Efectos del choque petrolero de 2014-2015 en la captación de divisas y el gasto público

The oversupply of hydrocarbons and the slowdown of the global economy are presented as for their effect on the collapse of oil prices between mid-2014 and early 2015. Quantifi is made of the direct effects of the above in the amount of foreign currency received by the country as well as in the public sector revenues, having as a background an energy reform to start being implemented in this year. Then the decision to apply a budget cut of 124 300 million pesos for 2015, of which 70% are investment spending, is analyzed taking into consideration two previous instruments that could have prevented such a decision to be made: oil hedges, acquired with enough anticipation, and the tax reform that allowed 1.3% increase in non-oil tax revenues relative to GDP in 2014, ratio that will keep growing until 2018. The way adjustments were conducted and the amount of slaughtered resources suggests that the federal government found in the oil environment a way to generate savings and justify putting a halt, in an election year, to the public sector deficit which in 2014 was the largest in the xxi century, however its impact on economic growth in the short and medium term.