Los Avances del México Contemporáneo: 1955-2015 Tomo I La Economía y las Finanzas Públicas

Tomo I La EconomĂ­a y las Finanzas PĂşblicas

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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; =L CMCM 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 >?

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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

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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 >?

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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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

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 >?

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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

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Tomo I La Economía y las Finanzas Públicas

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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

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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 >?

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Tomo I La Economía y las Finanzas Públicas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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>;> >?

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Tomo I La EconomĂ­a y las Finanzas PĂşblicas

Tomo I La Economía y las Finanzas Públicas

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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

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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 >?

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!"0 #r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d S d >?F ;LNZ=OFI I 0I<L? CHMNCNO=CIH?M >? =LY>CNI S MI=C?>;>?M >?

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Tomo I La Economía y las Finanzas Públicas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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>;>;HIM m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

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

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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

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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

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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

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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

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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

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Tomo I La Economía y las Finanzas Públicas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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=;

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-;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?

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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

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Constitucionales Reforma

Reforma Educativa Reforma de Telecomunicaciones Reforma de Competencia Econรณmica Reforma Polรญtica Reforma Energรฉtica Cรณdigo Nacional de Procedimientos Penales Reforma Transparencia

Presentada 11-dic-12 11-mar-13 11-mar-13 24-sep-13 12-ago-13 24-abr-13 06-sep-12

Aprobada 21-dic-12 30-abr-13 30-abr-13 13-dic-13 11-dic-13 17-jul-13 26-nov-13

Promulgada 25-feb-13 10-jun-13 10-jun-13 31-ene-14 20-dic-13 08-oct-13 07-feb-14

Ley Federal del Trabajo Ley General de Educaciรณn Ley General del Servicio Profesional Docente Ley del Instituto Nacional para la Evaluaciรณn de la Educaciรณn Reforma Financiera Reforma Hacendaria Ley de Competencia Econรณmica Leyes Secundarias Energรญa Leyes Secundarias Telecomunicaciones Cรณdigo Nacional de Procedimientos Penales Ley de Amparo

Presentada 01-sep-12 13-ago-13 13-ago-13 13-ago-13 08-may-13 08-sep-13 19-feb-14 30-abr-14 24-mar-14 30-abr-13 15-feb-11

Legales Aprobada 13-nov-12 22-ago-13 22-ago-13 03-sep-13 27-nov-13 31-oct-13 29-abr-14 06-ago-14 08-jul-14 05-feb-14 20-mar-13

Promulgada 29-nov-12 10-sep-13 10-sep-13 10-sep-13 09-ene-14 10-dic-13 23-may-14 11-ago-14 14-jul-14 04-mar-14 02-abr-13

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