{"id":109987,"date":"2025-05-28T11:08:15","date_gmt":"2025-05-28T09:08:15","guid":{"rendered":"https:\/\/www.tressis.com\/?p=107962"},"modified":"2025-05-28T11:08:15","modified_gmt":"2025-05-28T09:08:15","slug":"momento-de-reducir-deuda-publica","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/momento-de-reducir-deuda-publica\/","title":{"rendered":"Es momento de reducir la deuda p\u00fablica"},"content":{"rendered":"<h2><strong>Advertencia de los mercados financieros<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<p>El reciente aumento de la rentabilidad exigida a los bonos a largo plazo es un aviso de que los bancos centrales globales est\u00e1n perdiendo confianza en los emisores soberanos de los pa\u00edses desarrollados, ya que la solvencia de los gobiernos se debilita. <strong>A\u00f1os de gasto excesivo y deuda descontrolada han llevado a una crisis fiscal con una situaci\u00f3n insostenible<\/strong>\u00a0y la excusa de subir impuestos ya no funciona.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Disminuci\u00f3n de la demanda de bonos soberanos: se\u00f1ales del mercado<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<p>En los \u00faltimos meses, hemos visto una disminuci\u00f3n gradual de la demanda global de deuda soberana de econom\u00edas desarrolladas, especialmente Jap\u00f3n, EE.UU., los pa\u00edses miembros de la Uni\u00f3n Europea y el Reino Unido. Muchos bancos centrales globales ya no perciben estos bonos como activos de reserva de bajo riesgo, y est\u00e1n sustituyendo en sus activos bonos por oro. La \u00faltima subasta de deuda soberana japonesa registr\u00f3 la menor demanda de inversores desde 1987, seg\u00fan Bloomberg, y los rendimientos a treinta a\u00f1os alcanzaron m\u00e1ximos hist\u00f3ricos.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Fuga hacia activos refugio como el oro<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<p>Las se\u00f1ales de advertencia han sido claras durante a\u00f1os. Bancos centrales como el <a href=\"https:\/\/www.ecb.europa.eu\/ecb\/html\/index.es.html\" target=\"_blank\" rel=\"noopener\">BCE<\/a> y la Reserva Federal han publicado cuantiosas p\u00e9rdidas durante tres a\u00f1os consecutivos y, adem\u00e1s, muchos bancos centrales globales est\u00e1n abandonando la deuda soberana como activo de reserva y <strong>comprando cantidades r\u00e9cord de oro<\/strong>.<\/p>\n<p>&nbsp;<\/p>\n<div style=\"text-align: center; margin-bottom: 10px;\"><a href=\"https:\/\/www.tressis.com\/tressis-vision\/?utm_source=web_publica&amp;utm_medium=direct&amp;utm_campaign=descarga_paper&amp;utm_term=tressisvision&amp;utm_content=blog_MMV\" target=\"_blank\" rel=\"noopener\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-67199 size-full\" src=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2023\/03\/CTA-Tressis-vision-para-articulos-blog.jpg\" alt=\"Informe mensual - Tressis visi\u00f3n\" width=\"800\" height=\"354\" srcset=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2023\/03\/CTA-Tressis-vision-para-articulos-blog.jpg 800w, https:\/\/www.tressis.com\/wp-content\/uploads\/2023\/03\/CTA-Tressis-vision-para-articulos-blog-300x133.jpg 300w, https:\/\/www.tressis.com\/wp-content\/uploads\/2023\/03\/CTA-Tressis-vision-para-articulos-blog-768x340.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/a><\/div>\n<p>&nbsp;<\/p>\n<h2><strong>Se\u00f1ales ignoradas por los gobiernos<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<p>Las dudas sobre la sostenibilidad de las finanzas p\u00fablicas ahora son generalizadas. Sin embargo, los gobiernos de todo el mundo ignoran estas se\u00f1ales de alarma y contin\u00faan aumentando el gasto y acumulando deuda. Con ello, saltan las dudas sobre su capacidad de controlar las finanzas p\u00fablicas cuando el gasto nunca se reduce, ni siquiera despu\u00e9s de eventos extraordinarios como la COVID-19. Los gobiernos globales han abandonado su papel de administradores de recursos escasos para convertirse en m\u00e1quinas de gasto que recurren constantemente a <strong>subidas de impuestos para intentar disfrazar sus problemas fiscales<\/strong>.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>L\u00edmites que alertan sobre la sostenibilidad de la deuda<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<h3><strong>L\u00edmite fiscal<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p>Podemos destacar tres l\u00edmites que alertan sobre el riesgo en la sostenibilidad de la deuda: <strong>superar el l\u00edmite fiscal, sobrepasar el l\u00edmite econ\u00f3mico<\/strong> y, finalmente, <strong>cruzar el l\u00edmite inflacionario<\/strong>. El l\u00edmite fiscal representa la m\u00e1xima proporci\u00f3n de deuda respecto al PIB que un gobierno puede sostener antes de que el mercado pierda confianza en su capacidad para estabilizar las finanzas mediante ajustes tradicionales.<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>L\u00edmite econ\u00f3mico<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p>Superar el l\u00edmite econ\u00f3mico lleva a la econom\u00eda al estancamiento. Altos niveles de deuda del Estado desplazan la inversi\u00f3n privada, aumentan la carga impositiva sobre la econom\u00eda privada y familias y empresas reducen sus inversiones.<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>L\u00edmite inflacionario<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p>El bajo crecimiento lleva a mayor gasto y deuda, lo que a su vez reprime a\u00fan m\u00e1s el crecimiento productivo. La etapa final ocurre cuando los gobiernos, habiendo <strong>agotado el margen fiscal y econ\u00f3mico, cruzan el l\u00edmite inflacionario<\/strong>.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Impacto de la inflaci\u00f3n sobre la deuda<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<p>La inflaci\u00f3n, consecuencia directa de una deuda p\u00fablica insostenible, act\u00faa como una inflaci\u00f3n por deuda del Estado a c\u00e1mara lenta; es la manifestaci\u00f3n de la erosi\u00f3n del <a href=\"https:\/\/www.tressis.com\/blog\/invertir-con-sentido-en-2025\/\" target=\"_blank\" rel=\"noopener\">poder adquisitivo<\/a>. El gasto deficitario persistente y los altos niveles de deuda socavan la credibilidad de la pol\u00edtica monetaria, especialmente cuando los bancos centrales priorizan el apoyo a la deuda soberana sobre el control de las presiones inflacionarias. <strong>La volatilidad es una respuesta racional al deterioro de los fundamentos fiscales, el estancamiento econ\u00f3mico y las presiones inflacionarias.<\/strong> Los inversores simplemente exigen una mayor compensaci\u00f3n por los riesgos que ahora enfrentan.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>\u00bfC\u00f3mo reducir la deuda p\u00fablica de forma efectiva?<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<p>La \u00fanica soluci\u00f3n es aplicar una pol\u00edtica fiscal responsable que reduzca el gasto pol\u00edtico excesivo y volver a una pol\u00edtica fiscal prudente. Sin una acci\u00f3n cre\u00edble para restaurar la disciplina presupuestaria y promover el crecimiento, el ciclo de aumento de la deuda, estancamiento e inflaci\u00f3n continuar\u00e1. La probabilidad de una crisis de deuda es todav\u00eda m\u00e1s que remota. Sin embargo, estos factores nos muestran que los pa\u00edses desarrollados deben reducir el gasto, ya que <strong>las subidas de impuestos no funcionan<\/strong>, como ya se ha demostrado.<\/p>\n<p>&nbsp;<\/p>\n\t\t<div data-elementor-type=\"section\" data-elementor-id=\"109011\" class=\"elementor elementor-109011 elementor-83437\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2c503f7f firmaAutor firma2 noMar elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2c503f7f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-74af8da4 fotoFirmaAutor\" data-id=\"74af8da4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-10a5532 elementor-widget elementor-widget-image\" data-id=\"10a5532\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"170\" height=\"254\" src=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2024\/07\/daniel-lacalle-foto-170x254-1.webp\" class=\" attachment-large size-large wp-image-94827\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-6f0b1f99 rightAutor\" data-id=\"6f0b1f99\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-529b6a6 noMar nombreFirma elementor-widget elementor-widget-heading\" data-id=\"529b6a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/www.tressis.com\/daniel-lacalle\/\"><span>Per<\/span> <b style=\"font-weight:300;color:#3823b4\">Daniel Lacalle<\/b><\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f9b128c cargo elementor-widget elementor-widget-text-editor\" data-id=\"f9b128c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Economista en cap de Tressis<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1bd01a57 small noMar elementor-widget elementor-widget-text-editor\" data-id=\"1bd01a57\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Doctor en Economia, professor d\u2019Economia Global i Finances, a m\u00e9s de gestor de fons d\u2019inversi\u00f3.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f43d526 elementor-widget elementor-widget-html\" data-id=\"f43d526\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"rightAutor\" style=\"display:flex;column-gap:20px\">\n    <a class=\"elementor-icon elementor-social-icon elementor-social-icon-linkedin\" href=\"https:\/\/www.linkedin.com\/in\/daniellacalle\/\" target=\"_blank\" rel=\"noopener\">\n    \t<span class=\"elementor-screen-only\">Linkedin<\/span>\n    \t<i class=\"fab fa-linkedin\"><\/i><\/a>\n    \t\t\t\t\t\t\n    <a class=\"elementor-icon elementor-social-icon elementor-social-icon-twitter\" href=\"https:\/\/twitter.com\/dlacalle\" target=\"_blank\" rel=\"noopener\">\n    \t<span class=\"elementor-screen-only\">Twitter<\/span>\n    \t<i class=\"fab fa-twitter fa-twitter-x\"><\/i><\/a>\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\n","protected":false},"excerpt":{"rendered":"<p>Advertencia de los mercados financieros &nbsp; El reciente aumento de la rentabilidad exigida a los bonos a largo plazo es un aviso de que los bancos centrales globales est\u00e1n perdiendo confianza en los emisores soberanos de los pa\u00edses desarrollados, ya que la solvencia de los gobiernos se debilita. A\u00f1os de gasto excesivo y deuda descontrolada [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":110052,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[9988,9989,791,9990,1359,8602,9991,1947,1976,2497,9992,9993,9994,9995,4646,4967,9996],"class_list":["post-109987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estrategias","tag-aumento-de-gasto","tag-bajo-crecimiento","tag-bonos-soberanos","tag-carga-impositiva","tag-confianza-de-los-inversores","tag-covid","tag-crecimiento-productivo","tag-deuda","tag-deuda-publica","tag-estancamiento","tag-gasto-politico","tag-limite-economico","tag-limite-fiscal","tag-limite-inflacion","tag-oro","tag-poder-adquisitivo","tag-problemas-fiscales"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u00bfEs urgente reducir la deuda p\u00fablica? 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