CEPAL Review no. 124

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CEPAL Review N° 124 • April 2018 229 3. Compilation of the sustainability model for the Chilean economy The variation in net debt, separating FRP from government assets, is described as follows: FRP is separated from other government assets through its pre-established accumulation and disbursement rules. Contributions to FRP are expressed by the following formula: So the variation in FRP after 2016 is defined as: In view of the above, debt as a percentage of GDP is defined as: (A10) and the variation in the debt as a percentage of GDP is given by: (A11) Following the decomposition of Ley (2010), the following interest and inflation rates are defined: So the nominal interest rate and inflation are described as follows: Mauricio G. Villena, Cristóbal Gamboni and Andrés Tomaselli
230 CEPAL Review N° 124 • April 2018 Substituting in equations (A10) y (A11) gives: which thus defines the real interest rate. In contrast, making the dynamic of the debt a function of the actual balance relative to GDP, gives: The actual balance as a percentage of GDP can also be expressed in terms of the CAB target: Fiscal sustainability and the cyclically adjusted balance policy: methodology and analysis for Chile
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APRIL • 2018 More unequal or less
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Alicia Bárcena Executive Secretary
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Explanatory notes - Three dots (...
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Estimation of factors conditioning
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Page 240: EDITORIAL BOARD Osvaldo Sunkel Chai
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CEPAL Review no. 124

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