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Littérature scientifique sur le sujet « Finanze papali »

Auteur : Grafiati

Publié le 10 mars 2023

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Articles de revues sur le sujet "Finanze papali"

Wiedemann, Benedict G. E. "The Character of Papal Finance at the Turn of the Twelfth Century*." English Historical Review 133, no. 562 (2018): 503–32. http://dx.doi.org/10.1093/ehr/cey104.

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Muir, Edward. "Why Venice? Venetian Society and the Success of Early Opera." Journal of Interdisciplinary History 36, no. 3 (2006): 331–53. http://dx.doi.org/10.1162/002219506774929854.

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Why did opera first succeed as a public art form in Venice between 1637 and 1650 when all the elements of the new form were fully evident? The answer is to be found in the conjunction between Venetian carnival festivity and the intellectual politics of Venetian republicanism during the two generations after the lifting of the papal interdict against Venice in 1607. During this extraordinary period of relatively free speech, which was unmatched elsewhere at the time, Venice was the one place in Italy open to criticisms of Counter Reformation papal politics. Libertine and skeptical thought flourished in the Venetian academies, the members of which wrote the librettos and financed the theaters for many of the early Venetian operas.

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Strangio, Donatella. "Papal states, sixteenth-nineteenth centuries." Revue de l'OFCE 140, no. 4 (2015): 307. http://dx.doi.org/10.3917/reof.140.0307.

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Pevnick, Ryan. "Does the Egalitarian Rationale for Campaign Finance Reform Succeed?" Philosophy & Public Affairs 44, no. 1 (2016): 46–76. http://dx.doi.org/10.1111/papa.12064.

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Bassi, Vittorio, and Imran Rasul. "Persuasion: A Case Study of Papal Influences on Fertility-Related Beliefs and Behavior." American Economic Journal: Applied Economics 9, no. 4 (2017): 250–302. http://dx.doi.org/10.1257/app.20150540.

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We study the persuasive impacts of non-informative communication on the short-run beliefs and long-run behavior of individuals. We do so in the context of the Papal visit to Brazil in October 1991, in which persuasive messages related to fertility were salient in Papal speeches during the visit. We use individual's exposure to such messages to measure how persuasion shifts short-run beliefs such as intentions to contracept and long-term fertility outcomes such as the timing and total number of births. To measure the short-run causal impact of persuasion, we exploit the fact the Brazil 1991 DHS was fielded in the weeks before, during, and after the Papal visit. We use this fortuitous timing to identify that persuasion significantly reduced individual intentions to contracept by more than 40 percent relative to pre-visit levels, and increased the frequency of unprotected sex by 30 percent. We measure the long-run causal impacts of persuasion on fertility outcomes using later DHS surveys to conduct an event study analysis on births in a five-year window on either side of the 1991 Papal visit. Estimating a hazard model of fertility, we find a significant change in births 9 months post-visit, corresponding to a 1.6 percent increase in the aggregate birth cohort. Our final set of results examine the very long-run impact of persuasion and document the impacts to be on the timing of births rather than on total fertility. (JEL D83, J13, N36)

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Colzi, Francesco. "The Structure and Efficiency of the Public Debt Administration of the Papal States (16th-17th Centuries)." CONTABILITÀ E CULTURA AZIENDALE, no. 1 (May 2021): 61–81. http://dx.doi.org/10.3280/cca2021-001003.

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Introduction: The focus of this work is on the public debt administration of the Papal States in 16th and 17th centuries. Aim of the work: The paper intends to demonstrate how the high level of efficiency achieved has contributed to obtaining a good consideration of the securities on the market. Methodological approach: The paper is based upon the investigation of primary and secondary sources related to the public debt administration of the Papal States in 16th and 17th centuries. An interpretative approach has been adopted in exploring the structure and efficiency of this administra-tive area. Main findings: The work offers an understanding of the role of the account-ing tools within the organization employed to manage the daily practices and the legislation enacted. The efficiency of the administration and the ability to manage the accounts regularly and to respond promptly to inves-tors requests has been proved decisive for the securities listing. Originality: The paper permits to enlarge the knowledge on public debt ad-ministration in the Papal State context.

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Felipo, Amparo. "La Universitat de València en el segle xvi. Orígens, transformacions i consolidació." SCRIPTA. Revista Internacional de Literatura i Cultura Medieval i Moderna 15 (June 10, 2020): 201. http://dx.doi.org/10.7203/scripta.15.17569.

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Resum. La fundació de la Universitat de València fou la culminació d’una llarga trajectòria que es remunta a la pretensió de Jaume I de conferir rang universitari a les escoles creades després de la conquesta. La seua unificació pels magistrats municipals en 1499, una butlla papal de 1500 i un privilegi regi de 1502 donaren pas a la seua inauguració oficial baix patronat municipal. Des d’ara, l’increment del pressupost universitari i les dificultats de la Ciutat per a finançar-lo va exigir la cerca de soluciones que van culminar amb la butlla de Sixte V de creació de les pabordies en 1585. Amb això, Municipi i Església passaven a sustentar conjuntament l’Estudi, no sense una interferència de la Corona de la qual van ser principal expressió les visites. En aquest context, les Constitucions de 1611 van esdevenir l’instrument de consolidació de les transformacions operades en el centre des de la seua creació.  Paraules clau. Universitat de València, butlla papal, privilegi regi, Municipi, Església, Constitucions de 1611  Abstract. The founding of the University of Valencia was the culmination of a long history that dates back to King James I’s aim to give university status to the schools created after the conquest. Its consolidation drawn up by municipal magistrates in 1499, the papal bull in 1500 and the royal privilege in 1502 led to its official inauguration under the municipal board. From then on, the increase in the university’s budget and the city’s struggle to finance it called for new solutions, which culminated with the bull issued by Sixtus V for the creation of the pavordía chairs (title granted by the church) in 1585. Thus, the City Council and the Church proceeded to jointly sustain the university, which was also contributed to by the Crown mainly in the form of visits. In this context, the Constitutions of 1611 formed an instrument to consolidate the transformations carried out in the centre since its creation.  Keywords. University of Valencia, papal bull, royal privilege, City Council, Church, Constitutions of 1611

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Caferro, William. "Premodern European Capitalism, Christianity, and Florence." Business History Review 94, no. 1 (2020): 39–72. http://dx.doi.org/10.1017/s0007680520000045.

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The essay examines the role of Christianity in premodern European capitalism, with regard to the city of Florence. It traces the formation of the historical construct and the influence of Werner Sombart's Der moderne Kapitalismus, a work much neglected nowadays in the Anglophone academy. The article seeks to historicize and contextualize faith and economy, to stress their fundamentally intertwined nature and more specifically how notions of “negotiation” and diriturra (moral Christian rectitude) connect the seemingly antagonistic sides, and connect also Florentine finance and business history, which are too often studied independently. It argues that Christian rectitude and service to the church (a noncynical quid pro quo) were conjoined with a calculated, reasoned profit motive--evident especially among papal bankers, a key sector of the Florentine economy.

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POLLARD, JOHN F. "THE VATICAN AND THE WALL STREET CRASH: BERNARDINO NOGARA AND PAPAL FINANCES IN THE EARLY 1930s." Historical Journal 42, no. 4 (1999): 1077–91. http://dx.doi.org/10.1017/s0018246x99008614.

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The signing of the Lateran Pacts between Mussolini and Pius XI not only changed the status of the Vatican, it also transformed its financial position overnight. After decades of financial difficulty, the Vatican acquired a substantial capital endowment, the investment of which the pope entrusted to Bernardino Nogara. But as the diary of Nogara reveals, as a result of the pope's ambitious spending plans, the lack of a proper system of financial control in the Vatican, and, above all, the impact of the Wall Street crash, within less than two years the Vatican was losing money hand over fist. This article explains how Nogara reconstructed the finances of the Vatican in the wake of this disaster, and explores the links between the Vatican's first experience of playing the international capital markets and the pope's notions of social and economic ethics.

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DAMILL, MARIO. "Convertibilidad, capitales volátiles y estabilización. El papel de las finanzas del gobierno." Brazilian Journal of Political Economy 19, no. 1 (1999): 30–57. http://dx.doi.org/10.1590/0101-31571999-1021.

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Thèses sur le sujet "Finanze papali"

SOUSA, Pablo Treger Zydowicz de. "Análise de eficiência do mercado acionário brasileiro: um estudo do setor de papel e celulose através de modelos APT." Universidade Federal Rural de Pernambuco, 2011. http://www.tede2.ufrpe.br:8080/tede2/handle/tede2/4616.

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Submitted by (edna.saturno@ufrpe.br) on 2016-06-06T16:55:10Z No. of bitstreams: 1 Pablo Treger Zydowicz de Sousa.pdf: 515090 bytes, checksum: 3c03d320dbeaf550b992c03c0f2c274d (MD5) Made available in DSpace on 2016-06-06T16:55:11Z (GMT). No. of bitstreams: 1 Pablo Treger Zydowicz de Sousa.pdf: 515090 bytes, checksum: 3c03d320dbeaf550b992c03c0f2c274d (MD5) Previous issue date: 2011-02-18 he research aims to analyze the Brazilian market efficiency through Arbitrage Pricing Theory (APT) models using paper and pulp industry stock. The present study data refer to monthly time-series paper and pulp company stock price returns dealt at BM&FBovespa over the period July 2005 and November 2009. During the same period, macroeconomics variations time-series were used as independent variables, such as inflation, interest rates and exchange rates, as well as sectorial variables oscillations, paper and pulp`s price, exportation and production rates. The APT model analysis indicated that pulp and paper Brazilian stock market is inefficient over the weak form approach. A presente pesquisa tem como objetivo analisar a eficiência do mercado acionário brasileiro através do estudo de modelos Arbitrage Pricing Theory (APT) entre ações do setor de papel e celulose. Os dados deste estudo referem-se às séries temporais mensais de retornos dos preços de ações de empresas do setor de papel e celulose negociadas na BM&FBovespa no período compreendido entre julho de 2005 e novembro de 2009. Já como variáveis explicativas, foram empregadas no mesmo espaço de tempo da variável dependente as séries históricas de variações de fatores macroeconômicos, tais como taxas de juros, câmbio e inflação, assim como de fatores específicos do setor, como preço, exportação e produção de papel e celulose. Através da análise do modelo APT, pode-se concluir a existência de fortes indícios que o mercado acionário do setor de papel e celulose no Brasil é ineficiente quanto sua forma fraca.

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Costa, Rickie Viana. "Project finance no Brasil: um estudo de caso dos processos e mecanismos que tornaram viável o financiamento de dois portos privados em um banco brasileiro." reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/17714.

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Submitted by Rickie Viana Costa (rickieviana@gmail.com) on 2016-12-28T19:02:12Z No. of bitstreams: 1 Dissertacao Rickie Costa_v. Final FGV (1).pdf: 2153965 bytes, checksum: 22fb7ed5dbf1929ddec7d091c3dedebe (MD5) Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2017-01-02T12:05:50Z (GMT) No. of bitstreams: 1 Dissertacao Rickie Costa_v. Final FGV (1).pdf: 2153965 bytes, checksum: 22fb7ed5dbf1929ddec7d091c3dedebe (MD5) Made available in DSpace on 2017-01-03T16:53:30Z (GMT). No. of bitstreams: 1 Dissertacao Rickie Costa_v. Final FGV (1).pdf: 2153965 bytes, checksum: 22fb7ed5dbf1929ddec7d091c3dedebe (MD5) Previous issue date: 2016-12-02 Existe no Brasil uma dificuldade para se conseguir financiamento para um projeto de infraestrutura junto a bancos comerciais. Essa dificuldade está relacionada a fatores micro, como o desconhecimento de investidores sobre os processos de análise de projeto e risco em um banco brasileiro, até a fatores macro, relacionados à conjuntura econômica brasileira e setorial de infraestrutura. Cada banco possui um modelo de análise de crédito e risco particular para decidir se concede ou não um financiamento. Dado o grande volume de recursos que é necessário para se fazer uma obra de infraestrutura, sem o financiamento bancário, além de incentivos do governo, investidores não enxergam viabilidade e retorno suficientes para fazer esse investimento. Como forma de diminuir e diluir o risco entre bancos, investidores e outras contrapartes envolvidas em um projeto de infraestrutura, tende-se a adotar mundialmente a estrutura do Project Finance, que se tornou chave também no Brasil para se obter sucesso de financiamento junto ao BNDES e a bancos comerciais. O papel do BNDES é fundamental na estrutura de financiamento no Brasil, uma vez que este concede empréstimos a juros subsidiados, reduzindo o custo de capital médio ponderado (WACC) dos projetos, fator decisivo para torná-los atrativos à investidores. O Project Finance é importante não só por diluir os riscos entre as partes, mas principalmente por esta estrutura permitir aos bancos preverem e anteciparem diversos riscos que podem ocorrer naquele projeto. Esse maior conhecimento os permite criar mecanismos contratuais específicos para aquele financiamento e os protege desses riscos prováveis. Covenants, obrigações e garantias podem, então, se tornar um dos principais pontos de discussão entre os Sponsors e Lenders processo de estruturação de um financiamento, ponto este que será estudado neste trabalho por meio de dois estudos de caso reais de financiamento a portos marítimos em um banco brasileiro.

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Cardoso, Samuel de Oliveira. "Análise de investimento de capital na indústria brasileira de papel e celulose por meio da teoria das opções reais: o caso da Fibria Celulose S.A." reponame:Repositório Institucional do BNDES, 2014. https://web.bndes.gov.br/bib/jspui/handle/1408/7027.

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O presente trabalho tem como objetivo final a verificação da aplicabilidade da Teoria das Opções Reais (TOR) em investimentos de papel e celulose, considerando o Movimento de Reversão à Média (MRM) nos fatores de risco, dado um modelo de gerenciamento de curto prazo, no âmbito de um estudo de caso da Fibria Celulose S.A. para o setor de papel e celulose no Brasil. Nesta dissertação, testa-se a aderência da série histórica de preços da celulose de fibra curta da Fibria, no período entre 2003 e 2013, a um modelo estocástico de reversão à média, sendo este modelo validado para o presente estudo. Uma vez o modelo validado, determinam-se os parâmetros para realização de cálculos e análises fundamentais para se chegar aos objetivos intermediários, etapa preliminar aos resultados do objetivo final. Dentre os cálculos e análises citados, ressaltam-se: determinação dos VPLs dinâmicos e os valores das Opções Reais europeias sequenciais para a Simulação de Monte Carlo com Processo Neutro ao Risco; construção e análise da Árvore Binomial com Processo Neutro ao Risco; construção e análise das Regiões de Gatilho para preços e lucros marginais em um Processo Real; comparação das Regiões de Gatilho com as determinadas pelas Árvores Binomiais. Assim, com tais análises, confirma-se, nesta dissertação, a aplicabilidade da Teoria das Opções Reais na Análise de Investimento no setor celulósico-papeleiro. The present work has the ultimate purpose of verifying the applicability of the Real Options Theory in the pulp and paper investment, considering the Mean Reversion Movement in the risk factors, given a short-term management model, within a study of Fibria Celulose S.A. for the pulp and paper industry in Brazil. This dissertation tests the adherence of Fibria's short fiber pulp historical price series, between 2003 and 2013 to a stochastic mean reversion model, being this model validated in the present study. Once the model is validated, the parameters for calculations and fundamental analyzes are determined to reach intermediate goals, preliminary step to the results of the final goal. Among the cited calculations and analyzes, it is emphasized: determination of dynamic NPVs and values of the sequential European Real Options for the Monte Carlo Simulation with Risk Neutral Process; construction and analysis of the Binomial Tree with Risk Neutral Process; construction and analysis of the Trigger Regions for prices and marginal profits in a Real Case; Comparison between Trigger Regions and those determined by the Binomial Trees.So with such analyzes, it is confirmed, in this work, the applicability of the Real Option Theory on Investment Analysis in pulp and paper industry. Dissertação (mestrado) - Pontifícia Universidade Católica. Departamento de Engenharia Industrial, Rio de Janeiro, 2014. Bibliografia: p. [109]-113.

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GUIDI, BRUSCOLI FRANCESCO. "Un banchiere fiorentino a Roma durante il pontificato di Paolo III (1534-49): Benvenuto Olivieri." Doctoral thesis, 1998. http://hdl.handle.net/2158/613375.

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Livres sur le sujet "Finanze papali"

L' oro e la tiara: La costruzione dello spazio fiscale italiano della Santa Sede, 1560-1620. Il mulino, 2003.

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Il Buon governo: Le finanze locali nello Stato della Chiesa (secoli XVI-XVIII). Viella, 2007.

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Bruscoli, Francesco Guidi. Papal banking in Renaissance Rome: Benvenuto Olivieri and Paul III, 1534-1549. Ashgate, 2007.

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Die päpstlichen Kollektoren im späten Mittelalter. M. Niemeyer Verlag, 2000.

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The Avignon Papacy and the Crusades, 1305-1378. Clarendon, 1986.

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Housley, Norman. The Avignon papacy and the Crusades, 1305-1378. Clarendon Press, 1986.

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Szczur, Stanisław. Skarbowość papieska w Polsce w latach 1378-1431. Societas Vistulana, 2008.

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Skarbowość papieska w Polsce w latach 1378-1431. Towarzystwo Naukowe "Societas Vistulana", 2008.

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Armand, Jamme, and Poncet Olivier, eds. Offices, écrit et papauté, XIIIe-XVIIe siècle. École française de Rome, 2007.

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Lebens- und Arbeitsweise zweier südfranzösischer Kollektoren in der ersten Hälfte des 14. Jahrhunderts in England. P. Lang, 1993.

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Chapitres de livres sur le sujet "Finanze papali"

Caselli, Fausto Piola. "Public Finance and Fiscal Policy. The Papal States in Early Modern Age." In Portugal in a European Context. Springer International Publishing, 2023. http://dx.doi.org/10.1007/978-3-031-06227-8_15.

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Kalous, Antonín. "Financing a Legation: Papal Legates and Money in the Later Middle Ages." In Money and Finance in Central Europe during the Later Middle Ages. Palgrave Macmillan UK, 2016. http://dx.doi.org/10.1057/9781137460233_14.

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"Papal finance." In The Papacy, 1073–1198. Cambridge University Press, 1990. http://dx.doi.org/10.1017/cbo9781139167772.009.

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Piola Caselli, F. "Papal Finance, 1348–1848." In Handbook of Key Global Financial Markets, Institutions, and Infrastructure. Elsevier, 2013. http://dx.doi.org/10.1016/b978-0-12-397873-8.00010-4.

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"The End of the System of Papal Licences." In Jewish Bankers and the Holy See (RLE: Banking & Finance). Routledge, 2012. http://dx.doi.org/10.4324/9780203116814-21.

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Nicholson, Helen J. "The Home Front." In Women and the Crusades. Oxford University PressOxford, 2023. http://dx.doi.org/10.1093/oso/9780198806721.003.0004.

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Abstract Women who did not join crusade expeditions with their families had many difficulties to surmount. Women who remained at home to administer their family estates often had to combat the rival claims of relatives or other claimants to their property; although as members of crusaders’ families they were under papal protection, this protection was not always enforced by secular and ecclesiastical authorities. If their crusading relatives were captured, they would have to raise the ransom for their relief; if their crusading relative died on campaign, they would have to implement their will. It was difficult to establish whether alleged deathbed bequests were genuine, as such claims could be an attempt by a dead crusader’s companions to defraud his widow and children of their property. Women, like men, helped to finance crusades by taking a crusade vow and then redeeming it for a money payment rather than joining a crusade in person; they also financed institutions which supported crusaders, such as the military religious orders, the Templars and Hospitallers, and religious orders which gave charitable support to captives and negotiated ransoms for them. Women also gave spiritual support for crusades: taking part in religious rituals to support the crusade, making donations to religious houses, and venerating saints; while holy women supported the crusade through prayer and their writings.

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Benincampi, Iacopo. "Est Modus in Rebus." In Advances in Religious and Cultural Studies. IGI Global, 2019. http://dx.doi.org/10.4018/978-1-5225-6936-7.ch002.

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In the 18th century the overall weakening of the papal authority forced the ecclesiastical government to focus its attention on the rationalization of its infrastructures, in order to facilitate the control of the collection of taxes and to stabilize local and general finances. In particular, at that time the upgrading of strategic ports such as Civitavecchia and Ancona marked the political discussion, and the desire to restart the economy encouraged by Pope Clement XII Corsini (1730-40) awaked a general enthusiasm. Thus, in Romagna region, centers like Rimini, Forlì, Cesena and Faenza started to strengthen and improve their infrastructures: primarily, port facilities and retail buildings. In architecture this meant a progressive functionalization of the design: geometry, comfort, utility, security and linearism became the terms for the new language. The outcomes of their reflections seem to respond to a common ideological ‘modus operandi': a sharing of intents which led to realizations just apparently different.

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Villalba Ríos, Paula. "Propuesta de innovación docente en la asignatura Gestión de los Recursos Humanos y Habilidades Directivas." In Ciclos de mejora en el aula. Año 2021 Experiencias de innovación docente de la Universidad de Sevilla, 2021st ed. EDITORIAL UNIVERSIDAD DE SEVILLA, 2022. http://dx.doi.org/10.12795/9788447222865.168.

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El presente capítulo ha tomado como base el Ciclo de Mejora en el Aula (CIMA) diseñado e implementado dentro del Curso General de Docencia Univer- sitaria (CGDU) en su edición 2019/2020. Siguiendo el objetivo de otorgar al alum- nado un papel protagonista en el proceso de enseñanza-aprendizaje, este curso, he diseñado y desarrollado un CIMA para la asignatura Gestión de los Recursos Humanos y Habilidades Directivas. Tras dar el salto hacia un modelo metodoló- gico más investigativo, plasmado en la secuencia de actividades, logramos una evaluación satisfactoria en el proceso enseñanza-aprendizaje, así como, una me- jora en mi labor como docente. Palabras clave: Gestión de los recursos humanos y habilidades directivas, grado en finanzas y contabilidad, docencia universitaria, desarrollo profesional docente.

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Rapports d'organisations sur le sujet "Finanze papali"

Bosch, Mariano, Carolina Cabrita Felix, Manuel García-Huitrón, and Nicolás Soler. Mejores instituciones de pensiones en América Latina y el Caribe: El papel de los mecanismos de monitoreo y de las reglas de ajuste automático. Inter-American Development Bank, 2020. http://dx.doi.org/10.18235/0002923.

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Para facilitar el proceso de adaptación al envejecimiento sin poner en riesgo otros objetivos de desarrollo económico, los sistemas de pensiones están paulatinamente incorporando mecanismos que cambian dependiendo del contexto demográfico o del equilibrio financiero. Debido a la complejidad política y social de los ajustes paramétricos, algunos países están implementando mecanismos autocorrectores de desequilibrios del sistema pensional. Estos tipos de mecanismos se han denominado, de manera genérica, factores de sostenibilidad o reglas de ajuste. En ocasiones, los factores de sostenibilidad no corrigen los desequilibrios, sino que buscan hacerlos visibles y corregirlos de una forma acompasada y distribuida en el tiempo a través del trabajo legislativo. La adopción temprana de un factor de sostenibilidad que refuerce, clarifique y asegure el equilibrio del sistema contribuye a mejorar la confianza en la sostenibilidad de las finanzas públicas, a dar transparencia a la necesidad de ajustes y a despejar incertidumbres de los ciudadanos. Esta nota recoge, brevemente, cuál ha sido la experiencia internacional en la adopción de mecanismos de monitoreo y reglas de ajuste de los sistemas de pensiones y la resume en una serie de hechos estilizados.

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Ayala-García, Jhorland, Clark Granger-Castaño, and Ligia Alba Melo-Becerra. Dinámica de las reglas fiscales subnacionales y la nacional. Banco de la República, 2022. http://dx.doi.org/10.32468/dtseru.305.

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Durante el período 1997-2003, posterior al fortalecimiento de la descentralización, se implementaron un conjunto de reglas fiscales subnacionales y en los años 2011 y 2021 se establecieron reglas fiscales nacionales en Colombia. Este documento evalúa el cumplimiento de dichas reglas en los distintos niveles de gobierno en Colombia, así como el papel que han jugado las transferencias en el cumplimiento de los indicadores establecidos en las mismas. Se evidencia que las reglas fiscales contribuyeron a una mayor estabilidad de las finanzas públicas tanto de los gobiernos subnacionales como del Gobierno Nacional Central. Los cambios en el sistema de transferencias contribuyeron al cumplimiento de las reglas fiscales, al garantizar un crecimiento real de las mismas brindando estabilidad a los ingresos de los gobiernos subnacionales. Las simulaciones muestran que el cumplimiento de las reglas fiscales depende en gran medida del tipo de regla que se adopte, pues mientras los gobiernos subnacionales cumplen con la regla fiscal nacional, el Gobierno Nacional Central no cumple con las reglas fiscales subnacionales. Estos resultados contribuyen al debate sobre la necesidad de mantener reglas fiscales con cláusulas de escape y que consideren las condiciones fiscales y los niveles de gobiernos donde se adopten para lograr la estabilidad de las finanzas públicas.

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