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

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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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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 >?

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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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

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Tomo I La Economía y las Finanzas Públicas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Tomo I La Economía y las Finanzas Públicas 1&-, !" * &, ,*, + ) +,*&+ ) !" ) " ,+,*r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Tomo I La Economía y las Finanzas Públicas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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 ; =;?=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 >?

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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 >? 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 >?

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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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Tomo I La EconomĂa y las Finanzas PĂşblicas

Tomo I La Economía y las Finanzas Públicas

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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

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Tomo I La Economía y las Finanzas Públicas $/q#&

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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 >? 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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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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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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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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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?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 EconomĂa y las Finanzas PĂşblicas "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?

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Tomo I La Economía y las Finanzas Públicas

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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 "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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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

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"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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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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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=; ;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?

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Tomo I La Economรญa y las Finanzas Pรบblicas 2 !/, -/, "0, !" -/, &s+ !" ) 0 /"#,/* 0 "01/2 12/ )"0

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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Tomo I La Economía y las Finanzas Públicas