A Miniskyan-Fisherian SFC model for analyzing the linkages of private financeial behavior and public debt
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Data
2015-05
Autores
Martins, Ítalo Pedrosa Gomes
Macedo e Silva, Antonio Carlos
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Resumo
This paper builds a stock-fl ow consistent (SFC) model to analyze how
private fi nancial behavior impacts fi scal variables, by exploring the
linkages between the fi nancial and productive sides of the economy
with prices given by a Phillips curve. We study three different fi scal
expenditure regimes: 1. Automatic stabilizer: government expenditures
follow an exogenous long run trend; 2. Countercyclical fiscal
expenditure; 3. Fiscal austerity: government reduces expenditures
when it faces an increase in its debt to capital ratio. The model has three
major implications, ratifying Keynesian intuitions. First, an increase in
public debt is an unintended consequence of contractionary fi nancial
conditions. Second, in most cases countercyclical fi scal expenditures
improve both the economic activity and the trajectory of public debt
to GDP. Third, austerity policies postpone and magnify the after-shock
adjustment, and may not be compatible with fi scal soundness
Descrição
XX Encontro Nacional de Economia Política: desenvolvimento Latino-Americano, Integração e Inserção Internacional - UNILA, Foz do Iguaçu, 26 a 29 de maio de 2015
Palavras-chave
Dinheiro, Finanças internacionais e crescimento, Economia Política
Citação
ENCONTRO NACIONAL DE ECONOMIA E POLÍTICA, 20, 2015, Foz do Iguaçu - PR. Caderno de Resumos... Foz do Iguaçu: SEP, 2015