<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2018000200255</article-id>
<article-id pub-id-type="doi">10.20430/ete.v85i338.279</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Ahorro fiscal precautorio en países intensivos en recursos naturales]]></article-title>
<article-title xml:lang="en"><![CDATA[Precautionary Fiscal Savings in Resource-Intensive Countries]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cerda N.]]></surname>
<given-names><![CDATA[Rodrigo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Larraín B.]]></surname>
<given-names><![CDATA[Felipe]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Larraín C.]]></surname>
<given-names><![CDATA[Felipe]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Pontificia Universidad Católica de Chile Instituto de Economía y Clapes UC ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Pontificia Universidad Católica de Chile Instituto de Economía ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2018</year>
</pub-date>
<volume>85</volume>
<numero>338</numero>
<fpage>255</fpage>
<lpage>276</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2018000200255&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2018000200255&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2018000200255&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen  Antecedentes:  Este trabajo estudia el efecto de la variabilidad de los ingresos fiscales -inducidos por volatilidad en precios de productos relacionados con recursos naturales- sobre el ahorro público en el caso de economías dependientes de recursos naturales.  Metodología: Se utiliza un modelo teórico que extiende el trabajo de Van der Ploeg y Venables (2011). Posteriormente, se realiza un estudio econométrico con datos de paneles de dos muestras de datos distintas. Se encuentra evidencia a favor de la hipótesis planteada.  Resultados:  Se encuentra que a mayor varianza en ingresos fiscales mayor debe ser el nivel de activos netos del fisco, debido a razones de ahorro precautorio.  Conclusiones:  La volatilidad de ingresos fiscales en países expuestos a commodities lleva a los gobiernos a realizar ahorro precautorio y a tener mayores niveles de ahorros fiscales.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract  Background:  This paper studies the effect of the variability in fiscal revenues (induced by volatility in natural resource prices) on public saving in the case of natural resource dependent economies.  Methodology: A theoretical model is used to extend the work of Van der Ploeg and Venables (2011). Later, an econometric analysis is performed with data from panels of two different data samples. We find evidence in favor of the hypothesis.  Results:  It is found that the greater the variance in fiscal revenues the greater should be the level of net fiscal assets, due to precautionary saving.  Conclusions:  The volatility of fiscal revenues in countries exposed to commodities leads governments to precautionary savings and to have higher levels of fiscal savings.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[volatilidad de ingresos fiscales]]></kwd>
<kwd lng="es"><![CDATA[ahorro precautorio]]></kwd>
<kwd lng="es"><![CDATA[ahorro fiscal]]></kwd>
<kwd lng="en"><![CDATA[fiscal revenue volatility]]></kwd>
<kwd lng="en"><![CDATA[precautionary saving]]></kwd>
<kwd lng="en"><![CDATA[fiscal savings]]></kwd>
</kwd-group>
</article-meta>
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