZM
>?

G@
E;EF7?3
\E53>
?NE
<GEFA
K
?NE
E;?B>7
7@
7>
CG7
B39G7
?NE
CG;7@
?NE
F;7@7
K

L?MOFN?
GXM
@X=CF
=OGJFCL
)I
;HN?LCIL
A;L;HNCT;H>I
KO?
?F
G;L=I
NLC<ON;LCI
JL?M?LP?
MO

=IGJ?NCNCPC>;>
;
HCP?F
CHN?LH;=CIH;F
);
L?@ILG;
B;=?H>;LC;
CH=FOS?
G?>C>;M
J;L;
;GJFC;L
F;
<;M?
AL;P;<F?
>?
FIM
CGJO?MNIM

;F
CHAL?MI
S
;F
=IHMOGI
IH
L?MJ?=NI
;F
CHAL?MI
?GJL?M;LC;F
M?
?FCGCH;LIH
I

;=IN;LIH
JLX=NC=;G?HN?
NI>IM
FIM
L?AZG?H?M
?MJ?=C;F?M
IH
L?MJ?=NI
;F
CHAL?MI

J?LMIH;F
M?
?FCGCH;LIH
F;M
?R?H=CIH?M
;
F;M
@O?HN?M
>?
CHAL?MIM
=IH=?HNL;>;M
?H
FIM

M?=NIL?M
GXM
LC=IM
>?
F;
JI<F;=C\H
=IGI
?F
J;AI
>?
>CPC>?H>IM
S
F;M
A;H;H=C;M
>?

=;JCN;F
JLIP?HC?HN?M
>?
F;M
P?HN;M
>?
;==CIH?M
;>C=CIH;FG?HN?
?F
IHAL?MI
;JLI<\

CH=L?G?HN;L
F;
JLIAL?MCPC>;>
>?
F;
N;M;
>?F
&0/
J;L;
;KO?FF;M
J?LMIH;M
=IH
FIM
CHAL?MIM

GXM
;FNIM
>?F
J;ZM
?F?P;H>I
F;
N;M;
G;LACH;F
J;L;
?F

>?
F;
JI<F;=C\H
=IH
G;SIL?M

CHAL?MIM
);
L?@ILG;
N;G<CYH
CH=FOS?
F;
CHNLI>O==C\H
>?
HO?PIM
CGJO?MNIM
;F
=IHMOGI
>?

<C?H?M
S
M?LPC=CIM
KO?
JLI>O=?H
?@?=NIM
H?A;NCPIM
?H
F;
M;FO>
>?
F;M
J?LMIH;M
=IGI

F;M
<?<C>;M
M;<ILCT;>;M
FIM
;FCG?HNIM
=IH
;FNI
=IHN?HC>I
=;F\LC=I
FIM
=IG<OMNC<F?M

=IHN;GCH;HN?M
S
FIM
J?MNC=C>;M
IH
?MNIM
CGJO?MNIM
=IHMCMN?HN?M
=IH
F;M
G?DIL?M

BDN5F;53E
;@F7D@35;A@3>7E
E7
3H3@L3
7@
>3
5A@E75G5;R@
67
\@7E
5A?A
>3
BDAF755;R@

;G<C?HN;F
S
F;
M;FO>
>?
F;
JI<F;=C\H
;F
CH>O=CL
F;
MOMNCNO=C\H
>?
JLI>O=NIM
HI=CPIM
JIL

AFDAE
?NE
E3@AE

$3
D78AD?3
367?NE
5A@F;7@7
?76;63E
B3D3
8ADF3>757D
>3E
\@3@L3E

BS4>;53E
5A@H;DF;7@6A
>3
D7EBA@E34;>;636
\E53>
7@
G@3
BA>PF;53
67
EF36A

$AE
53?4;AE

;
F;
)?S
#?>?L;F
>?
-L?MOJO?MNI
S
/?MJIHM;<CFC>;>
%;=?H>;LC;
?MN;<F?=?H
KO?
?F

AI<C?LHI
N?H>LX
KO?
=IGJLIG?N?LM?
;
OH;
G?N;
>?
/?KO?LCGC?HNIM
#CH;H=C?LIM
>?F

0?=NIL
-]<FC=I
/#0-
=IHMCMN?HN?
=IH
OH
HCP?F
>?
>?O>;
J]<FC=;
MIMN?HC<F?
;MZ
=IGI

?MN;<F?=?L
OH;
L?AF;
>?
<;F;H=?
?MNLO=NOL;F
CGJFZ=CN;
KO?
J?LGCN;
OH
G;SIL
HCP?F
>?

;BILLI
;
FI
F;LAI
>?F
=C=FI
?=IH\GC=I
S
F;
=IH>O==C\H
>?
OH;
JIFZNC=;
=IHNL;
=Z=FC=;
+7
BDAK75F3
CG7
>3
D78AD?3
:357@63D;3
;@5D7?7@F3DN
E;9@;\53F;H3?7@F7
>3
53B35;636

\@3@5;7D3
67>
EF36A

@
G@3
B7DEB75F;H3
67
?76;3@A
B>3LA
   
E7
7EF;?3
CG7

F;
L?@ILG;
B;=?H>;LC;
CH=L?G?HN?
F;
L?=;O>;=C\H
?H

>?F
-&
FI
KO?
CGJFC=;
KO?

J;L;
?F
 
FIM
CHAL?MIM
L?=;O>;>IM
L?JL?M?HN?H
?F

>?F
-LI>O=NI
&HN?LHI
LONI

"FFI
M?
NL;>O=CLX
?H
OH;
G;SIL
=;J;=C>;>
J;L;
;N?H>?L
F;M
H?=?MC>;>?M
JLCILCN;LC;M
>?

F;
JI<F;=C\H
?H
LO<LIM
=IGI
A;MNI
MI=C;F
?
CHP?LMC\H
?H
CH@L;?MNLO=NOL;
?HNL?
INLIM


 Tomo I
La Economía y las Finanzas Públicas

$3
D78AD?3
:357@63D;3
K3
:3
F7@;6A
G@
7875FA
83HAD34>7
EA4D7
>3E
\@3@L3E
BS4>;53E

@

 
FIM
CHAL?MIM
NLC<ON;LCIM
NOPC?LIH
OH
;OG?HNI
>?
 
FI
KO?
J?LGCNC\
KO?
=IGI

JLIJIL=C\H
>?
-&
B;S;H
;F=;HT;>I
MO
GXRCGI
BCMN\LC=I
;F
O<C=;LM?
?H
 
);

L?@ILG;
BCTI
GXM
DOMNI
?F
MCMN?G;
NLC<ON;LCI
?F
 
>?
F;
L?=;O>;=C\H
;>C=CIH;F
?H
?F

 
JLIPCHI
>?F
 
GXM
LC=I
>?
F;
JI<F;=C\H
S
MIFI
?F

>?F
 
GXM
JI<L?
);

?FCGCH;=C\H
>?
L?AZG?H?M
?MJ?=C;F?M
I
NL;N;GC?HNIM
JL?@?L?H=C;F?M
=IGI
?F
LYACG?H

67
5A@EA>;635;R@
\E53>
CG7
B7D?;FP3@
3
9DGBAE
7?BD7E3D;3>7E
D76G5;D
EG
B39A
67

CGJO?MNIM
M?
B;
NL;>O=C>I
?H
G;SIL
L?=;O>;=C\H
"H
 

ALOJIM
?GJL?M;LC;F?M

KO?
=IHNLIF;<;H
;
 
?GJL?M;M
;<;H>IH;LIH
?F
LYACG?H
>?
=IHMIFC>;=C\H
A?H?L;H>I

OH
J;AI
?RNL;IL>CH;LCI
JIL

GCF

GCFFIH?M
>?
J?MIM
-IL
G?>CI
>?
FIM
HO?PIM
&GJO?MNIM
"MJ?=C;F?M
MI<L?
F;
-LI>O==C\H
S
0?LPC=CIM
&"-0

F;
/?@ILG;
L?>ODI
?F
=IHMOGI
>?
JLI>O=NIM
KO?
>;[;H
?F
G?>CI
;G<C?HN?
!?
;=O?L>I

=IH
?F
?HNLI
*;LCI
*IFCH;
>OL;HN?
 
F;
L?@ILG;
B;
A?H?L;>I
OH;
L?>O==C\H

?H
F;M
?GCMCIH?M
>?
<C\RC>I
>?
=;L<IHI
?KOCP;F?HN?
;F

>?
F;
L?>O==C\H
;HO;F

=IGJLIG?NC>;
JIL
HO?MNLI
J;ZM
;HN?
F;
,+2
;MZ
=IGI
OH;
L?>O==C\H
>?

?H

F;M
?GCMCIH?M
>?
GIH\RC>I
>?
=;L<IHI
);
L?@ILG;
N;G<CYH
L?>ODI
?F
=IHMOGI
>?

JLI>O=NIM
=IH
;FNI
=IHN?HC>I
=;F\LC=I
!?
;=O?L>I
=IH
OH;
CHP?MNCA;=C\H
>?F
&HMNCNONI

+;=CIH;F
>?
0;FO>
-]<FC=;
F;
L?@ILG;
=;OM\
OH;
L?>O==C\H
>?
 
?H
?F
=IHMOGI

474;63E
E34AD;L363E
K
G@
3G?7@FA
67

7@
7>
67
39G3
BGD;\5363

);
L?@ILG;
B;
J?LGCNC>I
=IGJ?HM;L
J;LN?
>?
F;
=;Z>;
?H
FIM
CHAL?MIM
JIL
FIM
G?HIL?M

BD75;AE
67>
B7FDR>7A
A4E7DH36AE
67E67
\@3>7E
67
 

@
7E7
3QA
>AE
;@9D7EAE
BS4>;5AE

NIN;F?M
;OG?HN;LIH
?H

;
J?M;L
>?
OH;
L?>O==C\H
>?

?H
FIM
J?NLIF?LIM
)I

3@F7D;AD
:3
B7D?;F;6A
EGB7D3D
>3
7J57E;H3
67B7@67@5;3
67
>3E
\@3@L3E
BS4>;53E
7@
>AE

CHAL?MIM
>?F
J?NL\F?I
F
G?M
>?
;<LCF
>?
 

J?MIM
>?
=;>;

P?HZ;H
>?F
J?NL\F?I

;F
G?M
>?
;<LCF
>?
?MN?
;[I
MIFI

>?
=;>;

JLIPC?H?H
>?F
J?NL\F?I
);
CH@ILG;FC>;>
?M
OHI
>?
FIM
JLCH=CJ;F?M
F;MNL?M
;F
=L?=CGC?HNI
>?
HO?MNL;
?=IHIGZ;

;F
=IH=?HNL;L
;
M?CM
>?
=;>;

NL;<;D;>IL?M
?H
?GJL?M;M
S
;=NCPC>;>?M
>?
<;D;

JLI>O=NCPC>;>
F;
CH@ILG;FC>;>
CH=C>?
H?A;NCP;G?HN?
?H
?F
>?M?GJ?[I
>?
F;
?=IHIGZ;

?H
MO
=IHDOHNI
);
L?@ILG;
B;=?H>;LC;
=L?\
?F
/YACG?H
>?
&H=ILJIL;=C\H
#CM=;F
/&#




"F
0?LPC=CI
>?
>GCHCMNL;=C\H
1LC<ON;LC;
CGJF?G?HN\
?H
 
?F
JLIAL;G;
l-IHN?
;F
ILLC?HN?m
?H

=OGJFCGC?HNI
=IH
FI
?MN;<F?=C>I
?H
?F
LNZ=OFI
1L;HMCNILCI
1?L=?LI
>?
F;
)?S
>?
&HAL?MIM
>?
F;
#?>?L;=C\H

J;L;
?F
"D?L=C=CI
#CM=;F
>?
 
"F
%
IHAL?MI
>?
F;
2HC\H
>?N?LGCH\
KO?
@O?L;H
I<D?NI
>?
=IH>IH;=C\H

F;M
=IHNLC<O=CIH?M
@?>?L;F?M
F;M
=OIN;M
=IGJ?HM;NILC;M
F;M
GOFN;M
JIL
CH=OGJFCGC?HNI
>?
F;M
I<FCA;=CIH?M

\E53>7E
8767D3>7E
6;EF;@F3E
3
>3E
A4>;935;A@7E
67
B39A
3EP
5A?A
>3E
35FG3>;L35;A@7E
K
3557EAD;AE

+;
E7

?R=FOS?H
FIM
L?=OLMIM
>?LCP;>IM
>?
>C=BI
JLIAL;G;
=IHMC>?L;H>I
MO
=;LX=N?L
HI
L?=OLL?HN?
?F
=L?=CGC?HNI

>?
FIM
CHAL?MIM
NLC<ON;LCIM
?H
 
?M
>?




/?MOFN;>IM
JL?FCGCH;L?M
>?
OH
?MNO>CI
KO?
?F
&HMNCNONI
+;=CIH;F
>?
0;FO>
-]<FC=;
&+0-
S
?F
?HNLI
>?

-I<F;=C\H
>?
;LIFCH;
>?
F;
2HCP?LMC>;>
>?
;LIFCH;
>?F
+ILN?
?MNXH
L?;FCT;H>I
J;L;
?MNCG;L
?F
?@?=NI
>?F

CGJO?MNI
>?
OH
J?MI
JIL
FCNLI
;
F;M
<?<C>;M
=IH
;T]=;L?M
;>C=CIH;>IM

 Tomo I
La Economía y las Finanzas Públicas

KO?
MCLP?
=IGI
OH
JOHNI
>?
?HNL;>;
;
F;
@ILG;FC>;>
J;L;
?GJL?M;M
S
NL;<;D;>IL?M
-;L;

;F=;HT;L
?M?
I<D?NCPI
F;M
?GJL?M;M
KO?
J;LNC=CJ;H
?H
?F
/&#
L?=C<?H
>?M=O?HNIM
?H
FIM

CGJO?MNIM
JIL
OH
J?LCI>I
>?

;[IM
;
=;G<CI
>?
L?JILN;L
;
F;
;ONILC>;>
CH@ILG;=C\H

>?
MOM
NL;HM;==CIH?M
=IG?L=C;F?M
"F
/&#
?H
MOM
JLCG?LIM
G?M?M
B;
GIMNL;>I
M?L

OH
G?=;HCMGI
?@?=NCPI
>?
NLXHMCNI
;
F;
@ILG;FC>;>
;F

>?
;<LCF
>?
 
?F
/&#

=O?HN;
=IH

GCFFIH?M

GCF

=IHNLC<OS?HN?M
L?ACMNL;>IM
>?
FIM
=O;F?M

GCFF\H


GCF
M?
CH=ILJIL;LIH
>OL;HN?
 
I
FIM
JLCG?LIM
G?M?M
>?
 
;MCGCMGI
M?
B;H

L?=C<C>I

GCFFIH?M

GCF
>?=F;L;=CIH?M
?H
N;HNI
KO?
?H
JLIG?>CI
>C;LC;G?HN?
M?

CHM=LC<?H
=?L=;
>?

=IHNLC<OS?HN?M
?H
?MN?
LYACG?H


"01&)&!!
" ,+s*& 
6
/"#,/*0
"01/2 12/)"0

-IL
>CMNCHNIM
GINCPIM
>OL;HN?
 
M?
B;
CH=L?G?HN;>I
F;
PIF;NCFC>;>
>?
F;
?=IHIGZ;

GOH>C;F
2HI
>?
?FFIM
?M
?F
=IGJILN;GC?HNI
>?
FIM
JL?=CIM
CHN?LH;=CIH;F?M
>?F

B7FDR>7A
CG7
:3@
6;E?;@G;6A
E;9@;\53F;H3?7@F7
3>D7676AD
67>

5A@
D7EB75FA

;F
 
>?<C>I
?HNL?
INLIM
@;=NIL?M
;
F;
>?M;=?F?L;=C\H
?=IH\GC=;
CHN?LH;=CIH;F

S
?F
CH=L?G?HNI
>?
F;
I@?LN;
AFI<;F
>?
BC>LI=;L<OLIM
"F
;OG?HNI
>?
F;
PIF;NCFC>;>

M?
?RJFC=;
N;G<CYH
JIL
F;
?RJ?=N;NCP;
>?
HILG;FCT;=C\H
>?
F;
JIFZNC=;
GIH?N;LC;
>?

EF36AE
-@;6AE

A?A
D7EBG7EF3
3
>3
5D;E;E
\@3@5;7D3
67>

>3
*7E7DH3
767D3>
:3

>CMGCHOC>I
F;
N;M;
>?
CHN?LYM
>?
L?@?L?H=C;
21
3B;1@
?.A2
;
HCP?F?M
=?L=;HIM
;
=?LI

JIL
OH
J?LCI>I
F;LAI
GXM
>?

;[IM
JLCH=CJ;FG?HN?
JILKO?
F;
L?=OJ?L;=C\H
>?
;KO?F

J;ZM
B;
MC>I
GXM
F?HN;
=IGJ;L;>;
=IH
INL;M
L?=?MCIH?M
KO?
B;
?RJ?LCG?HN;>I
0CH

?G<;LAI
?RCMN?H
M?[;F?M
JIMCNCP;M
MI<L?
F;
L?=OJ?L;=C\H
>?
F;
?=IHIGZ;
?MN;>IOHC>?HM?

KO?
A?H?L;H
?RJ?=N;NCP;M
>?
CH=L?G?HNIM
?H
F;
N;M;
>?
CHN?LYM
>?
L?@?L?H=C;
>?
F;

/?M?LP;
#?>?L;F
!?
=IH=L?N;LM?
>C=BI
CH=L?G?HNI
FIM
;DOMN?M
?H
FIM
JILN;@IFCIM

67
>AE
;@H7DE;A@;EF3E
F7@6DN@
;?B35FAE
7@
>AE
?7D536AE
\@3@5;7DAE
;@F7D@35;A@3>7E


-IN?H=C;FG?HN?
FI
;HN?LCIL
N?H>LX
?@?=NIM
;
HCP?F
GOH>C;F
S
?H
?MJ?=C;F
?H
;FAOH;M

?=IHIGZ;M
?G?LA?HN?M
JIL
FI
KO?
?M
CGJILN;HN?
=IHN;L
=IH
@OH>;G?HN;F?M
M\FC>IM

J;L;
B;=?L
@L?HN?
;
F;
PIF;NCFC>;>
CHN?LH;=CIH;F
)I
;HN?LCIL
CFOMNL;
=;<;FG?HN?
F;
CGJILN;H=C;
KO?
NC?H?H
FIM
=;G<CIM
?H
G;N?LC;

?=IH\GC=;
L?;FCT;>IM
?H
?F
J;M;>I
L?=C?HN?
S
KO?
F?
B;H
>;>I
MIFC>?T
;
HO?MNLI

J;ZM
-IL
OH
F;>I
OH;
>?
F;M
F?==CIH?M
KO?
B?GIM
;JL?H>C>I
?M
KO?
F;
?MN;<CFC>;>

?35DA75A@R?;53
K
>3
6;E5;B>;@3
\E53>
EA@
D7CG;E;FAE
;@6;EB7@E34>7E
B3D3
BDAF797D
7>

-IL
?D?GJFI
F;
JLI>O==C\H
>?
BC>LI=;L<OLIM
?H
FIM
"MN;>IM
2HC>IM
>?
GYLC=;
B;
GIMNL;>I
OH



CH=L?G?HNI
BCMN\LC=I
?H
FIM
]FNCGIM
;[IM
JLCH=CJ;FG?HN?
=IGI
L?MOFN;>I
>?
CHHIP;=CIH?M
N?=HIF\AC=;M

?H
?F
M?=NIL

 Tomo I
La Economía y las Finanzas Públicas

<C?H?MN;L
>?
F;
JI<F;=C\H
;HN?
?HNILHIM
?RN?LHIM
=IGJF?DIM
);
;OM?H=C;
>?
?MNIM
>IM

=IGJIH?HN?M
=L?;
CH=?LNC>OG<L?
LC?MAIM
S
@;FN;
>?
=L?>C<CFC>;>
KO?
B;LZ;H
CGJIMC<F?

KO?
=O;FKOC?L
L?@ILG;
OFN?LCIL
>?LCP?
?H
G;SIL
=L?=CGC?HNI
S
<C?H?MN;L
J;L;
F;

JI<F;=C\H
OH
=O;H>I
FF?P;GIM
=;MC

;[IM
>?
?MN;<CFC>;>
?MNIM
L?KOCMCNIM
>?<?H

M?L
FIM
JCF;L?M
@OH>;G?HN;F?M
>?
F;
JIFZNC=;
?=IH\GC=;
?H
?F
@ONOLI
?M
OH
NLCOH@I
KO?

B;
MC>I
;F=;HT;>I
=IH
GO=BI
NL;<;DI
S
KO?
HI
>?<?
>?
MO<?MNCG;LM?
-@3
E79G@63
>755;R@
7E
CG7
>3
7EF34;>;636
K
>3
6;E5;B>;@3
\E53>
EA@
5A@6;5;A@7E

@757E3D;3E
?3E
@A
EG\5;7@F7E
B3D3
?7<AD3D
7>
@;H7>
67
H;63
67
>3
BA4>35;R@

A?A

B?GIM
PCMNI
;F=;HT;L
G;SIL?M
N;M;M
>?
=L?=CGC?HNI
>?
G;H?L;
MIMN?HC>;
?H
?F
G?>C;HI

S
F;LAI
JF;TI
CGJFC=;
F;
?RCMN?H=C;
>?
OH;
?MNLO=NOL;
?=IH\GC=;
KO?
JLIGO?P;
?F

CH=L?G?HNI
>?
F;
JLI>O=NCPC>;>
);M
?=IHIGZ;M
M;H;M
KO?
=O?HN;H
=IH
M?=NIL?M

?=IH\GC=IM
=IGJ?NCNCPIM
S
;FNIM
HCP?F?M
>?
=L?=CGC?HNI
NC?H?H
G;SIL?M
JIMC<CFC>;>?M

>?
MOJ?L;L
?M=?H;LCIM
>?
PIF;NCFC>;>
CHN?LH;=CIH;F
>?
=ILNI
JF;TI
IGI
L?MJO?MN;
;F

CH=L?G?HNI
?H
F;
PIF;NCFC>;>
CHN?LH;=CIH;F
?H
 
S
 
?F
$I<C?LHI
#?>?L;F
B;

;?BG>E36A
7@
 
?76;63E
BD7H7@F;H3E
67
D7EBA@E34;>;636
\E53>
7@FD7
>3E
CG7
67EF353

OH
;DOMN?
>?F
A;MNI
J]<FC=I
JIL

GCF
GCFFIH?M
>?
J?MIM
KO?
?KOCP;F?H
;F

>?F

(!
B3D3
:357D
8D7@F7
3
>3
6;E?;@G5;R@
67
;@9D7EAE
B7FDA>7DAE
7H;F3@6A
?A6;\53D
3
>3

?MNLO=NOL;
NLC<ON;LC;
S
?F
G;H?DI
>?
F;
>?O>;
J]<FC=;
"MN?
;[I
B?GIM
JI>C>I
=IGJLI<;L
?F
JIN?H=C;F
KO?
NC?H?H
F;M
L?@ILG;M
?H
?MN?
M?HNC>I

);
L?@ILG;
B;=?H>;LC;
J?LGCNC\
H?ONL;FCT;L
J;L=C;FG?HN?
?F
?@?=NI
>?
F;
>CMGCHO=C\H

>?
FIM
JL?=CIM
>?F
J?NL\F?I
MI<L?
FIM
CHAL?MIM
J]<FC=IM
"H
F;
G?>C>;
KO?
F;M
L?@ILG;M

?MNYH
IJ?L;H>I
;
MO
G;SIL
JIN?H=C;F
?F
J;ZM
?MN;LX
?H
G?DIL?M
=IH>C=CIH?M
>?

L?;==CIH;L
;
=BIKO?M
?RN?LHIM
);M
L?@ILG;M
?MNLO=NOL;F?M
KO?
M?
CGJF?G?HN;H
?H
*YRC=I
JLIGO?P?H
F;
=IGJ?N?H=C;

?=IH\GC=;
?F
CH=L?G?HNI
>?
F;
JLI>O=NCPC>;>
F;
;=OGOF;=C\H
>?
=;JCN;F
BOG;HI

G@3
BDA6G55;R@
7\5;7@F7
K
G@3
6;E?;@G5;R@
7@
>AE
5AEFAE
67
BDA6G55;R@

G@
5G3@6A

MIFI
B;H
J;M;>I
;FAOHIM
G?M?M
>?
F;
?HNL;>;
?H
PCAIL
>?
F;M
L?@ILG;M
M?
?MNXH

7JB7D;?7@F3@6A
47@7\5;AE
5A@5D7FAE
7@
7>
5ADFA
B>3LA
7@
5363
G@A
67
>AE
E75FAD7E
CG7

:3@
E;6A
FD3@E8AD?36AE

;5:AE
47@7\5;AE
;>GEFD3@
7>
BAF7@5;3>
67
>3E
D78AD?3E
7@
7>

@ONOLI
0?
?MNCG;
KO?
NI>IM
?MNIM
=IGJIH?HN?M
@ILN;F?T=;H
M?=NIL?M
?MNL;NYAC=IM
>?
F;

?=IHIGZ;
S
JLIGO?P;H
?F
=L?=CGC?HNI
>?
G;H?L;
MIMN?HC>;
?H
FIM
JL\RCGIM
;[IM
S

>Y=;>;M


 Tomo I
La Economía y las Finanzas Públicas


,*"+1/&,0
#&+)"0
);
;JLI<;=C\H
>?
F;M
L?@ILG;M
?MNLO=NOL;F?M
>OL;HN?
 
S
 
?H
*YRC=I
?M
OH

?D?GJFI
>?
>?M;LLIFFI
>?GI=LXNC=I
S
=IHMNCNOS?
OH;
L?@?L?H=C;
;
HCP?F
CHN?LH;=CIH;F

L?MJ?=NI
>?
F;
JIMC<CFC>;>
>?
=IHMNLOCL
G;SILZ;M
J;L;
NL;HM@ILG;L
;
OH
J;ZM
"F
J;J?F

KO?
B;H
DOA;>I
?F
$I<C?LHI
#?>?L;F
?F
%
IHAL?MI
>?
F;
2HC\H
S
FIM
$I<C?LHIM
>?

F;M
?HNC>;>?M
@?>?L;NCP;M
?H
F;
JL?M?HN;=C\H
>CM=OMC\H
S
;JLI<;=C\H
>?
F;M
L?@ILG;M

:3
F7@;6A
D7EG>F36AE
7@
47@7\5;A
67
>3
BA4>35;R@
3>9G@AE
E7DN@
B3>B34>7E
7@
7>
5ADFA

JF;TI
INLIM
?H
?F
G?>C;HI
S
F;LAI
JF;TIM
>?
;=O?L>I
;
F;
H;NOL;F?T;
>?
F;M
L?@ILG;M
$3E
D78AD?3E
7EFDG5FGD3>7E
EA@
;@5>GK7@F7E
K
F;7@7@
5A?A
BDABRE;FA
CG7
>AE
47@7\5;AE

>?F
=L?=CGC?HNI
?=IH\GC=I
>?
*YRC=I
M?
>CMNLC<OS;H
>?
G;H?L;
<;F;H=?;>;
);

BA4>35;R@
?NE
HG>@7D34>7
6747
B3DF;5;B3D
67
>AE
47@7\5;AE
67
7EF3E
D78AD?3E
67

G;H?L;
JLCILCN;LC;
J;L;
MOJ?L;L
F;M
=IH>C=CIH?M
>?
JI<L?T;
G?>C;HN?
;==?MI
;
OH;

G?DIL
?>O=;=C\H
;
G?DIL?M
NY=HC=;M
>?
JLI>O==C\H
J;L;
?GJL?M;M
J?KO?[;M
;
GXM

=LY>CNI
S
GXM
<;L;NI
;
?F?=NLC=C>;>
M?AOL;
S
;
G?DIL
JL?=CI
?HNL?
INL;M
)IM
JLIAL;G;M

MI=C;F?M
>?
?FCGCH;=C\H
>?
F;
JI<L?T;
>?<?H
=IHNCHO;L
S
M?L
=IGJF?G?HN;>IM
=IH

JIFZNC=;M
>?
=;LX=N?L
?MNLO=NOL;F
KO?
JLIP?;H
;
F;
JI<F;=C\H
?H
=IH>C=CIH?M
>?
JI<L?T;

>?
B?LL;GC?HN;M
J;L;
MOJ?L;L
?MN;
MCNO;=C\H
S
G?DIL;L
MO
HCP?F
>?
PC>;
>?
G;H?L;

J?LG;H?HN?
2HI
>?
FIM
=IH=?JNIM
KO?
B;
CGJOFM;>I
?F
$I<C?LHI
#?>?L;F
J;L;
;M?AOL;LM?
>?
KO?

>AE
47@7\5;AE
67
>3E
D78AD?3E
3>53@57@
3
FA63
>3
BA4>35;R@
7E
>3
Y67?A5D3F;L35;R@
67

F;
JLI>O=NCPC>;>m
"MNI
CGJFC=;
CH=L?G?HN;L
?F
<C?H?MN;L
>?
F;
JI<F;=C\H
>?
G;H?L;

?KOCN;NCP;
S
A?H?L;FCT;>;
*YRC=I
NC?H?
M?=NIL?M
S
L?ACIH?M
?MJ?=C;FG?HN?
FIM
KO?

?MNXH
PCH=OF;>IM
=IH
?F
=IG?L=CI
?RN?LCIL
=IH
AL;H
>CH;GCMGI
S
KO?
B;H
N?HC>I

G@
9D3@
5D75;?;7@FA
7@
>AE
S>F;?AE
3QAE
B7DA
7E
;@6;EB7@E34>7
CG7
>AE
47@7\5;AE

>?LCP;>IM
>?
F;M
A;H;H=C;M
?H
G;N?LC;
>?
JLI>O=NCPC>;>
M?;H
;==?MC<F?M
J;L;
NI>IM
FIM

G?RC=;HIM

!?GI=L;NCT;L
F;
JLI>O=NCPC>;>
CGJFC=;
F;
;=NO;=C\H
>CFCA?HN?
>?F
AI<C?LHI
J;L;

3E79GD3DE7
67
CG7
>3
BA4>35;R@
7@
67EH7@F3<3
;@F7D@3>;57
>AE
47@7\5;AE
67
>3E
D78AD?3E

S
>?F
=L?=CGC?HNI
?=IH\GC=I
KO?
A?H?L?H
#;FN;
GO=BI
=;GCHI
JIL
L?=ILL?L
JIL
FI
KO?
?M
@OH>;G?HN;F
=IHNCHO;L
=IH
F;

CGJF?G?HN;=C\H
>?
F;M
L?@ILG;M
"H
?MN?
JLI=?MI
M?
H?=?MCN;LX
?F
?M@O?LTI
>?
NI>IM

FIM
ALOJIM
>?
F;
MI=C?>;>
J;L;
FIAL;L
KO?
F;M
L?@ILG;M
M?
NL;>OT=;H
?H
OH
G;SIL
HCP?F

>?
=L?=CGC?HNI
MIMN?HC>I
?H
?F
@ONOLI
S
>?
?MN;
@ILG;
G?DIL;L
F;
=;FC>;>
>?
PC>;
>?

FIM
G?RC=;HIM
"F
L?NI
KO?
N?H?GIM
=IGI
J;ZM
?M
>I=OG?HN;L
?H
?F
MCAOC?HN?
PIFOG?H

 
 
OH;
BCMNILC;
>?
YRCNI
?H
NYLGCHIM
>?
=L?=CGC?HNI
S
>?M;LLIFFI
>?
F;M
<;M?M

KO?
BIS
?MNXH
M?HN;>;M


 Tomo I
La Economía y las Finanzas Públicas

&)&,$/#r
?LH;HE?

 
l1B?
$L?;N
*I>?L;NCIHm
1B?
#?>?L;F
/?M?LP?
I;L>
L?=OJ?L;>I

>?
BNNJQQQ@?>?L;FL?M?LP?AIP,/!!, 00-"" %"0    
ILA

 
l
D.F@
!.A6;
:2?60.
0.;
AB?;
.
0?6@6@
6;A<
.
=<@6A6C2R
+<?91

0<;<:60
<?B:
?NN?
$
(I=IAFO
(
S
*;CL?MM?
'
 
l-LI>O=NCPCNS
$LIQNB
;H>
)?P?FM
CH
#L;H=?

';J;H
NB?
2HCN?>
(CHA>IG
;H>
NB?
2HCN?>
0N;N?M
CH
NB?
1Q?HNC?NB
?HNOLSm

+;NCIH;F
OL?;O
I@
"=IHIGC=
/?M?;L=B
#IH>I
*IH?N;LCI
&HN?LH;=CIH;F
 
l4ILF>
"=IHIGC=
,ONFIIE
2H?P?H
$LIQNB

0BILN
;H>
)IHA
1?LG
#;=NILMm
JLCF
 
&HMNCNONI
#?>?L;F
"F?=NIL;F
 
l"MNO>CI
?HM;F
>?
F;
-;LNC=CJ;=C\H
CO>;>;H;
?H

F;M
"F?==CIH?M
#?>?L;F?M
>?
 m
!CL?==C\H
"D?=ONCP;
>?
;J;=CN;=C\H
"F?=NIL;F

S
">O=;=C\H
ZPC=;
+;LLI
/I<F?M
'
S
*I=N?TOG;
+;P;LLI
!
 
lH;F@;<?NCMGI
?H
*YRC=I
OH;

>?O>;
MI=C;Fm
/?PCMN;
&HN?LH;=CIH;F
>?
"MN;>ZMNC=;
S
$?IAL;@Z;
3IF

+]G


M?JNC?G<L?
>C=C?G<L?
,LA;HCT;=C\H
>?
F;M
+;=CIH?M
2HC>;M
 
l-LIMJ?=NCP;
>?
F;
-I<F;=C\H
*OH>C;F

 m
, !"
 
l IGJ?N?H=C;M
XMC=;M
2HCP?LM;F?M
FI
KO?
FIM
J;ZM?M
JO?>?H
A;H;Lm


 Tomo I
La Economía y las Finanzas Públicas

-"/0-" 1&30
!"
)0
#&++70

-t)& 0
!"
*V5& ,
F?D;H>LI
4?LH?L
#;<CXH
3;F?H=C;

&


&+1/,!2 &s+

);
A?MNC\H
G;=LI?=IH\GC=;
?H
*YRC=I
B;
G?DIL;>I
=IHMC>?L;<F?G?HN?
>?M>?
FIM

3QAE
@AH7@F3
>A
CG7
>7
B7D?;F;R
5A@8DA@F3D
>3
5D;E;E
\@3@5;7D3
?G@6;3>
5A@
ER>;6AE

?ND97@7E
\E53>7E

(DN5F;53E
43@53D;3E
BA5A
ER>;63E
67E7CG;>;4D;AE
7JF7D@AE
K
G@3

>?O>;
J]<FC=;
=IGJO?MN;
JLCH=CJ;FG?HN?
JIL
>?O>;
;
=ILNI
JF;TI
S
>?HIGCH;>;
?H

GIH?>;
?RNL;HD?L;
=OFGCH;LIH
;
G?>C;>IM
>?
FIM
;[IM
HIP?HN;
?H
F;
=LCMCM
>?F
1?KOCF;

7E67
7@FA@57E
?G5:A
:3
53?4;36A

@
>A
CG7
5ADD7EBA@67
3
>3E
\@3@L3E
BS4>;53E

>AE
3QAE
BD7H;AE
3
>3
5D;E;E
\@3@5;7D3
9>A43>
67>

E7
53D35F7D;L3DA@
BAD
>3
D76G55;R@

67
>AE
6O\5;FE
\E53>7E
@;H7>7E
BDG67@F7E
67
67G63
BS4>;53
67@A?;@363
BD;@5;B3>?7@F7

;
F;LAI
JF;TI
S
?H
GIH?>;
FI=;F
S
F;
;JLI<;=C\H
>?
F;
)?S
#?>?L;F
>?
-L?MOJO?MNI
S

/?MJIHM;<CFC>;>
%;=?H>;LC;
)#-/%CG7
4GE5343
3\3@L3D
7E3E
?7<AD3E

D35;3E
3

7EFAE
?ND97@7E
\E53>7E
%OJ;5A
BG6A
7H;F3D
G@
5A?BADF3?;7@FA
BDA5P5>;5A
7@
7>
3QA

 




F?D;H>LI
4?LH?L
;MOGC\
?F
=;LAI
>?
!CL?=NIL
>?F
!?J;LN;G?HNI
>?F
%?GCM@?LCI
,==C>?HN;F
>?F
#IH>I

*IH?N;LCI
&HN?LH;=CIH;F
#*&
?H
?H?LI
>?
 
CO>;>;HI
>?
*YRC=I
B;
N?HC>I
OH;
>CMNCHAOC>;

NL;S?=NILC;
?H
?F
M?=NIL
J]<FC=I
S
JLCP;>I
;MZ
=IGI
?H
?F
GOH>I
;=;>YGC=I
#O?
0O<M?=L?N;LCI
>?
%;=C?H>;

S
LY>CNI
-]<FC=I
>?
*YRC=I
?HNL?
>C=C?G<L?
>?
 
S
;AIMNI
>?
 
NCNOF;L
>?
<;H=;
=ILJIL;NCP;
S

67
;@H7DE;R@
67
. 3@5A?7D
67
39AEFA
67

3
\@7E
67
 

E;?;E?A
E7
67E7?B7QR
5A?A

!CL?=NIL
>?
"MNO>CIM
"=IH\GC=IM
?H
?F
;H=I
>?
*YRC=I
S
>I=?HN?
>?
&1*
>?F
&HMNCNONI
>?
"GJL?M;

>?
*;>LC>
S
>?
F;
2HCP?LMC>;>
>?
6;F?
1C?H?
;
MO
HIG<L?
OH;
GOFNCNO>
>?
I<L;M
4?LH?L
@O?
>?MCAH;>I

'IP?H
)Z>?L
*OH>C;F
JIL
?F
#ILI
"=IH\GC=I
*OH>C;F
?H
 
0?
>I=NIL\
?H
?F
&HMNCNONI
1?=HIF\AC=I
>?

*;MM;=BOM?NNM
?H




#;<CXH
3;F?H=C;
?M
"=IHIGCMN;
-LCH=CJ;F
?H
?F
!?J;LN;G?HNI
>?F
%?GCM@?LCI
,==C>?HN;F
>?F
#*&

(D7H;3?7@F7
FD343<R
7@
7>
9DGBA
67
?35DA\@3@L3E
67>
7B3DF3?7@FA
67
EFG6;AE
K
7@
7>
9DGBA
67

L?MIFO=C\H
>?
=LCMCM
>?F
!?J;LN;G?HNI
>?
*?L=;>IM
*IH?N;LCIM
S
>?
;JCN;F
0OM
?MNO>CIM
;<IL>;H
F;

;@F7D?76;35;R@
\@3@5;7D3
K
EG
D7>35;R@
5A@
>3
75A@A?P3
D73>
>3
7EFDG5FGD3
67
53B;F3>
67
>AE
43@5AE
K
>3E

=LCMCM
<;H=;LC;M
?H
J;LNC=OF;L
MOM
=IHM?=O?H=C;M
?=IH\GC=;M
S
F;M
L?MJO?MN;M
>?
JIFZNC=;
?=IH\GC=;
J;L;

GCNCA;L
MO
CGJ;=NI
?H
F;
?=IHIGZ;
L?;F
%;
L?=C<C>I
OH
>I=NIL;>I
?H
"=IHIGZ;
>?
F;
2HCP?LMC>;>
'IBHM

%IJECHM


 Tomo I
La Economía y las Finanzas Públicas

&A
A4EF3@F7
67E67
>3
5D;E;E
>AE
@;H7>7E
67
6O\5;F
\E53>
E7
:3@
?3@F7@;6A
7>7H36AE


>
 
7>
6O\5;F
\E53>
?NE
CG7
6GB>;53
>AE
@;H7>7E
H;EFAE
6GD3@F7
7>
CG;@CG7@;A

JL?PCI
3
>3
5D;E;E
\@3@5;7D3
?G@6;3>
?;7@FD3E
CG7
>3
67G63
4DGF3
:3
3G?7@F36A
3
G@

LCNGI
GXM
LXJC>I
KO?
?F
JLIG?>CI
>?
FIM
G?L=;>IM
?G?LA?HN?M
MZ
JO?M
?F
?MNZGOFI

\E53>
;@K75F36A
7@
7>

:3
E;6A
D7H7DF;6A
EA>A
B3D5;3>?7@F7
?;7@FD3E
CG7
?7D536AE

?G?LA?HN?M
=IGJ;L;<F?M
FI
B;H
B?=BI
=;MC
JIL
=IGJF?NI

EF7
53BPFG>A
3@3>;L3
>AE
67E38PAE
\E53>7E
CG7
7@8D7@F3
%OJ;5A
K
D75A?;7@63
HP3E
B3D3

8ADF3>757D
3S@
?NE
>3E
\@3@L3E
BS4>;53E

J3?;@3
>AE
835FAD7E
CG7
:3@
;@5;6;6A
7@
>3

67?AD3
67
>3
5A@EA>;635;R@
\E53>
:3EF3
7>
?A?7@FA
>AE
BD;@5;B3>7E
D;7E9AE
B3D3
>3E

\@3@L3E
BS4>;53E
3
5ADFA
B>3LA
674;>;6367E
CG7
3S@
B7DE;EF7@
7@
7>
?3D5A
\E53>
K
>3E

JIMC<F?M
JIFZNC=;M
J;L;
;F=;HT;L
OH;
NL;S?=NILC;
>?M=?H>?HN?
>?F
?H>?O>;GC?HNI
"HNL?

F;M
JLCH=CJ;F?M
=IH=FOMCIH?M
>?
?MN?
=;JZNOFI
M?
CH=FOS?H
F;M
MCAOC?HN?M

)IM
?F?P;>IM
CHAL?MIM
J?NLIF?LIM
>?M>?
G?>C;>IM
>?
FIM
;[IM

B;MN;
F;

5D;E;E
E7
67EF;@3DA@
3
\@3@5;3D
3G?7@FAE
B7D?3@7@F7E
67>
93EFA
CG7
:3
E;6A

>C@Z=CF
L?P?LNCLFIM
?H
OH
=IHN?RNI
>?
OH;
L?=OJ?L;=C\H
?=IH\GC=;
F?HN;
?

CHAL?MIM
J?NLIF?LIM
>?<CFCN;>IM


*76G5;D
7>
7@67G63?;7@FA
K
7>
6O\5;F
7E
5DPF;5A
B3D3
?3@F7@7D
>3
5D76;4;>;636

67
>3E
\@3@L3E
BS4>;53E

EF7
6A5G?7@FA
3@3>;L3
H3D;3E
3>F7D@3F;H3E
D76G5;D
7>

A;MNI
J;L;
;FCH?;LFI
G?DIL
=IH
@O?HN?M
J?LG;H?HN?M
>?
CHAL?MIM
;JLIP?=B;H>I

>3
;@;5;3F;H3
67
BD7EGBG7EFA
Y43E7
57DAZ
B3D3
;67@F;\53D
;@7\5;7@5;3E
3G?7@F3D

FIM
CGJO?MNIM
;F
=;L<IHI
;GJFC;L
F;
<;M?
>?F
&3
S
G?DIL;L
F;
L?=;O>;=C\H
>?

CGJO?MNIM


);
)?S
#?>?L;F
>?
-L?MOJO?MNI
S
/?MJIHM;<CFC>;>
%;=?H>;LC;
)#-/%
@O?

7875F;H3
7@
B7D?;F;D
]7J;4;>;636
7@
D7EBG7EF3
3
>3
5D;E;E

+;@
7?43D9A
@A

8G7
7875F;H3
7@
D7EFD;@9;D
7>
6O\5;F
\E53>
7@
7>
B7D;A6A
BAEF7D;AD
3
>3
5D;E;E
K

93D3@F;L3D
7>
D7FAD@A
3
@;H7>7E
67
6O\5;FE
\E53>7E
EAEF7@;4>7E
7@
G@
B7DPA6A

;>?=O;>I


(3D3
8ADF3>757D
7>
?3D5A
\E53>
7E
@757E3D;A
3Q36;D
G@3
@G7H3
3@5>3
@A?;@3>
CG7

JI>LZ;
;>IJN;L
F;
@ILG;
>?
OH
N?=BI
?RJFZ=CNI
J?LG;H?HN?
;
FIM
L?KO?LCGC?HNIM

\@3@5;7DAE
67>
E75FAD
BS4>;5A
7>
5G3>
67\@;DP3
G@
F75:A
;?B>P5;FA
3
>3
67G63

J]<FC=;
KO?
JI>LZ;
B;=?LM?
?RJFZ=CNI
?P?HNO;FG?HN?>C=CIH;FG?HN?
?M

H?=?M;LCI
?H>OL?=?L
F;
=FXOMOF;
>?
=CL=OHMN;H=C;M
?R=?J=CIH;F?M
>?
F;
)#-/%

S
?F
AL;>I
>?
>CM=L?=C\H
JLIJIL=CIH;>I
JIL
F;
GCMG;
!?
?MN;
@ILG;
JIFZNC=;M

\E53>7E
5A@FD35P5>;53E
E7DP3@
GF;>;L363E
S@;53?7@F7
7@
53EAE
67
5:ACG7E

M?P?LIM
"MNI
I<?>?=?
;F
B?=BI
>?
KO?
F;
?RJ?LC?H=C;
L?=C?HN?
>?GO?MNL;
KO?

?M
>C@Z=CF
L?P?LNCL
;OG?HNIM
?H
?F
A;MNI
;>?GXM
>?
F;
CH=?LNC>OG<L?
CHH;N;

?MJ?=C;FG?HN?
>OL;HN?
L?=?MCIH?M
F?P?M
?H
F;
G?>C=C\H
>?
F;
<L?=B;
>?F

JLI>O=NI


 Tomo I
La Economía y las Finanzas Públicas


6;5;A@3>?7@F7
G@
5A@E7<A
\E53>
;@67B7@6;7@F7
3KG63DP3
3
?3@F7@7D
>3

6;E5;B>;@3
\E53>
3>
;@8AD?3D
7>
6743F7
BS4>;5A
EA4D7
>3
;?BADF3@5;3
67
?3@F7@7D

G@3
BAE;5;R@
\E53>
ER>;63


/?@ILG;M
;
F;M
L?AF;M
>?
IJ?L;=C\H
>?F
#IH>I
*?RC=;HI
>?F
-?NL\F?I
S
>?F

#IH>I
>?
"MN;<CFCT;=C\H
>?
FIM
&HAL?MIM
-L?MOJO?MN;LCIM
ILC?HN;>;M
;
KO?
M?

3:ADD7
G@3
8D355;R@
?3KAD
67
>AE
;@9D7EAE
\E53>7E
7J5767@F7E
B7D?;F;DP3@

JLIN?A?L
;]H
GXM
?F
A;MNI
J]<FC=I
>?
=BIKO?M
NL;HMCNILCIM
;
FIM
CHAL?MIM

&&


-/&+ &-)"0
1"+!"+ &0
#&0 )"0
!"0!"
")
1".2&)

%OJ;5A
35G?G>R
;?BADF3@F7E
?ND97@7E
\E53>7E
67E67
>3
5D;E;E
67>
,7CG;>3

$AE
3QAE

BD7H;AE
3
>3
5D;E;E
\@3@5;7D3
?G@6;3>
E7
53D35F7D;L3DA@
BAD
>3
D76G55;R@
67>
6O\5;F

J]<FC=I
S
JIL
OH;
=IGJIMC=C\H
S
HCP?F?M
JLO>?HN?M
>?
>?O>;
J]<FC=;
FI
KO?
J?LGCNC\

CG7
%OJ;5A
36ABF3D3
?76;63E
5A@FD35P5>;53E
6GD3@F7
>3
5D;E;E
\@3@5;7D3
?G@6;3>
67>



&A
A4EF3@F7
E7;E
3QAE
67EBGOE
7>
7EFP?G>A
\E53>
@A
:3
E;6A
D7H7DF;6A
K
>3
67G63

J]<FC=;
B;
;OG?HN;>I
;
OH;
N;M;
GXM
;FN;
KO?
?F
JLIG?>CI
>?
FIM
G?L=;>IM
?G?LA?HN?M

/CAC>?=?M
?H
?F
A;MNI
J]<FC=I
S
OH;
L?=OJ?L;=C\H
?=IH\GC=;
>Y<CF
B;H
=IGJFC=;>I
F;

5A@EA>;635;R@
\E53>

+;
4;7@
>3
67G63
BS4>;53
E;9G7
E;7@6A
EAEF7@;4>7
7E
5A@H7@;7@F7

CHC=C;L
OH
JLI=?MI
>?
>CMGCHO=C\H
>?F
?H>?O>;GC?HNI
J;L;
L?>O=CL
F;
JLI<;<CFC>;>
>?

OH;
JYL>C>;
>?
=L?>C<CFC>;>




7E67
7>
,7CG;>3
:3EF3
>3
5D;E;E
\@3@5;7D3
?G@6;3>

7E67
?76;36AE
67
>AE
3QAE
@AH7@F3
K
:3EF3
>3
5D;E;E
\@3@5;7D3
?G@6;3>
%OJ;5A

8ADF3>75;R
5A@E;67D34>7?7@F7
EGE
?ND97@7E
\E53>7E

,D3E
3>53@L3D
@;H7>7E
67>

67>

(!
6GD3@F7
7>
B7DPA6A
W
7>
6O\5;F
\E53>
X?76;6A
BAD
>AE
D7CG7D;?;7@FAE

\@3@5;7DAE
67>
E75FAD
BS4>;5A
*+(X
6;E?;@GKR
3
3BDAJ;?363?7@F7

67>

(!
6GD3@F7
7>
B7DPA6A
 
\9GD3
3

EF3
D76G55;R@
8G7
BAE;4>7
9D35;3E

;F
@ILN;F?=CGC?HNI
>?
FIM
CHAL?MIM
J]<FC=IM
S
;
F;
?MN;<CFCT;=C\H
A?H?L;F
>?F
A;MNI

>OL;HN?
?F
J?LZI>I

 
!OL;HN?
?MN?
J?LZI>I
FIM
CHAL?MIM
J]<FC=IM
;OG?HN;LIH

@OH>;G?HN;FG?HN?
;
L;ZT
>?
FIM
CHAL?MIM
J?NLIF?LIM
>?<C>I
;F
@O?LN?
;OG?HNI
>?
FIM

BD75;AE
67>
B7FDR>7A
\9GD3
4
GD3@F7
7>
B7DPA6A
 
>AE
BD75;AE
67>
B7FDR>7A

M?
=O;>LOJFC=;LIH
=IHNL;LL?MN;H>I
;GJFC;G?HN?
OH;
=;Z>;
>?
 
>?
F;
JLI>O==C\H

67
B7FDR>7A
\9GD3
5

$3
D753G635;R@
FD;4GF3D;3
F3?4;O@
3G?7@FR
3G@CG7
7@

?7@AD
?76;63

EF3E
F7@67@5;3E
B7D?;F;7DA@
CG7
%OJ;5A
7@8D7@F7
>3
5D;E;E
\@3@5;7D3

?G@6;3>
5A@
43<AE
@;H7>7E
67
6O\5;F
\E53>
K
67
67G63
BS4>;53
>3
CG7
367?NE
F7@P3
G@

P?H=CGC?HNI
JLIG?>CI
>?
F;LAI
JF;TI
S
?MN;<;
>?HIGCH;>;
JLCH=CJ;FG?HN?
?H
GIH?>;

>A53>
\9GD3
6


 Tomo I
La Economía y las Finanzas Públicas

#&$2/


1"+!"+ &0
6
*q/$"+"0
#&0 )"0


3!$$-
"&)&
 &
, -)+
*7&$) 
("+ ,),
1
",-),
 &
, -)+
*7&$)

!:=.09?,50
/07
! !:=.09?,50
/07
!
 


!=:80/4: )



!=:80/4:
)


 






!=:80/4:

)
  


92=0>:>
?:?,70> 
,>?:>
?:?,70>
 92=
;0?=
0>.
/0=
 
HC4.:

0C.7
HC4.: 92=
?=4-@?
0>.
/0=

!=:80/>48;70
=@;:
  






 


 


 






  
$49
0C.7@4=
7:>
>@->4/4:>
,
7:>
.:8-@>?4-70>


+ $),
1
*+).$6(

* -+6& ) 
,-+.-.+

&
 .

K7,=0>
/0
&&
07
-,==47 7
,J:



  

  




 












!=0.4:>
/07
;0?=K70: !=:/@..
;0?=K7
8477
/0
-;/
0>.
/0= 0C4.: 
>48;70

+#









&# 
0C.7

#






0:
1+/
0C4.: 
>48;70

+#









&# 
0C.7

#





0:
1+/
0C4.: 
>48;70

+#









&# 
0C.7

#





0:
1+/



' ,A0=,20
%






+#2
0C4.: ',A0=,20
%





+#2
0C4.: ',A0=,20
%





+#2
0C4.:

 






  %:?,7
;@-74.
/0-?
49
;0=.09?
:1
!
) %*
(#(
A0=,20
8,?@=4?D
D0,=>
! !(#
%&# #
)
/0-?

# .:8;:>?4:9
49
;0=.09?
:1

%#'$!


)
!

1%#&!(

2 1"#'2 ?:?,7
/0-?
#!
+(&!&

1%#&!(


)
(#(2

#O?HN?M
#*&
%2?@=20A6C.@
12
9.
20<;<:J.
:B;16.9
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
S

?MNCG;=CIH?M
>?
FIM
;ONIL?M

);
=LCMCM
GOH>C;F
NOPI
OH
AL;H
CGJ;=NI
?H
F;
?=IHIGZ;
G?RC=;H;
;<LC?H>I
OH;
<L?=B;

67>
BDA6G5FA
;?BADF3@F7
?G5:A
?3KAD
CG7
7@
AFDAE
?7D536AE
7?7D97@F7E
\9GD3

3

+;@
7?43D9A
>AE
?ND97@7E
\E53>7E
CG7
%OJ;5A
5A@EF;FGK7D3
3@F7E
67
>3
5D;E;E

F?
J?LGCNC?LIH
NIG;L
G?>C>;M
=IHNL;=Z=FC=;M
J;L;
;N?HO;L
FIM
?@?=NIM
?=IH\GC=IM
>?F

5:ACG7
7
;@K75F3D
G@
7EFP?G>A
\E53>
67>
AD67@
67
b
BG@FAE
BAD57@FG3>7E
7@
7>


\9GD3
4
7>
5G3>
E7
6;A
7@
B3DF7
3
FD3HOE
67
G@
3G?7@FA
67>
93EFA
J]<FC=I



);
=LCMCM
GOH>C;F
NOPI
OH
AL;H
CGJ;=NI
?H
F;
?=IHIGZ;
G?RC=;H;
;<LC?H>I
OH;
<L?=B;
>?F
JLI>O=NI

;?BADF3@F7
?G5:A
?3KAD
CG7
7@
AFDAE
?7D536AE
7?7D97@F7E
\9GD3
3

+;@
7?43D9A
>AE
?ND97@7E

\E53>7E
CG7
%OJ;5A
5A@EF;FGK7D3
3@F7E
67
>3
5D;E;E
>7
B7D?;F;7DA@
FA?3D
?76;63E
5A@FD35P5>;53E
B3D3
3F7@G3D

>AE
7875FAE
75A@R?;5AE
67>
5:ACG7
7
;@K75F3D
G@
7EFP?G>A
\E53>
67>
AD67@
67
b
BG@FAE
BAD57@FG3>7E
7@

7>

\9GD3
4
7>
5G3>
E7
6;A
7@
B3DF7
3
FD3HOE
67
G@
3G?7@FA
67>
93EFA
BS4>;5A


 Tomo I
La Economía y las Finanzas Públicas

#&$2/


/" %
!")
-/,!2 1,
"
&*-2)0,
#&0 )

+ #
 &
*+).-) 
'*.&,)
!$,&
!:=.09?,50
/07
!
;:?09.4,7 !:=.09?,50
/07
!
;:?09.4,7
 
HC4.: 
0C.7
HC4.: =@;:
/0

.:8;,=,-70> HC4.: 
0C.7
HC4.: =@;:
/0

.:8;,=,-70>







 

 









 



 
  




 

#O?HN?M
#*&
-?LMJ?=NCP;M
>?
F;
?=IHIGZ;
GOH>C;F
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
S

?MNCG;=CIH?M
>?
FIM
;ONIL?M




0?=O?F;M
>?
F;
=LCMCM
7E67
7>

7>
E3>6A
\E53>
7EFDG5FGD3>
:3
?7<AD36A
F3@
EA>A
7@
c
67
BG@FA
BAD57@FG3>

GC?HNL;M
KO?
INLIM
G?L=;>IM
?G?LA?HN?M
k?H
JLIG?>CIk
;F
 
B;<Z;H
L?P?LNC>I
?F

7EFP?G>A
\E53>
53E;
BAD
5A?B>7FA

$AE
*+(
7@
7>
 
7@
%OJ;5A
3>53@L3DA@
G@


>?F
-&
OH
HCP?F
GOS
MOJ?LCIL
;
FIM
HCP?F?M
>?
G?>C;>IM
>?F
 
);
>?O>;
<LON;
B;

3G?7@F36A
67

67>
(!
7@
7>

3
G@

67>
(!
7@
7>
 
\9GD3
3



&AF3E
>
;?BG>EA
\E53>
E7
53>5G>3
5A?A
7>
@793F;HA
67
>3
H3D;35;R@
67>
E3>6A
\E53>
7EFDG5FGD3>

$ 

?R=FOC>I
*YRC=I
=IGJL?H>?
L;MCF
BCF?
IFIG<C;
-?L]
S
2LOAO;S
"F
ALOJI
>?
G?L=;>IM
?G?LA?HN?M

*"
=IGJ;L;<F?M
=IGJL?H>?
&H>C;
&H>IH?MC;
-IFIHC;
/OMC;
1;CF;H>C;
S
1OLKOZ;

 Tomo I
La Economía y las Finanzas Públicas

#&$2/


!"2!
-t)& 
/21
6
+"1

 .
+.-
 &
, -)+
*7&$) 
 .
( -
 &
, -)+
*7&$)
!:=.09?,50
/07
! !:=.09?,50
/07
!

HC4.: HC4.:

=@;:
/0

.:8;,=,-70> =@;:
.:8;,=,-70
/0

=@;:
.:9
.,7414.,.4K9
.=0/4?4.4,
>:-0=,9,
>4847,= =@;:
.:9
.,7414.,.4K9
.=0/4?4.4,
>:-0=,9,
>4847,=

0C.7
HC4.:  
0C.7
HC4.:








 





 

#O?HN?M
#*&
-?LMJ?=NCP;M
>?
F;
?=IHIGZ;
GOH>C;F
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
?MNCG;

5;A@7E
67
>AE
3GFAD7E
K
53>;\535;A@7E
3E;9@363E
BAD
>3
397@5;3
;F5:

$3
67G63
BS4>;53
@7F3
5ADD7EBA@67
3>
E3>6A
:;EFRD;5A
67
>AE
D7CG7D;?;7@FAE
\@3@5;7DAE

67>
E75FAD
BS4>;5A

$3
67G63
4DGF3
E7
A4F;7@7
EG?3@6A
>AE
35F;HAE
\@3@5;7DAE
67>

M?=NIL
J]<FC=I
;
F;
>?O>;
J]<FC=;
H?N;

OG?HNIM
J?LG;H?HN?M
>?F
A;MNI
k?H
G?>CI
>?
OH
;OA?
J?NLIF?LI
KO?
L?MOFN\
M?L

NL;HMCNILCIk
S
F;
>Y<CF
L?=OJ?L;=C\H
?=IH\GC=;
?MNXH
=IGJFC=;H>I
?F
JLI=?MI
>?

5A@EA>;635;R@
\E53>

$3
BDA6G55;R@
67
B7FDR>7A
5A@F;@GR
6;E?;@GK7@6A
67E67
>3
5D;E;E

S
GXM
L?=C?HN?G?HN?
FIM
JL?=CIM
>?F
J?NL\F?I
B;H
?GJ?T;>I
;
=;?L
"H
=IHM?=O?H=C;
B;

L?MOFN;>I
>C@Z=CF
L?P?LNCL
FIM
;OG?HNIM
?H
?F
A;MNI
J]<FC=I
);
G;SIL
J;LN?
>?F
;OG?HNI

67>
93EFA
BS4>;5A
E7
D79;EFDR
7@
7>
93EFA
5ADD;7@F7
BD;?3D;A
\9GD3
3
BD;@5;B3>?7@F7

;FL?>?>IL
>?
F;
=LCMCM
=O;H>I
YMN?
MO<C\
;
OH;
N;M;
GOS
MOJ?LCIL
;F
JLIG?>CI
>?
FIM

?7D536AE
7?7D97@F7E
\@3@5;36A
?3KAD?7@F7
3
FD3HOE
67
G@
3G?7@FA
7@
7>
6O\5;F

\E53>
\9GD3
4



+IN;M
)

?R=FOC>I
*YRC=I
=IGJL?H>?
L;MCF
BCF?
IFIG<C;
-?L]
S
2LOAO;S
"F
ALOJI
>?

G?L=;>IM
?G?LA?HN?M
*"
=IGJ;L;<F?M
=IGJL?H>?
&H>C;
&H>IH?MC;
-IFIHC;
/OMC;
1;CF;H>C;
S

,GDCGP3

(3D3
%OJ;5A
7>
6O\5;F
9>A43>
67>
E75FAD
BS4>;5A
5ADD7EBA@67
3
>AE
*+(
BAD
AFDA
>36A
>AE

;@9D7EAE
K
93EFAE
E7
:3@
3<GEF36A
5A@8AD?7
3
>3E
67\@;5;A@7E
67>
%(
 
;@5>G;63
>3
5>3E;\535;R@
67

FIM
MO<MC>CIM
;
FIM
=IG<OMNC<F?M
=IGI
A;MNI

 Tomo I
La Economía y las Finanzas Públicas

#&$2/

$01,
-/&*/&,


+$$6(
 &
",-)
*+$'+$)

9 
$(($'$ (-)

&),
.' (-),
 &
",-)
*+$'+$)
!:=.09?,50
/07
! !:=.09?,50
/07
!


 




  #0A09@0>
!&'#' :B0=
49?0=0>?
-477
)/ 
#'
%#'

!(&''
 014.4? 9.=0,>0
49
;=48,=D
0C;09/4?@=0
 ( ) !(#

'(#
%& &#



 










0C4.: 

0C.7

+#








&)%#









0:
1+/
0C4.: 

0C.7

+#








&)%#









0:
1+/

# %&'








+#2 # %&'








+#2
.:8;,=,?:=
0C4.: .:8;,=,?:=
0C4.: 
2=:@; 2=:@;
'(#

%(
'(#
%& &#
#&&!( 
!=48,=D
.@==09?
0C;09/4?@=0 ,;4?,7
0C;09/4?@=0 




  
 

#O?HN?M
#*&
-?LMJ?=NCP;M
>?
F;
?=IHIGZ;
GOH>C;F
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
, !"
S

?MNCG;=CIH?M
>?
FIM
;ONIL?M

"F
;OG?HNI
>?F
A;MNI
?H
J?HMCIH?M
?H
MO<MC>CIM
S
NL;HM@?L?H=C;M
?RJFC=;H
OH;
@L;==C\H

CGJILN;HN?
>?F
;OG?HNI
>?F
A;MNI
=ILLC?HN?
JLCG;LCI
!?
B?=BI
?F
CH=L?G?HNI
?H

MO<MC>CIM
S
NL;HM@?L?H=C;M
kCH=FOC>;M
F;M
NL;HM@?L?H=C;M
;MI=C;>;M
=IH
JLIAL;G;M

EA5;3>7EX
E7
357>7DR
67E67
7>

\9GD3
3

.;EFA
67E67
G@3
5>3E;\535;R@

@OH=CIH;F
?F
;OG?HNI
>?F
A;MNI
B;
MC>I
GXM
JLIHOH=C;>I
?H
F;M
XL?;M
>?
>?M;LLIFFI

EA5;3>
K
75A@R?;5A
\9GD3
4

>
3G?7@FA
67
7EF3
S>F;?3
53F79ADP3
A476757
53E;
7@

MO
NIN;FC>;>
;
A;MNIM
L?F;=CIH;>IM
;F
M?=NIL
?H?LAZ;
CH=FOC>;
-"*"5
"F
;OG?HNI
?H

?F
A;MNI
?H
>?M;LLIFFI
MI=C;F
M?
?RJFC=;
JLCH=CJ;FG?HN?
JIL
CH=L?G?HNIM
?H
F;M
XL?;M

67
76G535;R@
E3>G6
K
BDAF755;R@
EA5;3>
\9GD3
5
BD;@5;B3>?7@F7
7@
93EFA
5ADD;7@F7


+I
I<MN;HN?
FIM
HCP?F?M
>?
A;MNI
?H
?>O=;=C\H
S
M;FO>
?H
*YRC=I
MIH
;]H
GXM
<;DIM

CG7
>AE
A4E7DH36AE
7@
AFDAE
?7D536AE
7?7D97@F7E
K
B3PE7E
67
>3
D79;R@
\9GD3
6


0CH
?G<;LAI
J;L;
G;HN?H?L
F;
N?H>?H=C;
>?F
A;MNI
?H
?MN;M
XL?;M
M?
H?=?MCN;
L?;FCT;L

L?>O==CIH?M
?H
INL;M
S
?H=IHNL;L
HO?P;M
@O?HN?M
>?
CHAL?MIM
NLC<ON;LCIM
J?LG;H?HN?M



&AF3E
>
;?BG>EA
\E53>
E7
53>5G>3
5A?A
7>
@793F;HA
67
>3
H3D;35;R@
67>
E3>6A
\E53>
7EFDG5FGD3>

$ 

?R=FOC>I
*YRC=I
=IGJL?H>?
L;MCF
BCF?
IFIG<C;
-?L]
S
2LOAO;S
"F
ALOJI
>?
G?L=;>IM
?G?LA?HN?M

*"
=IGJ;L;<F?M
=IGJL?H>?
&H>C;
&H>IH?MC;
-IFIHC;
/OMC;
1;CF;H>C;
S
1OLKOZ;

 Tomo I
La Economía y las Finanzas Públicas

#&$2/

1"+!"+ &0
!")
$01,
-,/
q/"


)'*),$$6(
 &
",-)
*+$'+$)
)++$ (- 
&,$!$$6(
!.($)(&
 &
",-)

!:=.09?,50
/07
! !:=.09?,50
/07
!
  
$@->4/4:>
D
?=,9>10=09.4,> !09>4:90> ?=:>
0>.
/0= :-40=9: 0>,==:77:
>:.4,7 0>,==:77:
0.:9K84.: ?=:>





 



 

 





 






 


 



 



 
 


,-)
(
 ,++)&&)
,)$& 
,-)
,)$&


!:=.09?,50
/07
! !:=.09?,50
/07
!

 HC4.:
 
0C.7
HC4.:

 !=:80/4:

$,7@/ /@.,.4K9 !=:?0..4K9
>:.4,7 ?=:>









 /@.,?4:9 0,7?3 $:.4,7
;=:?0.?4:9
)$!






























)


























&#($!
'#




 



 
  
,?:>
/0
0/@.,.4K9
>,7@/
D
;=:?0..4K9
>:.4,7
.:==0>;:9/409?0>
,

 


:>
/,?:>
/0
0/@.,.4K9
/0
!0=L
.:==0>;:9/09
,


D
/0
;=:?0..4K9
>:.4,7
,

 

#O?HN?M
#*&
-?LMJ?=NCP;M
>?
F;
?=IHIGZ;
GOH>C;F
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
, !"
S

?MNCG;=CIH?M
>?
FIM
;ONIL?M

*YRC=I
B;
FF?P;>I
;
=;<I
=O;NLI
L?@ILG;M
NLC<ON;LC;M
?H
F;
]FNCG;
>Y=;>;
KO?
B;H

=IHNLC<OC>I
;
OH
;OG?HNI
?MNCG;>I
>?
FIM
CHAL?MIM
NLC<ON;LCIM
?H
?F
IL>?H
>?
NL?M
JOHNIM

JIL=?HNO;F?M
>?F
-&
;F
 
CH=FOS?H>I
?F
CGJ;=NI
>?
F;
]FNCG;
L?@ILG;
OH
;MZ

;=NO;FG?HN?
FIM
CHAL?MIM
NLC<ON;LCIM
?H
*YRC=I
MCAO?H
MC?H>I
<;DIM
?H
=IGJ;L;=C\H

5A@
AFDAE
B3PE7E
\9GD3E
3
K
4

$3E
?A67EF3E
?7<AD3E
67
>3
D753G635;R@
67EBGOE

>?
=;>;
L?@ILG;
CH?PCN;<F?G?HN?
A?H?L;H
?RJ?=N;NCP;M
?H
?F
M?=NIL
JLCP;>I
>?
GXM

L?@ILG;M
NLC<ON;LC;M
?H
?F
@ONOLI
"MN;
CH=?LNC>OG<L?
k;OHKO?
CHPIFOHN;LC;k
;@?=N;

@793F;H3?7@F7
3
>3
;@H7DE;R@
BD;H363

(AD
7>>A
E7DP3
5A@H7@;7@F7
F7@7D
D78AD?3E
\E53>7E

GXM
;G<C=CIM;M
J?LI
G?HIM
@L?=O?HN?M


&AF3E
>
9DGBA
5A@
53>;\535;R@
5D76;F;5;3
E;?;>3D
3E;9@363
BAD
>3
397@5;3
;F5:
;@5>GK7
D3E;>
:;>7

IFIG<C;
&H>C;
-IFIHC;
/OMC;
0O>X@LC=;
1;CF;H>C;
S
1OLKOZ;
)

?R=FOC>I
*YRC=I
=IGJL?H>?

L;MCF
BCF?
IFIG<C;
-?L]
S
2LOAO;S
"F
ALOJI
>?
G?L=;>IM
?G?LA?HN?M
*"
=IGJ;L;<F?M
=IGJL?H>?

&H>C;
&H>IH?MC;
-IFIHC;
/OMC;
1;CF;H>C;
S
1OLKOZ;



"R=FOS?H>I
CHAL?MIM
JIL
?F
&"-0
KO?
M?
P?H
;@?=N;>IM
JIL
F;
L?=C?HN?
L?>O==C\H
?H
FIM
JL?=CIM
>?F

J?NL\F?I

 Tomo I
La Economía y las Finanzas Públicas

#&$2/


&+$/"0,0
1/&21/&,0

("+ ,),
-+$.-+$),
 
)'*),$$6(

&),
$("+ ,),
-+$.-+$),
 &
")$ +()

!:=.09?,50
/07
! !:=.09?,50
/07
!
 
' 8;@0>?:>
0>;0.I14.:> 8;@0>?:
>:-=0
7,
=09?, ?=:
492=0>:
?=4-@?,=4:
 !,I>0>
080=209?0>
D
09
/0>,==:77: 
0C.7
HC4.:




92=0>:
?=4-@?,=4:






 )

 


  80=2492
,9/

0C.7
0C4.: +#
6458



0C4.:

 














''
 &!('













0:


     /0A07:;492

,
!
'&&##








1+/
+#2
!
;0=
.G;4?,
-,>,/:
09
7,
!! .:@9?=40>

#O?HN?M
#*&
-?LMJ?=NCP;M
>?
F;
?=IHIGZ;
GOH>C;F
;ONILC>;>?M
H;=CIH;F?M
, !"
S
?MNCG;=CIH?M
>?

FIM
;ONIL?M

@
D7EG?7@
3>FAE
6O\5;FE
\E53>7E
7@
3QAE
D75;7@F7E
7@
%OJ;5A
:3@
>>7H36A
3
CG7
>3

>?O>;
J]<FC=;
;OG?HN?
"F
HCP?F
>?
>?O>;
<LON;
 
>?F
-&
?H
 
?M
?F?P;>I
?H

=IGJ;L;=C\H
;
INLIM
G?L=;>IM
?G?LA?HN?M
0CH
?G<;LAI
OH
;HXFCMCM
>?
MIMN?HC<CFC>;>

J?LGCN?
=IH=FOCL
KO?
F;
>?O>;
J]<FC=;
>?
*YRC=I
?M
MIMN?HC<F?
<;DI
F;M
JLIS?==CIH?M

35FG3>7E
67
?76;3@A
B>3LA
\9GD3
3
%!
 3

E;?;E?A
>3
7EFDG5FGD3
67
67G63

BS4>;53
67
%OJ;5A
5A@F;@S3
E;7@6A
ER>;63
5A@
G@
B7D\>
?76;A
67
H7@5;?;7@FAE
K
67

>?HIGCH;=C\H
?H
GIH?>;
FI=;F
MCGCF;L
;
FIM
HCP?F?M
I<M?LP;>IM
;HN?M
>?
F;
=LCMCM
S
;

>3
67
B3PE7E
:A?R>A9AE
\9GD3
4


+I
B;S
=IHM?HMI
?H
F;
FCN?L;NOL;
?=IH\GC=;
=IH
L?MJ?=NI
;
OG<L;F?M
>?
>?O>;
GXM

;FFX
>?
FIM
=O;F?M
F;M
J?LMJ?=NCP;M
>?
=L?=CGC?HNI
M?
P?H
;@?=N;>;M
#*&
 
S
F;

?PC>?H=C;
?GJZLC=;
MOAC?L?
OH
<;DI
HCP?F
>?
M?HMC<CFC>;>
>?
FIM
>C@?L?H=C;F?M
>?
N;M;M

>?
CHN?LYM
;
FIM
HCP?F?M
>?
?H>?O>;GC?HNI
JIL
?D?GJFI
!?FFo"L<;
2A
.9
 
?FF;M

2A
.9
  
0CH
?G<;LAI
?MN;
?PC>?H=C;
?GJZLC=;
HI
=;JN;
?F
LC?MAI
>?
=;G<CIM

;<LOJNIM
?H
F;M
J?L=?J=CIH?M
>?F
G?L=;>I
NL;M
OH;
JYL>C>;
>?
=L?>C<CFC>;>
!?<C>I

JL?=CM;G?HN?
;
?MN;
H;NOL;F?T;
CH=C?LN;
>?
FIM
G?L=;>IM
k=;L;=N?LCT;>;
JIL
;OG?HNIM

5A@E;67D34>7E
67
F3E3E
67
;@F7DOE
5G3@6A
E7
B;7D67
>3
5A@\3@L3X
7E
CG7
>3
97EF;R@

\E53>
6747
34AD63DE7
5A@
BDG67@5;3

G3@6A
G@
B3PE
CG763
3FD3B36A
7@
G@
7CG;>;4D;A

>?
<;D;
=L?>C<CFC>;>
?M
GOS
>C@Z=CF
PIFP?L
;NLXM



!?FFo"L<;
2A
.9
 
S
?FF;M
2A
.9
 
5A@5>GK7@
CG7
G@
3G?7@FA
67>

67>
5A7\5;7@F7
67
67G63

J]<FC=;
-&
M?
NL;>O=CLZ;
?H
OH
;OG?HNI
>?
?HNL?

S

JOHNIM
<XMC=IM
?H
FIM
>C@?L?H=C;F?M
>?
N;M;M
>?

CHN?LYM



!OL;HN?
  j 
FIM
>C@?L?H=C;F?M
>?
N;M;M
>?
CHN?LYM
>?
F;
>?O>;
MI<?L;H;
>?
-ILNOA;F
?
&LF;H>;
M?

MCNO;LIH
?HNL?

S

J<
JIL
?H=CG;
>?F
HCP?F
MOA?LC>I
JIL
OH;
L?F;=C\H
FCH?;F
?HNL?
>C@?L?H=C;F?M
S

HCP?F?M
>?
>?O>;
!?
$L;OQ?
S
6C
 

 Tomo I
La Economía y las Finanzas Públicas

#&$2/

0,01"+&&)&!!
!"
)
!"2!
6
,*-,0& &s+
!"
)
!"2!


 .
*7&$
+.-

)-.+

 
,-+.-.+

&
 .
!:=.09?,50
/07
! 7
,J:

 
 
>.09,=4:
-,>0 $3:.6
.:8-49,/:
















0C4.: 
>48;70

+#









&# 
0C.7

#






0:
0C4.: 
>48;70

+#









&# 
0C.7

#





0:
1+/
0C4.: 
>48;70

+#









&# 
0C.7

#





0:
1+/

 1+/
,A0=,20 0C4.: ',A0=,20 0C4.:
%





+#2 ',A0=,20 0C4.:
%





+#2
' %






+#2

 

 
 
 
  %:?,7
;@-74.
/0-?
49
;0=.09?
:1
! A0=,20
8,?@=4?D
D0,=>
! !(#
%&# #
)
/0-?

# .:8;:>?4:9
49
;0=.09?
:1

%#'$!


)
!

) %*
(#(
1"#'2 ?:?,7
/0-?
#!
+(&!&

1%#&!(

2 1%#&!(


)
(#(2

#O?HN?M
ONILC>;>?M
H;=CIH;F?M
#*&
 ;
?MNCG;=CIH?M
>?
FIM
;ONIL?M
S
;A?H=C;
#CN=B

0!
HXFCMCM
>?
MIMN?HC<CFC>;>
>?
F;
>?O>;

&&&


!"
/
)
#212/,
!"0#r,0
6
,- &,+"0
!"
-,)r1& 0

"F
AI<C?LHI
JL?PY
L?>O=CL
AL;>O;FG?HN?
FIM
/#0-
>?
OH
 
>?F
-&
?H
 
;
OH


B3D3
7>
 

EF3
;@;5;3F;H3
67
5A@EA>;635;R@
367?NE
67
3\3@L3D
>3
5D76;4;>;636

67
>3
BA>PF;53
\E53>
5D73DP3
7>
7EB35;A
B3D3
7@8D7@F3D
67E38PAE
3
5ADFA
K
?76;3@A
B>3LA

;@5>G;63
>3
53P63
E;9@;\53F;H3
67
>AE
BD75;AE
67>
B7FDR>7A
K
>AE
?3KAD7E
D;7E9AE
3

>3
BDA6G55;R@
67>
B7FDR>7A

\3@L3D
>3
D79>3
\E53>
5A@
G@3
@G7H3
3@5>3
@A?;@3>
K

@ILN;F?=?L
?F
G;L=I
CHMNCNO=CIH;F
J;L;
?F
M?AOCGC?HNI
S
F;
?P;FO;=C\H
>?
F;
JIFZNC=;

\E53>
5A@FD;4G;DP3@
3
D78ADL3D
>3
6;E5;B>;@3
\E53>




!?M;@ZIM
;
G?>C;HI
S
=ILNI
JF;TI
"H
FIM
]FNCGIM
>C?T
;[IM
?F
;OG?HNI
>?
FIM
JL?=CIM
>?F
J?NL\F?I
kM;FPI
F;
>CMGCHO=C\H

FD3@E;FAD;3
6GD3@F7
>3
5D;E;E
\@3@5;7D3
?G@6;3>X
@7GFD3>;LR
7>
;?B35FA
CG7
G@3
?7@AD

BDA6G55;R@
FGHA
7@
>3E
\@3@L3E
BS4>;53E

+;@
7?43D9A
67E67
?76;36AE
67
 

FIM
JL?=CIM
>?F
J?NL\F?I
M?
>?LLOG<;LIH
);M
JLIS?==CIH?M
;=NO;F?M
MOAC?L?H
OH;

L?=OJ?L;=C\H
AL;>O;F
>?
FIM
JL?=CIM
>?F
J?NL\F?I
J?LI
B;MN;
HCP?F?M
GO=BI
GXM
<;DIM

CG7
>AE
CG7
E7
7EB7D343
F3@
EA>A
:357
?7@AE
67
G@
3QA
\9GD3


%;7@FD3E
F3@FA
>3

JLI>O==C\H
>?
J?NL\F?I
MCAO?
?H
>?M=?HMI
OH;
N?H>?H=C;
KO?
M?
?MJ?L;
M?
L?PC?LN;

FO?AI
>?
OH;
?D?=O=C\H
?RCNIM;
>?
F;
L?@ILG;
>?F
M?=NIL
?H?LAYNC=I
#*&
 <

+IN;M
"F
MBI=E
=IG<CH;>I
CH=FOS?
OH;
L?>O==C\H
>?F
=L?=CGC?HNI
>?F
-&
 
JOHNIM
JIL=?HNO;F?M
?H



 W 
G@
3G?7@FA
67
>3E
F3E3E
67
;@F7DOE

BG@FAE
4NE;5AE
7@
 W 
K
G@
?3KAD
6O\5;F
BD;?3D;A

 
JOHNIM
JIL=?HNO;F?M
>?F
-&
?H
 j
?H
L?F;=C\H
=IH
?F
?M=?H;LCI
<;M?

 Tomo I
La Economía y las Finanzas Públicas

#&$2/

-/" &,0
!")
-"1/s)",
6
-/,6" &,+"0
!"
)
-/,!2 &s+
K7,=0>
/0
&&
07
-,==47
D
8-/

 




















!=0.4:>
!0?=K70:
0>.09,=4:
-,>0
:.?@-=0

 

!=0.4:>
!0?=K70:
0>.09,=4:
-,>0
,-=47

 
!=:/@..4K9
/0
!0?=K70:
8477:90>
-;/
0>.
/0=



 



 
 

 
 
 
 



#O?HN?M
#*&
 <
#*&
-?LMJ?=NCP;M
>?
F;
?=IHIGZ;
GOH>C;F

$AE
D;7E9AE
\E53>7E
3EA5;36AE
3
>AE
;@9D7EAE
B7FDA>7DAE
EA@
BAD
>A
F3@FA
3>FAE

>D7676AD

67
G@
F7D5;A
67
>AE
;@9D7EAE
\E53>7E
BDA5767@
67
>3E
H7@F3E
67
:;6DA53D4GDAE

&A

A4EF3@F7
7>
;?B35FA
\E53>
67
>AE
BD75;AE
?NE
43<AE
67>
B7FDR>7A
7E
3F7@G36A
7@
B3DF7

JIL
F;M
JIFZNC=;M
>?
;DOMN?
>?
FIM
JL?=CIM
>?
FIM
=IG<OMNC<F?M
2H;
AL;H
JLIJIL=C\H
>?

FIM
CHAL?MIM
J?NLIF?LIM
=ILL?MJIH>?H
;
F;M
P?HN;M
FI=;F?M
>?
>?LCP;>IM
>?F
J?NL\F?I

@OH>;G?HN;FG?HN?
?F
>CYM?F
S
;
A;MIFCH;
;
JL?=CIM
L?AOF;>IM
IGI
*YRC=I
CGJILN;

>?LCP;>IM
>?
J?NL\F?I
?F
=IGJIH?HN?
P;LC;<F?
>?F
CGJO?MNI
?MJ?=C;F
MI<L?
JLI>O==C\H

S
M?LPC=CIM
&"-0
A?H?L;
OH;
G;SIL
L?=;O>;=C\H
=O;H>I
FIM
JL?=CIM
CHN?LH;=CIH;F?M

>?F
J?NL\F?I
MIH
<;DIM
FI
KO?
;GILNCAO;
F;
=;Z>;
>?
FIM
CHAL?MIM
L?F;=CIH;>IM
=IH
F;M

7JBADF35;A@7E

$3
7JBAE;5;R@
\E53>
@7F3
3
>3E
H3D;35;A@7E
7@
7>
BD75;A
;@F7D@35;A@3>

>?F
J?NL\F?I
?MNX
>?N?LGCH;>;
JIL
F;M
?RJILN;=CIH?M
H?N;M
>?
J?NL\F?I
>?F
M?=NIL

J]<FC=I
KO?
JLIG?>C\
OH
 
>?F
-&
>OL;HN?
?F
J?LZI>I
 j 
"F
JLIAL;G;

67
5A47DFGD3E
B7FDA>7D3E
67
%OJ;5A
BDAF797
>3E
\@3@L3E
BS4>;53E
8D7@F7
3
7EF7
D;79A

J?LI
N;H
MIFI
JIL
OH
;[I
$AE
D;7E9AE
\E53>7E
67D;H36AE
67
53?4;AE
7@
>3
BDA6G55;R@
B7FDA>7D3
EA@
F3?4;O@

CGJILN;HN?M
S
=;L?=?H
>?
@;=NIL?M
GCNCA;HN?M
=IGI
?H
?F
=;MI
>?
OH;
=;Z>;
?H
FIM

JL?=CIM
"F
KO?
-"*"5
HI
FIAL?
?MN;<CFCT;L
F;
JLI>O==C\H
>?
J?NL\F?I
?M
OH
LC?MAI




*YRC=I
=IGJL;
IJ=CIH?M
>?
P?HN;
=BA
=IH
JL?=CI
>?
?D?L=C=CI
CAO;F
;F
JL?=CI
>?
L?@?L?H=C;
ONCFCT;>I

?H
?F
JL?MOJO?MNI
S
BILCTIHN?
>?
OH
;[I



);
=;L?H=C;
>?
@;=NIL?M
GCNCA;HN?M
CGJFC=;
KO?
OH;
=;Z>;
>?

JOHNI
JIL=?HNO;F
?H
F;
JLI>O==C\H

B7FDA>7D3
F7@93
G@
;?B35FA
\E53>
?3KAD
CG7
G@3
53P63
67

BG@FA
BAD57@FG3>
7@
>AE
BD75;AE
;@F7D@35;A@3>7E

>?F
J?NL\F?I


 Tomo I
La Economía y las Finanzas Públicas

\E53>
;?BADF3@F7

(AD
AFDA
>36A
>AE
43<AE
BD75;AE
67>
B7FDR>7A
BG767@
3875F3D
7>
;@F7DOE

67
>AE
;@H7DEAD7E
7@
7JB>AD3D
K
7JB>AF3D
B7FDR>7A
7@
%OJ;5A
7@
7EB75;3>
>3E
\D?3E
5A@

L?MNLC==CIH?M
>?
FCKOC>?T
);
G;SILZ;
>?
FIM
S;=CGC?HNIM
>?
F;
/IH>;

NC?H?H
=IMNIM

>?
JLI>O==C\H
<;DIM
>?
GI>I
KO?
?MN?
LC?MAI
JIMC<F?G?HN?
M?;
GXM
JLIHOH=C;>I
?H

;[IM
JIMN?LCIL?M
;
G?HIM
KO?
FIM
JL?=CIM
>?F
J?NL\F?I
M?
L?=OJ?L?H
GXM
LXJC>I
>?
FI

?MJ?L;>I
@
7>
N?4;FA
\@3@5;7DA
7JF7D@A
E7
7EB7D3
CG7
>3
E;9G;7@F7
83E7
67>
BDA57EA
67

@AD?3>;L35;R@
67
>3
BA>PF;53
?A@7F3D;3
67
EF36AE
-@;6AE
5A?;7@57
3
\@7E
67>

 
0CH
?G<;LAI
B;S
AL;H
CH=?LNC>OG<L?
MI<L?
F;
NL;S?=NILC;
>?
F;M
N;M;M
>?

;@F7DOE
7EF36AG@;67@E7E
3
>3D9A
B>3LA
\9GD3!
3

EF3
;@57DF;6G?4D7
BAE;4>7?7@F7

?MNY
L?J?L=ONC?H>I
?H
FIM
>C@?L?H=C;F?M
>?
N;M;M
>?
CHN?LYM
MI<?L;HIM
?H
G?L=;>IM

7?7D97@F7E
5GK3
HA>3F;>;636
E7
:3
;@F7@E;\536A
67E67
\@7E
67>
 
\9GD3!
4

JIMC<F?G?HN?
JIL
F;
CH=?LNC>OG<L?
MI<L?
?F
CGJ;=NI
?H
FIM
G?L=;>IM
?G?LA?HN?M
S
?H

F;
=;J;=C>;>
>?
M?LPCL
S
L?HIP;L
F;
>?O>;
>?
MOM
AI<C?LHIM
)IM
>C@?L?H=C;F?M
>?
N;M;M

>?
CHN?LYM
MI<?L;HIM
>?
*YRC=I
;]H
MIH
<;DIM
L?MJ?=NI
>?
F;
G;SILZ;
>?
FIM
INLIM

G?L=;>IM
?G?LA?HN?M
MCH
?G<;LAI
F;
?PC>?H=C;
?GJZLC=;
MOAC?L?
KO?
F;M
N;M;M
>?

*YRC=I
;
F;LAI
JF;TI
JI>LZ;H
L?;==CIH;L
?H
GXM
>?
OHI
;
OHI
;
FIM
;OG?HNIM
>?
F;M

N;M;M
>?
CHN?LYM
?H
"MN;>IM
2HC>IM
(;GCF
2A
.9
JL\RCG;
JO<FC=;=C\H
2H
;OG?HNI

>?
F;M
N;M;M
>?
CHN?LYM
;
F;LAI
JF;TI
MOJ?LCIL
;
FI
?MJ?L;>I
;=?HNO;LZ;
F;M
JL?MCIH?M

\E53>7E

#&$2/

-/,6" &,+"0
!")
/"+!&*&"+1,
!"
),0
,+,0

"01!,2+&!"+0"0


W,0
6
!&#"/"+ &)"0
!"
100
!"

&+1"/V0
"+
*"/ !,0
"*"/$"+1"0

+)1 $6(
 &
+ ($'$ (-)

&),
)(),
 &
 ,)+)

,-),

 .
,) +(
(
')( 
0-+(% +
$! + ($&



($),


5), 5),
!:=.09?,50 !:=.09?,50
 
!0=.09?47

 
0C.7
HC4.:
 !=:80/4:


 HC4.:

49,C













 


 



 
 

 
 
  
,?:>
/0
!0=L
/4>;:94-70>
,
;,=?4=
/0
1490>
/0
090=:
/0

 


9.7@D0
=,>47
:7:8-4,
3470
9/:90>4,
HC4.:
%@=<@I,
!0=L
474;49,>
D
'090E@07,

G7@F7E
>AA?47D9
$
(

7EF;?35;A@7E
67
>AE
3GFAD7E
K
3@5A
67
>3
*7E7DH3
767D3>
67
;>367>\3


 Tomo I
La Economía y las Finanzas Públicas




ADF3>757D
7>
?3D5A
\E53>

$3
$*(
3BDA4363
7@
7>

F7@P3
5A?A
A4<7F;HA
3\3@L3D
7>
67E7?B7QA
3>53@L36A

7@
FOD?;@A
67
6O\5;FE
\E53>7E
43<AE
D75G36DA

3
>3
H7L
CG7
;@5>GP3
G@3
5>NGEG>3
67

7E53B7
B3D3
B7D?;F;D
]7J;4;>;636
3
>3
BA>PF;53
\E53>
7@
53EA
67
5:ACG7E
36H7DEAE

$3

$*(
8G7
7875F;H3
7@
B7D?;F;D
]7J;4;>;636
7@
D7EBG7EF3
3
>3
5D;E;E
9>A43>
67>


B7DA
EG
674;>;636
BD;@5;B3>
8G7
>3
53D7@5;3
67
?753@;E?AE
EG\5;7@F7?7@F7
D7EFD;5F;HAE

>OL;HN?
?F
J?LCI>I
JIMN?LCIL
;
F;
=LCMCM
KO?
J?LGCN;H
?F
L?NILHI
?H
OH
NC?GJI
;>?=O;>I

3
6O\5;FE
\E53>7E
EAEF7@;4>7E

A?A
D7EG>F36A
>3
FD3K75FAD;3
67
>3
67G63
:3
3G?7@F36A

D7;F7D363?7@F7
7@
>AE
S>F;?AE
3QAE
\9GD3


#&$2/
 
!"2!
-t)& 
/21
 .
*7&$
+.-
!:=.09?,50
/07
!

F)


(
F)

 
(
 F)

 
(
F)



(

 



 
 

 
 
 
 



#O?HN?M
#*&
-?LMJ?=NCP;M
>?
F;
?=IHIGZ;
GOH>C;F
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
S

?MNCG;=CIH?M
>?
FIM
;ONIL?M



+IN;
)IM
CHAL?MIM
J?NLIF?LIM
?R=?>?HN?M
;=OGOF;>IM
M?
=;F=OF;H
=IGI
F;
>C@?L?H=C;
;=OGOF;>;
?HNL?

FIM
CHAL?MIM
J?NLIF?LIM
L?=C<C>IM
S
FIM
?MNCG;>IM
?H
F;
)?S
>?
&HAL?MIM
>?
F;
#?>?L;=C\H

 Tomo I
La Economía y las Finanzas Públicas

/" 2!/,

-/&+ &-)"0
/ 1"/r01& 0
!")
*/ ,
#&0 )







!























GD3@F7
7>
B7DPA6A
 
%OJ;5A
?3@FGHA
6O\5;FE
\E53>7E
57D53@AE
3
57DA
?76;6AE
7@
8G@5;R@
67>
43>3@57
BD7

EGBG7EF3D;A
FD36;5;A@3>

>
BDABRE;FA
67
>3
$(*
7D3
3\3@L3D
7EF7
67E7?B7QA
?76;3@F7
>3
;@FDA6G55;R@
67
G@
A4<7F;HA

67
Y43>3@57
57DAZ
7@
>3
?76;63
FD36;5;A@3>
67>
6O\5;F
\E53>

,3?4;O@
;@FDA6G<A
G@
BD75;A
67
D787D7@5;3
B3D3
7>
B7FDR>7A

3
GF;>;L3DE7
7@
>3E
BDAK755;A@7E
67
;@9D7EAE
B3D3
3F7@G3D
7>
;?B35FA
CG7
>3E
]G5FG35;A@7E
3
5ADFA
B>3LA
67
>AE
BD75;AE
67>

J?NL\F?I
NC?H?H
?H
?F
JL?MOJO?MNI
2H;
J;LN?
>?F
?R=?>?HN?
>?
CHAL?MIM
J?NLIF?LIM
>?<Z;
ONCFCT;LM?
J;L;
=IGJ?HM;L
?F
?R=?MI

>?
>?N?LGCH;>;M
J;LNC>;M
JL?MOJO?MN;LC;M
JIL
?D?GJFI
G;SIL?M
=IMNIM
JIL
=IH=?JNI
>?
CHN?L?M?M
?
CH=L?G?HNIM
?H
FIM
JL?

=CIM
>?
=IG<OMNC<F?M
@;=NOL;>IM
JIL
F;
=IGJ;[Z;
>?
?F?=NLC=C>;>
?MN;N;F
);
INL;
J;LN?
>?<Z;
;MCAH;LM?
;
>CP?LMIM
@IH>IM
>?

?MN;<CFCT;=C\H
;OHKO?
MIFI
B;MN;
>?N?LGCH;>IM
FZGCN?M





 















!

);
F?S
?RCA?
KO?
M?
JL?M?HN?H
JL?MOJO?MNIM
;HO;F?M

?H
?F
=IHN?RNI
>?
OH
G;L=I
=O;HNCN;NCPI
;
F;LAI
JF;TI
=IH
JLIS?==CIH?M
J;L;
FIM
JL\RCGIM
=CH=I
;[IM
S
KO?
M?
?P;F]?H
FIM

5AEFAE
\E53>7E
3EA5;36AE
5A@
>3E
@G7H3E
;@;5;3F;H3E
>793>7E

'FD3E
6;EBAE;5;A@7E
B3D3
3\3@L3D
>3
97EF;R@
67>
93EFA
;@5>GK7@
G@3

G;SIL
NL;HMJ;L?H=C;
S
=IHNLIF?M
GXM
?MNLC=NIM
MI<L?
?F
OMI
>?
@IH>IM
>?
?MN;<CFCT;=C\H
OH;
G;SIL
L?H>C=C\H
>?
=O?HN;M
?H
F;

E7>755;R@
67
BDAK75FAE
67
;@H7DE;R@
K
BDA9D3?3E
EA5;3>7E
?76;3@F7
G@
3@N>;E;E
67
>3
D7>35;R@
5AEFA 47@7\5;A
K
?76;63E
B3D3

@ILGOF;L
JL?MOJO?MNIM
<;M;>I
?H
L?MOFN;>IM
L?KOCLCYH>IM?
J;L;
?FFI
?F
?MN;<F?=CGC?HNI
>?
CH>C=;>IL?M
KO?
GC>;H
FIM
L?MOFN;>IM

>?F
JLIAL;G;



!

 


>
43>3@57
FD36;5;A@3>
@A
D7]7<3
3675G363?7@F7
>3
6;@N?;53
67
>3
67G63
BS4>;53


(AD
AFD3
B3DF7
EG
67\@;5;R@
E7
]7J;4;>;LR
3>
7J5>GCL
F;M
CHP?LMCIH?M
>?
-"*"5
S
GXM
L?=C?HN?G?HN?
F;M
>?
#"
S
;FAOHIM

BDAK75FAE
7EFD3FO9;5AE

@
D7EBG7EF3
3
7EF3E
>;?;F3@F7E
>AE
*+(
G@3
?76;63
?NE
;@F79D3>
67>
6O\5;F
\E53>
K
BAD
5A@E;9G;

?HN?
?NE
D7>7H3@F7
B3D3
>3
6;@N?;53
67
>3
67G63
E7
5A@H;DF;7DA@
7@
G@
@G7HA
A4<7F;HA
\E53>

@
E79G@6A
>G93D
E7
\<R

G@

N?=BI
;
F;
N;M;
L?;F
>?
=L?=CGC?HNI
>?F
A;MNI
=ILLC?HN?
?MNLO=NOL;F
CHC=C;FG?HN?
CAO;F
;

S
>?
 
?H
;>?F;HN?
CAO;F
;F

=L?=CGC?HNI
L?;F
>?F
JLI>O=NI
JIN?H=C;F
"H
PCLNO>
>?
MO
HO?P;
MCNO;=C\H
DOLZ>C=;
-"*"5
S
#"
>?<?H
;BIL;
=OGJFCL
=IH

EGE
BDAB;AE
A4<7F;HAE
67
D7EG>F36AE
\@3@5;7DAE













"F
#IH>I
*?RC=;HI
>?F
-?NL\F?I
;>GCHCMNL;
>?M>?
?F
 

NI>IM
FIM
CHAL?MIM
S
J;AIM
L?F;=CIH;>IM
=IH
?F
J?NL\F?I
M;FPI
FIM
CGJO?MNIM
"F
AI<C?LHI
@?>?L;F
S;
HI
L?=C<?
CHAL?MIM

JLI=?>?HN?M
>?F
J?NL\F?I
>CL?=N;G?HN?
>?
-"*"5
M;FPI
JIL
?F
CGJO?MNI
MI<L?
F;
L?HN;
;JFC=;<F?
N;G<CYH
;
J?NLIF?L;M
>?F

M?=NIL
JLCP;>I
S
?H
MO
FOA;L
L?=C<?
NL;HM@?L?H=C;M
>?F
#IH>I
*?RC=;HI
>?F
-?NL\F?I
>?
B;MN;
?F
 
>?F
-&
2H;
P?T

KO?
?F
;BILLI
;
F;LAI
JF;TI
;=OGOF;>I
?H
?F
#IH>I
*?RC=;HI
>?F
-?NL\F?I
;M=C?H>;
;F

>?F
-&
M?
JLI=?>?LX
;
A;MN;L

OH;
J;LN?
>?
FIM
CHAL?MIM
>?
@IH>IM
;>C=CIH;F?M
"F
#IH>I
>?
"MN;<CFCT;=C\H
>?
&HAL?MIM
-L?MOJO?MN;LCIM
#"&-
S
?F
#IH>I

>?
"MN;<CFCT;=C\H
>?
FIM
&HAL?MIM
>?
F;M
"HNC>;>?M
#?>?L;NCP;M
#"&"#
M?AOCLXH
@OH=CIH;H>I
S
M?LXH
F;
JLCG?L;
FZH?;
>?

>?@?HM;
;HN?
L?>O==CIH?M
NL;HMCNILC;M
?
CH?MJ?L;>;M
>?
FIM
CHAL?MIM
"F
;BILLI
;
F;LAI
JF;TI
KO?
;=OGOF?
?F
#IH>I
*?RC=;HI

>?F
-?NL\F?I
M?
JI>LX
>?MNCH;L
;
B;=?L
@L?HN?
;
>CMGCHO=CIH?M
NL;HMCNILC;M
S
J?LMCMN?HN?M
>?
FIM
CHAL?MIM
FO?AI
>?
;AIN;LM?

?F
#"&-
S
?F
#"&"#


 Tomo I
La Economía y las Finanzas Públicas

(3D3
8ADF3>757D
7>
?3D5A
\E53>
7E
@757E3D;A
7@FA@57E
CG7
E73
?NE
D7EFD;5F;HA
B3D3
>A
5G3>

7E
@757E3D;A
;@5>G;D
G@3
@G7H3
3@5>3
@A?;@3>
K
>;?;F3D
>3
]7J;4;>;636
BDABAD5;A@363

JIL
F;
=FXOMOF;
>?
=CL=OHMN;H=C;M
?R=?J=CIH;F?M
);
G?N;
>?
?KOCFC<LCI
JL?MOJO?MN;LCI

B3D3
7>
43>3@57
\E53>
FD36;5;A@3>
7EF;BG>36A
7@
>3
$(* 
F7@P3
5A?A
A4<7F;HA

BD;@5;B3>
7>
35FG3D
5A?A
3@5>3
@A?;@3>

+;@
7?43D9A
:3
;6A
B7D6;7@6A
7\535;3
3
B3DF;D

67
>3E
D7H;E;A@7E
3
EG
67\@;5;R@

A@
>3
36;5;R@
67
>AE
*+(
5A?A
?7F3
\E53>
7@
>3E

L?@ILG;M
;
F;
)#-/%
>?F
 
OH;
HO?P;
;H=F;
HIGCH;F
JI>LZ;
=IHMCMNCL
?H
OH
N?=BI

?RJFZ=CNI
J?LG;H?HN?
J;L;
FIM
/#0-
2H
;H=F;
HIGCH;F
>?
?MN?
NCJI
JI>LZ;
M?L
=;FC<L;>;

J;L;
JIH?L
F;
>?O>;
?H
OH;
NL;S?=NILC;
>?=L?=C?HN?
S
FF?P;LF;
;F
HCP?F
>?M?;>I
?H
OH

>?N?LGCH;>I
BILCTIHN?
!?B>P5;F3?7@F7
7EFA
67\@;DP3
G@
F75:A
B3D3
>3
67G63
BS4>;53

?F
=O;F
JI>LZ;
B;=YLM?FI
?RJFZ=CNI
?P?HNO;FG?HN?
S
>?
?MN;
@ILG;
AOC;L
F;
JIFZNC=;

\E53>
67
?76;3@A
B>3LA


%G5:AE
B3PE7E
:3@
36ABF36A
D79>3E
\E53>7E
5A@
F75:AE
7JB>P5;FAE
K
B7D?3@7@F7E
3>

6O\5;F
\E53>

+;@
7?43D9A
:3K
B3PE7E
CG7
:3@
;6A
?NE
3>>N
K
:3@
;@5>G;6A
367?NE

N?=BIM
?RJFZ=CNIM
>?
?H>?O>;GC?HNI
?H
MOM
F?ACMF;=CIH?M
;
J?M;L
>?
F;
CH=?LNC>OG<L?

KO?
?RCMN?
MI<L?
=OXF
?M
OH
HCP?F
\JNCGI
>?
>?O>;
PY;HM?
?D?GJFIM
?H
?F
L?=O;>LI


"H
;FAOHIM
=;MIM
?MNIM
G;L=IM
F?A;F?M
CH=FOS?H
G?=;HCMGIM
>?
=ILL?==C\H
?H

D7EBG7EF3
3
67EH;35;A@7E
7J
BAEF
67
>3E
?7F3E
67
6O\5;F

>
B35FA
\E53>
67
>3
-@;R@
GDAB73
BAD
7<7?B>A
7EF;BG>3
G@3
D76G55;R@
3@G3>
67
>3
67G63
67
3>



G?HIM
 PI
>?
F;
>CMN;H=C;
?HNL?
FIM
HCP?F?M
;=NO;F?M
S
?F
I<D?NCPI
>?F
 
>?F
-&
"H
-;H;GX
F;M

?A6;\535;A@7E
;@FDA6G5;63E
3
>3
>7K
67
D7EBA@E34;>;636
\E53>
7@
7>

7EF34>75;7DA@
>3
A4>;935;R@
67

L?>O=CL
F;
>?O>;
JIL
>?<;DI
>?F
 
>?F
-&
J;L;
?F
 

 Tomo I
La Economía y las Finanzas Públicas

/" 2!/,

"'"*-),0
!"
/"$)0
#&0 )"0
,+
,'"1&3,0
!"
!"2!

"5-)r &1,0
'84I8
?<9:0,
@
 

?;7?4DAE
67>
A@E7<A
GDAB7A
\D?3DA@
7>
67@A?;@36A
Y(35FA
;E53>Z

7@
H;DFG6
67>
5G3>
35AD63DA@
>;?;F3D
7>
6O\5;F
7EFDG5FGD3>
3@G3>
3

67>
(!
K
D76G5;D
>3
67G63
BS4>;53

;
 
>?F
-&

",8,7F
$3
>7K
67
D7EBA@E34;>;636
EA5;3>
K
\E53>
>;?;F3
7>
6O\5;F
67>
E75FAD
BS4>;5A
@A
\@3@5;7DA
3>


67>
(!
K
\<3
G@
A4<7F;HA
67
67G63
BS4>;53
67>

67>
(!
B3D3
7>
 
CG7
BAEF7D;AD?7@F7
E7

JIMN?LA\
;F
 

8/980=4,
$3
>7K
67
\@3@L3E
BS4>;53E
K
>3E
D79>3?7@F35;A@7E
67>
9A4;7D@A
>;?;F3@
7>
6O\5;F
BD7EG

JO?MN;LCI
=IHMIFC>;>I
>?F
AI<C?LHI
H;=CIH;F
S
FI=;F
;

>?F
-&
S
F;
>?O>;
NIN;F
>?F
AI<C?LHI
=?HNL;F

S
FI=;F
;
 
>?F
-&

?82<H,
);
IHMNCNO=C\H
?MN;<F?=?
OH
FZGCN?
>?
?H>?O>;GC?HNI
>?F
 
>?F
-&
2H;
>CMJIMC=C\H

;>C=CIH;F
L?KOC?L?
KO?
F;
>?O>;
J]<FC=;
M?
L?>OT=;
B;MN;
FF?A;L
;
 
>?F
-&
M;FPI
;HN?
OH;
=IHNL;=

=C\H
>?F
-&
L?;F

"'"*-),0
!"
*" +&0*,0
!"
,//" &s+
!"
!"03& &,+"0
,
%$'(

<089=
,
6,
/0?/,
$3E
67EH;35;A@7E
67>
A4<7F;HA
67
6O\5;F
E7
D79;EFD3@
7@
G@3
5G7@F3
@A5;A@3>
>3

=O;F
;F
MOJ?L;L
OH
>?N?LGCH;>I
HCP?F
NC?H?H
KO?
M?L
L?>O=C>;
;
=?LI
?H
0OCT;
?H
FIM
MCAOC?HN?M

;[IM

GC?HNL;M
KO?
?H
F?G;HC;
>OL;HN?
OH;
L?=OJ?L;=C\H
?=IH\GC=;
"H
F?G;HC;
MIFI
>?MPC;=CIH?M
KO?

HI
@O?LIH
JLI>O=NI
>?
?LLIL?M
?H
F;M
JLIS?==CIH?M
>?
=L?=CGC?HNI
>?F
-&
L?;F
CHAL?M;H
;
F;
=O?HN;

HI=CIH;F
GC?HNL;M
KO?
?H
0OCT;
M?
NIG;H
?H
=O?HN;
NI>;M
F;M
>?MPC;=CIH?M

=;?07,=
.98
,..4980=
:<0@08>4@,=
(A>A@;3
K
E>AH3CG;3
F;7@7@
D79>3E
CG7
\<3@
G@
F75:A
67
67G63

>?F
 
>?F
-&
"H
"MFIP;KOC;
=O;H>I
F;
>?O>;
;M=C?H>?
;F
 
>?F
-&
?F
*CHCMN?LCI
>?
%;=C?H>;

>?<?
L?H>CL
=O?HN;M
;F
J;LF;G?HNI
S
MOA?LCL
;==CIH?M
=ILL?=NCP;M
0C
F;
>?O>;
;F=;HT;
?F

>?F
-&

M?
>?<?
;JLI<;L
OH
J;KO?N?
>?
G?>C>;M
S
JLI=?>?LM?
;
=IHA?F;L
FIM
M;F;LCIM


>?F
-&
?F
A;MNI

M?
L?>O=?
;ONIGXNC=;G?HN?
?H
OH

S
M?
JLI=?>?
;
=IHA?F;L
?F
A;MNI
>?F
;[I
MO<MCAOC?HN?


>?F

-&
M?
>?<?
?F;<IL;L
OH
JL?MOJO?MNI
=IH
<;F;H=?
=?LI

67?NE
67
3Q36;D
G@
3@5>3
@A?;@3>
3>
?3D5A
\E53>
7>
9D36A
67
]7J;4;>;636

JLIJIL=CIH;>I
JIL
F;
=FXOMOF;
MI<L?
=CL=OHMN;H=C;M
?R=?J=CIH;F?M
;
NL;PYM
>?F

;LNZ=OFI

>?
F;
)#-/%
>?<?LZ;
M?L
GXM
FCGCN;>I
"MN;
=FXOMOF;
B;
MC>I
CHPI=;>;
?H

D7;F7D363E
A53E;A@7E
67E67
>3
3BDA435;R@
67
>3
>7K

G7
;@HA5363
7@
7>
7<7D5;5;A
\E53>


<GEF;\5363
BAD
>3
D78AD?3
67>
!+++,
K
7@
>AE
7<7D5;5;AE
\E53>7E
  
K


 Tomo I
La Economía y las Finanzas Públicas

 
 
JIL
OH;
<L?=B;
>?F
JLI>O=NI
H?A;NCP;
0CNO;=CIH?M
;>P?LM;M
F?P?M
JO?>?H

E7D
EG\5;7@F7E
B3D3
35F;H3D
7EF3
5>NGEG>3
67
35G7D6A
3
>3E
53GE3>7E
7EF;BG>363E
7@
7>

L?AF;G?HNI
>?
F;
)#-/%
);
=FXOMOF;
>?
=CL=OHMN;H=C;M
?R=?J=CIH;F?M
>?<?
=IHNCHO;L

3BADF3@6A
]7J;4;>;636
5G3@6A
E73
@757E3D;A
B7DA
7E
5A@H7@;7@F7
CG7
>3E
53GE3>7E
B3D3

EG
35F;H35;R@
D7]7<7@
E;FG35;A@7E
36H7DE3E
?NE
E7H7D3E
3
\@
67
7H;F3D
G@
GEA
7J57E;HA


(3D3
7>>A
>3E
53GE3>7E
BA6DP3@
53>;4D3DE7
67
F3>
?A6A
CG7
D7]7<7@
5:ACG7E
7CG;H3>7@F7E

;

I

>?MPC;=CIH?M
?MNXH>;L
S
MIFI
=O;H>I
N?HA;H
=;LX=N?L
NL;HMCNILCI
!?
?MN;
@ILG;

BA>PF;53E
\E53>7E
5A@FD35P5>;53E
E7
GF;>;L3DP3@
EA>A
7@
D7EBG7EF3
3
5:ACG7E
E7H7DAE
K3

KO?
L?P?LNCL
;OG?HNIM
?H
?F
A;MNI
?M
>C@Z=CF
=IGI
FI
>?GO?MNL;
F;
?RJ?LC?H=C;
L?=C?HN?

S
F;
G?>C=C\H
>?
F;
<L?=B;
>?F
JLI>O=NI
?MNX
MOD?N;
;
OH
;FNI
AL;>I
>?
CH=?LNC>OG<L?

"H
;FAOHIM
J;ZM?M
CHPI=;L
=CL=OHMN;H=C;M
?R=?J=CIH;F?M
L?KOC?L?
F;
;JLI<;=C\H
>?

OH;
G;SILZ;
?MJ?=C;F
>?F
IHAL?MI
0OCT;
I
=IHNL;==CIH?M
?=IH\GC=;M
AL;P?M
J;=NI

\E53>
67
>3
-@;R@
GDAB73

$3
>7K
F3?4;O@
6747DP3
>;?;F3D
7>
67F7D;ADA
F7?BAD3>
7@
>AE

/#0-
=O;H>I
M?
;=NCP;
F;
=FXOMOF;
>?
=CL=OHMN;H=C;M
?R=?J=CIH;F?M
S
?MN;<F?=?L
L?AF;M

CG7
7EB75;\CG7@
5R?A
D7FAD@3D
3>
7CG;>;4D;A
5A?A
7@
(3@3?N
K
(7DS

-@3
?7<AD3
36;5;A@3>
7@
7>
?3D5A
\E53>
BA6DP3
E7D
>3
5D735;R@
67
G@
5A@E7<A
\E53>

CH>?J?H>C?HN?
%;S
OH
=L?=C?HN?
CHN?LYM
;
HCP?F
GOH>C;F
?H
@ILN;F?=?L
FIM
G;L=IM

CHMNCNO=CIH;F?M
G?>C;HN?
\LA;HIM
>?
=IHNLIF
CH>?J?H>C?HN?M
%;A?G;HH
 
, !"

 
%!
 

-@3
H7L
5A@EA>;6363
EG
D7BGF35;R@
>AE
5A@E7<AE
\E53>7E
BG767@

3KG63D
3
?7<AD3D
7>
67E7?B7QA
\E53>
?76;3@F7
>3
6;8GE;R@
67
3@N>;E;E
AB;@;A@7E

L?=IG?H>;=CIH?M
S
JLIH\MNC=IM
);
C>?;
A?H?L;F
?M
KO?
OH;
G;SIL
NL;HMJ;L?H=C;

G?DIL;
F;
L?H>C=C\H
>?
=O?HN;M
CH@ILG;
F;
IJCHC\H
J]<FC=;
MI<L?
F;M
=IHM?=O?H=C;M
>?

JIFZNC=;M
>?M;=?LN;>;M
S
;OG?HN;
FIM
=IMNIM
>?
L?JON;=C\H
S
?F?=NIL;F?M
>?LCP;>IM
>?

;@5G?B>;?;7@FAE
5A@
>3E
?7F3E
\E53>7E




"HNL?
F;M
=;OM;F?M
M?
CH=FOS?H
OH;
=;Z>;
>?
F;
L?=;O>;=C\H
NLC<ON;LC;
>?
 
?H
NYLGCHIM
L?;F?M
S
OH;

=;Z>;
>?F
 
>?
FIM
JL?=CIM
>?F
J?NL\F?I
MCNO;=CIH?M
KO?
L?JL?M?HN;H
OH
JI=I
G?HIM
>?
F;
GCN;>
>?

OH;
>?MPC;=C\H
?MNXH>;L
=;F=OF;>;
MI<L?
F;M
P;LC;=CIH?M
;HO;F?M
>?
;G<;M
P;LC;<F?M
>OL;HN?
?F
J?LZI>I

j 



3?L
?F
;LNZ=OFI
>?
$LCAIFC
?N
;F
 



@
(3@3?N
K
(7DS
>3
5>NGEG>3
67
5;D5G@EF3@5;3E
7J57B5;A@3>7E
B7D?;F7
]7J;4;>;L3D
7>
F75:A
67>

6O\5;F
F7?BAD3>?7@F7
:3EF3
G@

67>
(!
K

67>
(!
D7EB75F;H3?7@F7
67E67

67>
(!
CG7
D;97

HILG;FG?HN?
J;L;
;G<IM
J;ZM?M
O>CH;
2A
.9
 
>?GXM
?F
G;L=I
J?LO;HI
L?KOC?L?
OH;
G?DIL;
>?

3>
?7@AE

67>
(!
BAD
3QA
7@
7>
6O\5;F
:3EF3
D7FAD@3D
7>
6O\5;F
3
>3
?7F3
67

67>
(!




$AE
5A@E7<AE
\E53>7E
67\@;6AE
67
8AD?3
97@7D3>
E7
D7\7D7@
3
G@3
;@EF;FG5;R@
BS4>;53
;@67B7@6;7@F7

CG7
3BADF3
;@8AD?35;R@
3>
6743F7
BS4>;5A
EA4D7
BA>PF;53
\E53>
E;@
;@]G7@5;3
B3DF;6;EF3

$3E
67\@;5;A@7E

?NE
7EB75P\53E
35AF3@
>3E
8G@5;A@7E
67>
5A@E7<A
\E53>
3>
5G?B>;?;7@FA
67
7EF7
A4<7F;HA
97@7D3>
K
34AD63@

?F
=IH=?JNI
>?
CH>?J?H>?H=C;
"F
#*&
 
JXA

MOAC?L?
KO?
F;M
@OH=CIH?M
JLCH=CJ;F?M
>?
OH
=IHM?DI

;@5>GK7@
BDABAD5;A@3D
G@
3@N>;E;E
;@67B7@6;7@F7
EA4D7
>3
7HA>G5;R@
67
>3
BA>PF;53
\E53>
>3
BD7B3D35;R@
67

JLIS?==CIH?M
MCH
M?MAIM
S
F;
?GCMC\H
>?
lDOC=CIM
HILG;NCPIMm
L?=IG?H>;=CIH?M
?H
G;N?LC;
>?
JIFZNC=;

\E53>

$3
'
 
35>3D3
CG7
>3
@A5;R@
67
Y;@67B7@67@5;3Z
E7
D7>35;A@3
5A@
>3
@3FGD3>7L3
@A

J;LNC>CMN;
>?F
;HXFCMCM
>?F
=IHM?DI
S
KO?
F;
F;<IL
>?F
=IHM?DI
>?<?
?GCH?HN?G?HN?
JLIS?=N;LM?
;F
@ONOLI

 Tomo I
La Economía y las Finanzas Públicas

-@
5A@E7<A
\E53>
@A
B3DF;6;EF3
5A@
G@
?3@63FA
7EF34>75;6A
BAD
>7K
BA6DP3
8AD?G>3D

7H3>G35;A@7E
K
D75A?7@635;A@7E
EA4D7
>3
BAE;5;R@
\E53>
3675G363
K
EA4D7
7>

5G?B>;?;7@FA
5A@
7>
?3D5A
\E53>
BAD
B3DF7
67
>3E
3GFAD;6367E

S@
5G3@6A
>3E

D75A?7@635;A@7E
@A
E73@
H;@5G>3@F7E
BA6DP3@
A4>;93D
3
>3
3GFAD;636
\E53>
3
7<75GF3D

>3E
D75A?7@635;A@7E
A
<GEF;\53D
G@
5GDEA
67
355;R@
6;87D7@F7

>
5A@E7<A
\E53>
BA6DP3

CH=FOMI
;JILN;L
CH@ILG;=C\H
>CL?=N;G?HN?
;F
JLI=?MI
JL?MOJO?MN;LCI
JIL
?D?GJFI
;F

:357DE7
53D9A
67
>3E
BDAK755;A@7E
?35DA75A@R?;53E
K
67
;@9D7EAE
\E53>7E
HO3@E7

?D?GJFIM
>?
G;H>;NIM
?H
?F
L?=O;>LI

I
=;F=OF;L
?F
JLI>O=NI
JIN?H=C;F
"F
G;H>;NI

67>
5A@E7<A
\E53>
BA6DP3
;DE7
8ADF3>75;7@6A
3
?76;63
CG7
>3
;@EF;FG5;R@
7EF34>757
EG

D7BGF35;R@

+;@
7?43D9A
5347
D753>53D
CG7
>3

F3D73
67
?3@F7@7D
>3
6;E5;B>;@3
\E53>

>?J?H>?
?H
]FNCG;
CHMN;H=C;
>?
F;
PIFOHN;>
JIFZNC=;
>?
F;M
;ONILC>;>?M


 Tomo I
La Economía y las Finanzas Públicas

/" 2!/,

"'"*-),0
!"
*+!1,0
!"
),0
,+0"',0
#&0 )"0

"<98I=>4.9=
:<0=?:?0=>,<49=
"H
;FAOHIM
=;MIM
?MNIM
JLIH\MNC=IM
MIH
ONCFCT;>IM
I<FCA;NILC;G?HN?
?H

?F
JLI=?MI
JL?MOJO?MN;LCI
-IL
?D?GJFI
?F
AI<C?LHI
BIF;H>YM
OM;
FIM
JLIH\MNC=IM
G;=LI?=IH\GC=IM

67
;@9D7EA
K
67
93EFA
7>34AD36AE
BAD
7>
5A@E7<A
\E53>

@
AFDAE
53EAE
>3
3GFAD;636
\E53>
F;7@7
CG7
<GE

F;\53D
E;
@A
>AE
GE3

@
7>
*7;@A
-@;6A
>3
'\5;@3
67
*7EBA@E34;>;636
(D7EGBG7EF3D;3
'*
7>34AD3

BDA@REF;5AE
\E53>7E
K
75A@R?;5AE
3

3QAE
K
7>
%;@;EF7D;A
67
5A@A?P3
7EFN
EG<7FA
3
G@3
5>NGEG>3
67

Y5G?B>;?;7@FA
A
<GEF;\535;R@Z

;@3>?7@F7
:3K
53EAE
EF36AE
-@;6AE
3@36N
K
;@3?3D53
7@
CG7

>AE
BDA@REF;5AE
67>
5A@E7<A
\E53>
E;DH7@
S@;53?7@F7
5A?A
:7DD3?;7@F3
67
5A?B3D35;R@
5A@
>3E
BDAK75

5;A@7E
A\5;3>7E

@
3>9G@AE
B3PE7E
A>A?4;3
K
:;>7
>AE
5A@E7<AE
\E53>7E
7EFN@
F3?4;O@
7@53D936AE

>?
JLIHOH=C;LM?
MI<L?
?F
=XF=OFI
>?F
JLI>O=NI
JIN?H=C;F
I
?F
JL?=CI
>?
F;LAI
JF;TI
>?
G;N?LC;M
JLCG;M
>?

?RJILN;=C\H
=IGI
?F
=I<L?
S
?F
J?NL\F?I

%
- 


%


&
3<A
7>
?3@63FA
7EB75P\5A
67
3@3>;L3D
>3
EAEF7@;4;>

;636
67
>3E
\@3@L3E
BS4>;53E
>3
'\5;@3
(D7EGBG7EF3D;3
67>
A@9D7EA
67
EF36AE
-@;6AE
BAD
>A
97@7D3>

?F;<IL;
JLIH\MNC=IM
;

;[IM
GC?HNL;M
KO?
FIM
=IHM?DIM
>?F
/?CHI
2HC>I
;H;>X
IL?;
S
%IF;H>;

?F;<IL;H
JLIS?==CIH?M
;
GXM
F;LAI
JF;TI
J;L;
J?LZI>IM
>?
?HNL?

S

;[IM

8F64=4=
/0
.9=>9=
/0
484.4,>4@,=
602,60=
!C=BIM
;HXFCMCM
;<;L=;H
>?M>?
L?PCMCIH?M
MCGJF?M
>?
F;M
?M

F;?35;A@7E
67
D753G635;R@
\E53>
K
93EFA
7?B>7363E
7@
7>
BD7EGBG7EFA
*7;@A
-@;6A
:3EF3
G@
5N>5G>A

?;@G5;AEA
67
>AE
5AEFAE
67
;@;5;3F;H3E
7EB75P\53E
67
>3E
BA>PF;53E
3@36N
AD73
K
>AE
EF36AE
-@;

>IM
>
5A@E7<A
\E53>
:A>3@6OE
3@3>;L3
F3?4;O@
>3
D7>35;R@
5AEFA 47@7\5;A
67
;?BADF3@F7E
BDAK75FAE

>?
CH@L;?MNLO=NOL;
"H
OMNL;FC;
S
%IF;H>;
F;M
?P;FO;=CIH?M
N;G<CYH
;<;L=;H
?F
CGJ;=NI
?=IH\GC=I
S

JL?MOJO?MN;LCI
>?
F;M
JF;N;@ILG;M
JIFZNC=;M
;HN?M
>?
F;M
?F?==CIH?M

' 


-

 !
+
%
*
!
# 
!



2080<,6
@
AD73
K
E>AH7@;3
7>
5A@E7<A
4D;@63
D75A?7@635;A@7E
B3D3
?7<AD3D
>3
7\5;7@5;3
K
>3
7\53

=C;
>?
FIM
JLIAL;G;M
>?F
AI<C?LHI
?RCMN?HN?M
I
JL?PCMNIM
FAOHIM
=IHM?DIM
N;G<CYH
NC?H?H
?F
G;H>;NI

7JB>P5;FA
67
3@3>;L3D
5G7EF;A@7E
\E53>7E
D7>35;A@363E
5A@
>AE
9A4;7D@AE
67
7EF36AE
K
?G@;5;B;AE
KA
5A@

?GJL?M;M
J]<FC=;M
JIL
?D?GJFI
-ILNOA;F
S
OMNLC;

'FDA
A4<7F;HA
;?BADF3@F7
67
>3
$*(
7D3
7>
67
BDAF797D
7>
93EFA
67
>3E
]G5FG35;A@7E

FD3@E;FAD;3E
7@
>AE
BD75;AE
67>
B7FDR>7A

$3
$*(
67\@;R
G@
BD75;A
67
D787D7@5;3

;
F;LAI
JF;TI
J;L;
?F
J?NL\F?I
=IGI
<;M?
J;L;
F;M
JLIS?==CIH?M
JL?MOJO?MN;LC;M
"H

JLCH=CJCI
F;
CHN?H=C\H
>?F
G;L=I
?L;
;BILL;L
FIM
CHAL?MIM
J?NLIF?LIM
NL;HMCNILCIM
J;L;

MO;PCT;L
MO
CGJ;=NI
?H
?F
A;MNI
J]<FC=I
"H
F;
JLX=NC=;
M?
;BILL\
MIFI
OH;
J?KO?[;

BAD5;R@
67
>AE
;@9D7EAE
B7FDA>7DAE
7J5767@F7E
\9GD3



 Tomo I
La Economía y las Finanzas Públicas

#&$2/

&+$/"0,0
-"1/,)"/,0
"5 "!"+1"0
6
!"2!
-t)& 
/21

("+ ,),
* -+)& +),
0-+)+$(+$),
1
#)++)

!:=.09?,50
/07
!


92=0>:>
;0?=:70=:>
0C?=,:=/49,=4:> $,7/:
!












 



 
 

#O?HN?M
#*&
-?LMJ?=NCP;M
>?
F;
?=IHIGZ;
GOH>C;F
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
S
?MNCG;

=CIH?M
>?
FIM
;ONIL?M

>
@G7HA
A@6A
%7J;53@A
67>
(7FDR>7A
E7DN
G@3
:7DD3?;7@F3
?NE
7\53L
B3D3
D76G5;D

7>
;?B35FA
67
>3E
]G5FG35;A@7E
FD3@E;FAD;3E
7@
>AE
BD75;AE
67>
B7FDR>7A
7@
7>
93EFA

J]<FC=I
J?LI
HI
?H
MO
NIN;FC>;>
-;LN?
>?
F;M
?HNL;>;M
>?
CHAL?MIM
J?NLIF?LIM
M?

>?MNCH;LX
;F
A;MNI
J]<FC=I
=O;H>I
?F
;BILLI
>?F
#IH>I
*?RC=;HI
>?F
-?NL\F?I
;F=;H=?

7>

67>
(!

(3D3
BDAF797D
3S@
?NE
7>
93EFA
67
>3E
]G5FG35;A@7E
FD3@E;FAD;3E
67
>AE

JL?=CIM
>?F
J?NL\F?I
M?LZ;
H?=?M;LCI
KO?
NI>IM
FIM
CHAL?MIM
J?NLIF?LIM
JIL
;LLC<;
>?

F;M
NL;HM@?L?H=C;M
?MNCJOF;>;M
?H
F;
F?S
;F
AI<C?LHI
@?>?L;F
>?
B;MN;
 
>?F
-&

=IHNCHO;L;H
;=OGOFXH>IM?
?H
?F
#IH>I
*?RC=;HI
>?F
-?NL\F?I
CH=FOMI
NL;M
;F=;HT;L
?F

OG<L;F
>?
;BILLI
;=OGOF;>I
>?

>?F
-&




+IN;
)IM
CHAL?MIM
J?NLIF?LIM
?R=?>?HN?M
;=OGOF;>IM
M?
=;F=OF;H
=IGI
F;
>C@?L?H=C;
;=OGOF;>;
?HNL?

FIM
CHAL?MIM
J?NLIF?LIM
L?=C<C>IM
S
FIM
?MNCG;>IM
?H
F;
)?S
>?
&HAL?MIM
>?
F;
#?>?L;=C\H

 Tomo I
La Economía y las Finanzas Públicas

#&$2/

&+$/"0,0
6
$01,0
-/"02-2"01!,0
30
"#" 1&3,0
-,/ "+1'"
!")
-&


C.0>:
/0
492=0>:>

 C.0>:
/0
2,>?:>












 



 
 

#O?HN?M
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
S
?MNCG;=CIH?M
>?
FIM
;ONIL?M

0?
JI>LZ;
MCH
?G<;LAI
JLIP??L
>?
G;SIL
?MN;<CFC>;>
;F
A;MNI
J]<FC=I
MC
;>?GXM
>?

F;
=L?;=C\H
>?F
#IH>I
*?RC=;HI
>?F
-?NL\F?I
M?
;BILL;M?
OH;
@L;==C\H
G;SIL
>?
FIM

CHAL?MIM
?R=?>?HN?M
HI
J?NLIF?LIM
"FFI
G?DIL;LZ;
N;G<CYH
FIM
CH=?HNCPIM
J;L;
L?;FCT;L

JLIS?==CIH?M
JL?MOJO?MN;LC;M
GXM
JL?=CM;M
S;
KO?
M?
FCGCN;LZ;
?F
;==?MI
;
FIM
CHAL?MIM

?R=?>?HN?M
HI
J?NLIF?LIM
2H
G?=;HCMGI
=IGI
N;F
;SO>;LZ;
;
=ILL?ACL
F;
N?H>?H=C;

3
EG47EF;?3D
E;EF7?NF;53?7@F7
>AE
;@9D7EAE
K
93EFAE
BS4>;5AE
\9GD3


>
?3KAD

;BILLI
=IHM?AOC>I
G?>C;HN?
N;F?M
PZ;M
JI>LZ;
;FCG?HN;L
?F
#"&-
S
OM;LM?
J;L;
?@?=NIM

>?
?MN;<CFCT;=C\H
>?
FIM
CHAL?MIM
>OL;HN?
@;M?M
>?
=IHNL;==C\H
1;G<CYH
JI>LZ;H

35G?G>3DE7
7@
G@
8A@6A
CG7
67EF;@7
7EFAE
D75GDEAE
3
\@3@5;3D
BDAK75FAE
67
;@H7DE;R@


-;L;
;OG?HN;L
F;
NL;HMJ;L?H=C;
S
L?H>C=C\H
>?
=O?HN;M
F;
ONCFCT;=C\H
>?
?MNIM
L?=OLMIM

JI>LZ;
MIG?N?LM?
;
OH;
?P;FO;=C\H
CH>?J?H>C?HN?
JIL
?D?GJFI
;
=;LAI
>?
OH
=IHM?DI

\E53>




+AEF7@;4;>;636
\E53>
67
>AE
9A4;7D@AE
EG4@35;A@3>7E
-@3
>34AD
7@
5GDEA

);
>?O>;
NIN;F
>?
?MN;>IM
S
GOHC=CJCIM
?H
*YRC=I
>?
 
>?F
-&
J;L;
?F
 
?M
;]H

L?F;NCP;G?HN?
<;D;
0CH
?G<;LAI
;
J;LNCL
>?F
 
B;
;OG?HN;>I
=IHMC>?L;<F?G?HN?


 Tomo I
La Economía y las Finanzas Públicas

>?M>?
;FL?>?>IL
>?
F;
GCN;>
>?
?M?
P;FIL
?H
J;LN?
JIL
F;
>CMGCHO=C\H
>?
FIM
CHAL?MIM

FD3E
>3
D757E;R@
67>

K
>3
6;E?;@G5;R@
7@
>AE
5AEFAE
67
\@3@5;3?;7@FA
\9GD3
3


+I
I<MN;HN?
B;S
CGJILN;HN?M
>C@?L?H=C;M
?HNL?
?MN;>IM
?H
=O;HNI
;
F;
=;LA;
>?
F;
>?O>;

\9GD3
4
G@CG7
7>
B>3LA
?76;A
7E
EGB7D;AD
3

3QAE
7>
3G?7@FA
67
F3E3E
67

;@F7DOE
7@
>AE
BDRJ;?AE
3QAE
;@F7@E;\53DN
>3E
BD7E;A@7E
\@3@5;7D3E
EA4D7
>AE
9A4;7D@AE

MO<H;=CIH;F?M
);
L?=C?HN?
L?@ILG;
=IHMNCNO=CIH;F
?M
OH
;P;H=?
CGJILN;HN?
B;=C;
OH
G;L=I
>?

EAEF7@;4;>;636
\E53>
B3D3
>AE
9A4;7D@AE
EG4@35;A@3>7E

G@CG7
>AE
@;H7>7E
35FG3>7E
67

>?O>;
MO<H;=CIH;F
HI
JL?M?HN;H
OH
LC?MAI
G;=LI?=IH\GC=I
CHG?>C;NI
?F
CHMN;OL;L
OH

?3D5A
CG7
93D3@F;57
>3
6;E5;B>;@3
\E53>
7@
7>
AD67@
EG4@35;A@3>
5A@FD;4G;DN
3
?3@F7@7D

?F
?H>?O>;GC?HNI
?H
HCP?F?M
JLO>?HN?M
;
G?>C;HI
JF;TI
);
L?@ILG;
=IHMNCNO=CIH;F

L?=C?HN?
?MN;<F?=?
JLCH=CJCIM
<XMC=IM
J;L;
OH;
G;SIL
NL;HMJ;L?H=C;
S
>CM=CJFCH;

\E53>
7@
>AE
9A4;7D@AE
EG4@35;A@3>7E

@FD7
EGE
BD;@5;B3>7E
7>7?7@FAE
7J;97
CG7
>AE

=IHAL?MIM
>?
FIM
?MN;>IM
;JLO?<?H
?F
HO?PI
?H>?O>;GC?HNI
=IH
OH;
G;SILZ;
>?
>IM

N?L=CIM
S
;GJFZ;
F;M
@;=OFN;>?M
>?
F;
O>CNILZ;
0OJ?LCIL
>?
F;
#?>?L;=C\H
0#
MI<L?

35F;H;6367E
\@3@5;363E
5A@
5DO6;FAE
93D3@F;L36AE
BAD
>3
767D35;R@

+;@
7?43D9A

5ADD7EBA@67DN
3
>3
>79;E>35;R@
E75G@63D;3
67\@;D
>AE
7>7?7@FAE
36;5;A@3>7E
F3>7E
5A?A

FIM
NYLGCHIM
S
=IH>C=CIH?M
>?
F;M
A;L;HNZ;M
@?>?L;F?M
J;L;
?F
=LY>CNI
INILA;>I
;
FIM

?MN;>IM
0?LX
CGJILN;HN?
KO?
M?
>CM?[?H
>?
N;F
@ILG;
KO?
HI
>CMNILMCIH?H
CH=?HNCPIM
#&$2/

!"2!
!"
$,&"/+,0
02+ &,+)"0


 .

&),
")$ +(),
,.($)(& , 
 .$("+ ,),


!:=.09?,50
/07
! !:=.09?,50




0@/,
?:?,7 %,>,
/0
49?0=H>
;=:80/4:
;:=.09?
0>.,7,
/0=
 

  

 

 
 !=:80/4:
/0

 





 

4.3:,.G9
,5,
,741:=94,


@,9,5@,?:
%,8,@74;,>

@0==0=:

$49,7:,

'0=,.=@E

"@0=H?,=:
%7,C.,7,
:,3@47,

@=,92:
+,.,?0.,>
,74>.:
34,;,>

2@,>.,7409?0>
,C,.,
343@,3@,

4/,72:
!@0-7,

*@.,?G9
%,-,>.:
$:9:=,

:=07:>

HC4.:

,8;0.30
4>?=4?:
0/0=,7

:748,

,5,
,741:=94,
$@=
"@49?,9,
#::

$,9
@4>
!:?:>I
@0A:
0K9

,D,=4?

 







 

#O?HN?
0?=L?N;LZ;
>?
%;=C?H>;
S
LY>CNI
-]<FC=I


 Tomo I
La Economía y las Finanzas Públicas

!


*76G5;D
7>
6O\5;F
\E53>
'B5;A@7E
7@
?3F7D;3
67
BA>PF;53E

$AE
5A?BDA?;EAE
\E53>7E
636AE
3
5A@A57D
7@
>AE
5D;F7D;AE
97@7D3>7E
67
>3
BA>PF;53

?=IH\GC=;
?H
?F
 
=IHFF?P;H
;
L?>O=CL
FIM
/#0-
;
OH
 
>?F
-&
;
G?>C;HI

JF;TI
0C
M?
?D?=ON;
=IH@ILG?
;F
JF;H
F;
>?O>;
CHC=C;LZ;
OH;
NL;S?=NILC;
>?M=?H>?HN?
;

G?>C;HI
JF;TI

=IHNCHO;=C\H
;H;FCT;GIM
P;LC;M
IJ=CIH?M

*76G5;D
7>
93EFA
BD;@5;B3>?7@F7
7@
ND73E
;@7\5;7@F7E


JLCH=CJCIM
>?
 
F;M
;ONILC>;>?M
;HOH=C;LIH
L?=ILN?M
>?F
A;MNI
?KOCP;F?HN?M
;F


>?F
-&
k?H
L?F;=C\H
;F
JL?MOJO?MNI
;JLI<;>I
J;L;
?F
 k
FI
KO?
CH=FOS?

L?>O==CIH?M
>?F
A;MNI
?H
#"
S
-"*"5
S
F;
?FCGCH;=C\H
>?
>IM
JLIS?=NIM
@?LLIPC;LCIM

*XM
L?=C?HN?G?HN?
B;H
;HOH=C;>I
L?=ILN?M
>?F
IL>?H
>?F

>?F
-&
J;L;
 
k
CAO;FG?HN?
=IH
L?MJ?=NI
;F
JL?MOJO?MNI
;JLI<;>I
>?F
 k
J?LI
F;
=IGJIMC=C\H
>?

?MNIM
L?=ILN?M
HI
B;
MC>I
>?N;FF;>;
;]H
%76;63E
7EB75P\53E
CG7
BA6DP3@
5A@E;67D3DE7
;@5>GK7@
>3
7>;?;@35;R@
67
EG4E;6;AE
3

F;
?F?=NLC=C>;>
;JLIP?=B;H>I
F;
L?=C?HN?
<;D;
?H
FIM
JL?=CIM
>?F
J?NL\F?I
"MNI
N;G<CYH

M?LZ;
=IHALO?HN?
=IH
OH;
?MNL;N?AC;
>?
JIFZNC=;
;G<C?HN;F
=IB?L?HN?
-IL
OH
F;>I
*YRC=I

G;HNC?H?
JLIAL;G;M
KO?
MO<MC>C;H
F;
CHP?LMC\H
>?
FIM
BIA;L?M
?H
?KOCJIM
S
;LN?@;=NIM

CG7
GF;>;L3@
>3
7@7D9P3
67
?3@7D3
7\5;7@F7
BAD
7<7?B>A
7>
(DA9D3?3
67
+GEF;FG5;R@
67

"KOCJIM
"F?=NLI>IGYMNC=IM
J;L;
?F
BILLI
>?
"H?LAZ;
FIM
=O;F?M
L?>O=?H
F;
>?G;H>;

>?
?F?=NLC=C>;>
-IL
INLI
F;>I
*YRC=I
MO<MC>C;
F;M
N;LC@;M
>?
?F?=NLC=C>;>
J;L;
OH;
AL;H

J;LN?
>?
OMO;LCIM
L?MC>?H=C;F?M
FI
KO?
NC?H>?
;
;OG?HN;L
F;
>?G;H>;
>?
?F?=NLC=C>;>

*XM
;]@
G@3
9D3@
B3DF7
67>
93EFA
BAD
7EF7
EG4E;6;A
F7D?;@3
47@7\5;3@6A
3
GEG3D;AE
67

;@9D7EAE
3>FAE
.3>6;H;3
67
*;5:F7D
 

*7EG>F3DP3
?G5:A
?NE
7\5;7@F7
D77?B>3L3D

FIM
MO<MC>CIM
;
F;
?F?=NLC=C>;>
=IH
CHMNLOG?HNIM
GXM
@I=;FCT;>IM
;
BIA;L?M
>?
<;DIM

CHAL?MIM
JIL
?D?GJFI
;
NL;PYM
>?
NL;HM@?L?H=C;M
>?
?@?=NCPI

);M
;ONILC>;>?M
;HOH=C;LIH
N;G<CYH
OH
JL?MOJO?MNI
>?
<;M?
=?LI
J;L;
?F
 
KO?

6747DP3
3KG63D
3
BD;AD;L3D
7>
93EFA
7@
8G@5;R@
67
>3
7\5;7@5;3
75A@R?;53

"H
?MN?

E7@F;6A
G@
3@N>;E;E
67
8DA@F7D3
67
7\5;7@5;3
7>3EG@
2A
.9
  
;LLID;
KO?
F;

7\5;7@5;3
67>
93EFA
BS4>;5A
7@
*YRC=I
?M
=IGJ;L;<F?
;
F;
>?
MOM
BIG\FIAIM
?H
F;

L?AC\H
J?LI
?MN;LZ;
JIL
>?<;DI
>?
F;
@LIHN?L;
?H
P;LC;M
=;N?AILZ;M
>?
A;MNI
0C
*YRC=I

E7
67EB>3L3D3
:35;3
>3
8DA@F7D3
67
7\5;7@5;3
7>
3:ADDA
BA6DP3
E7D
EG4EF3@5;3>
\9GD3


3

$3
+
:3
7@5A@FD36A
67\5;7@5;3E
7@
>3
;?B>7?7@F35;R@
67
BDA9D3?3E
EA5;3>7E


@FD7
>AE
7<7?B>AE
5347
5;F3D
7>
AFAD93?;7@FA
67
47@7\5;AE
3
B7DEA@3E
83>>75;63E
K
>3

83>F3
67
D79;EFDA
67
>3
3E;EF7@5;3
BDABAD5;A@363
3
>AE
47@7\5;3D;AE
+
 

$3
+




2H
JL?MOJO?MNI
l<;M?
=?LIm
CGJFC=;
?P;FO;L
=;>;
J;LNC>;
?H
?F
JL?MOJO?MNI
=IGI
MC
@O?L;
F;
JLCG?L;
P?T

KO?
M?
F;
CH=FOS?
?H
FOA;L
>?
J;LNCL
>?F
JL?MOJO?MNI
>?F
?D?L=C=CI
;HN?LCIL
S
MCGJF?G?HN?
L?;FCT;L
;DOMN?M



>
3@N>;E;E
67
>3
8DA@F7D3
67
7\5;7@5;3
5A@E;EF7
7@
?76;D
7>
5AEFA
;@5GDD;6A
B3D3
A4F7@7D
G@
67F7D?;@36A

47@7\5;A

$3
8DA@F7D3
67
7\5;7@5;3
7EFN
67F7D?;@363
BAD
B3PE7E
5A@
>3
?7<AD
D7>35;R@
5AEFA 47@7\5;A


 
 Tomo I
La Economía y las Finanzas Públicas

F3?4;O@
;@8AD?3
EA4D7
;@7\5;7@5;3E
7@
>3
97EF;R@
67
>3E
FD3@E87D7@5;3E
67>
9A4;7D@A

8767D3>
3
>AE
7EF36AE
\9GD3

4
67>
5G3>
G@
5A?BA@7@F7
E;9@;\53F;HA
E7
67EF;@3
3>

A;MNI
MI=C;F
#&$2/

"#& &"+ &
!")
0" 1,/
-t)& ,


#)++)
 +$/)

.(
'1)+
!$$ ($ 
 ,.&-),

&
.$-)+4
!  +&
 ,$(

!:=.09?,50
/07
! $++ ".&+$ ,

 

/@.,.4K9 $,7@/ 9A0=>4K9
;L-74., >4>?09.4,
>:.4,7 

&' 
 ## 
+#
&)), 
&*

:,3@47,
/0
+,=,2:E,

%7,C.,7,
'0=,.=@E
,5,
,741:=94,

,74>.:

+,.,?0.,>
2@,>.,7409?0>

34,;,>

@,9,5@,?:
@0==0=:

,D,=4?
343@,3@,

4/,72:

%,8,@74;,>

*@.,?G9
%,-,>.:
,8;0.30

:=07:>

"@0=H?,=:
:748,

@=,92:

$49,7:,
,5,
,741:=94,
$@=

,C,.,
!@0-7,
>?,/:
/0
HC4.:

"@49?,9,
#::

$:9:=,
@0A:
0K9
4>?=4?:
0/0=,7

4.3:,.G9
/0
.,8;:

$,9
@4>
!:?:>I

=,E47 :7:8-4,
&'








## 0C4.: &=@2@,D !0=@







+#








&)),









&*












3470


#O?HN?M
?F;MOH
2A
.9
 
S
O>CNILZ;
0OJ?LCIL
>?
F;
#?>?L;=C\H
 


&GJO?MNIM
;F
=;L<IHI
>
67DDG?47
67
>AE
BD75;AE
67>
B7FDR>7A
3
\@7E
67
 
CG7
@A
E7
:3
FD3E>3636A
3
>AE

JL?=CIM
>IGYMNC=IM
GCHILCMN;M
>?
F;
A;MIFCH;
S
?F
>CYM?F
B;
FF?P;>I
;
KO?
BIS
HI
B;S;

MO<MC>CI
;
?MIM
=IG<OMNC<F?M
?H
*YRC=I
0CH
?G<;LAI
MC
M?
FC<?L;FCT;H
FIM
JL?=CIM
>?

FIM
=IG<OMNC<F?M
?H
?F
G?L=;>I
CHN?LHI
?H
?F
 
=IGI
?MNX
JL?PCMNI
M?
H?=?MCN;LX

G@
@G7HA
E;EF7?3
67
;?BG7EFAE
7EB75P\5AE
EA4D7
7>
5A@EG?A
67
5A?4GEF;4>7E
K
G@3

IJ=C\H
?M
F;
>?
CGJO?MNIM
;F
=;L<IHI

);
L?@ILG;
NLC<ON;LC;
>?F
 
CH=FOS\
OH
CGJO?MNI
;F
=;L<IHI
;JFC=;<F?
;
=IG<OMNC<F?M

@\MCF?M
J?LI
;
HCP?F?M
<;DIM
)?S
>?F
&"-0
LN
d
"MNIM
CGJO?MNIM
JI>LZ;H

;OG?HN;LM?
J;L;
=IHNL;LL?MN;L
JIL
=IGJF?NI
F;M
?RN?LH;FC>;>?M
H?A;NCP;M
A?H?L;>;M
JIL

>3
GF;>;L35;R@
67
5A?4GEF;4>7E
8RE;>7E

7E67
G@3
B7DEB75F;H3
\E53>
7EFAE
;?BG7EFAE

BG767@
3KG63D
3
D76G5;D
>3
67B7@67@5;3
\E53>
67
>AE
;@9D7EAE
B7FDA>7DAE
E;@
D75GDD;D

;
INLIM
CGJO?MNIM
GXM
>CMNILMCPIM
=IGI
FIM
CGJO?MNIM
MI<L?
F;
L?HN;
>?GXM
F;

=IHMCAOC?HN?
G?HIL
CH=C>?H=C;
>?
?H@?LG?>;>?M
CH>O=C>;M
JIL
F;
=IHN;GCH;=C\H

=IHNLC<OCLZ;
;
L?>O=CL
?F
A;MNI
J]<FC=I
?H
M;FO>
?H
?F
F;LAI
JF;TI

 
 Tomo I
La Economía y las Finanzas Públicas

#&$2/

"*&0&,+"0
!"
!&s5&!,
!"
/,+,
6
100
&*-,0&1&30

)
/,+,

'$,$)( ,

$60$)

+)()
 +$/,
 &
)(,.')

( +"4

,
$'*),$-$/
4'*&$$-
&
+)()


477:90>
/0
?:907,/,>
8H?=4.,>
!:=
?:907,/,
/0



 

HC4.: =209?49,
=,>47 '090E@07, 
 
%@=<@I, !=:80/4:


>?,/:>
&94/:>
0>.
/0= 349,
0>.
/0=
 

  

 







 


%&#

&$
&%
&)

$!
 #

#

&

)


$'
$

$'

&$
#

!


! 


&

+
+
$%


#



 #




$#
$(
#
%

!#%
 
   





 7
,J:

 
HC4.:
,7
,J:

 

#O?HN?M
"&
S
, !"

$3E
7?;E;A@7E
67
53D4A@A
7@
%OJ;5A
:3@
H7@;6A
7@
3G?7@FA
\9GD3
3
3
G@3
F3E3

MOJ?LCIL
;F
JLIG?>CI
>?
F;
, !"
MCH
?G<;LAI
?H
?F
 
FIM
CGJO?MNIM
CGJFZ=CNIM

3>
53D4A@A
7@
%OJ;5A
FA?3@6A
7@
5G7@F3
>AE
;?BG7EFAE
7EB75P\5AE
3>
5A@EG?A
67

5A?4GEF;4>7E
7D3@
>AE
?NE
43<AE
7@FD7
>AE
B3PE7E
67
>3
'
\9GD3
<
0C
<C?H
F;

L?=C?HN?
>CMGCHO=C\H
>?
FIM
JL?=CIM
>?F
J?NL\F?I
CGJFC=;
OH
;P;H=?
>?
*YRC=I
?H
?F

 
>;>I
?F
=IGJIH?HN?
P;LC;<F?
>?F
&"-0
*YRC=I
;]H
M?
MCNO;LZ;
JIL
>?<;DI
>?
F;

G?>C;H;
>?
FIM
J;ZM?M
>?
F;
, !"
OG?HN;L
FIM
CGJO?MNIM
;F
=;L<IHI
=IHNLC<OCLZ;
;
;F=;HT;L
FIM
I<D?NCPIM
>?
F;
"MNL;N?AC;

+;=CIH;F
>?
;G<CI
FCGXNC=I
KO?
@O?LIH
L?CN?L;>IM
=IH
?F
;HOH=CI
L?=C?HN?
>?

=IGJLIGCMIM
>?
GCNCA;=C\H
S
;>;JN;=C\H
;F
=;G<CI
=FCGXNC=I
?H
;HNC=CJ;=C\H
;
F;

A@H7@5;R@
67
3?4;A
>;?NF;5A
3
>>7H3DE7
3
534A
7@
(3DPE
3
\@7E
67>
 

%OJ;5A

M?
B;
=IGJLIG?NC>I
;
L?>O=CL
MOM
?GCMCIH?M
>?
=;L<IHI
?H
OH
 
J;L;
?F
;[I
 
S

?H
OH

J;L;
 
>?
@ILG;
HI
=IH>C=CIH;>;
?H
L?F;=C\H
;F
?M=?H;LCI
<;M?

*;SIL
S
G?DIL
L?=;O>;=C\H
JIL
&3
2H;
H?=?MC>;>
CGJILN;HN?
>?
*YRC=I
?M
F;
>?
CH=L?G?HN;L
FIM
CHAL?MIM
NLC<ON;LCIM

B3D3
D76G5;D
>3
67B7@67@5;3
\E53>
67
>AE
;@9D7EAE
B7FDA>7DAE
K
BA67D
\@3@5;3D
?3KAD7E

HCP?F?M
>?
A;MNI
?H
?F
G?>C;HI
S
F;LAI
JF;TI
2H;
IJ=C\H
?H
?MN;
>CL?==C\H
?M
F;
>?

;OG?HN;L
F;
L?=;O>;=C\H
;
NL;PYM
>?F
&3
);
?PC>?H=C;
?GJZLC=;
MOAC?L?
KO?
FIM

;OG?HNIM
>?
FIM
CGJO?MNIM
KO?
AL;P;H
?F
=IHMOGI
;@?=N;H
F;
;=NCPC>;>
?=IH\GC=;

G?HIM
KO?
FIM
CGJO?MNIM
MI<L?
F;
L?HN;
'IB;HMMIH
2A
.9
 
>?GXM
FIM
CHAL?MIM

A?H?L;>IM
JIL
?F
&3
?H
*YRC=I
MIH
<;DIM
?H
=IGJ;L;=C\H
=IH
INLIM
J;ZM?M
>?
F;

'
\9GD3


 
 Tomo I
La Economía y las Finanzas Públicas

#&$2/

&+$/"0,0
1/&21/&,0
-,/
&3


) !$$ (-

+ .$6(

 
 .$6(



$("+ ,)
* +
2*$-


 



 


%,>,
/07
' 
  

#07,.4K9
=0.,@/,.4K9
/0
'?,>,
/07
'




 


  &)


&
  %&#
 ! 



)


 

%&#
&$
&%
&)

$!
&

#


$'

 #

$'
#
$
!



! 
$%

+

+

&


)

 
 #



#

$#



$(

#

%
!#%


    
!
;0=
.G;4?,
?H=849:>
!!

#O?HN?M
#*&
-?LMJ?=NCP;M
>?
F;
?=IHIGZ;
GOH>C;F
, !"
S
?MNCG;=CIH?M
>?
FIM
;ONIL?M

);
<;D;
L?=;O>;=C\H
JIL
&3
I<?>?=?
;
P;LCIM
@;=NIL?M
-LCG?LI
*YRC=I
NC?H?
OH;
N;M;

>?
&3

CH@?LCIL
;F
JLIG?>CI
>?
F;
, !"
>?

0?AOH>I
GO=BIM
<C?H?M
?H

*YRC=I
=IGI
FIM
;FCG?HNIM
S
F;M
G?>C=CH;M
MIH
?R?HNIM
=IH
?F
I<D?NCPI
>?
L?>O=CL

F;
=;LA;
NLC<ON;LC;
;
F;M
J?LMIH;M
=IH
<;DI
CHAL?MI
2H;
N?L=?L;
L;T\H
?M
F;
?P;MC\H

"RCMNCLZ;
?HNIH=?M
F;
JIMC<CFC>;>
>?
;OG?HN;L
FIM
CHAL?MIM
;]H
MCH
L?=OLLCL
;
;OG?HNIM

>?
F;
N;M;
>?F
&3
OH;
>?
?FF;M
?M
F;
L?>O==C\H
>?
?R?H=CIH?M
"RCMN?H
G?=;HCMGIM

?NE
7\5;7@F7E
B3D3
BDAF797D
3
>AE
9DGBAE
HG>@7D34>7E
BAD
7<7?B>A
D76G55;R@
67

CGJO?MNIM
;
F;
L?HN;
>?
J?LMIH;M
I
NL;HM@?L?H=C;M
>?
?@?=NCPI
@I=;FCT;>;M
*?DIL;M
?H

F;
;>GCHCMNL;=C\H
NLC<ON;LC;
JI>LZ;
N;G<CYH
;SO>;L
;
L?>O=CL
F;
?P;MC\H
S
=IHNLC<OCL
;

;OG?HN;LFIM
CHAL?MIM
NLC<ON;LCIM

&3


,+ )20&,+"0

%OJ;5A
7@8D7@F3
>3
6;8P5;>
F3D73
67
>>7H3D
367>3@F7
7>
BDA57EA
67
5A@EA>;635;R@
\E53>

S
?H=;GCH;L
F;
>?O>;
J]<FC=;
?H
OH;
NL;S?=NILC;
>?M=?H>?HN?
)IM
;FNIM
LC?MAIM

D7>35;A@36AE
5A@
7>
B7FDR>7A
K
5A@6;5;A@7E
\@3@5;7D3E
?7@AE
83HAD34>7E
CG7
E7
7EB7D3@

=IGI
L?MOFN;>I
>?
F;
HILG;FCT;=C\H
>?
F;
JIFZNC=;
GIH?N;LC;
?H
"MN;>IM
2HC>IM
MIH

67E38PAE
36;5;A@3>7E
>A
CG7
D7CG;7D7
>3
5D735;R@
67
7EB35;A
\E53>
B3D3
:357D
8D7@F7
3

?P?HNO;F?M
=BIKO?M
;>P?LMIM
-;L;
FF?P;L
;
=;<I
?MN;
N;L?;
*YRC=I
H?=?MCN;
L;=CIH;FCT;L

&AF3E
>
5A7\5;7@F7
67
D753G635;R@
67
!.
E7
53>5G>3
5A?A
>3
D753G635;R@
67
!.
6;H;6;63
BAD
7>



JLI>O=NI
?HNL?
F;
N;M;
>?F
&3
S
F;
>C@?L?H=C;
?HNL?
?F
A;MNI
>?
=IHMOGI
S
F;
L?=;O>;=C\H
>?
&3
 
 Tomo I
La Economía y las Finanzas Públicas

?F
A;MNI
S
;GJFC;L
F;
<;M?
>?
L?=;O>;=C\H
);M
IJ=CIH?M
?H
G;N?LC;
>?
JIFZNC=;
J;L;

@ILN;F?=?L
FIM
CHAL?MIM
J]<FC=IM
HI
JLI=?>?HN?M
>?F
J?NL\F?I
CH=FOS?H
;OG?HN;L
FIM

CGJO?MNIM
MI<L?
?F
=;L<IHI
S
G?DIL;L
F;
L?=;O>;=C\H
>?F
&3
$3
$(*
8G7
7875F;H3
7@
B7D?;F;D
]7J;4;>;636
7@
D7EBG7EF3
3
>3
5D;E;E

+;@
7?43D9A
@A

8G7
7875F;H3
7@
D7EFD;@9;D
7>
6O\5;F
\E53>
7@
7>
B7D;A6A
BAEF7D;AD
3
>3
5D;E;E
K
93D3@F;L3D

7>
D7FAD@A
3
@;H7>7E
67
6O\5;FE
\E53>7E
EAEF7@;4>7E
7@
G@
F;7?BA
3675G36A

(AD
>A

F3@FA
?7<AD3E
3>
?3D5A
\E53>
AD;7@F363E
3
>;?;F3D
EG
]7J;4;>;636
BA6DP3@
3G?7@F3D

EG
7\535;3

Q36;D
G@
3@5>3
@A?;@3>
3
FD3HOE
67
G@
F75:A
7JB>P5;FA
3
>AE
*+(
7>

5G3>
67\@;DP3
G@
F75:A
;?B>P5;FA
3
>3
67G63
BS4>;53
CG7
BA6DP3
:357DE7
7JB>P5;FA

?P?HNO;FG?HN?
;SO>;LZ;
3
3@5>3D
>3
BA>PF;53
\E53>
5A@
?NE
7\535;3

6;5;A@3>?7@F7

?M
H?=?M;LCI
?H>OL?=?L
F;
=FXOMOF;
>?
=CL=OHMN;H=C;M
?R=?J=CIH;F?M
>?
F;
)#-/%
S

7>
9D36A
67
6;E5D75;R@
BDABAD5;A@36A
BAD
>3
?;E?3

7
7EF3
8AD?3
BA>PF;53E
\E53>7E

=IHNL;=Z=FC=;M
M?LZ;H
ONCFCT;>;M
]HC=;G?HN?
?H
=;MIM
>?
=BIKO?M
M?P?LIM
"MNI
I<?>?=?

;F
B?=BI
>?
KO?
F;
?RJ?LC?H=C;
L?=C?HN?
>?GO?MNL;
KO?
?M
>C@Z=CF
L?P?LNCL
;OG?HNIM
?H

?F
A;MNI
;>?GXM
>?
F;
CH=?LNC>OG<L?
CHH;N;
?MJ?=C;FG?HN?
>OL;HN?
L?=?MCIH?M
F?P?M
?H

F;
G?>C=C\H
>?
F;
<L?=B;
>?F
JLI>O=NI
$3
;@FDA6G55;R@
67
G@
5A@E7<A
\E53>
;@67B7@6;7@F7
BA6DP3
3BADF3D
G@3
7H3>G35;R@
3

53D9A
67
7JB7DFAE
67
>3
EA>;67L
67
>3
BA>PF;53
\E53>
K
67
7E7
?A6A
?7<AD3D
>3
6;E5;B>;@3

\E53>

-@
?3KAD
3:ADDA
67
;@9D7EAE
7J5767@F7E
@A
B7FDA>7DAE
BA6DP3
F3?4;O@
3KG63D
3

D76G5;D
7>
;?B35FA
67
]G5FG35;A@7E
FD3@E;FAD;3E
7@
>AE
;@9D7EAE
\E53>7E
K
?7<AD3DP3
>AE

CH=?HNCPIM
J;L;
?@?=NO;L
JLIS?==CIH?M
>?
A;MNIM
GXM
JL?=CMIM

&)&,$/#r
O>CNILZ;
0OJ?LCIL
>?
F;
#?>?L;=C\H
 
l&H@ILG?
$?H?L;F
O?HN;
-]<FC=;
 m

CO>;>
>?
*YRC=I
*YRC=I
?FF;M
!CGCNLC
*C=B;?F
$
-;J;CI;HHIO
?
&P;
-?NLIP;
 
l2A2?:6;.;A@
<3

:2?46;4
".?82A
'<C2?264;
<;1
'=?2.1@
B;1.:2;A.9@
C@
6;.;06.9
'A?2@@m

#IH>I
*IH?N;LCI
&HN?LH;=CIH;F
QILECHA
J;J?L
 
O>CH;
+CH;
1C>C;H?
(CH>;
H>L?;
0=B;?=BN?L
S
HE?
4?<?L
 
l6@0.9
&B92@

.A
.
9.;02
<B;A?F
2A.69@
3?<:
.
#2D
.A.@2Am
&*#
4ILECHA
-;J?L
+I


?F;MOH
,S;
#L;H=?M=I
$LCAIFC
(?CEI
%IHDI
';PC?L
(;JMIFC
F?R;H>?L
(F?GG

IA>;H
)CMMIPIFCE
';H
)OEMC=
*;LC;FOT
*IL?HI
;>C;
'I;H;
-?L?CL;
*;L=IM

-IJF;QMEC
/C<?CLI
;IJCHA
0B;HA
S
6OFC;
2MNSOAIP;
 
l6@0.9
%<960F
6;

!.A6;
:2?60.
!2@@<;@
.;1
!24.062@
<3
A52
9</.9
6;.;06.9
?6@6@Z

!%
+F3g

!CM=OMMCIH
+IN?M
+I


 
 Tomo I
La Economía y las Finanzas Públicas

!?
$L;OQ?
-;OF
S
6O?G?C
'C
 
l"6@=?606;4
<3
@<C2?264;
?6@8
.;1

:B9A6=922>B696/?6.
6;
A52
B?<G<;2m
3IR?O
!?FFo"L<;
0;FP;NIL?
/C=;L>I
%;OMG;HH
S
2AI
-;HCTT;
 
l2/A
92C29@
12/A

0<:=<@6A6<;
.;1
@<C2?264;
@=?2.1@
6;
2:2?46;4
.;1
.1C.;021
20<;<:62@m


,R@IL>
/?PC?Q
I@
"=IHIGC=
-IFC=S
3IFOG?

+OG<?L

JJ


#IH>I
*IH?N;LCI
&HN?LH;=CIH;F
 
l%?<:<A6;4
6@0.9
6@06=96;2
@
(52?2
.
&<92

3<?
6@0.9
42;062@R
&*#
-IFC=S
-;J?L
4;MBCHANIH
! 

#IH>I
*IH?N;LCI
&HN?LH;=CIH;F
 
l(52
<<1
A52
.1
.;1
A52
)49F


-2.?@

<3
2.96;4
D6A5
%B/960
2/A
$C2?5.;4@m
-?LMJ?=NCP;M
>?
F;
"=IHIGZ;
*OH>C;F

,=NO<L?
 
=;JZNOFI


#IH>I
*IH?N;LCI
&HN?LH;=CIH;F
 
l(52
B;0A6<;@
.;1
:=.0A
<3
6@0.9
<B;069@m

&*#
JIFC=S
J;J?L
4;MBCHANIH
! 
#IH>I
*IH?N;LCI
&HN?LH;=CIH;F
 ;
l,#
&( 

#"') ((#"
(9


&2=<?Am
#*&
=IOHNLS
L?JILN
+I

4;MBCHANIH
! 
#IH>I
*IH?N;LCI
&HN?LH;=CIH;F
 <
l(52
:=.0A
<3
"2E60<S@
;2?4F
&23<?:
<;

F1?<0.?/<;@
%?<1B0A6<;m
&*#
=IOHNLS
L?JILN
 
$LCAIFC
#L;H=?M=I
F?R;H>?L
%?LG;H
H>L?Q
0QCMNIH
$;<LC?F
!C
?FF;
l$BA=BA

.=
);02?A.6;AF
.;1
&2.9
(6:2
"<;2A.?F
%<960Fm
&*#
4ILECHA
-;J?L


 

%;A?G;HH
/I<?LN
 
l<D
.;
6@0.9
<B;069@
'A?2;4A52;
6@0.9
%2?3<?:.;02m

," !
'IOLH;F
"=IHIGC=
0NO>C?M
3IF
 
'IB;HMMIH
UM;
BLCMNIJB?L
%?;>S
'?HM
LHIF>
?LN
LSM
S
);OL;
3;LNC;
 

l(.E
.;1
0<;<:60
?<DA5m
"=IHIGC=M
!?J;LNG?HN
QILECHA
J;J?L
+I 
(;GCF
%?LG;H
;LFIM
$\?M
-BCF
>?
&GOM
*?L=?>?M
$;L=C;
"M=LC<;HI
/I<?LNI

(7DD7>>;
+:3G@
#

*A35:7
3@6
"7D7?K
2AA=
BDRJ;?3
BG4>;535;R@
Yf

9(

<3
)'
"<;2A.?F
#<?:.96G.A6<;
<;
:2?46;4
".?82A@o
'<C2?264;
<;1
-6291@

(52
.@2@
<3
?.G69
.;1
"2E60<m
&*#
QILECHA
J;J?L
,LA;HCT;=C\H
J;L;
F;
IIJ?L;=C\H
"=IH\GC=;
S
?F
!?M;LLIFFI
 
l$
%?6;06=92@

3<?
;12=2;12;A
6@0.9
;@A6ABA6<;@m
-O<FC=
$IP?LH;H=?
;H>
1?LLCNILC;F


!?P?FIJG?HN
!CL?=NIL;N?
*;S
3;F>CPC;
>?
/C=BN?L
;LF;
 
l?22;
?<DA5
5.992;42@
.;1
A52
#221
3<?
.;

;2?4F
&23<?:
6;
"2E60<m
," !
"=IHIGC=M
!?J;LNG?HN
4ILECHA
-;J?LM
+I

 
," !
-O<FCMBCHA

 
 Tomo I
La Economía y las Finanzas Públicas

/" "/
,
+,
/" "/

e-,/
.2V
*V5& ,
+,
/" "
,*,
),
%&7,

"+
")
-0!,
#L;H=CM=I
0OXL?T
!XPCF;

&
&+1/,!2 &s+

"M
OH;
P;FCIM;
CHC=C;NCP;
>?
F;
)5&&
)?ACMF;NOL;
>?
F;
XG;L;
>?
!CJON;>IM
>?F
?HNLI

>?
"MNO>CIM
>?
F;M
#CH;HT;M
-]<FC=;M
S
>?F
&HMNCNONI
+;=CIH;F
>?
>GCHCMNL;=C\H

-]<FC=;
;H;FCT;L
FIM
;P;H=?M
CH>O>;<F?M
>?F
*YRC=I
=IHN?GJILXH?I
;
FI
F;LAI
>?

FIM
]FNCGIM

;[IM
"H
L?;FC>;>
?H
G;N?LC;
?=IH\GC=;
?MN?
J?L?ALCH;D?
BCMN\LC=I

=IHMNCNOS?
OH
F;<IL;NILCI
>?
AL;H
P;FIL
CH>?J?H>C?HN?G?HN?
>?
KO?
F;M
=CL=OHMN;H=C;M

MC?GJL?
JO?>?H
M?L
>CMNCHN;M
M?
JO?>?H
;JL?=C;L
=OXF?M
JIFZNC=;M
MCLPC?LIH
J;L;
;F?HN;L

?F
=L?=CGC?HNI
S
=OXF?M
J;L;
@L?H;LFI
/?=OJ?L;L
F;
M?H>;
>?F
=L?=CGC?HNI
MIMN?HC>I
?M
L?NI
=?HNL;F
J;L;
?F
$I<C?LHI
>?F

-L?MC>?HN?
"HLCKO?
-?[;
+C?NI
S
>?<?
M?L
=IHMC>?L;>I
OHI
>?
FIM
AL;H>?M
N?G;M

H;=CIH;F?M

J;LNCL
>?F
CHC=CI
>?
?MN;
>Y=;>;
HO?P;G?HN?
;F=;HTX<;GIM
N;M;M
>?

=L?=CGC?HNI
>?

MOJ?LCIL?M
;
F;M
>?
JIL
?D?GJFI
BCF?
S
L;MCF
"MNI
;OH;>I

;
FIM
JLIAL;G;M
>?
L?@ILG;M
?MNLO=NOL;F?M
M?
B;<F;<;
>?F
l;M=?HMI
>?
*YRC=Im
>?F

lD;AO;L
;TN?=;m
I
>?F
lGIG?HNI
>?
*YRC=Im
MCH
?G<;LAI
JIL
>CMNCHNIM
@;=NIL?M
?F

=L?=CGC?HNI
@O?
GOS
<;DI
?H
 

S
?H
 

S
M?
B;
L?PCM;>I
;
F;



=NO;FG?HN?
?M
"G<;D;>IL
>?
*YRC=I
?H
;H;>X
#O?
0?=L?N;LCI
$?H?L;F
>?
F;
#OH>;=C\H
IFIMCI

+;=CIH;F
%;
>?M?GJ?[;>I
=;LAIM
?H
G;N?LC;
CHN?LH;=CIH;F
=IGI
"G<;D;>IL
>?
*YRC=I
;HN?
F;
, !"

?H
-;LZM
/?JL?M?HN;HN?
>?
*YRC=I
;HN?
?F
#*&
S
3C=?JL?MC>?HN?
>?F
IHM?DI
*?RC=;HI
>?
MOHNIM

&HN?LH;=CIH;F?M
%;
I=OJ;>I
>CP?LMIM
=;LAIM
?H
?F
0?=NIL
-]<FC=I
#CH;H=C?LI
=IGI
0O<M?=L?N;LCI
>?

%;=C?H>;
S
LY>CNI
-]<FC=I
!CL?=NIL
#CH;H=C?LI
>?
+;=CIH;F
#CH;H=C?L;
S
$?L?HN?
$?H?L;F
>?
MOHNIM

&HN?LH;=CIH;F?M
>?F
;H=I
>?
*YRC=I
@O?
!CL?=NIL
$?H?L;F
>?F
;H=I
*?RC=;HI
0,*"5
;BIL;

0;HN;H>?L
#O?

P?=?M
!CJON;>I
#?>?L;F
>IH>?
M?
>?M?GJ?[\
=IGI
-L?MC>?HN?
S
-LCG?L
0?=L?N;LCI
>?

F;
IGCMC\H
>?
%;=C?H>;
S
LY>CNI
-]<FC=I
L?MJ?=NCP;G?HN?
"H
MO
?RJ?LC?H=C;
>I=?HN?
B;
CGJ;LNC>I

=XN?>L;
?H
F;
2HCP?LMC>;>
&<?LI;G?LC=;H;
?H
?F
IF?ACI
>?
*YRC=I
S
?H
F;
2+*
>IH>?
@O?
*C?G<LI
S

-L?MC>?HN?
>?F
-;NLIH;NI
2HCP?LMCN;LCI

%;
?M=LCNI
>CP?LM;M
I<L;M
=IGI
N98@08.4I8
08
06
:?<2,>9<49

%9-<0
06
1?>?<9
/0
GA4.9m
?H
?>CNILC;F
;F
S
L?H;
N,
$0:<4@,>4C,.4I8
,8.,<4,
<,.,=,/,

&<,24.970/4,
,.498,6
08

.>9=O
?H
?HNLI
>?
"MNO>CIM
"MJCHIM;
6AF?MC;M
S
>CP?LMIM
;LNZ=OFIM

7@
D7H;EF3E
7EB75;3>;L363E
BD;@5;B3>?7@F7
EA4D7
F7?3E
75A@R?;5AE
K
\@3@5;7DAE

3
E;6A
3DF;5G>;EF3

>?F
-?LC\>C=I
"F
"R=YFMCIL
S
;=NO;FG?HN?
>?F
-?LC\>C=I
2HCP?LM;F
$;H;>IL
>?F
-L?GCI
+;=CIH;F
>?

-?LCI>CMGI
'IMY
-;AYM
)F?LAI
 
.A24<?J.
&23<?:.
6@0.9
*CYL=IF?M

>?
<LCF
>?
  

"MNO>CI

F;
)C=?H=C;NOL;
?H
!?L?=BI
?H
F;
2+*
S
OH;
*;?MNLZ;
?H
"=IHIGZ;
?H
F;
2HCP?LMC>;>
>?
;G<LC>A?

"M
;=NO;FG?HN?
=IHM?D?LI
>?
>CP?LM;M
CHMNCNO=CIH?M

 
 Tomo I
La Economía y las Finanzas Públicas

<;D;
?H
 
B;=C;
HCP?F?M
>?F

"F
=L?=CGC?HNI
JIL
MZ
GCMGI
HOH=;
?M
OH
I<D?NCPI

EG\5;7@F7
67
67E3DDA>>A
B7DA
7E
5A@6;5;R@
@757E3D;3
B3D3
?7<AD3D
>AE
@;H7>7E
97@7D3>7E

>?
<C?H?MN;L
>?
F;
JI<F;=C\H
"M
OH
N?G;
KO?
>?M;@Z;
;
FIM
G?DIL?M
?=IHIGCMN;M
>?
*YRC=I
"H
DOHCI
>?
 
';PC?L

?LCMN;ZH
=IHPI=\
;
OH
ALOJI
>?

?=IHIGCMN;M
>?
>C@?L?HN?M
?M=O?F;M
S
N?H>?H=C;M

;
>CM=ONCL
?F
N?G;
le-IL
KOY
HI
=L?=?GIM
B;=C;
OH
IHM?HMI
J;L;
?F
=L?=CGC?HNI

>?
*YRC=Im
!?
;FFZ
M?
=IH@ILG\
?F
$LOJI
%O;NOM=I
KO?
M?
B;
L?OHC>I
JIL
GXM
>?


;[IM
"H
F;
2+*
<;DI
FIM
;OMJC=CIM
>?F
/?=NIL
S
>?
F;
#;=OFN;>
>?
"=IHIGZ;

M?
B;
L?OHC>I
?F
$LOJI
+O?PI
OLMI
>?
!?M;LLIFFI
J;L;
=IHNLC<OCL
=IH
JLIJO?MN;M

J;L;
?H@L?HN;L
F;M
>CP?LM;M
=LCMCM
L?=OLL?HN?M
/?=C?HN?G?HN?
?H
F;
M?LC?
l)IM
$L;H>?M

-LI<F?G;Mm
,)*"5
2+*
OH;
;FC;HT;
?>CNILC;F
?H
MZ
CHN?L?M;HN?
';CG?
/IM

?M=LC<C\
OH
FC<LI
MI<L?
lF;M
N?MCM
?KOCPI=;>;M
MI<L?
?F
?MN;H=;GC?HNI
>?
*YRC=Im
KO?

MOM=CN\
OH
CHN?L?M;HN?
>?<;N?
?H
F;
/?PCMN;
+?RIM
S
'IMY
HNIHCI
/IG?LI
?M=LC<C\
OH

FC<LI
MI<L?
l)IM
FZGCN?M
;F
=L?=CGC?HNI
?=IH\GC=I
>?
*YRC=Im
"F
KO?
?MNI
?M=LC<?

JO<FC=\
?H
 
?F
FC<LI
l L?=?L
I
HI
L?=?L
>?F
"MN;H=;GC?HNI
"MN;<CFCT;>IL
;F

+O?PI
!?M;LLIFFIm
"F
B?=BI
?M
KO?
B;
B;<C>I
OH
J?LCI>I
S
M\FI
OH
J?LCI>I
?H
F;
BCMNILC;
?=IH\GC=;

>?
*YRC=I
?F
>?
F;
FF;G;>;
l?N;J;
>?F
>?M;LLIFFCMGI
G?RC=;HIm
=IH
MO
P;LC;HN?

l?F
>?M;LLIFFI
?MN;<CFCT;>ILm
KO?
P;
>?

;

?H
KO?
*YRC=I
=L?=C\
?H
@ILG;

CHCHN?LLOGJC>;
S
MCH
=LCMCM
;F

;HO;F
"MN?
J?LCI>I
JLI>O=?
F?==CIH?M
CHN?L?M;HN?M

MI<L?
JIL
KOY
*YRC=I
HI
=L?=?
=IGI
FI
BCTI
?H
?F
J;M;>I
"H
?MN?
?HM;SI
;<IL>;LY


N?G;M
;
"F
J?LCI>I
>?F
l>?M;LLIFFCMGIm
>?

;

>?MN;=;H>I
?F
>?M;LLIFFI

?MN;<CFCT;>IL
KO?
?H
F;
JLX=NC=;
M?
CHC=C;
?H

=IH
F;
>?P;FO;=C\H
>?

S
?F

JLIAL;G;
>?
?MN;<CFCT;=C\H
KO?
FI
;=IGJ;[;
S
KO?
MC?HN;
F;M
<;M?M
>?F
>?M;LLIFFI

?MN;<CFCT;>IL
KO?
M?
CHC=C;
?H

<
"F
J?LCI>I
>?
L?=CGC?HNI
MCH
"MN;<CFC>;>
?F
>?
F;M
=LCMCM


=
"F
J?LCI>I
>?
DOMN?M
/?@ILG;M
"MNLO=NOL;F?M
J?LI
MCH
L?=CGC?HNI


>
"F
?MN;H=;GC?HNI
"MN;<CFCT;>IL

 
?
#CH;FG?HN?
?RNL;?L?GIM
;FAOH;M
C>?;M
J;L;
?F
GIG?HNI
;=NO;F
 
S
B;=C;
?F

@ONOLI
MI<L?
F;M
IJ=CIH?M
S
J?LMJ?=NCP;M
J;L;
L?=OJ?L;L
?F
=L?=CGC?HNI
MIMN?HC>I
@
"H
?F
;HXFCMCM
HI
JO?>?
CAHIL;LM?
?F
?HNILHI
?=IH\GC=I
CHN?LH;=CIH;F
KO?
;
P?=?M

B;
@;PIL?=C>I
?F
>?M;LLIFFI
S
?H
I=;MCIH?M
FI
B;
I<MN;=OFCT;>I
1;G<CYH
NC?H?
KO?

=IHMC>?L;LM?
?F
;G<C?HN?
CHN?F?=NO;F
JL?P;F?=C?HN?
?HNL?
AI<C?LHIM
ILA;HCMGIM

CHN?LH;=CIH;F?M
S
;=;>YGC=IM
IGI
=FCG;M
;>P?LMIM
F;
=LCMCM
>?


F;

 
 Tomo I
La Economía y las Finanzas Públicas

=LCMCM
>?F
J?NL\F?I
>?
FIM

F;
>?
F;
>?O>;
>?
FIM

F;M
>?
FIM

S
F;
$L;H

/?=?MC\H
>?
 
IGI
=CL=OHMN;H=C;M
@;PIL;<F?M
J;L;
F;
?=IHIGZ;
?F
;OA?

>?NIH;>I
JIL
F;
0?AOH>;
$O?LL;
*OH>C;F
F;
2992
=<>B2
>?
FIM

=IH
F;

L?=IHMNLO==C\H
?OLIJ?;
S
D;JIH?M;
S
?F
;OA?
>?
G;N?LC;M
JLCG;M
>?
FIM
CHC=CIM

>?F
GCF?HCI
"H
NYLGCHIM
>?
GI>;M
CHN?F?=NO;F?M
?F
(?SH?MC;HI
KO?
M?
=IHMIFC>;

=IH
F;
$L;H
!?JL?MC\H
?F
GIH?N;LCMGI
S
?F
H?IFC<?L;FCMGI
KO?
MOLA?H
?H
FIM


S

?F
IHM?HMI
>?
4;MBCHANIH
S
;BIL;
?F
>CM?HMI
S
>?MILC?HN;=C\H
GOH>C;F

?HNL?
FIM
?=IHIGCMN;M

&&
!"0//,))&0*,
"5&1,0,
6
/" &*&"+1,
 ")"/!,


 
)I
CGJILN;HN?
;
MO<L;S;L
?M
KO?
F;
$L;H
!?JL?MC\H
I@L?=C\
F;
IJILNOHC>;>
S
*YRC=I

F;
;JLIP?=B\
J;L;
B;=?L
NL;HM@ILG;=CIH?M
JLI@OH>;M
?H
MO
JIFZNC=;
>?
>?M;LLIFFI

?=IH\GC=I
J;L;
M;FCL
>?F
J?LCI>I
>?
L?F;NCPI
?MN;H=;GC?HNI
>?M>?
F;
/?PIFO=C\H
S

M?HN;L
HO?P;G?HN?
F;M
<;M?M
>?
OH
=L?=CGC?HNI
MIMN?HC>I
S
>CHXGC=I
KO?
>OL;LZ;
B;MN;

 

J;LNCL
>?

M?
CHC=C;
?H
*YRC=I
OH;
PCAILIM;
JIFZNC=;
>?
=ILN?
E?SH?MC;HI

J;L;
B;=?L
M;FCL
;
*YRC=I
>?
F;
$L;H
!?JL?MC\H
=IH
F;M
JIFZNC=;M
?RJ;HMCIHCMN;M
>?F

*CHCMNLI
>?
%;=C?H>;
F<?LNI
'
-;HC
S
>?MJOYM
FIM
=;G<CIM
?MNLO=NOL;F?M
JIFZNC=IM
S

MI=C;F?M
S
?=IH\GC=IM
CHC=C;>IM
JIL
?F
-L?MC>?HN?
)XT;LI
XL>?H;M
;
J;LNCL
>?


H;=CIH;FCMGI
?=IH\GC=I
CH=FOS?H>I
F;
?RJLIJC;=C\H
>?F
J?NL\F?I
F;
L?@ILG;
;AL;LC;

?F
JLIAL;G;
>?
I<L;M
J]<FC=;M
S
F;
=L?;=C\H
>?
CHMNCNO=CIH?M
=IGI
F;
IGCMC\H
#?>?L;F

>?
"F?=NLC=C>;>
 #"
;H=I
+;=CIH;F
>?
IG?L=CI
"RN?LCIL
S
INLIM
"MN?
>?M;LLIFFCMGI
G?RC=;HI
M?
;JFC=;
=IH
;FAOHIM
G;NC=?M
?H
NL?M
J?LCI>IM
>C@?L?HN?M
;
!?M;LLIFFCMGI
>?
AO?LL;
=IH
MOMNCNO=C\H
>?
CGJILN;=CIH?M
I<FCA;>I



<
!?M;LLIFFCMGI
@L?HN?
;
FIM
;DOMN?M
>?
JIMNAO?LL;


=
!?M;LLIFFCMGI
=IH
?MN;<CFC>;>

 
"F
FF;G;>I
l>?M;LLIFFI

?MN;<CFCT;>ILm
;
J;LNCL
>?


 
 Tomo I
La Economía y las Finanzas Públicas


!"0//,))&0*,
!"
$2"//
0201&12 &s+
#,/7!
!"

&*-,/1 &,+"0


"F
J?LCI>I
>?
F;
?=IHIGZ;
GOH>C;F
>?
AO?LL;
@O?
>?
;OA?
CHCHN?LLOGJC>I
J;L;
*YRC=I

=L?=CGC?HNI
LXJC>I
>?
?RJILN;=CIH?M
>?
G;N?LC;M
JLCG;M
;F
P?=CHI
J;ZM
=IGI
CHMOGIM

J;L;
MO
?M@O?LTI
<YFC=I
?MNI
>CI
FOA;L
;
OH
1L;N;>I
>?
IG?L=CI
?H

=IH
FIM

EF36AE
-@;6AE

$3
6;\5G>F36
B3D3
;?BADF3D
?3CG;@3D;3
K
7CG;BA
3>9G@AE
;@EG?AE

CH>OMNLC;F?M
S
<C?H?M
>?
=IHMOGI
JLIJC=C;LIH
OH
JLI=?MI
>?
MOMNCNO=C\H
I<FCA;>;
>?

CGJILN;=CIH?M
KO?
>CI
AL;H
CGJOFMI
;F
JLI=?MI
G?RC=;HI
>?
CH>OMNLC;FCT;=C\H
0?

H?AI=C\
OH
;=O?L>I
J;L;
KO?
?GCAL;HN?M
G?RC=;HIM
;JIS;L;H
=IH
G;HI
>?
I<L;
;
F;

CH>OMNLC;
GCFCN;L
>?
"
2
A?H?L;H>I
OH
CHAL?MI
JIL
L?G?M;M
>?GXM
BO<I
@O?LN?M

]G<AE
67
53B;F3>
BD;H36A
Y9A>A@6D;@AZ
67
D78G9;A

,A6A
7>>A
E;9@;\5R
G@
7>7H36A

MOJ?LXPCN
>?
F;
<;F;HT;
>?
J;AIM
?
BCMN\LC=IM
;OG?HNIM
?H
F;M
L?M?LP;M
CHN?LH;=CIH;F?M

>
F;BA
]AF3@F7
3
>3
43<3
67

EG8D;R
BD7E;A@7E
D7H3>G3FAD;3E
K
E7
\<R
3


3

\@3>7E
67


+7
5A@F;@GR
G@
39D7E;HA
BDA9D3?3
67
A4D3E
BS4>;53E

>
+75D7F3D;A

>?
%;=C?H>;
">O;L>I
0OXL?T
=L?;>IL
>?F
>?M;LLIFFCMGI
=IHNCH]I
=IHMIFC>;H>I
FIM

JLCH=CJ;F?M
L;MAIM
>?
?M;
?MNL;N?AC;
KO?
M?
L?MOG?H
?H
?F
L?=O;>LI
>?
F;M
=;L;=N?LZMNC=;M

>?F
>?M;LLIFFCMGI
")
!"0//,))&0*,
"+
)
" ,+,*r
!"
$2"//



W, 10
!"
/" &*&"+1,
-&
&+#) &s+



 


 


   
  
  
  
#O?HN?
&+"$&
"MN;>ZMNC=;M
%CMN\LC=;M
>?
*YRC=I



")
!"0//,))&0*,
+1"
),0
'201"0
!"
-,0$2"//
"

&+!201/&)&7 &s+
 ")"/!


"F
HO?PI
AI<C?LHI
>?F
-L?MC>?HN?
F?GXH
;>PC?LN?
FIM
L?NIM
>?
OH;
MCNO;=C\H
>?

NL;HMC=C\H
?HNL?
F;M
=IH>C=CIH?M
=L?;>;M
JIL
F;
?=IHIGZ;
>?
AO?LL;
S
F;
PO?FN;
;
F;


 Tomo I
La Economía y las Finanzas Públicas

HILG;FC>;>
%;<Z;
OH;
=F;L;
=IH=C?H=C;
>?
F;M
POFH?L;<CFC>;>?M
>?
HO?MNL;
?=IHIGZ;

?PC>?H=C;>;M
>OL;HN?
F;
AO?LL;
S
;HN?
FIM
L?;DOMN?M
>?
JIMNAO?LL;
?N?N;
?F
HO?PI

M?=L?N;LCI
>?
%;=C?H>;
;>PC?LN?
KO?
Q2@A.:<@
2;
B;.
I=<0.
12
?2.7B@A2
F
.0<:<1<

>B2
;<
2@
=20B96.?
.
"IE60<R
7>
F;BA
67
53?4;A
E7
]AF3DP3
7@

B3D3
@A
8D7@3D

G?>C;HN?
G?>C>;M
L?MNLC=NCP;M
;F
=L?=CGC?HNI
0?
L?@O?LT;
F;
JIFZNC=;
CH>OMNLC;F
;JIS;H>I
CH>OMNLC;M
HO?P;M
S
H?=?M;LC;M
=IH
NI>I
OH

HO?PI
;LM?H;F
>?
G?>C>;M
HI
M\FI
;L;H=?F?M
MCHI
J?LGCMIM
JL?PCIM
=OIN;M
MO<MC>CIM

S
?MNZGOFIM
J;L;
JLIN?A?L
S
@IG?HN;L
M?=NIL?M
*YRC=I
J;LNC=CJ;
?H
F;
IH@?L?H=C;
>?

);
%;<;H;
N?H>C?HN?
;
=L?;L
OH
=O?L>I
*OH>C;F
>?
IG?L=CI
FO?AI
?F
$11
J?LI

HI
MOM=LC<?
F;
;LN;
J;L;
G;HN?H?L
MO
CH>?J?H>?H=C;
JI>?L
?MN;<F?=?L
L?MNLC==CIH?M

;F
=IG?L=CI
S
;
F;
CHP?LMC\H
?RNL;HD?L;
"MN;
JIFZNC=;
HI
M?
=;G<C;LZ;
MCHI
B;MN;

")
!"0//,))&0*,
+1"
),0
'201"0
!"
-,01$2"//
"
&+!201/&)&7 &s+
 ")"/!


W, 10
!"
/" &*&"+1,
&+#) &s+
-&


  
  
  
  
  
  

#O?HN?
&+"$&
"MN;>ZMNC=;M
%CMN\LC=;M
>?
*YRC=I



!"0//,)),
"01&)&7!,/

 
HNIHCI
;LLCFFI
#FIL?M
0?=L?N;LCI
>?
%;=C?H>;
S
/I>LCAI
$\G?T
!CL?=NIL
$?H?L;F

>?F
;H=I
>?
*YRC=I
=ICH=C>?H
?H
KO?
?F
JLI=?MI
>?
>?M;LLIFFI
?RCAZ;
S;
OH
J;MI

36;5;A@3>
E3>;D
67>
5;5>A
;@]35;R@ 67H3>G35;R@

@
5A@E75G7@5;3
7D3
@757E3D;A

?MN;<CFCT;L
?F
NCJI
>?
=;G<CI
S
F;
?=IHIGZ;
OH;
P?T
JIL
NI>;M
"H
;<LCF
>?

M?
?D?=ON;
OH;
>?P;FO;=C\H
lJL?P?HNCP;m
<LCFF;HN?G?HN?
?D?=ON;>;

BAD
7>
7\53L
BDA9D3?3
67
7EF34;>;L35;R@
CG7
>A
35A?B3Q3
K
CG7
E7DP3
?A67>A
B3D3

AFDAE
BDA9D3?3E
8GFGDAE
\@3@5;36AE
BAD
7>
%!

$AE
E;9G;7@F7E
5;@5A
3QAE
>3
75A@A?P3

=L?=?LZ;

?H
JLIG?>CI
S
M?
CHC=C;LZ;
OH
J?LCI>I
>?
?MN;<CFC>;>
>?
JL?=CIM
KO?

>OL;LZ;
B;MN;



 Tomo I
La Economía y las Finanzas Públicas

"F
l>?M;LLIFFI
?MN;<CFCT;>ILm
?M
OH;
@L;M?
;=O[;>;
JIL
HNIHCI
,LNCT
*?H;
S
M?
;JFC=;

;
MO
J?LCI>I
=IGI
M?=L?N;LCI
>?
%;=C?H>;
>?

;
 
"H
L?;FC>;>
F;M
<;M?M

>?
?MN;
?MN;<CFCT;=C\H
M?
A?MN;H
=IH
F;
>?P;FO;=C\H
S
?MN;<CFCT;=C\H
?D?=ON;>;M
?H


,LNCT
*?H;
>?M>?
FO?AI
NC?H?
?F
GYLCNI
>?
=IHMIFC>;L
S
JL?M?LP;L
?F
?M@O?LTI

>OL;HN?
MO
A?MNC\H
KO?
CH=FOS?
FIM
J?LCI>IM
JL?MC>?H=C;F?M
>?
)\J?T
*;N?IM
S
!Z;T

'D63L

EF7
B7D;A6A
?3@F;7@7
5D75;?;7@FA
67

3@G3>
5A@
;@]35;R@
67
3>D7676AD
67


5A@
8D75G7@5;3
?7@AD
CG7
>3
67
@G7EFDA
BD;@5;B3>
EA5;A
5A?7D5;3>

EFA
E;9@;\53

=L?=CGC?HNI
>?
M;F;LCIM
L?;F?M
?GJF?I
S
?H
A?H?L;F
>?
F;
JLIMJ?LC>;>
>?
F;
JI<F;=C\H

@
>A
CG7
E7
D7\7D7
3
>3
35F;H;636
75A@R?;53
E7
?3@F;7@7@
>AE
D3E9AE
67
FA6A
7>
B7D;A6A

>?M;LLIFFCMN;
CH=FOS?H>I
CHP?LMC\H
J]<FC=;
?H
CH@L;?MNLO=NOL;
CLLCA;=C\H
=;GCHIM

?H?LAZ;
S
;JISI
;F
JLI=?MI
>?
CH>OMNLC;FCT;=C\H
>C=CIH;FG?HN?
M?
A?MN;
F;
JIFZNC=;
M?F?=NCP;
>?
=LY>CNI
OH;
P?L>;>?L;
;JILN;=C\H

G?RC=;H;
;F
CHMNLOG?HN;F
>?
F;
JIFZNC=;
>?
>?M;LLIFFI
KO?
=IHMCMNZ;
?H
KO?
?F
;H=I

>?
*YRC=I
I<FCA;<;
;
F;
<;H=;
=IG?L=C;F
?H
JF?H;
?RJ;HMC\H
;
=;H;FCT;L
J;LN?
>?
FIM

L?=OLMIM
=;JN;>IM
;
FIM
M?=NIL?M
?MNL;NYAC=IM
>?F
>?M;LLIFFI
F;
;ALC=OFNOL;
?F
=IG?L=CI

?RN?LCIL
F;
PCPC?H>;
?F
?KOCJ;GC?HNI
CH>OMNLC;F
S
F;
CH@L;?MNLO=NOL;
NOLZMNC=;
"MNI
M?

B;LZ;
;=NO;H>I
?H
@ILG;
=IGJF?G?HN;LC;
=IH
FIM
@IH>IM
>?
@IG?HNI
=L?;>IM
J;L;
N;F

?@?=NI
#&/
;ALC=OFNOL;
#,3&
S
#,$
PCPC?H>;
&+#/12/
CH@L;?MNLO=NOL;

NOLZMNC=;
#,*"5
?RJILN;=C\H
#,$&+
S
#,+"&
CH>OMNLC;
J?KO?[;
S
G?>C;H;

S
?F
?M@O?LTI
KO?
=IHNCH];H
>?MJF?A;H>I
FIM
<;H=IM
>?
>?M;LLIFFI
=IGI
+;=CIH;F

#CH;H=C?L;
"F
>?M;LLIFFCMGI
HI
?M
OH;
N?ILZ;
MCHI
OH;
?MNL;N?AC;
H;=CIH;F
>?
>?M;LLIFFI
OH

MCMN?G;
OH;
PCMC\H
0O
=;L;=N?LZMNC=;
=IG]H
?M
OH;
=IH=?J=C\H
G?HN;F
KO?
JLCPCF?AC;

?F
=L?=CGC?HNI
1OPI
;JFC=;=C\H
?RCNIM;
?H
P;LCIM
J;ZM?M
S
?H
F;M
GCMG;M
YJI=;M
=IGI

L;MCF
';J\H
#L;H=C;
"MJ;[;
NI>IM
=IH
AL;H>?M
L?MOFN;>IM
>?
=L?=CGC?HNI


 Tomo I
La Economía y las Finanzas Públicas

*,!"),
!"
!"0/,)),
*"5& +,
L?F60=
=98
6,=
.,<,.>0<H=>4.,=
/0
0=>0
79/069
/0
/0=,<<9669
70A4.,89

8>0<@08.4984=79
/0
=>,/9
KO?
;MOG?
F;
L?MJIHM;<CFC>;>
J;L;
F;
JLIGI=C\H

;=NCP;
>?F
>?M;LLIFFI
0?
CHC=C;
>?M>?
F;M
N?MCM
>?F
-F;H
0?R?H;F


,.498,64=79
0.98I74.9
+7
?3@;\7EF3
7@
>3
7JBDAB;35;R@
B7FDA>7D3
>3
67
>AE

@?LLI=;LLCF?M
F;
>?
F;
IGJ;[Z;
>?
)OT
S
#O?LT;
>?F
?HNLI
JIL
)\J?T
*;N?IM

F;M
FCGCN;=CIH?M
;
F;
CHP?LMC\H
?RNL;HD?L;
S
F;
G?RC=;HCT;=C\H
>?
FIM
<;H=IM
JIL

,LNCT
*?H;

(96?8>,/
/0
/0=,<<9669
#L;M?
>?F
?=IHIGCMN;
%CLM=BG;H
KO?
CH>C=;
KO?
M?

NL;N;
>?
OH;
;=NCNO>
G?HN;F
=IGJ;LNC>;
JIL
FIM
JLCH=CJ;F?M
;=NIL?M

8/?=><4,64C,.4I8
=?=>4>?.4I8
/0
47:9<>,.4980=
:<9>0..4984=79
)IM

NL?M
I<D?NCPIM
?MNXH
FCA;>IM
"MN?
MOJIH?
OH;
JIFZNC=;
CH>OMNLC;F
;=NCP;
OM;H>I

;L;H=?F?M
=OIN;M
J?LGCMIM
JL?PCIM
MO<MC>CIM
?MNZGOFIM
=LY>CNI
JL?@?L?H=C;F
S

NCJI
>?
=;G<CI
@;PIL;<F?

'8
:<92<,7,
48>08=9
/0
48@0<=4I8
08
481<,0=><?.>?<,
EFA
E7
D7\7D7

JLCH=CJ;FG?HN?
;
CLLCA;=C\H
=IGOHC=;=CIH?M
S
?H?LAZ;



(!
!#

-!

 
"H
*YRC=I
YMN?
@O?
OHI
>?

>AE
3EB75FAE
67\@;FAD;AE
K
?NE
AD;9;@3>7E
67
>3
BA>PF;53

.
;H=I
?HNL;F
!?M;LLIFFCMN;
KO?
IJ?L;
F;
JIFZNC=;
M?F?=NCP;
>?
=LY>CNI
=IH
?F

?H=;D?
F?A;F
MI<L?
F;
=;JN;=C\H
>?
FIM
<;H=IM
S
?F
OMI
>?
FIM
@IH>IM
>?
@IG?HNI
/
3@53
67
7E3DDA>>A
CG7
\@3@5;3
BDA9D3?3E
K
BDAK75FAE
67
>3D9A
B>3LA
K
5D73

7?BD7E3E
7EFD3FO9;53E
3
FD3HOE
67
&3\@E3
3@A4D3E
3@5A?7JF


64,8C,
.98
06
=0.>9<
:<4@,/9
KOZ
DOA\
OH
J;J?F
CGJILN;HN?
?F
?HN?H>CGC?HNI

=IH
F;
<;H=;
=IG?L=C;F
JLCP;>;
S
FIM
ALOJIM
CH>OMNLC;F?M


-!
!"!

(!
.$

!


@
?A?7@FAE
;?BADF3@F7E
E7
]AFR
7>
F;BA

>?
=;G<CI
?H


S

J;L;
KO?
HI
@O?L;
OH;
l=;GCM;
>?
@O?LT;m

'=9
/0
6,
/0?/,
0A>0<8,

J;LNCL
>?
F;
L?@ILG;
=IHMNCNO=CIH;F
S
F;
L?H?AI=C;=C\H

67

7EF3
67G63
E7
GER
B3D3
\@3@5;3D
;@H7DE;A@7E
@A
93EFA
5ADD;7@F7


 Tomo I
La Economía y las Finanzas Públicas

"H
G;N?LC;
?=IH\GC=;
?F
GI>?FI
>?F
l>?M;LLIFFI
?MN;<CFCT;>ILm
>CI
M?[;F?M
>?

39AF3?;7@FA
3
\@3>7E
67>
B7D;A6A
7@
7EF7
E7@F;6A
:34P3@
K3
EGD9;6A
5DPF;53E
67
>3

=IGOHC>;>
;=;>YGC=;
G?RC=;H;
S
HILN?;G?LC=;H;

%;<Z;H
NL?M
@O?HN?M
>?
;AIN;GC?HNI
F;
=IH=FOMC\H
>?
F;
@;M?
>?
F;
AL;H
?RJ;HMC\H

>?
F;
@LIHN?L;
;ALZ=IF;
JIL
F;
=L?;=C\H
>?
AL;H>?M
I<L;M
>?
CLLCA;=C\H
KO?
FCGCN;<;

?F
=L?=CGC?HNI
MIMN?HC>I
>?
F;
;ALC=OFNOL;
=IG?L=C;F
);
;ALC=OFNOL;
>?
N?GJIL;F
HI

?H=IHNL;<;
MIFO=C\H
@X=CF
&AO;FG?HN?
M?
B;<Z;
;AIN;>I
F;
@;M?
@X=CF
>?
MOMNCNO=C\H
>?

CGJILN;=CIH?M
>?
<C?H?M
>?
=IHMOGI
I
<C?H?M
CHN?LG?>CIM
);
MOMNCNO=C\H
>?
<C?H?M
>?

=;JCN;F
?L;
GXM
>C@Z=CF
JIL
F;
?MNL?=B?T
>?F
G?L=;>I
CHN?LHI
KO?
L?KO?LZ;H
?=IHIGZ;M

>?
?M=;F;
"F
=L?=CGC?HNI
M?
B;<Z;
MOMN?HN;>I
?H
?F
OMI
>?F
?H>?O>;GC?HNI
?RN?LHI
KO?

:34P3
5D75;6A
DNB;63?7@F7

EFA
E;9@;\5343
CG7
7>
7E8G7DLA
7JBADF36AD
7D3
;@EG\5;7@F7

F3?4;O@
>A
:34P3
E;6A
7>
7E8G7DLA
FD;4GF3D;A
K3
CG7
@A
:34P3
:34;6A
G@3
D78AD?3
\E53>

>?
@IH>I
"H
?M;
MCNO;=C\H
FF?A;LZ;GIM
;
 
")
!"0//,))&0*,
6
)
1/+0& &s+
% &
)
"01&)&7 &s+



E! &%

$ &!
"
  R
"





  




 
















#O?HN?
&+"$&
"MN;>ZMNC=;M
%CMN\LC=;M
>?
*YRC=I

?
&H@ILG?M
HO;F?M
>?F
;H=I
>?
*YRC=I

!"0//,)),
"01&)&7!,/

 
W, 10
!"
/" &*&"+1,
-&
 &+#) &s+

  
  
  
  
  
  
  
  
  
  
  
  

#O?HN?M
&+"$&
"MN;>ZMNC=;M
%CMN\LC=;M
>?
*YRC=I

?
&H@ILG?M
HO;F?M
>?F
;H=I
>?
*YRC=I


 Tomo I
La Economía y las Finanzas Públicas

&&&
/" &*&"+1,
0&+
"01&)&!!
")
-"/&,!,
!"
)0
/&0&0




!")
!"0//,)),
"01&)&7!,/
)
!"0//,)),

,*-/1&!,
6
")
#&+
!"
)
"01&)&!!
)OCM
"=B?P?LLZ;
FF?A;
;F
JI>?L
<;DI
FIM
?@?=NIM
>?
F;
=LCMCM
JIFZNC=;
JLIJC=C;>;
JIL
?F

GIPCGC?HNI
>?F

S
F;
G;N;HT;
>?
1F;N?FIF=I
=IGI
?F
*CHCMNLI
>?
$I<?LH;=C\H
>?F

J?LCI>I
+?=?MCN;<;
?H
=IHM?=O?H=C;
B;=?L
@L?HN?
;
OH
JLI<F?G;
>?
F?ACNCGC>;>
S
>?

AI<?LH;<CFC>;>
-;L;
B;=?L
@L?HN?
;
FIM
JLI<F?G;M
>?
;AIN;GC?HNI
>?F
GI>?FI
M?
=L?;LIH
HO?PIM

CHMNLOG?HNIM
?F
&HMNCNONI
*?RC=;HI
>?
IG?L=CI
"RN?LCIL
J;L;
JLIGIP?L

?RJILN;=CIH?M
?F
&+#,+3&1
=IGI
OH
CHA?HCIMI
CHMNLOG?HNI
J;L;
=ILL?ACL
F;

>?MCAO;F>;>
=IHMNLOS?H>I
PCPC?H>;
J;L;
FIM
NL;<;D;>IL?M
0?
?MN;<F?=C?LIH
M?H>IM

JLIAL;G;M
;ALZ=IF;M
J;L;
;N?H>?L
F;
;ALC=OFNOL;
>?
N?GJIL;F
S
>?
MO<MCMN?H=C;
0?
JL;=NC=\
OH;
JIFZNC=;
?=IH\GC=;
CHMJCL;>;
?H
OH
E?SH?MC;HCMGI
OH
N;HNI
JLCGCNCPI

>?
;=?F?L;L
?F
A;MNI
J]<FC=I
J?LI
=IHMC>?L;H>I
KO?
M?
IJ?L;<;
?H
OH;
l?=IHIGZ;

57DD363Z

!@;5;3>?7@F7
E7
357>7DR
7>
5D75;?;7@FA
B7DA
8G7
3G?7@F3@6A
7>
6O\5;F
\E53>

>?

>?F
-&
?H

;
;FL?>?>IL
>?

?H

S

0?
;=;<\
?F
J?LCI>I

>?
?MN;<CFC>;>
F;LA;G?HN?
G;HN?HC>I
=IG?HT;LIH
;
;OG?HN;L
FIM
JL?=CIM
"H


NI>;PZ;
M\FI

J?LI
?H


S
?H


);
=O?HN;
=ILLC?HN?
>?
F;

<;F;HT;
N;G<CYH
;OG?HN\
MO
>?M?KOCFC<LCI
);
JIFZNC=;
NOPI
>IM
@;FF;M
CGJILN;HN?M
OHKO?
M?
=IHMC>?L;<;
>?
CTKOC?L>;
JLIAL?MCMN;

7>
(D7E;67@F7
@A
E7
3FD7H;R
3
D73>;L3D
G@3
D78AD?3
\E53>


B7E3D
67
CG7
E7
CG;EA
8A?7@F3D

F;M
?RJILN;=CIH?M
JIL
G?=;HCMGIM
CHMNCNO=CIH;F?M
?H
F;
JLX=NC=;
M?
J?H;FCT;LIH
=IH
?F

CHMNLOG?HNI
GXM
CGJILN;HN?
?F
NCJI
>?
=;G<CI
KO?
M?
>?D\
lMI<L?P;FO;Lm
)IM
G?=;HCMGIM
>?
>?@?HM;
@O?LIH
FIM
?KOCPI=;>IM
F;
>?O>;
?RN?LH;
NIN;F
KO?
HI

J;M;<;
>?
FIM

GCFFIH?M
>?
>\F;L?M
?H

M?
?F?P\
B;MN;
=;MC
NLCJFC=;LM?
?H


;FL?>?>IL
>?

GCFFIH?M
>?
>\F;L?M
1;G<CYH
M?
CHNLI>OD?LIH
G?>C>;M
>?

JLIN?==C\H
S
L?MNLC==C\H
=IG?L=C;F
+;9@;\5R
CG7
>3
B3D;636
67>
B7EA
67


EAEF7@;63
6GD3@F7

3QAE
FGHA
CG7

;<;H>IH;LM?
*YRC=I
NOPI
KO?
?MNL?H;L
?F
JLCG?L
;=O?L>I
=IH
?F
#*&
>?
DOMN?
>?
NL?M

;[IM
HI
?F
NL;>C=CIH;F
;JISI
;HO;F
?F
@A.;1/F
J;L;
KO?
?F
;DOMN?
=ILL?=NCPI
@O?L;

G?HIM
M?P?LI
"MN?
=;GCHI
FI
M?
=ILL?ACLZ;
L?CN?L;>;G?HN?
>?

;

0?
B;<Z;

;@;5;36A
7>
5;5>A
67
>3E
5D;E;E
\@3@5;7D3E
D75GDD7@F7E


 Tomo I
La Economía y las Finanzas Públicas


")
2$"
-"1/,)"/,
6
)
/&0&0
!"
)
!"2!


'IMY
)\J?T
-ILNCFFI
CHC=C;
MO
AI<C?LHI
?H
G?>CI
>?
OH;
AL;H
NOL<OF?H=C;
?=IH\GC=;
S

JIFZNC=;
0CH
?G<;LAI
B;=?
OH
?FI=O?HN?
>CM=OLMI
>?
NIG;
>?
JIM?MC\H
S
=IHPI=;
;
OH;

9D3@
>;3@L3
,D;B3DF;F3
B3D3
>3
(DA6G55;R@
>A
5G3>
:357
CG7
E7
D75GB7D7
>3
5A@\3@L3


0O
AI<C?LHI
N?H>LZ;
NL?M
@;M?M
?H
F;
JLCG?L;
>?

S

L?;FCT;LZ;
OH
JLIAL;G;

GXM
I
G?HIM
=IHP?H=CIH;F
=OGJFC?H>I
=IH
?F
JLIAL;G;
NLC;HO;F
J;=N;>I
=IH
?F
#*&

M?LZ;
?F
NC?GJI
H?=?M;LCI
J;L;
KO?
G;>OL;L;H
FIM
CGJILN;HN?M
S;=CGC?HNIM
J?NLIF?LIM

67>
EGD7EF7
67>
B3PE
K
>3E
;@H7DE;A@7E
7\53L?7@F7
D73>;L363E
BAD
7>
7CG;BA
67
(%0

LCH>C?L;H
@LONIM
);
M?AOH>;
@;M?
KO?
P;
>?

;

?M
F;
YJI=;
>?F
AL;H
;OA?
J?NLIF?LI
S
L?JL?M?HN;

?F
J?LCI>I
>?
GXM
LXJC>I
=L?=CGC?HNI
>?
F;
BCMNILC;
>?
*YRC=I
>?

;HO;F
#O?
F;

AL;H
IJILNOHC>;>
>?MJ?L>C=C;>;
2NCFCT;H>I
F;
AL;H
J;F;H=;
>?
FIM
L?=OLMIM
J?NLIF?LIM
F;
0?=L?N;LZ;
>?F
-;NLCGIHCI

F;HT\
OH
-F;H
>?
!?M;LLIFFI
&H>OMNLC;F
<C?H
=IH=?<C>I
=IH
AL;H>?M
?H=;>?H;GC?HNIM

?=IH\GC=IM
lB;=C;
>?F;HN?
S
B;=C;
;NLXMm
KO?
CGJFC=\
>?M;LLIFF;L
F;
MC>?LOLAC;
F;

CH>OMNLC;
>?
<C?H?M
>?
=;JCN;F
FIM
JIFIM
>?
=L?=CGC?HNI
>?
0;FCH;
LOT
)XT;LI

XL>?H;M
FN;GCL;
S
I;NT;=I;F=IM
S
F;
CH>OMNLC;
J?NLIKOZGC=;
Y*;CG7L3
3FD37
D;CG7L3Z

>
B3PE
8G7
3E76;36A
BAD
\>3E
67
43@CG7DAE
A8D75;7@6A
6R>3D7E

=IH
OH;
AL;H
CLL?MJIHM;<CFC>;>
JIL
;G<;M
J;LN?M
);
>?O>;
?RN?LCIL
S;
?F?P;>;
KO?

B?L?>\
"=B?P?LLZ;
>?

GCFFIH?M
>?
>\F;L?M
?H

M?
?F?P\
;

GCFFIH?M

>\F;L?M
?H

S
;

GCFFIH?M
?H

f"H
F;
M?AOH>;
GCN;>
>?
?M?
;[I
NI>I

=;G<CI
)IM
J;ZM?M
CH>OMNLC;F?M
KO?
B;MN;
?M?
GIG?HNI
B;<Z;H
IJN;>I
JIL
JIFZNC=;M

9D36G3>;EF3E
B3D3
\@3@5;3D
EGE
67E7CG;>;4D;AE
B7FDA>7DAE
K
?A67D3D
7>
3G?7@FA
67
>3

;@]35;R@
675;6;7DA@
FA?3D
?76;63E
6DNEF;53E
67
3<GEF7
>7H3DA@
6D3?NF;53?7@F7

F;M
N;M;M
>?
CHN?LYM
L?>OD?LIH
MO
>?G;H>;
J?NLIF?L;
S
?F
JL?=CI
>?F
J?NL\F?I
=;S\

>LXMNC=;G?HN?
0C
?F
AI<C?LHI
>?
)\J?T
-ILNCFFI
BO<C?L;
>?=C>C>I
N;G<CYH
;DOMN;LM?
?F
=CHNOL\H
F;

BCMNILC;
BO<C?L;
=;G<C;>I
+I
<;D\
HO?MNLI
JL?=CI
>?F
=LO>I
HI
M?
;DOMN\
?F
A;MNI
?H

FZH?;
=IH
F;
=;Z>;
>?
CHAL?MIM
)\J?T
-ILNCFFI
JL?N?H>C\
F;
>?@?HM;
>?F
J?MI
@L;=;M\

NOPI
KO?
>?P;FO;LFI
DOMN?M
M;F;LC;F?M
JIMN?LCIL?M
;
F;
>?P;FO;=C\H
j?F
@;GIMI




:;5;7DA@
CG7
EGE
7875FAE
E7
7H3BAD3D3@
K
>3
5A@\3@L3
F3?4;O@

$3
75A@A?P3

M?
>?@?H>C\
=IH
G?>C>;M
=IG?L=C;F?M
S
GXM
?H>?O>;GC?HNI
KO?
M?
?F?P\
;


?;>>A@7E
67
6R>3D7E

>
6O\5;F
\E53>
K3
;@?3@7<34>7
7@
 
67

67>
(!
E7
7>7H\

;
GXM
>?

>?F
-&

 Tomo I
La Economía y las Finanzas Públicas

"H
?F
P?L;HI
F;
MCNO;=C\H
?L;
CHMIMN?HC<F?
0?
L?;FCT;LIH
H?AI=C;=CIH?M
=IH
F;M

;ONILC>;>?M
HILN?;G?LC=;H;M
;HAOMNC;
JIL
HO?MNLIM
H?AI=C;>IL?M
S
>?
;=NCNO>
F?IHCH;

JIL
F;
>?
?FFIM
"H
F;
N?L=?L;
@;M?
?H
;AIMNI
>?

?F
HO?PI
0?=L?N;LCI
>?
%;=C?H>;
0CFP;
%?LTIA
M?

JL?M?HN\
?H
+O?P;
6ILE
;HN?
OH;
DOHN;
=IH
NI>IM
FIM
;=L??>IL?M
<;H=;LCIM
l!?<I
HI

HC?AI
J;AI
HI
JO?>Im
0?
;HOH=C\
?M?H=C;FG?HN?
OH;
GIL;NILC;
>?
J;AIM
H?AI=C;>;

"FFI
>?NIH\
l=LCMCM
>?
F;
>?O>;m
KO?
;LL;MNL;LZ;
;
NI>;M
F;M
?=IHIGZ;M
?G?LA?HN?M
S
KO?

M?LZ;
lF;
>Y=;>;
J?L>C>;m
J;L;
*YRC=I
S
J;L;
GYLC=;
);NCH;
"F
-L?MC>?HN?
)\J?T
-ILNCFFI
N?HZ;
NI>;PZ;
>IM
;M?M
<;DI
F;
G;HA;
"F
JLCG?LI
>?

M?JNC?G<L?
;HOH=C;
F;
H;=CIH;FCT;=C\H
>?
F;
<;H=;
S
JIL
JLCG?L;
P?T
?H
F;
BCMNILC;
>?

*YRC=I
OH
=IHNLIF
>?
=;G<CIM
!IM
G?>C>;M
CAO;FG?HN?
?KOCPI=;>;M
/" &*&"+1,
0&+
"01&)&!!



l"F
!?M;LLIFFI
IGJ;LNC>Im
E! &%

$ &!
"
  R

 


 


  
  
  
  



l);
$L;H
IH;HT;
-?NLIF?L;m

E, &%

$ &!
"
  R


  
  
  
  



l);
LCMCM
>?
F;
!?O>;m
E! &%

$ &!
"
  R


 

 
#O?HN?M
&+"$&
"MN;>ZMNC=;M
%CMN\LC=;M
>?
*YRC=I

?
&H@ILG?M
HO;F?M
>?F
;H=I
>?
*YRC=I


 Tomo I
La Economía y las Finanzas Públicas


")
2$"
-"1/,)"/,
6
)
/&0&0
!"
)
!"2!


IH
@L?=O?H=C;
M?
MCAOC?LIH
JIFZNC=;M
JIJOFCMN;M
CLL?MJIHM;<F?M
S
=ILNIJF;=CMN;M
0?
CHMNLOG?HN;LIH
JIFZNC=;M
?RJ;HMCIHCMN;M
>?
A;MNI
MCH
L?J;L;L
?H
FIM
CHAL?MIM

\E53>7E
B3D3
EGEF7@F3D>A

$3
HN>HG>3
8G7
7>
\@3@5;3?;7@FA
7JF7D@A
6;EBA@;4>7
K
7>
;@F7D@A
7>
7@53<7
>793>

MI<L?
FIM
<;H=IM
S
F;
?RJ;HMC\H
GIH?N;LC;
>?F
;H=I
?HNL;F
;F
AI<C?LHI

0?
=L?;LIH
GO=B;M
?GJL?M;M
J]<FC=;M
>?M>?
F;M
H?=?M;LC;M
JIL
L;TIH?M

75A@R?;53E
A
\@7E
EA5;3>7E
:3EF3
>3E
;@SF;>7E
67
4;7@7E
67
5A@EG?A
5;@7E

N;KO?LZ;M
;
P?=?M
J;L;
JL?P?HCL
KOC?<L;M
JLCP;>;M

0?
=L?;LIH
;FAOH;M
?GJL?M;M
J]<FC=;M
CGJILN;HNM
=IGI
&+#,+3&1
M?

J?LPCLNC?LIH
INL;M
=IGI
,+02-,

&A
E7
:;LA
G@3
D78AD?3
\E53>
+7
343@6A@R
>3
]7J;4;>;636
67>
F;BA
67
53?4;A

B;MN;
KO?
M;FC>;M
>?
=;JCN;F
>?NIH;LIH
>?P;FO;=CIH?M
NL;OGXNC=;M

>
6O\5;F
\E53>
3G?7@FR
3
@;H7>7E
7J397D36AE
F3?4;O@
7>
6O\5;F
67
>3
43>3@L3

>?
J;AIM
S
?F
GIHNI
>?
F;
>?O>;
?RN?LH;

0?
>?MJ?L>C=C\
?F
;OA?
J?NLIF?LI
;OHKO?
M?
BC=C?LIH
;FAOH;M
CHP?LMCIH?M

?MNL;NYAC=;M
?H
J?NLIKOZGC=;
MC>?LOLAC;
S
JO?LNIM
CH>OMNLC;F?M

-;L;
I<N?H?L
G;SIL
=L?=CGC?HNI
S
G?DIL;L
F;
>CMNLC<O=C\H
>?F
CHAL?MI
M?

67EFDGKR
>3
7EF34;>;636
K
5A@
7>
7875FA
67
>3
;@]35;R@
EA4D7
7>
@;H7>
67
H;63

M?
;OG?HN\
F;
>?MCAO;F>;>

&3
'201"0
/"#,/*0
"01/2 12/)"0
0&+
/" &*&"+1,




)
1/+0& &s+
% &
)0
/"#,/*0
"01/2 12/)"0


"F
AI<C?LHI
>?
*CAO?F
>?
F;
*;>LC>
N;G<CYH
M?
CHC=C;
?H
G?>CI
>?
AL;P?M
JLI<F?G;M

!?M>?
?F
JOHNI
>?
PCMN;
JIFZNC=I
F;
JIF;LCT;=C\H
?M
>C@?L?HN?
;
F;
KO?
?H=IHNL\

"=B?P?LLZ;
);
CTKOC?L>;
?MN;<;
DO<CFIM;
JIL
F;
H;=CIH;FCT;=C\H
<;H=;LC;
J?LI
?F
M?=NIL

BD;H36A
>A
H7P3
5A?A
38D7@F3
CG7
3875F343
>3
5A@\3@L3
67
>AE
7?BD7E3D;AE

$3
BD;?7D3
83E7
E7
D7\7D7
3
>AE
6AE
BD;?7DAE
3QAE

>
B>3@
6;E7Q36A
BAD
7>
9A4;7D@A

CFOMNL;
MO
=IHN?HC>I
?F
l-LIAL;G;
&HG?>C;NI
>?
/?IL>?H;=C\H
"=IH\GC=;m
"F
6O\5;F

\E53>
E7
D76G57
67

?H

;

>?F
-&
?H

"@?=NCP;G?HN?
?F
A;MNI


 Tomo I
La Economía y las Finanzas Públicas

J]<FC=I
M?
L?>ODI
>?

>?F
-&
?H

S
;

?H

"MN?
?M
OHI
>?
FIM
;DOMN?M

?=IH\GC=IM
GXM
>LXMNC=IM
L?;FCT;>IM
JIL
=O;FKOC?L
J;ZM
J?LI
>?
?@?=NI
CHG?>C;NI
>?

=ILL?==C\H
/?;FCT;>I
?F
?M@O?LTI
CHN?LHI
H?=?M;LCI
M?
@O?LIH
?@?=NO;H>I
>CP?LM;M
?N;J;M
J;L;

?H@L?HN;L
F;
=LCMCM
>?
>?O>;
S
L?H?AI=C;LF;
&HC=C;FG?HN?
M?
>CDI
KO?
M?
NL;N;<;
>?
lOH

JLI<F?G;
>?
=;D;m
J?LI
lF;
=;D;m
F;
=?LL;LIH
FIM
<;HKO?LIM
"H
OH;
JLCG?L;
?N;J;

M?
CHN?HN\
L??MNLO=NOL;L
F;
>?O>;
;F;LA;L
FIM
JF;TIM
I<N?H?L
;FAI
>?
>CH?LI
l@L?M=Im

>?MJOYM
M?
;P;HT\
B;=C;
INL;M
?N;J;M
J;L;
L?>O=CL
F;
J?M;>;
=;LA;
G?>C;HN?
lKOCN;Mm

>?
=;JCN;F
?
CHN?L?M?M
>
AFDA
BDA4>7?3
8G7
7EF34>757D
G@
@G7HA
E;EF7?3
\@3@5;7DA
67
43@53
36?;@;EFD363
BAD

?F
"MN;>I
MCH
L?P?LNCL
?F
JLI=?MI
J;L;
L?JLCP;NCT;LF;
FI
KO?
HI
?L;
JIFZNC=;G?HN?
@;=NC<F?

$3
43@53
@35;A@3>
3KG6R
67
?3@7D3
AD67@363
K
5AAD6;@363
3
\@3@5;3D
>3E
\@3@L3E

J]<FC=;M
S
;
L?M=;N;L
F;
JF;HN;
JLI>O=NCP;
CH=FOMI
?H
L?F;=C\H
;
MO
?H>?O>;GC?HNI
?H

>\F;L?M
;
NL;PYM
>?F
#& ,/ 
OH
#C>?C=IGCMI
>?F
;H=I
>?
*YRC=I
KO?
>;<;
FCGCN;>;

=IHP?LNC<CFC>;>
;
>\F;L?M
J;L;
J;A;L
;
;=L??>IL?M
KO?
>;<;H
=IH>C=CIH?M
;JLIJC;>;M
0?
J?HM\
KO?
?L;
JIMC<F?
CHMNLOG?HN;L
JIFZNC=;M
AL;>O;FCMN;M
>?
L?=OJ?L;=C\H
?F

-LIAL;G;
>?
FC?HNI
L?=CGC?HNI
>?

-?LI
F;
?=IHIGZ;
G?RC=;H;
PIFPC\
;
MO@LCL

6AE
@G7HAE
K
9D3HPE;?AE
5:ACG7E
7>
F7DD7?AFA
67
E7BF;7?4D7
67

CG7
E;9@;\5R

OH
?F?P;>I
?M@O?LTI
S
=IMNI
>?
L?=IHMNLO==C\H
>?
TIH;M
>?
F;
=CO>;>
>?
*YRC=I
S

>?MJOYM
INLI
M?P?LI
>?MJFIG?
>?F
JL?=CI
>?F
J?NL\F?I
?H

6;
>?M>?

?F
AI<C?LHI
B;<Z;
=;Z>I
?H
F;
=O?HN;
>?
KO?
?F
JLI<F?G;
?=IH\GC=I

>?
*YRC=I
HI
JI>Z;
L?MIFP?LM?
G?>C;HN?
G?>C>;M
=IHP?H=CIH;F?M
>?
;DOMN?
>?
A;MNI

S
=LY>CNI
=IGI
N;GJI=I
F;
>?O>;
?RN?LH;
M\FI
G?>C;HN?
;F;LA;GC?HNI
>?
JF;TIM
S

>CH?LI
@L?M=I
EP
B3D3
3F353D
7>
BDA4>7?3
67
>3E
\@3@L3E
BS4>;53E
E7
674P3
D76G5;D
7>
F3?3QA
67>

M?=NIL
J]<FC=I
G?>C;HN?
OH
JLI=?MI
>?
JLCP;NCT;=CIH?M
);M
H?AI=C;=CIH?M
?RN?LH;M
M?

ILC?HN;LIH
;
L?>O=CL
F;
=;LA;
>?
F;
>?O>;
-;L;
=ILL?ACL
?F
JLI<F?G;
>?
<;F;HT;
>?
J;AIM
M?
B;LZ;
OH;
;J?LNOL;
=IG?L=C;F
G?>C;HN?

<;D;
OHCF;N?L;F
>?
;L;H=?F?M
S
?FCGCH;=C\H
>?
NI>;M
F;M
NL;<;M
=IGI
=OIN;M
S
J?LGCMIM

JL?PCIM
"FCGCH;L
?H
MOG;
?F
JLIN?==CIHCMGI
S
B;=?L
F;
CH>OMNLC;
>?
?RJILN;=C\H
GXM

=IGJ?NCNCP;
G?>C;HN?
?F
;==?MI
;
CHMOGIM
<;L;NIM
OH;
=C?LN;
NL;HM@ILG;=C\H
>?
J;LN?

>?
F;
?=IHIGZ;
?H
lG;KOCF;m
0?
NIG\
F;
>?=CMC\H
>?
;>B?LCLM?
;F
$11

\@3>7E
67

E7
D73>;LR
AFDA
7JB7D;?7@FA
67
BA>PF;53
:7F7DA6AJ3
7>
(35FA
67

+A>;63D;636
B3D3
8D7@3D
>3
;@]35;R@

EF7
7E8G7DLA
;@97@;AEA
E;9@;\5R
?76;3@F7
G@3


 Tomo I
La Economía y las Finanzas Públicas

JIFZNC=;
>?
JL?=CIM
?
CHAL?MIM
J;=N;>;
?HNL?
FIM
M?=NIL?M
;FCH?;L
NI>IM
FIM
JL?=CIM
>?
F;

?=IHIGZ;
S
;
J;LNCL
>?
;FFZ
=IHP?HCL
>CMGCHO=CIH?M
JLIAL;G;>;M
"F
-;=NI
@O?
?RCNIMI

K
D7EG>FR
7@
;?BADF3@F7E
43<3E
67
>3
;@]35;R@

'201"0
6
/"#,/*0
% &
2+
+2"3,
*,!"),
" ,+s*& ,


 

-/, "0,
!"
'201"
10
!"
/" &*&"+1,
-&
&+#) &s+

W,


  

 

 


1/+0& &s+
% &
)0
/"#,/*0
"01/2 12/)"0

10
!"
/" &*&"+1,
&+#) &s+

W,
-&


  

 





3
&+1"+0&#&  &s+
!"
)0
/"#,/*0
"01/2 12/)"0

")
)&"/)&0*,
0, &)


>
9A4;7D@A
67>
(D7E;67@F7
+3>;@3E
;@F7@E;\5R
3
B3DF;D
67

7>
BDA57EA
67
D78AD?3E

?MNLO=NOL;F?M
KO?
B;<Z;
CHC=C;>I
MO
;HN?=?MIL
0;FCH;M
KOCMI
J;M;L
;
F;
BCMNILC;
=IGI
OH

L?@ILG;>IL
KO?
GI>?LHCT;LX
;F
J;ZM
CHM?LNXH>IFI
?H
?F
JLI=?MI
>?
AFI<;FCT;=C\H
=IGI

OH
DOA;>IL
>?
N;FF;
GOH>C;F
&HN?HN\
OH;
MZHN?MCM
?HNL?
F;
NL;>C=C\H
BCMN\LC=;
G?RC=;H;

S
F;M
lHO?P;M
C>?;M
?=IH\GC=;Mm
kF;M
lH?IFC<?L;F?Mmk
KO?
FF;G\
M?A]H
@L;M?
>?

/?S?M
%?LIF?M
l?F
FC<?L;FCMGI
MI=C;Fm
"H
MO
JLCG?L
PC;D?
;
"OLIJ;
S
?H
F;M
=IHP?LM;=CIH?M
=IH
INLIM
FZ>?L?M
?F
-L?MC>?HN?

0;FCH;M
M?
>CI
=O?HN;
>?
KO?
;
?MN?
=IHNCH?HN?
CHG?LMI
?H
MO
JLIJCI
JLI=?MI
>?

CHN?AL;=C\H
L?ACIH;F
HI
F?
CHN?L?M;<;
G;SILG?HN?
*YRC=I
-?L=C<C\
KO?
HO?MNLI

J;ZM
JI>Z;
KO?>;L
;CMF;>I
@L?HN?
;
<FIKO?M
L?ACIH;F?M
);
ONIJZ;
>?
F;
CHN?AL;=C\H

F;NCHI;G?LC=;H;
?L;
?MI
OH;
ONIJZ;
>?GXM
?F
=IHNCH?HN?
?MN;<;
CHG?LMI
?H
?F
M?LCI

JLI<F?G;
>?
F;
>?O>;
"F
AI<C?LHI
G?RC=;HI
;MOG?
?HNIH=?M
F;
AL;H
>?=CMC\H
>?

CHC=C;L
OH
JLI=?MI
>?
CHN?AL;=C\H
?H
?F
=IHN?RNI
>?
GYLC=;
>?F
+ILN?
"F
-L?MC>?HN?


 Tomo I
La Economía y las Finanzas Públicas

OMB
0L
;=IAC\
F;
CHC=C;NCP;
=IH
?HNOMC;MGI
);M
H?AI=C;=CIH?M
B;=C;
OH
1L;N;>I
>?

)C<L?
IG?L=CI
>?
GYLC=;
>?F
+ILN?
M?
CHC=C;LIH
?H
DOHCI
>?

S
=OFGCH;LIH
?H

?H?LI
>?

;H;>X
KO?
S;
N?HZ;
MO
JLIJCI
1L;N;>I
=IH
"MN;>IM
2HC>IM
?MNOPI

;@;5;3>?7@F7
Y8DPAZ
D7EB75FA
67
>3
;@;5;3F;H3
B7DA
\@3>?7@F7
@A
CG;EA
CG763D
Y8G7D3
67

>3
\7EF3Z


#O?
OH
AL;H
=;G<CI
?MNLO=NOL;F
?H
G;N?LC;
>?
F;M
L?F;=CIH?M
CHN?LH;=CIH;F?M
>?
*YRC=I

;
FI
=O;F
M?
;AL?A;LZ;
?F
KO?
*YRC=I
@O?L;
N;G<CYH
?H

>?MJOYM
>?
OH;
>Y=;>;
?F

JLCG?L
HO?PI
GC?G<LI
>?
F;
, !"
MZ
GCMGI
M?
=IHP?LNCLZ;
?H
GC?G<LI
>?F
+O?PI

>ACG7
67
>3E
5A@A?P3E
67>
(35;\5A
(

+7DP3
G@3
67
>3E
BN9;@3E
?NE
4D;>>3@F7E

S
ILCACH;F?M
>?
F;
JIFZNC=;
?=IH\GC=;
CHN?LH;=CIH;F
>?
*YRC=I
@
?3F7D;3
67
D78AD?3E
;@F7D@3E
E7
BDAE;9G;R
5A@
7>
53?4;A
7EFDG5FGD3>
67
>3E
\@3@L3E

J]<FC=;M
;
NL;PYM
>?
OH;
;=?F?L;=C\H
>?
F;
JLCP;NCT;=C\H
>?
F;M
?GJL?M;M
J]<FC=;M

"H
?MN?
=;MI
M?
FF?P;LIH
;
=;<I
F;M
JLCP;NCT;=CIH?M
>?
F;M
AL;H>?M
?GJL?M;M
=IGI

1?FY@IHIM
>?
*YRC=I
AL;H>?M
?GJL?M;M
MC>?L]LAC=;M
FZH?;M
;YL?;M
=IGI
?LIGYRC=I

M?
>CMIFPC?LIH
AL;H>?M
?GJL?M;M
>?
CHN?LP?H=C\H
?H
F;
?=IHIGZ;
=IGI
F;
,+02-,

PCH=OF;>;
=IH
F;M
IJ?L;=CIH?M
>?
MIMNYH
>?
JL?=CIM
?H
?F
=;GJI
"F
M?=NIL
J]<FC=I
N?HZ;

?NE
67

7?BD7E3E
7@

3>
\@3>
67
>3
36?;@;EFD35;R@
67
+3>;@3E
@A
CG76343@

MCHI
;FL?>?>IL
>?
 
-;LN?
>?
FIM
CHAL?MIM
M?
>?MNCH;LIH
;
=;H=?F;L
>?O>;
J]<FC=;
@
?3F7D;3
\@3@5;7D3
F3?4;O@
:G4A
53?4;AE
;?BADF3@F7E

(AD
H;DFG6
67>
35G7D6A
7@FD7

?F
0?=L?N;LCI
>?
%;=C?H>;
-?>LI
MJ?
S
?F
0?=L?N;LCI
>?F
1?MILI
L;>S
M?
FF?A\
;F

35G7D6A
\@3>
7@
?3F7D;3
67
>3
67G63
7JF7D@3
67
%OJ;5A
CG7
7E7@5;3>?7@F7
E;9@;\5343

G@3
D76G55;R@
67
>3
F3E3
67
;@F7DOE
3
F3E3
\<3
G@3
CG;F3
EA4D7
7>
53B;F3>
B7D;A6AE
?NE

F;LAIM
>?
;GILNCT;=C\H
;
NL;PYM
>?
OH;
=IHP?LMC\H
;
<IHIM
L;>S
;NL;=NCPIM
=IH
FI

=O;F
=IGI
M?
>CDI
M?
FIAL\
L?>O=CL
?F
lMI<L??H>?O>;GC?HNIm
S
F;
NL;HM@?L?H=C;
>?

L?=OLMIM
L?;F?M
;F
?RN?LCIL
);
INL;
P;FC?HN?
>?=CMC\H
@O?
F;
>?
L?P?LNCL
F;
H;=CIH;FCT;=C\H
<;H=;LC;
"FFI
L?KOCLC\
OH

=OC>;>IMI
JLI=?MI
JIFZNC=I
>?
H?AI=C;=C\H
=IH
?F
IHAL?MI
"MNI
M?
FIAL\
?H
G;SI
>?


S
?H
F;
L?OHC\H
<;H=;LC;
>?
;AIMNI
>?

M?
;HOH=C;
KO?
M?
CHC=C;LZ;
OH
JLI=?MI

>?
L?JLCP;NCT;=C\H
<;H=;LC;
)IM

<;H=IM
@O?LIH
L?JLCP;NCT;>IM
;
NL;PYM
>?
OH

JLI=?MI
>?
MO<;MN;M
J]<FC=;M
KO?
>OL;LIH
>?
DOHCI
>?

;
DOFCI
>?

"F
AI<C?LHI

I<NOPI
;FL?>?>IL
>?

GCFFIH?M
>?
>\F;L?M
JIL
<;H=IM
?H
FIM
KO?
FIM
<;HKO?LIM

?RJLIJC;>IM
B;<Z;H
L?=C<C>I
OH
P;FIL
L;TIH;<F?
>?
CH>?GHCT;=C\H
>?
;FL?>?>IL
>?


?;>>A@7E
67
6R>3D7E

EFA
5A@
7>
F;7?BA
E;9@;\53DP3
G@3
H;5FAD;3
BPDD;53


 Tomo I
La Economía y las Finanzas Públicas

HN?LCIL
;
F;
L?JLCP;NCT;=C\H
<;H=;LC;
S
=IGI
JL?=IH>C=C\H
J;L;
YMN;
M?
B;<Z;
L?;FCT;>I

G@
BDA57EA
67
>;47D3>;L35;R@
\@3@5;7D3

EFA
E;9@;\5R
67E?3@F7>3D
>3
3@F7D;AD
BA>PF;53

?RCNIM;
>?
ILC?HN;=C\H
M?F?=NCP;
>?
=LY>CNI
=IH
=IHMNCNO=C\H
>?
L?M?LP;M
<;H=;LC;M

I<FCA;NILC;M
;MCAH;>;M
;
M?=NIL?M
?=IH\GC=IM
JLCILCN;LCIM
0?
FC<?L;FCT;LIH
F;M
N;M;M
>?

CHN?LYM
"FFI
M?
BCTI
MCH
@ILN;F?=?L
;
F;M
?HNC>;>?M
L?AOF;>IL;M
S
MOJ?LPCMIL;M
0?
L?@ILG\
F;
F?ACMF;=C\H
>?F
;H=I
?HNL;F
>XH>IF?
;ONIHIGZ;
L?MJ?=NI
;F
AI<C?LHI

3>
?;E?A
F;7?BA
E7@FN@6A>7
5A?A
EG
S@;5A
A4<7F;HA
7>
5A?43F7
3
>3
;@]35;R@

>?GXM
GO=B;M
CHMNCNO=CIH?M
;>C=CIH;F?M
S;
=IH
F;
G?H=CIH;>;
FC<?L;FCT;=C\H

\@3@5;7D3
7@FD3DA@
7@
G@3
H7D6367D3
7G8AD;3
4GD4G<3
E7
6;DP3
3:AD3
67
5DO6;FA

%;<Z;
S;
;FAOHIM
JL?I=OJ;HN?M
?F?G?HNIM
JIFZNC=IM
"F
F?P;HN;GC?HNI
AO?LLCFF?LI
>?F

"7)+
?H
BC;J;M
FIM
;M?MCH;NIM
JIFZNC=IM
>?F
=;H>C>;NI
JL?MC>?H=C;F
>?F
-/&
IFIMCI

S
?F
>?
/OCT
*;MMC?O
HN?
F;
CH=?LNC>OG<L?
?F
AI<C?LHI
?GCNC\
J;J?F
AO<?LH;G?HN;F

>?
=ILNI
JF;TI
>?HIGCH;>I
?H
>\F;L?M
JIL

GCFFIH?M
"F
AI<C?LHI
>?
0;FCH;M
HI

CG;EA
67H3>G3D

$3
75A@A?P3
7EF343
YBD7@6;63
5A@
3>\>7D7EZ
B7DAV
5A?A
H7D7?AE

?F
AI<C?LHI
?HNL;HN?
?F
JLCG?LI
>?
>C=C?G<L?
lM?
FIM
KOCN\m
"MN;<;
JO?MNI
?F
?M=?H;LCI

B3D3
G@3
@G7H3
5D;E;E
CG7
BGE;7D3
\@
3>
E79G@6A
?;>39DA
?7J;53@A


)&"/)&0*,
0, &)

W, 10
!"
/" &*&"+1,
-&
 &+#) &s+

  
  
  
  
 


 



3&
")
*,!"),
" ,+s*& ,
,/&"+1!,
% &
)
"5-,/1 &s+

',
")
1) +

 
O;H>I
?F
AI<C?LHI
>?
7?>CFFI
M?
CHC=C;
?H
>C=C?G<L?
>?

S;
B;<Z;
F;
=L\HC=;

>?
OH;
=LCMCM
;HOH=C;>;
"MN;
MCH
>O>;
M?
;AL;P\
JIL
FIM
?LLIL?M
=IG?NC>IM
JIL
F;M

;>GCHCMNL;=CIH?M
M;FC?HN?
S
?HNL;HN?
"MN;<;H
S;
FIM
?F?G?HNIM
>?
OH;
=LCMCM
<;H=;LC;

BDAB;5;363
BAD
G@3
>;47D3>;L35;R@
\@3@5;7D3
7J397D363
K
G@3
D7BD;H3F;L35;R@
67\5;7@F7


"FFI
B;<Z;
JLIPI=;>I
OH
=L?=CGC?HNI
>?MIL<CN;>I
>?F
=LY>CNI
S
S;
?MN;<;
;OG?HN;H>I


 Tomo I
La Economía y las Finanzas Públicas

F;
=;LN?L;
P?H=C>;
IH
OH
NCJI
>?
=;G<CI
MI<L?P;FO;>I
?
CH=?LNC>OG<L?M
JIFZNC=;M
M?

;>IJN\
OH;
JIFZNC=;
=;G<C;LC;
CH;JLIJC;>;
>?
>?MFCT
JL?>?=C<F?
;
F;
<;D;
=IH
l<;H>;m

"F
HO?PI
AI<C?LHI
?GJC?T;
=IH
OH
JLIAL;G;
?=IH\GC=I
>Y<CF
JI=I
=IHPCH=?HN?
J;L;

B;=?L
@L?HN?
;
?MN;
MCNO;=C\H
-;L;
NI>IM
FIM
?@?=NIM
JLX=NC=IM
;HOH=C;
OH;
>?P;FO;=C\H

S
?F
NCJI
>?
=;G<CI
M?
M;FC\
>?
F;M
G;HIM

"F
-L?MC>?HN?
7?>CFFI
>?
F;LA;
=;LL?L;
?H
?F
;H=I
>?
*YRC=I
;MOG?
>CL?=N;G?HN?
F;M

LC?H>;M
>?
F;
JIFZNC=;
?=IH\GC=;
&HNLI>O=?
OH
JLIAL;G;
?=IH\GC=I
l>L;=IHC;HIm
F;

>?P;FO;=C\H
FF?A;
;
 
F;M
N;M;M
>?
CHN?LYM
?R=?>?H
>?F
 
@O?LN?
CH=L?G?HNI
>?

CGJO?MNIM
?HNL?
?FFIM
?F
&3
>?
 
;F

=IH
L?>O==C\H
>?
A;MNI
"F
-L?MC>?HN?

>;@FA@
>;67D3
>3
;@F79D35;R@
67>
?3KAD
D7E53F7
\@3@5;7DA
67
>3
:;EFAD;3
:3EF3
7E7

GIG?HNI
=?L=;
>?

GCFFIH?M
>?
>\F;L?M
>?
FIM
=O;F?M
?F
1?MILI
>?
"
2

=IGJLIG?N?LZ;
;FL?>?>IL
>?

GCFFIH?M
>?
>\F;L?M
"MN?
JLIAL;G;
l>L;=IHC;HIm
>?
;DOMN?
JLX=NC=;G?HN?
KO?<L\
;
F;
<;H=;
G?RC=;H;
KO?

=IGI
PCGIM
N?HZ;
S;
M?LCIM
JLI<F?G;M
"F
JLIAL;G;
>?
;DOMN?
?=IH\GC=I
MCH
?G<;LAI

JLI>ODI
LXJC>IM
L?MOFN;>IM
);
?=IHIGZ;
HILN?;G?LC=;H;
PCPZ;
OH
J?LCI>I
>?
LXJC>;

?RJ;HMC\H
"MN;<;
S;
?H
PCAIL
?F
1) +
);
?=IHIGZ;
G?RC=;H;
NOPI
OH;
=;Z>;
>?F


?H

J?LI
M?
L?=OJ?L\
?H

MOMN?HN;>;
?H
F;
?RJ;HMC\H
>?
F;M
?RJILN;=CIH?M

47@7\5;363E
F3?4;O@
BAD
>3
8G7DF7
67H3>G35;R@

>
;@9D7EA
3>
,$&
FGHA
9D3@67E

47@7\5;AE

$3E
7JBADF35;A@7E
3G?7@F3DP3@
:35;3
>AE
EA5;AE
67>
,$&
7@FD7

K

 
>?

GCFFIH?M
>?
>\F;L?M
;
GXM
>?

GCFFIH?M
>?
>\F;L?M
S
?F
;=?LPI

>?
CHP?LMC\H
?RNL;HD?L;
>?

;

GCFFIH?M
"F
MCMN?G;
<;H=;LCI
HI
NOPI
?F
GCMGI
YRCNI
);
=;LN?L;
P?H=C>;
B;<Z;
;OG?HN;>I
;

@;H7>7E
53F3EFDR\5AE

.3D;AE
43@5AE
FGH;7DA@
CG7
E7D
DNB;63?7@F7
;@F7DH7@;6AE
>AE

CHM;FP;<F?M
@O?LIH
JO?MNIM
?H
FCKOC>;=C\H
0?
@O?
ONCFCT;H>I
OH;
;GJFC;
A;G;
>?

CHMNLOG?HNIM
CHC=C;FG?HN?
JLIPCMC\H
>?
FCKOC>?T
?H
J?MIM
I
?H
>\F;L?M
JIL
J;LN?
>?F

;H=I
>?
*YRC=I
JLIAL;G;M
>?
L?=;JCN;FCT;=C\H
N?GJIL;F
S
L??MNLO=NOL;=C\H
>?

;>?O>IM
?H
OHC>;>?M
>?
P;FIL
L?;F
=IHMN;HN?
=IH
JLIAL;G;M
>?
;JISI
;
>CMNCHNIM
NCJIM

>?
>?O>IL?M
BCJIN?=;LCIM
;ALC=OFNIL?M
S
-6*"M
,NL;
J;LN?
MOG;G?HN?
=IHNLIP?LNC>;

KO?
I=OLLC\
=IH
FIM
AL;H>?M
<;H=IM
@O?
KO?
M?
@ILN;F?=C\
MO
=;JCN;F
=IH
P;FIL?M

AO<?LH;G?HN;F?M
;
=;G<CI
>?
=IGJL;
>?
=;LN?L;
=IH
JLI<F?G;M
"F
JLCH=CJ;F
CHMNLOG?HNI
=L?;>I
J;L;
B;=?L
@L?HN?
;F
JLI<F?G;
@O?
?F
#I<;JLI;
k
?F
#IH>I
;H=;LCI
>?
-LIN?==C\H
;F
BILLIk
=L?;>I
CHC=C;FG?HN?
J;L;
L?;FCT;L

AB7D35;A@7E
BD7H7@F;H3E
5A?A
\67;5A?;EA
67>
3@5A
67
%OJ;5A

>
A43BDA3
8G7
7>

KO?
?GCNZ;
J;A;LYM
>?F
AI<C?LHI
;
=;G<CI
>?
F;
=;LN?L;
P?H=C>;
0Z
M?
FIAL\
M;FP;L
?F

E;EF7?3
\@3@5;7DA
3G@CG7
3
G@
3>FA
5AEFA
57D53@A
3>

67>
(!

@
?3DLA
67


M?
?HPC\
OH;
CHC=C;NCP;
;F
IHAL?MI
J;L;
L?AOF;LCT;L
=IGI
>?O>;
J]<FC=;
FIM
J;A;LYM

>?F
#I<;JLI;
KO?
;M=?H>Z;
;

GCFFIH?M
>?
J?MIM
I
=?L=;
>?F

>?F
-&


 Tomo I
La Economía y las Finanzas Públicas

,NLI
N?G;
CGJILN;HN?
@O?
KO?
?H
?F
1)
M?
B;<Z;
L?M?LP;>I
KO?
?F
MCMN?G;
>?
J;AIM

FIM
AL;H>?M
<;H=IM
G?RC=;HIM
S
OH
JIL=?HN;D?
G;SILCN;LCI
>?F
MCMN?G;
<;H=;LCI

M?
G;HN?H>LZ;
?H
CHMNCNO=CIH?M
G?RC=;H;M
"F
AI<C?LHI
>?F
-L?MC>?HN?
7?>CFFI

@O?
L?F;D;H>I
?MN;M
L?AF;M
B;MN;
KO?
M?
@O?LIH
P?H>C?H>I
NI>IM
FIM
AL;H>?M
<;H=IM

?7J;53@AE
3@3?7J
3
;F;9DAGB
3@5A?7D
3
.
3@5A
%7J;53@A
+A?7J
K
+7D\@

;
0;HN;H>?L
?F
;HNCAOI
IG?LG?R
;
;H=I
+IP;
0=INC;
?
&HN?LH;=CIH;F
S
NFXHNC=I
;

%0 
"F
AI<C?LHI
=O;H>I
;H;G?R
NI>;PZ;
?L;
G?RC=;HI
M?
IJOMI
;
KO?
=IGJL;L;

;H=IG?L
JILKO?
M?
=IHMNCNOCLZ;
OH;
?HNC>;>
@O?LN?G?HN?
IFCAIJ\FC=;
fAL;H
?LLIL

BCMN\LC=I
G@CG7
5A?A
E7
6;<A
>3
75A@A?P3
D73>
E7
D75GB7DR
BDA@FA
7>
E;EF7?3
\@3@5;7DA
XK3

7@
?NE
67>

7JFD3@<7D;L36AX
@A
36CG;D;R
57DF;\536A
67
4G7@3
E3>G6
5A?A
43@53

S;
>?<C>;G?HN?
=;JCN;FCT;>;
MCHI
?H
 
M?A]H
F;
"P;FO;=C\H
>?
F;
"MN;<CFC>;>
>?F

0CMN?G;
#CH;H=C?LI
*?RC=;HI
B?=BI
JIL
FIM
,LA;HCMGIM
&HN?LH;=CIH;F?M
"F
AI<C?LHI
>?F
-L?MC>?HN?
7?>CFFI
S;
HI
L?;FCT\
CGJILN;HN?M
=;G<CIM
?MNLO=NOL;F?M

?H
?F
N?LL?HI
?=IH\GC=I
M;FPI
OH;
F;
L?@ILG;
;F
MCMN?G;
>?
M?AOLC>;>
MI=C;F
>?
FIM

NL;<;D;>IL?M
?H
MO
=IGJIH?HN?
>?
J?HMCIH?M
-?LI
M?LZ;
?F
JLCG?L
=;G<CI
>?
AI<C?LHI
>?M>?

MCH
=LCMCM
?=IH\GC=;
"H
?M?

;[I
?F
JLCG?LI
>?F
GCF?HCI
F;
?=IHIGZ;
N?HZ;
OH
LCNGI
>?

>?
=L?=CGC?HNI

+",)&"/)&0*,

)
*"5& +
/" &*&"+1,
0201"+1!,
"+
)0
"5-,/1 &,+"0
6
)
-"/12/
,*"/ &)

 
W,      
1;M;
>?
L?=CGC?HNI
-&









!@]35;R@      
#O?HN?
&H@ILG?M
HO;F?M
>?F
;H=I
>?
*YRC=I

3&&
"01+ *&"+1,
"01&)&7!,/


 

"01&)&!!
0&+
/&0&0
-"/,
,+
/" &*&"+1,
*"!&, /"

 
 

FI
F;LAI
>?F
AI<C?LHI
>?
#IR
HI
B;<LZ;
G;SIL?M
=;G<CIM
?H
F;
?MNL;N?AC;
?=IH\GC=;

-;L;
?F
;[I

M?
B;<Z;
FIAL;>I
=IHMIFC>;L
OH
G;L=I
G;=LI?=IH\GC=I
?MN;<F?


 Tomo I
La Economía y las Finanzas Públicas

E;@
5D;E;E
67
\@
67
E7J7@;A
>7936A
67
>3
36?;@;EFD35;R@
67>
(D7E;67@F7
276;>>A


E7@5;3>?7@F7
:34P3
\@3@L3E
BS4>;53E
E3@3E
K
D3LA@34>7
7EF34;>;636
67
BD75;AE

!?
B?=BI
?H
F;
JLCG?L;
GCN;>
>?
F;
;>GCHCMNL;=C\H
>?
#IR
BO<I
L?=?MC\H
?H
FIM
"MN;>IM

2HC>IM
S
GOS
<;D;
N;M;
>?
=L?=CGC?HNI
?H
*YRC=I

J;LNCL
>?
 
BO<I
OH
AL;H

;OG?HNI
?H
FIM
JL?=CIM
>?F
J?NL\F?I
S
?H
A?H?L;F
>?
FIM
CHAL?MIM
J?NLIF?LIM
G?RC=;HIM

)IM
S;=CGC?HNIM
>?
;HN;L?FF
;F=;HT;LIH
MO
JC=I
?H
 
"H
@ILG;
CLL?MJIHM;<F?
M?

357>7DR
7>
D;F?A
67
7JFD355;R@
67
>3
BDA6G55;R@
67
7E7
K35;?;7@FA
BAD
D3LA@7E
\E53>7E


J;LNCL
>?
F;
?HNL;>;
?H
PCAIL
>?F
1) +
S
?F
;OA?
?RJILN;>IL
KO?
F?
MO=?>C\
F;

43>3@L3
67
B39AE
?7J;53@3
:34P3
67<36A
67
7EF3D
B7FDA>;L363
@A
3EP
>3E
\@3@L3E

BS4>;53E

%OJ;5A
67EBGOE
67
H3D;3E
D78AD?3E
\E53>7E
83>>;63E
F7@P3
G@A
67
>AE
?NE

<;DIM
HCP?F?M
>?
L?=;O>;=C\H
>?
@O?HN?M
NLC<ON;LC;M
HILG;F?M
?F
&3
S
FIM
CGJO?MNIM

MI<L?
F;
/?HN;
;
J?LMIH;M
@ZMC=;M
S
?GJL?M;M
JI=I
;LLC<;
>?
 
>?F
-&
"H
?MN?

J?LCI>I
FIM
CHAL?MIM
J?NLIF?LIM
L?JL?M?HN;<;H
 
>?
FIM
CHAL?MIM
J]<FC=IM
-IL
PCLNO>

>?F
MCMN?G;
?MN;<F?=C>I
>?
J;LNC=CJ;=CIH?M
S
NL;HM@?L?H=C;M
;
FIM
?MN;>IM
S
>?
?MNIM
;

>AE
?G@;5;B;AE
E7
:34P3
>A9D36A
>3
B7FDA>;L35;R@
67
>3E
\@3@L3E
67
>AE
FD7E
@;H7>7E
67

AI<C?LHI

!OL;HN?
?MNIM
;[IM
BO<I
?F?P;>IM
?R=?>?HN?M
>?
CHAL?MIM
J?NLIF?LIM
KO?
M?
G;FA;MN;LIH

?H
;OG?HNIM
=ILL?MJIH>C?HN?M
>?
A;MNI
=ILLC?HN?
HI
A;MNI
>?
CHP?LMC\H

FIM

L?MJIHM;<F?M
>?
F;
JIFZNC=;
?=IH\GC=;
HI
J;L?=Z;
CHN?L?M;LFIM
INL;
=IM;
KO?
G;HN?H?L

>3E
\@3@L3E
BS4>;53E
7@
7CG;>;4D;A
K
>AE
BD75;AE
7EF34>7E

E
G@
?;EF7D;A
B3D3
>3
5;7@5;3

?=IH\GC=;
S
J;L;
FIM
?=IHIGCMN;M
=\GI
@O?
JIMC<F?
KO?
?MIM
CHAL?MIM
?RNL;IL>CH;LCIM

HI
M?
BO<C?L;H
NL;>O=C>I
?H
G;SIL
=L?=CGC?HNI
?=IH\GC=I
"F
=L?=CGC?HNI
>?F
J?LCI>I

@O?
>?

JLIG?>CI
;HO;F
"H
 
M?
;>IJN\
OH;
F?S
>?
/?MJIHM;<CFC>;>
%;=?H>;LC;
KO?
?MN;<F?=Z;
=IGI
HILG;

7>
7CG;>;4D;A
\E53>
B7DA
CG7
3GFAD;L343
CG7
:G4;7D3
6O\5;FE
E;
>3E
5A@6;5;A@7E
67>
B3PE

;MZ
FI
?RCAZ;H
=IGI
JIL
?D?GJFI
OH;
L?=?MC\H
+I
BO<I
HCHA]H
=;G<CI
?MNLO=NOL;F
?H
OH
AI<C?LHI
?RNL;IL>CH;LC;G?HN?
G?>CI=L?

>
\@
67
>3
36?;@;EFD35;R@
FD3@E5GDD;R
7@
>3
@AD?3>;636
67
>AE
S>F;?AE
3QAE
43<A

5D75;?;7@FA
\@3@L3E
7CG;>;4D363E
43<3
;@]35;R@
K
@G7H3?7@F7
E;@
5D;E;E
75A@R?;53

67
\@
67
E7J7@;A


)
$/+
/" "0&s+
*2+!&)
!"
 
 
6
02
"#" 1,
0,/"

*V5& ,
"F
B?=BI
BCMN\LC=I
@OH>;G?HN;F
J;L;
;H;FCT;L
F;
?PIFO=C\H
?=IH\GC=;
>?
*YRC=I

>OL;HN?
?F
J?LCI>I
>?F
-L?MC>?HN?
;F>?L\H
 
 
S
NI>;PZ;
?H
?F
GIG?HNI
;=NO;F


 Tomo I
La Economía y las Finanzas Públicas

?M
F;
AL;H
=LCMCM
?=IH\GC=;
KO?
M;=O>?
;
F;
?=IHIGZ;
GOH>C;F
;
J;LNCL
>?F
P?L;HI
>?

 
S
KO?
NC?H?
MO
;JIA?I
?H
INI[I
>?
 
"M
?F
J?LCI>I
KO?
M?
B;
FF;G;>I
lF;

$L;H
/?=?MC\H
>?
 
 m
S
KO?
>?
B?=BI
=IHNCH];
?H
MOM
?@?=NIM
"M
F;
G;SIL

=LCMCM
GOH>C;F
>?M>?
F;
$L;H
!?JL?MC\H
>?


S
;@?=N;
F;M
C>?;M
S
F;M
JIFZNC=;M

?=IH\GC=;M
;MZ
=IGI
FIM
JLI=?MIM
>?
=L?=CGC?HNI
"M
OH;
=LCMCM
KO?
;
>C@?L?H=C;

>?
F;M
>Y=;>;M
;HN?LCIL?M
HI
M?
ILCACH;
?H
FIM
J;ZM?M
?G?LA?HN?M
MCHI
?H
FIM
=?HNLIM

\@3@5;7DAE
?NE
3H3@L36AE
B7DA
CG7
E35G6;DP3
7@
6;87D7@F7
9D36A
3
FA6A
7>
B>3@7F3


"H
;FAOH;
G?>C>;
FIM
J;ZM?M
?H
>?M;LLIFFI
M;F?H
;FAI
G?DIL
FC<L;>IM
JIL
FIM
;DOMN?M

L?;FCT;>IM
@L?HN?
;
F;M
=LCMCM
;HN?LCIL?M
"H
OH;
JLCG?L;
?N;J;
F;
=LCMCM
M?
?PC>?H=C;
JIL
F;
KOC?<L;
CHN?LP?H=C\H
J]<FC=;
I

@35;A@3>;L35;R@
67
;?BADF3@F7E
;@EF;FG5;A@7E
\@3@5;7D3E
7@
?G5:AE
B3PE7E
>A

GCMGI
>?
AL;H>?M
<;H=IM
>?
CHP?LMC\H
)?BG;H
*?LLCF
)SH=B
?;L
0N?LHM
=IGI

=IGJ;[Z;M
>?
M?AOLIM
<;H=IM
I
F;M
=;D;M
>?
;BILLI
?MJ;[IF;M
-;L;
;N;=;LF;
M?


@79A5;3
BDA434>7?7@F7
Y>3
?3KAD
K
?7<AD
5AAD6;@363
BA>PF;53
67
7EFP?G>AE
\E53>7E
K

GIH?N;LCIM
>?
F;
BCMNILC;m
KO?
L?JL?M?HN;
P;LCIM
<CFFIH?M
>?
>\F;L?M
;LNC=OF;>IM
JIL
FIM

FZ>?L?M
GOH>C;F?M
>?F
$

?H
MOM
OG<L?M
>?
HIPC?G<L?
>?
 
S
;<LCF
S
M?JNC?G<L?

>?
 
KO?
FIAL;
>?N?H?L
F;
=;Z>;
"H
 
M?
CHC=C;LZ;
OH;
NL;HMC=C\H
>?
F;M
JIFZNC=;M

67
7EFP?G>A
3
>3E
5A@EA>;635;A@7E
A
3GEF7D;636
\E53>

EF7
?AH;?;7@FA
BD7?3FGDA

;=?HN];
F;
HO?P;
?N;J;
>?
=LCMCM
>?F
?OLI
S
>?
F;
>?O>;
MI<?L;H;
>?NIH;>;
JIL
F;
=LCMCM

>?
$L?=C;
;
J;LNCL
>?F
 
S
FO?AI
;=IGJ;[;>;
JIL
F;M
>?
&LF;H>;
"MJ;[;
-ILNOA;F
?

&N;FC;
FIM
FF;G;>IM
l-CAMm
"H
;FAOHIM
J;ZM?M
F;
>?O>;
<;H=;LC;
JLCP;>;
M?
NL;MF;>;LZ;

;
F;
J]<FC=;
=IGI
"MJ;[;
I
&LF;H>;
A?H?L;H>I
M?LCIM
JLI<F?G;M
>?
>?M?KOCFC<LCI

\E53>
K
3G?7@FA
67
67G63
7@
AFDAE
53EAE
E7
BDAHA53DA@
67E7CG;>;4D;AE
7@
>3E
43>3@L3E

67
B39AE
BAD
67F7D;AD363
5A?B7F;F;H;636
\@3>?7@F7
4GD4G<3E
;@?A4;>;3D;3E
CG7

7JB>AF3DA@

$G79A
>3E
BA>PF;53E
67
3GEF7D;636
39D3H3DA@
>AE
67E7CG;>;4D;AE
\E53>7E
5A@

?=IHIGZ;M
?H
L?=?MC\H
S
A?H?L;LIH
M?LCIM
JLI<F?G;M
>?
>?M?GJF?I
J;LNC=OF;LG?HN?

>?
D\P?H?M
NOL<OF?H=C;M
MI=C;F?M
S
=;G<CIM
>?
AI<C?LHIM
);
$L;H
/?=?MC\H
M?
B;

=IHP?LNC>I
;BIL;
?H
FI
KO?
?F
?R
M?=L?N;LCI
>?F
1?MILI
0OGG?LM
FF;G\
?F
lJ?LCI>I
>?

?MN;H=;GC?HNI
M?=OF;Lm
J;L;
F;M
?=IHIGZ;M
GXM
;P;HT;>;M
);M
?=IHIGZ;M
HI
FIAL;H

M;FCL
>?F
<;DI
=L?=CGC?HNI
S
B;MN;
;BIL;
?H
GO=BIM
=;MIM
L?=OJ?L;H
FIM
HCP?F?M
>?

JLI>O==C\H
JL?P;F?=C?HN?M
?H
 
"MN?
?HNILHI
=IHNCH];
CH=C>C?H>I
MI<L?
F;
MCNO;=C\H

>?
NI>IM
FIM
J;ZM?M
CH=FOS?H>I
*YRC=I
"H
*YRC=I
?H
?F
 
?F
JLCG?L
;[I
>?F
HO?PI
AI<C?LHI
>?
#?FCJ?
;F>?L\H
M?
CHC=C;

=IH
OH;
M?LC;
=LCMCM
JIFZNC=;
JIL
FI
=?LL;>I
>?
FIM
L?MOFN;>IM
?F?=NIL;F?M
@L?HN?
;
)\J?T

,<L;>IL
);
?=IHIGZ;
NL;HM=OLL?
=IH
lGXM
>?
FI
GCMGIm
=IH
?M?H=C;FG?HN?
F;
GCMG;

JIFZNC=;
?=IH\GC=;
>?
%;=C?H>;
S
;H=I
>?
*YRC=I
!?M>?
G?>C;>IM
>?
 
M?

B7D5;47
CG7
>3
75A@A?P3
?G@6;3>
H3
EG8D;D
G@3
E7H7D3
5D;E;E
\@3@5;7D3

>
9A4;7D@A


 Tomo I
La Economía y las Finanzas Públicas

G?RC=;HI
MO<?MNCG;
?F
JLI<F?G;
=IHMC>?L;
KO?
M?
NL;N;
>?
OH
l=;N;LLCNIm
KO?
F;

?=IHIGZ;
JIL
MO
MIFC>?T
G;=LI?=IH\GC=;
?MNX
?M?H=C;FG?HN?
<FCH>;>;
"F
JLCG?L

JLIH\MNC=I
>?
JIFZNC=;
?=IH\GC=;
?M
KO?
=L?=?LZ;GIM
?H
 

"F
L?MOFN;>I
@O?
OH;

=;Z>;
>?
=;MC
?F

0?
>;
OH;
MO=?MC\H
>?
JF;H?M
S
JLIAL;G;M
?F
-LIAL;G;
>?
JISI

;
F;
"=IHIGZ;
?F
-"
?H
G;LTI
>?
 
?F
-LIAL;G;
J;L;
&GJOFM;L
?F
L?=CGC?HNI
S

?F
"GJF?I
?H
I=NO<L?
>?
 
S
?F
=O?L>I
+;=CIH;F
;
@;PIL
>?
F;
"=IHIGZ;
#;GCFC;L

K
7>
?B>7A
7@
7@7DA
67


,A6AE
;@7\5357E

A@
6;39@REF;5AE
;@3675G36AE

\@3>?7@F7
E7
B>3@F73
B3D3

G@
>>3?36A
YBDA9D3?3
3@F; 5P5>;5AZ
CG7
EGBA@7
G@

?MNZGOFI
>?F

>?F
-&
L?F;NCP;G?HN?
>Y<CF
@L?HN?
;
FI
KO?
?MN;<;H
B;=C?H>I
FIM

J;ZM?M
CH>OMNLC;F?M
O
INLIM
J;ZM?M
?G?LA?HN?M
);
=;Z>;
>?F
JLCG?L
M?G?MNL?
>?F
 

?M
>L;GXNC=;

 
>?F
-&
0?
JL?M?HN;
OH;
@O?LN?
=;Z>;
>?
CHAL?MIM
J?NLIF?LIM
JIL
F;
<;D;
MCMN?GXNC=;
>?F

K35;?;7@FA
67
3@F3D7>>

A?A
7EF3
4D75:3
67
;@9D7EAE
\E53>7E
E7
?3@F;7@7
B3D3
7>

 
E7
BD7E7@F3
G@3
YD78AD?3
\E53>Z
CG7
7E
7E7@5;3>?7@F7
YD753G63FAD;3Z
GF;>;L3@6A

CGJO?MNIM
CH>CL?=NIM
;F
=IHMOGI
;OG?HNI
>?F
&3
;

N?F?@IHZ;
N;<;=I
=?LP?T;

<?<C>;M
;F=IB\FC=;M
S
>CL?=NIM
;
F;M
J?LMIH;M
S
F;M
?GJL?M;M
;OG?HNI
>?F
&0/
?H


67
D76G5;D
67
>3
5A@EA>;635;R@
\E53>
67
BOD6;63E
7@
9DGBAE
67
7?BD7E3E

3EF3
\@3>7E
67

:34P3
BD7H3>75;6A
7>
Y?3D9;@3>;E?AZ
B7DA
EP
EADBD7@6;R
7>

AI<C?LHI
NIG;H>I
F;
>?=CMC\H
P;FC?HN?
N?GC>;
JIL
INLIM
AI<C?LHIM
>?
FCKOC>;L
F;

IGJ;[Z;
>?
)OT
S
#O?LT;
"01+ *&"+1,
"01&)&7!,/
W, 10
!"
/" &*&"+1,
&+#) &s+

-&

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
#O?HN?
&H@ILG?M
HO;F?M
>?F
;H=I
>?
*YRC=I


 Tomo I
La Economía y las Finanzas Públicas

"H
=O;HNI
;
FIM
?@?=NIM
>?
F;
=LCMCM
GOH>C;F
*YRC=I
?H
L?;FC>;>
L?MOFN;
;@?=N;>I

JLCH=CJ;FG?HN?
JIL
FI
KO?
I=OLLC\
?H
FIM
"MN;>IM
2HC>IM
=OS;
?=IHIGZ;
?H
 

>?=L?=?

S
=;?
?H
 

f*YRC=I
L?MJ?=NCP;G?HN?
=L?=?
;J?H;M

?H

?F
JLCG?L
;[I
S
NC?H?
OH;
CGJILN;HN?
=;Z>;
?H
 
>?

);
G;SIL
>?M>?

S


"F
JLI<F?G;
?M
KO?
*YRC=I
S;
?MN;<;
;@?=N;>I
JIL
lF;
?H@?LG?>;>
>?F
?MN;H=;GC?HNI

?MN;<CFCT;>ILm
;
FI
F;LAI
>?
NI>;
F;
>Y=;>;
!?
;=O?L>I
=IH
F;M
=C@L;M
>?F
#*&
*YRC=I

NOPI
OH
=L?=CGC?HNI
JLIG?>CI
;HO;F
>?

;
 
>?

"MNI
FI
O<C=;
?H
?F
FOA;L

H]G?LI

>?

J;ZM?M
"H
GYLC=;
);NCH;
;J?H;M
;LLC<;
>?
%;CNZ
"M
=C?LNI
KO?
?H
 
S;
I=OLLC\
OH;
L?=OJ?L;=C\H
;=IGJ;[;H>I
F;
>?
"MN;>IM
2HC>IM

>?

?H
MO
-&


 Tomo I
La Economía y las Finanzas Públicas


")
"01+ *&"+1,
"01&)&7!,/


>C@?L?H=C;
>?F
J?LCI>I
>?
l>?M;LLIFFI
?MN;<CFCT;>ILm
B;S
OH
=L?=CGC?HNI

?=IH\GC=I
GOS
G?>CI=L?
"M
=C?LNI
KO?
N;GJI=I
B;S
=LCMCM
;ONIA?H?L;>;M

=IGI
?H
?F
J?LCI>I
JL?=?>?HN?
M;FPI
DOMN;G?HN?
F;
>?
ILCA?H
AFI<;F
>?F
 


);M
N;M;M
M?
=L?=CGC?HNI
MIH
GOS
<;D;M
G?HIL?M
;

+I
M?
;JLIP?=B\
?F

;OA?
>?
G;N?LC;M
JLCG;M
?H
J;LN?
>?F
J?LCI>I
HC
F;
YJI=;
>?
ILI
>?F
S;=CGC?HNI

>?
;HN;L?FF

);
?MN;<CFC>;>
M?
FIAL;
G;HN?HC?H>I
FIM
@OH>;G?HNIM
G;=LI?=IH\GC=IM

7@
8AD?3
E3@3

3<A
6O\5;F
\E53>
K
7@
5G7@F3
5ADD;7@F7
?7@AE
67

43<AE

HCP?F?M
>?
>?O>;
?RN?LH;
;FL?>?>IL
>?F
 
?F
;H=I
?HNL;F
;ON\HIGI
HI

\H;H=C;
;F
AI<C?LHI
F;
<;H=;
=IG?L=C;F
?MNX
S;
M;H?;>;
=IH
;FNIM
HCP?F?M
>?

=;JCN;FCT;=C\H
J?LI
JL?MN;
JI=I
;
F;
?=IHIGZ;
0?
NC?H?
OH;
?=IHIGZ;
;<C?LN;

AD;7@F363
3
>3
7JBADF35;R@

;<3D
7>
F;BA
67
53?4;A
@A
7E
A4<7F;HA
:3K
]7J;4;>;636

53?4;3D;3
]G5FG3@6A
7@
FAD@A
3

B7EAE


$3
43@53
5A?7D5;3>
F;7@7
G@
43<A
5A7\5;7@F7
67
5DY>CNI
;
F;
?=IHIGZ;
?H

=IGJ;L;=C\H
;]H
=IH
J;ZM?M
?G?LA?HN?M
;FL?>?>IL
>?F
 
>?F
-&

+I
M?
OM\
F;
<;H=;
>?
>?M;LLIFFI
J;L;
CGJOFM;L
;=NCPC>;>?M
JLCILCN;LC;M

*XM
<C?H
M?
<OM=\
>?M;J;L?=?LF;
+ ,*"51
M?
CHN?AL\
;
+#&+
M?

>?M;J;L?=C\
+/2/)
S
F;
M?AOL;>IL;
ALZ=IF;
0?
F?
>C?LIH
JI=IM

L?=OLMIM
S
M?
;MCAH;LIH
@OH=CIH?M
FCGCN;>;M
JLCH=CJ;FG?HN?
>?F
FF;G;>I

M?AOH>I
JCMI
;JIS;H>I
;
<;H=IM
JLCP;>IM
)I
]HC=I
KO?
@O?
=O;HNCIMI
@O?
F;

CHP?LMC\H
?H
PCPC?H>;
J?LI
HI
<C?H
JLIAL;G;>;
S;
KO?
=IH>ODI
;
KOC?<L;M
>?

>?M;LLIFF;>IL?M

3<A
5A7\5;7@F7
FD;4GF3D;A
B7FDA 67B7@67@5;3

;DI
HCP?F
>?
CHP?LMC\H
?H
CH@L;?MNLO=NOL;
S
<;DI
HCP?F
>?
CHP?LMC\H
J]<FC=;

$3E
FD3@E87D7@5;3E
\E53>7E
3
>AE
EF36AE
E;9@;\53@
5A@EG?A
3
H757E

MOHNO;LCI
S
HI
CHP?LMC\H


 Tomo I
La Economía y las Finanzas Públicas

3&
")
$,&"/+,
!")
-/"0&!"+1"
"+/&.2"
-"W
+&"1,

)

t0.2"!
!")
/" &*&"+1,
-"/!&!,
3,)3"/

/" "/
"F
AI<C?LHI
>?F
-L?MC>?HN?
-?[;
+C?NI
M?
CHC=C;
?H
>C=C?G<L?
>?
 
=IH
AL;H>?M

L?NIM
S
?RJ?=N;NCP;M
J;L;
L?;FCT;L
=;G<CIM
H?=?M;LCIM
2HI
>?
?FFIM
?M
L?=OJ?L;L
?F

=L?=CGC?HNI
MIMN?HC>I
;JISXH>IM?
?H
OH
;GJFCI
JLIAL;G;
>?
L?@ILG;M
F
HI
N?H?L
G;SILZ;
F?ACMF;NCP;
?F
AI<C?LHI
NIG;
F;
CHC=C;NCP;
;O>;T
>?
H?AI=C;L
?F
-;=NI

JIL
*YRC=I
=IH
F;M
@O?LT;M
JIFZNC=;M
JLCH=CJ;F?M
2M;H>I
?F
-;=NI
=IGI
CHMNLOG?HNI

?GJL?H>C\
OH
;G<C=CIMI
S
;GJFCI
JLIAL;G;
>?
L?@ILG;M
F;
L?@ILG;
?>O=;NCP;
>?

F7>75A?G@;535;A@7E
>3
\E53>
>3
\@3@5;7D3
K
>3
?NE
;?BADF3@F7
K
6;8P5;>
>3
7@7D9OF;53


+G
3BDA435;R@
D7]7<3
G@
>A9DA
BA>PF;5A
67>
A4;7D@A
7@
5A@FD3EF7
5A@
D7>35;A@7E

>CM@OH=CIH;F?M
?HNL?
?F
"D?=ONCPI
S
)?ACMF;NCPI
?H
INLIM
J;ZM?M
KO?
HI
FIAL;H
MOJ?L;L

OH;
=C?LN;
J;LXFCMCM
JIFZNC=;
=IGI
?F
=;MI
>?
"MN;>IM
2HC>IM
);M
L?@ILG;M
NOPC?LIH

6;87D7@F7
9D36A
67
6;\5G>F36
>79;E>3F;H3
3>9G@3E
;?B>;53@6A
53?4;AE
5A@EF;FG5;A@3>7E

S
GO=B;M
F?S?M
M?=OH>;LC;M
BIL;
?F
JLCH=CJ;F
L?NI
?M
MO
CHMNLOG?HN;=C\H
1C?H?H

F3?4;O@
6;EF;@FA
9D36A
67
?36GD35;R@
7
;@F79D35;R@
BAD
7<7?B>A
>3
\E53>
D7EG>F3

CH=IGJF?N;
INL;M
NC?H?H
>CP?LM;M
P?FI=C>;>?M
S
=IGJF?DC>;>
>?
?D?=O=C\H
=IGI
F;

76G53F;H3

@
?3F7D;3
75A@R?;53
>3
?NE
FD3E57@67@F7
7E
>3
7@7D9OF;53
CG7
E;9@;\53

OH;
NL;HM@ILG;=C\H
>?
OH;
JC?T;
=F;P?
>?F
GI>?FI
>?
>?M;LLIFFI
?=IH\GC=I
>?
*YRC=I

JL?P;F?=C?HN?
?H
FIM
]FNCGIM

;[IM
)IM
?MNO>CIM
>?
F;
, !"
L?=C?HN?M
CH>C=;H
KO?
F;M
L?@ILG;M
?MNLO=NOL;F?M
JO?>?H

E;9@;\53D

67
5D75;?;7@FA
36;5;A@3>

E;
E7
3B>;53@
7\53L?7@F7

EF3?AE

J;LNC?H>I
>?
KO?
N6,
-,=0O
?M
?F
JLIG?>CI
>?
=L?=CGC?HNI
>?
F;M
]FNCG;M

>Y=;>;M

;FL?>?>IL
>?

I
F;
?MNCG;=C\H
>?F
=L?=CGC?HNI
JIN?H=C;F
>?F
-&
HILG;FG?HN?

?MNCG;>I
?H
;FL?>?>IL
>?F

1I>I
=IHMC>?L;H>I
F;M
?MNCG;=CIH?M
J;L;
 
M?

MCN];H
?H
;FL?>?>IL
>?


J;L;
 
!?M;@ILNOH;>;G?HN?
M?
B;
JLI>O=C>I
INLI
HO?PI
=BIKO?
?RN?LHI
>?M@;PIL;<F?
KO?

HI
?M
HIP?>;>
J;L;
F;
?=IHIGZ;
G?RC=;H;
=IH
?F
>?MJFIG?
>?F
JL?=CI
>?F
J?NL\F?I

>?

>\F;L?M
;

;
FI
F;LAI
>?
 
"MNI
S;
I=OLLC\
?H
FIM
CHC=CIM
>?
FIM
 oM

?H
KO?
>CMGCHOS\
EG
BD75;A
67

3
?7@AE
67

3
\@3>7E
67
>AE
[E
3@F7E
67

CHC=C;L
MO
HO?P;
LON;
;M=?H>?HN?
"M
CGJILN;HN?
KO?
F;
?=IHIGZ;
G?RC=;H;
S;
HI
?MNX

J?NLIFCT;>;
HC
?H
MO
?MNLO=NOL;
JLI>O=NCP;
;FL?>?>IL
>?

>?F
-&
HC
?H
MO
?MNLO=NOL;

67
7JBADF35;A@7E
3>D7676AD
67

67>
FAF3>
3G@CG7
EP
\E53>?7@F7
3>D7676AD
67


67
>AE
;@9D7EAE

>>A
:3
A4>;936A
3
G@
3<GEF7
\E53>
BD7H7@F;HA
67
3>D7676AD
67

67>

(!
3
B7E3D
67
5A@F3D
5A@
G@3
5A47DFGD3
\@3@5;7D3
67
>AE
;@9D7EAE
BD7EGBG7EF3>7E

BD7H;EFAE

+;
>AE
BD75;AE
67>
B7FDR>7A
@A
E7
5ADD;97@
F7@6DN
CG7
:357DE7
G@
3<GEF7
\E53>

CGJILN;HN?
?H
 


 Tomo I
La Economía y las Finanzas Públicas

+IM
?H=IHNL;GIM
?H
 
=IH
OH;
J?LMJ?=NCP;
AFI<;F
?RN?LH;
NI>;PZ;
CH=C?LN;

CH?MN;<F?
S
>?MCAO;F
?HNL?
J;ZM?M
J?LI
;FAI
GXM
@;PIL;<F?
);M
JLCH=CJ;F?M
?=IHIGZ;M

?OLIJ?;M
S
';J\H
B;H
CHC=C;>I
MO
L?=OJ?L;=C\H
S
;OAOL;H
GI>?MN;M
N;M;M
>?
=L?=CGC?HNI

lJIMCNCP;Mm
;BIL;
;F?HN;>;M
JIL
F;
>?JL?=C;=C\H
>?F
"OLI
S
?F
S?H
F;M
L?>O=C>;M
N;M;M

>?
CHN?LYM
S
FIM
JL?=CIM
>?F
J?NL\F?I
<;DIM
"H
FIM
"MN;>IM
2HC>IM
M?
PCMFOG<L;H
N;M;M

>?
=L?=CGC?HNI
=?L=;H;M
;F

?@?=NI
>?
MO
;OA?
?H?LAYNC=I
JIFZNC=;M
GIH?N;LC;M
>?

?MNZGOFI
S
?GJL?M;M
;FN;G?HN?
CHHIP;>IL;M
S
JLI>O=NCP;M
?H
OH
JLI=?MI
GI>?LHI
>?

L?CH>OMNLC;FCT;=C\H
)I
CGJILN;HN?
>?
F;
L?PIFO=C\H
?H?LAYNC=;
;
FI
F;LAI
>?
+ILN?;GYLC=;
MIH
FIM
AL;H>?M

>?M=O<LCGC?HNIM
>?
J?NL\F?I
S
A;M
S
F;
HO?P;
N?=HIFIAZ;
l@L;=ECHAm
KO?
J?LGCN?H

JLI>O=CL
A;M
>?
<;DI
JL?=CI
"M
=C?LNI
KO?
*YRC=I
;
G?>C;HI
JF;TI
JI>LX
;OG?HN;L

MO
JLI>O==C\H
S
?RJILN;=C\H
>?
A;M
S
J?NL\F?I
=O;H>I
FIM
JL?=CIM
S
F;M
CHP?LMCIH?M

FI
J?LGCN;H
-?LI
;
=ILNI
JF;TI
FI
CGJILN;HN?
?M
=IHN;L
=IH
F;
CH@L;?MNLO=NOL;
J;L;

CGJILN;L
S
>CMNLC<OCL
A;M
JIL
?F
N?LLCNILCI
H;=CIH;F
"FFI
S;
?MNX
I=OLLC?H>I


2+
-,0&)"
+2"3,
*,!"),
!"
/" &*&"+1,
6

/"&+!201/&)&7 &s+
&*-2)0!,
-,/
")
0" 1,/

"+"/$V1& ,
6
)
&+#/"01/2 12/
"F
HO?PI
GI>?FI
>?F
M?=NIL
?H?LAYNC=I
S
?F
HO?PI
JLIAL;G;
>?
CH@L;?MNLO=NOL;
JO?>?H

M?L
FIM
FZ>?L?M
S
F;M
J;F;H=;M
J;L;
?F?P;L
?F
=L?=CGC?HNI
S
>?NIH;L
OH
JLI=?MI
>?

L?CH>OMNLC;FCT;=C\H
>?
*YRC=I
*?
J;L?=?
KO?
FIM
JLCH=CJ;F?M
?F?G?HNIM
MIH

,
$019<7,
80<2G>4.,
08
=?
.985?8>9
48@96?.<,
6,
:9=4-464/,/
/0
2<,8/0=

48@0<=4980=
:J-64.,=
B
:<4@,/,=
8,.498,60=
B
0A><,850<,=
08
>9/9
06
:<9.0=9

KO?
P;
>?M>?
F;
?RJFIL;=C\H
F;
JLI>O==C\H
F;
>CMNLC<O=C\H
>?
BC>LI=;L<OLIM
F;

J?NLIKOZGC=;
F;
?H?LAZ;
?FY=NLC=;
S
F;
?H?LAZ;
HI
L?HIP;<F?
);
=;Z>;
>?
FIM
JL?=CIM

>?F
J?NL\F?I
I<FCA;
;
L?=;F?H>;LCT;L
F;M
MO<;MN;M
L?F;=CIH;>;M
J;LNC=OF;LG?HN?
=IH

CHP?LMCIH?M
?H
;AO;M
JLI@OH>;M
J?LI
>?M>?
S;
M?
L?KOC?L?H
CHP?LMCIH?M
?H
>O=NIM
S

>CMNLC<O=C\H
>?
A;M
KO?
?MNXH
I=OLLC?H>I
?H
P;LCIM
GCF?M
>?
ECF\G?NLIM


,
2080<,.4I8
/0
080<2H,
06G.><4.,
@,
,
<0;?0<4<
48@0<=4980=
.?,8>49=,=
,
.,<29

/06
=0.>9<
:<4@,/9
0?
L?KOC?L?
L?=IHP?LNCL
F;
A?H?L;=C\H
>?
?H?LAZ;
?FY=NLC=;
>?

=IG<OMN\F?I
=;LI
S
=IHN;GCH;HN?
;
A;M
<;L;NI
S
FCGJCI
IH
A;M
<;L;NI
;
L;HAI
>?


;

>\F;L?M
M?
?FCGCH;
F;
>?MP?HN;D;
=IGJ?NCNCP;
>?
N?H?L
?F?=NLC=C>;>
GXM
=;L;

KO?
F;
>?
"MN;>IM
2HC>IM

(,
,
/0>98,<=0
?8
:<9.0=9
/0
<048/?=><4,64C,.4I8
);
J;LNC=CJ;=C\H
JLCP;>;

=;G<C;
F;
>CHXGC=;
S
F;
?MNLO=NOL;
>?
NI>I
?F
M?=NIL
?H?LAYNC=I
J?NL\F?I
A;M

?H?LAZ;
?FY=NLC=;
S
J?NLIKOZGC=;


 Tomo I
La Economía y las Finanzas Públicas


,
<019<7,
47:64.,
?8,
:96H>4.,
48/?=><4,6
);
?RCA?H=C;
>?

>?
=IHN?HC>I

FI=;F
?H
F;M
CHP?LMCIH?M
CH>O=?
G;SIL
J;LNC=CJ;=C\H
>?
F;
CH>OMNLC;
H;=CIH;F
?H
?F

M?=NIL
?H?LAYNC=I
0?
@IG?HN;
?F
>?M;LLIFFI
>?
=;>?H;M
JLI>O=NCP;M
"H
?F
;OA?
>?

FIM
 oM
?F
=IHN?HC>I
H;=CIH;F
>?
F;M
CHP?LMCIH?M
?L;
>?
>IM
N?L=?L;M
J;LN?M
?MI
M?

L?PCLNC\
?MN?
GCF?HCI
?H
@;PIL
>?F
=IHN?HC>I
?RNL;HD?LI
"F
M?=NIL
G;HO@;=NOL?LI

>?<?
;OG?HN;L
MO
J;LNC=CJ;=C\H
?H
F;
?=IHIGZ;
>?
MOM
HCP?F?M
GOS
<;DIM
CH@?LCIL?M

;F
 
>?F
-&


-!

)

(!
" !
-;L;
?FFI
M?
B;

=L?;>I
OH
#C>?C=IGCMI
J;L;
-LIGIP?L
?F
!?M;LLIFFI
>?
-LIP??>IL?M
S
IHNL;NCMN;M

+;=CIH;F?M
>?
F;
&H>OMNLC;
"H?LAYNC=;
1;G<CYH
B;S
L?=OLMIM
J;L;
F;
CHHIP;=C\H

N?=HIF\AC=;
S
F;
@ILG;=C\H
>?
=;JCN;F
BOG;HI

,
.<0,.4I8
/06
98/9
0A4.,89
/06
"0><I609
:,<,
6,
=>,-464C,.4I8
B
06

0=,<<9669
#IH>I
MI<?L;HI
IJ?L;>I
JIL
?F
;H=I
>?
*YRC=I
?M
OH
AL;H
CHMNLOG?HNI

>?
;BILLI
>?
F;LAI
JF;TI
KO?
J?LGCNCLX
=;H;FCT;L
L?=OLMIM
;
F;M
J?HMCIH?M
JLIS?=NIM

>?
=C?H=C;
S
N?=HIFIAZ;
S
?H?LAZ;
L?HIP;<F?
S
>?M;LLIFFI
>?
CH@L;?MNLO=NOL;
=IGI

@O?
?F
=;MI
?H
+ILO?A;
);M
@IL?M
>?<?H
OM;LM?
J;L;
=;H;FCT;L
MOM
L?=OLMIM
;
F;

CH@L;?MNLO=NOL;
F;
?H?LAZ;
S
F;
PCPC?H>;

>C=CIH;FG?HN?
M?
>?<?
19<>,60.0<
6,
-,8.,
/0
/0=,<<9669
B
:<979@0<
;?0
6,

-,8.,
.970<.4,6
48.<0708>0
=?
,:9B9
,
6,
,.>4@4/,/
:<9/?.>4@,
:<4@,/,

.979
0=>F
:<0@4=>9
>
\@3@5;3?;7@FA
3>
E75FAD
BD;H36A
6747
EGB7D3D
7>
@;H7>

;=NO;F
>?
 
>?F
-&
GOS
<;DI
?H
=IGJ;L;=CIH?M
CHN?LH;=CIH;F?M
;MZ
=IGI
?F

3:ADDA
\@3@5;7DA
67

67>
(!


6
"<92<,7,
,.498,6
/0
81<,0=><?.>?<,
!?<?
L?JL?M?HN;L
OH
=IHMC>?L;<F?

;JISI
;F
=L?=CGC?HNI
=IH
OH
GIHNI
>?
CHP?LMC\H
>?F
IL>?H
>?
FIM

<CFFIH?M
>?

J?MIM

>?F
-&
"MN;
CHP?LMC\H
?L;
GOS
<;D;
?H
J?LMJ?=NCP;
BCMN\LC=;
S
?H

=IGJ;L;=C\H
CHN?LH;=CIH;F
;FL?>?>IL
>?F

);
GCN;>
>?
JIL
?D?GJFI
IL?;

&H=FOCLX
=;GCHIM
JO?LNIM
@?LLI=;LLCF?M
S
F;
GXM
CGJILN;HN?
?F
AL;H
;?LIJO?LNI

>?
F;
CO>;>
>?
*YRC=I
KO?
?M
?H
L?;FC>;>
OH
JLIS?=NI
>?
>?M;LLIFFI
L?ACIH;F

>
BDA4>7?3
:3EF3
3:AD3
:34P3
E;6A
>3
6;\5G>F36
K
>AE
D7L39AE
7@
7>
BDA57EA
67

7<75G5;R@
K
>3
97@7D35;R@
67
BDAK75FAE
4;7@
67\@;6AE


,
48@0<=4I8
0A><,850<,
,/4.498,6
0?
B;
?MNCG;>I
?H
GIHNIM
=IHMC>?L;<F?M

N;HNI
J;L;
F;
?H?LAZ;
?FY=NLC=;
=IGI
J;L;
FIM
BC>LI=;L<OLIM
>?F
IL>?H
>?


GCFFIH?M
>?
>\F;L?M
;HO;F?M

,
48@0<=4I8
,7-408>,6
N@0</0O
08
:<9.0=9=
89
.98>,748,8>0=
1C?H?
AL;H>?M

JIMC<CFC>;>?M
?H
F;
CH>OMNLC;
S
?F
NL;HMJILN?
G?NLIJIFCN;HI
G;MCPI
&AO;FG?HN?
F;M

JIMC<CFC>;>?M
>?
CHP?LNCL
?H
F;M
?H?LAZ;M
HI
L?HIP;<F?M
=IGI
?\FC=;M
MIF;L
?N=

 Tomo I
La Economía y las Finanzas Públicas




 
 !'
!#(
" 

 "-!
-;L;
MOMN?HN;L

7EF3E
;@H7DE;A@7E
E7
D7CG;7D7@
9D3@67E
D75GDEAE
\E53>7E
J]<FC=IM
S
JLCP;>IM

CH=FOS?H>I
JLIS?=NIM
J]<FC=I
JLCP;>IM
---
-IL
L;TIH?M
JIFZNC=;M
?HN?H>C<F?M

E7
6;\D;7DA@
3<GEF7E
3>
!.

+G
3G?7@FA
6747
F7@7D
5A?A
EGEF7@FA
BA>PF;5A
BA67D

\@3@5;3D
3
>3
D78AD?3
67>
E75FAD
E3>G6
K
>3E
B7@E;A@7E
B3D3
:357D
7875F;HA
G@

>?L?=BI
=IHMNCNO=CIH;F
>?
=I<?LNOL;
OHCP?LM;F
J?LI
G;HN?H?L
?R?HNIM
;FCG?HNIM

S
G?>C=CH;M
*YRC=I
;>?GXM
L?KOC?L?
;P;HT;L
B;=C;
OH
M?AOLI
>?
>?M?GJF?I
<C?H

67\@;6A

;H7DEAE
7JB7DFAE
5A@E;67D3@
CG7
7>
!+*
3
>3E
7?BD7E3E
BG767
6;E?;@G;D

GC?HNL;M
M?
;OG?HN;
F;
JLIAL?MCPC>;>
;
FIM
CH>CPC>OIM
!?
HI
L?=OJ?L;LM?
FIM

BD75;AE
67>
B7FDR>7A
>3
@757E;636
67
G@3
D78AD?3
\E53>
3G?7@F3
3
B7E3D
67>

=IGJLIGCMI
>?
HI
NI=;L
FIM
CGJO?MNIM
1I>I
FI
;HN?LCIL
JI>LZ;
J?LGCNCL
;
*YRC=I
A?H?L;L
N;M;M
>?
=L?=CGC?HNI
>?

;


MC?GJL?
S
=O;H>I
M?
>Y
OH
?HNILHI
CHN?LH;=CIH;F
@;PIL;<F?
CH=FOS?H>I
JL?=CIM
>?F

J?NL\F?I
?H
L?=OJ?L;=C\H
*YRC=I
?M
;=NO;FG?HN?
F;
c
?=IHIGZ;
GOH>C;F
G?>C>;

JIL
J;LC>;>
JI>?L
>?
=IGJL;
---
0?
JL?PY
KO?
=IH
OH
G?DIL
=L?=CGC?HNI
HO?MNLI

J;ZM
M?;
?H
?F
 
F;
c
?=IHIGZ;
>?F
GOH>I
M\FI
MOJ?L;>;
JIL
"MN;>IM
2HC>IM

F?G;HC;
S
';J\H
S
FIM

LC=M
 BCH;
L;MCF
/OMC;
&H>C;
GXM
&H>IH?MC;
*YRC=I
?M
S;
OH;
JIN?H=C;
CH>OMNLC;F
G;HO@;=NOL?L;
0?
;JL?=C;
=IH
?F
=L?=CGC?HNI

?MJ?=N;=OF;L
>?F
M?=NIL
;ONIGINLCT
S
;?LI?MJ;=C;F
);M
=O;HNCIM;M
HO?P;M
CHP?LMCIH?M

CG7
K3
E7
7EFN@
63@6A
7@
7EFAE
E75FAD7E
E;9@;\53@
3BD75;3D
>3E
H7@F3<3E
67
>A53>;L35;R@

FIM
JIFIM
>?
=L?=CGC?HNI
?RCMN?HN?M
=FOMN?LM
G;HI
>?
I<L;
?HNL?H;>;
S
?F
;==?MI
;

?H?LAZ;
<;L;N;
"M
OH;
AL;H
JF;N;@ILG;
KO?
NC?H?
KO?
JLI@OH>CT;LM?
1?H?GIM
MCH
?G<;LAI
OH
JLI<F?G;
>?
=;LX=N?L
?MNLO=NOL;F
>?
F;
GOS
<;D;
JLI>O=NCPC>;>

KO?
?H
?F
J?LCI>I
>?
LXJC>I
=L?=CGC?HNI
@O?
>?

J?LI
KO?
=L?=?
M\FI
;

JIL
;[I

67E67


67?NE
67
>3
;@EG\5;7@F7
35G?G>35;R@
67
53B;F3>
K
7>
FA63HP3
83HAD34>7

4A@A
67?A9DN\5A
67
5D75;?;7@FA
67
BA4>35;R@
<AH7@
:3K

BDA4>7?3E
BD;?7DA

>3
67\5;7@F7
53>;636
67
>3
76G535;R@
K
67
>AE
BDA87EAD7E
3
FA6AE
>AE
@;H7>7E
6A@67

F7@7?AE
?GK
43<3E
53>;\535;A@7E
7@
>AE
7EFG6;AE
5A?B3D3F;HAE
67
>3
'

A?A

JIL=?HN;D?
>?F
-&

A;MN;GIM
GXM
KO?
IL?;
J?LI
A;MN;GIM
GO=BI
?H
<OLI=L;=C;

S
MCH>C=;NIM
HI
?H
?HM?[;HT;
0?AOH>I
A;MN;GIM
JI=I
?H
>?M;LLIFFI
N?=HIF\AC=I
S
HI

N?H?GIM
OH
MCMN?G;
>?
CHHIP;=C\H
"F
A;MNI
?H
CHP?MNCA;=C\H
S
>?M;LLIFFI
?M
;FL?>?>IL

>?F

>?F
-&
>?
FIM
GXM
<;DIM
>?F
GOH>I
1?L=?LI
N?H?GIM
OH;
?MNLO=NOL;

;@6GEFD;3>
67\5;7@F7

3K
G@3
8G7DF7
5A@57@FD35;R@
7@
9D3@67E
7?BD7E3E
>G79A
?G5:3E

J?KO?[;M
S
GC=LI
JI=;M
G?>C;H;M
1?H?GIM
OH
AL;H
M?=NIL
>?
M?LPC=CIM
?MI
?M
F;

N?H>?H=C;
>?
FIM
J;ZM?M
;P;HT;>IM
J?LI
?H
HO?MNLI
=;MI
MIH
l=B;HA;LLIMm
GC=LIM
S

J?KO?[;M
CH>OMNLC;M
>?
GOS
<;D;
JLI>O=NCPC>;>
-;L;
;F=;HT;L
F;M
N;M;M
>?
=L?=CGC?HNI

>?M?;<F?M
OH
L?=C?HN?
?MNO>CI
>?
*=(CHM?S
M?[;F;
KO?
B;S
KO?
L?=OJ?L;L
=L?=CGC?HNI

?H
F;
JLI>O=NCPC>;>
>?

;HO;F


 Tomo I
La Economía y las Finanzas Públicas

"MN?
?M
?F
=IMNI
>?
B;<?L
;<;H>IH;>I
F;
JIFZNC=;
CH>OMNLC;F
>?
=;L?=?L
>?
OH;
JIFZNC=;

>?
>?M;LLIFFI
N?=HIF\AC=I
KO?
HOH=;
NOPCGIM
S
J?LGCNCL
?F
>?N?LCILI
>?
F;
=;FC>;>
>?

>3
76G535;R@


7>>A
E7
EG?3
G@
EF36A
;@7\53L
3
FA6AE
>AE
@;H7>7E

$A
CG7
7JB>;53

?F
=L?=CGC?HNI
>?
F;
?=IHIGZ;
PCMNI
JIL
?F
F;>I
>?
F;
I@?LN;
?M
F;
=IHNLC<O=C\H
KO?

B;=?H
FIM
@;=NIL?M
>?
F;
JLI>O==C\H
FI
KO?
FIM
?=IHIGCMN;M
FF;G;H
lF;
@OH=C\H
>?

JLI>O==C\Hm
F;
G;HI
>?
I<L;
?F
=;JCN;F
F;
N?=HIFIAZ;
S
F;M
CHMNCNO=CIH?M
0;FCGIM

G;F
J;L;>IM
?H
NI>;M
-IL
INL;
J;LN?
>?M>?
F;
J?LMJ?=NCP;
>?
FIM
=IGJIH?HN?M

<XMC=IM
>?F
A;MNI
F;
>?G;H>;
;AL?A;>;
JL?=IHCT;>IM
JIL
F;
N?ILZ;
E?SH?MC;H;
?H

F;
CHP?LMC\H
S
?F
;BILLI
N?H?GIM
N;G<CYH
GOS
<;DIM
HCP?F?M
>?
;FL?>?>IL
>?
 
>?F

-&
J;OJYLLCGIM
@L?HN?
;
FIM
J;ZM?M
>?
LXJC>I
=L?=CGC?HNI
>?
MC;
"F
=IHMOGI
J?L

=XJCN;
N;G<CYH
?M
<;DI
JIL
?F
?M=;MI
=L?=CGC?HNI
>?
F;
G;M;
M;F;LC;F
-;L;
?FFI
JO?>?

D7CG7D;DE7
G@3
BA>PF;53
67
E3>3D;A
?P@;?A
7\53L

(3D3
3H3@L3D
7@
>3
EA>G5;R@
67
7EFAE

JLI<F?G;M
B;S
KO?
;=NO;L
?H
F;M
JIFZNC=;M
;LLC<;
?HOG?L;>;M

3&&
,+ )20&s+
e OXF
P;
;
M?L
?F
CGJ;=NI
>?
F;M
L?@ILG;M
?MNLO=NOL;F?M
"F
JLCG?L
?M@O?LTI
CGJILN;HN?

?H
?MN?
I<D?NCPI
@O?
?F
L?;FCT;>I
JIL
FIM
AI<C?LHIM
>?
!?
);
*;>LC>
S
0;FCH;M
;
J;LNCL

67


+7
D7EA>H;7DA@
BDA4>7?3E
7EFDG5FGD3>7E
7@
>3E
\@3@L3E
BS4>;53E
G@
EF36A

I<?MI
S
?H
?F
=IG?L=CI
?RN?LCIL
OH;
?=IHIGZ;
JI=I
=IGJ?NCNCP;
-?LI
HI
A?H?L;LIH

5D75;?;7@FA

$3
D78AD?3
7EFDG5FGD3>
CG7
E;9@;\5\
+#1
S
F;
=L?;=C\H
>?
OH;

?MNL;N?AC;
MOMN?HN;>;
?H
F;M
?RJILN;=CIH?M
N;GJI=I
A?H?L\
OH
=L?=CGC?HNI
>CHXGC=I

"H
=;G<CI
F;M
JIFZNC=;M
G;=LI?=IH\GC=;M
M?AOC>;M
?H
?F
>?M;LLIFFCMGI
>?

;


MZ
97@7D3DA@
G@
5D75;?;7@FA
67

3@G3>
EGEF7@F36A
7@
BA>PF;53E
\E53>7E
?A@7F3D;3E
K

=;G<C;LC;M
@O?LN?
CHP?LMC\H
J]<FC=;
?H
CH@L;?MNLO=NOL;
OH;
;AL?MCP;
JIFZNC=;
CH>OMNLC;F

3
83HAD
67
>3
;@6GEFD;3>;L35;R@
7>
8A?7@FA
67
>3
39D;5G>FGD3
5A?7D5;3>
7>>A
\@3@5;36A

JIL
OH;
JIFZNC=;
>?
<;H=;
>?
@IG?HNI
;AL?MCP;
?
CHHIP;>IL;
OH;
<;H=;
=IG?L=C;F
;

F;
KO?
M?
CH>ODI
JL?MN;L
;
FIM
M?=NIL?M
JLI>O=NCPIM
S
OH
NCJI
>?
=;G<CI
KO?
@;PIL?=C\

MC?GJL?
F;
?RJILN;=C\H
);
F?==C\H
J;L;
?F
@ONOLI
?M
KO?
M?
H?=?MCN;H
=IG<CH;L
F;M
>IM
=IM;M
OH;
JIFZNC=;

G;=LI?=IH\GC=;
ILC?HN;>;
JLCGIL>C;FG?HN?
;F
=L?=CGC?HNI
MCH
>?M=OC>;L
F;

7EF34;>;636
K
G@3
BA>PF;53
67
53?4;A
7EFDG5FGD3>
@A
5A?A
G@
\@
7@
EP
?;E?A
E;@A

=IGI
G?>CI
N;G<CYH
J;L;
CGJOFM;L
?F
=L?=CGC?HNI
"M;
?M
F;
;=NCNO>
G?HN;F
FI
KO?
M?

FF;G;
?H
CHAFYM
?F
lGCH>
M?Nm
KO?
>?<?
L?ACL
;
NI>;
F;
MI=C?>;>
AI<C?LHI
?GJL?M;

K
FD343<A
>34AD3@6A
B3D3
7>
?;E?A
\@

EA
A5GDD;R
43<A
7>
Y67E3DDA>>;E?AZ
CG7
E;9G7

MC?H>I
F;
=IH=?J=C\H
KO?
>IGCH;
=IH
YRCNI
?H
BCH;
S
?H
MC;
FIM
J;ZM?M
KO?
GXM


 Tomo I
La Economía y las Finanzas Públicas

=L?=?H
0Z
M?AOCGIM
J?HM;H>I
?H
KO?
F;
N;L?;
AO<?LH;G?HN;F
M?
;AIN;
?H
JL?M?LP;L

F;
?MN;<CFC>;>
S
KO?
?F
=L?=CGC?HNI
M?
>;
JIL
MZ
MIFI
M?AOCL?GIM
?H
?F
?MN;H=;GC?HNI

?MN;<CFCT;>IL
f+IM
=IHN;AC;L?GIM
>?
F;
?H@?LG?>;>
GOH>C;F
>?F
l?MN;H=;GC?HNI

M?=OF;Lm
KO?
;G?H;T;
;
"OLIJ;
S
MC;
+I
>?<?
M?L
?F
=;MI
1?H?GIM
F;M
<;M?M
S
F;

IJILNOHC>;>
J;L;
PIFP?L
;
=L?=?L
?H
@ILG;
MIMN?HC>;


 Tomo I
La Economía y las Finanzas Públicas


 Tomo I
La Economía y las Finanzas Públicas

9=
@,8.0=
/06
GA4.9
98>07:9<F809
 


"$% &R
 $


!$

*;HFCI
#;<CI
?FNLIH?M 

"$% &R
 $


!$

;LFIM
/?N;
*;LNZH?T 

&!!


! !Q
*
%
  +%
"S%

 &$!'R 
$!$$

D)!
"$
!"$&$


"$!%"$
qHA?F
$OLLZ; 

!%
S&!%

E!%

"!Q&
! &$
*


""

 !

D)!

AOMNZH
;LMN?HM
;LMN?HM 


"!$& 


%+R
%'"$!$



&
%&(!

'O;H
*;HO?F
-ILN;F
*;LNZH?T 

(!'R

%
 %&&'! %

%+R

%'"$!$

D)!

F?D;H>LI
/IG?LI
$O>C[I 

('R
*
$ R

' &%
 &!%


$!
!$P&!

"!$
0?LACI
)\J?T
SFF\H

S
$OCFF?LGI
*
?DO>I  

 &$%!
*
%Q!%

$%!
%


D)!

-?>LI
qHA?F
IHNL?L;M
)\J?T 

"&!

&$&!

$
!$!



! !Q
) 

F?D;H>LI
0IGO;HI
3?HNOL; 


 Tomo I
La Economía y las Finanzas Públicas

"&!


!+R


! !Q

) 
*
!!
! R!

%$$!!

'$ &

"$!!
 M
 

/I<?LNI
(B;FCF
';FCF
S
'ILA?
#L;H=I
)\J?T 

%
$!$%
%&$'&'$%
! ! 



$ &!


! !Q
) 

AOMNZH
*CAO?F
FIHMI
/;S;  


"&!


$!$
 $D&



%$$!!
! R!

D)!
 !%
*

% &'$%
"  &%

)OCM
>?
F;
;FF?
-;L>I 

$!$%
%&$'&'$%

 
 
' 
(%R


'&'$!


! !Q
) 
)OCM
3C>?A;L;S
;MI 

"$%"&(%

%
  +%
"S%

D)!

F?D;H>LI
4?LH?L

S
#;<CXH
3;F?H=C; 

$$
!
!
$$
L"!$
#'D
D)!
!
$

!!
!
+!


"%!

#L;H=CM=I
0OXL?T
!XPCF;
 


 Tomo I
La Economía y las Finanzas Públicas