Vínculos monetarios y fiscales con las políticas de estabilización
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Published:
Dec 21, 2019
Keywords:
Dinero endógeno, preferencia por liquidez, política monetaria poskeynesiana, política fiscal, financiamiento de las inversiones de las firmas.
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Abstract
El paradigma que ha reflexionado más ampliamente sobre una economía intrínsecamente monetaria es el poskeynesiano. J. M. Keynes (1933) plantea que las fluctuaciones de la demanda efectiva corresponden a un fenómeno monetario. Al analizar la inversión bajo esta propuesta, como un canal que afecta a la demanda agregada, se considera, de forma casi exclusiva, la creación endógena de dinero por parte de los bancos como la única fuente posible de financiamiento de la firma. Se ha relegado el planteamiento de Keynes respecto a la teoría de la preferencia por liquidez como otra fuente de financiamiento que coexiste con la creación endógena de dinero. Este documento propone que la reincorporación de la preferencia por liquidez al análisis del financiamiento de las inversiones puede contribuir a identificar los vínculos monetarios y fiscales con las políticas de estabilización, más aún en países que no cuentan con moneda propia.
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Llerena, G. (2019). Vínculos monetarios y fiscales con las políticas de estabilización. Revista Economía, 68(108), 35–58. https://doi.org/10.29166/economia.v68i108.2020
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Fontana, G. and Setterfield, M. (2009). Macroeconomic Theory and Macroeconomic Pedagogy. Hampshire, uk: Palgrave Macmillan.
Galí, J. (2008). Monetary policy, inflation and business cycle. An introduction to the New Keynesian Framework. Princeton, usa: Princeton University Press.
Godley, W. (1996). Money, finance and national income determination: an integrated approach. Working Paper, (167), (s. p).
Godley, W. and Cripps, F. (1983). Macroeconomics. London, uk: Fontana.
Godley, W. and Lavoie, M. (2007). Monetary Economics: An integrated approach to credit, money, income, production and wealth. Hampshire, uk: Palgrave Macmillan.
Hein, E. (2010). The rate of interest as a macroeconomic distribution parameter: Horizontalism and Post-Keynesian models of distribution of growth. (s. d.): Institute for International Political Economy Berlin.
Izurieta, A. (2003). Dollarization as a tight rein on the fiscal stance. In L. P. Rochon and M. Seccareccia, Dollarization: Lessons from Europe and the Americas, (pp. 143-164). London, uk: Routledge.
Kaldor, N. (1982). The Scourge of Monetarism. Oxford, uk: Oxford University Press.
Keynes, J. M. (1933). The distinction between a co-operative economy and an entrepreneur Economy. In J. M. Keynes, The Collected Writings, vol. xxix, (pp. 76-106). London, uk: Macmillan Press.
Keynes, J. M. (1936). The General Theory of employment, interest and money. London, uk: Palgrave MacMillan.
Lavoie, M. (2014). Post-Keynesian Economics: New Foundations. Cheltenham, uk-Northampton, usa: Edward Elgar.
Marx, K. ([1867] 1996). El Capital. Crítica de la economía política, tomo i. México df, México. Siglo xxi.
Moore, B. J. (1988). Horizontalist and Verticalists. The Macroeconomics of credit money. Cambridge, uk: Cambridge University Press.
Parguez, A. and Seccareccia, M. (2000). The Credit Theory of Money: The Monetary Circuit Approach. In J. Smithin (Ed.), What is Money?, (pp. 101-123). Londres, uk: Routledge.
Piégay, P y Rochon L. P. (2005). Teorías monetarias post-keynesianas: Una aproximación de la escuela francesa. Revista Latinoamericana de Economía «Desarrollo», 36(143), (s. p.).
Rochon, L. (1999). Credit, money and production. An alternative Post Keynesian approach. Cheltenham, uk: Edward Elgar.
Rochon, L. and Seccareccia, M. (2003). Dollarization: Lesson from Europe and the Americas. London, uk: Routledge.
Romer, D. (2011). Advanced Macroeconomics. New York, usa: McGraw Hill.
Sraffa, P. (1960). Production of Commodities by means of Commodities: Prelude to a Critique of Economic Theory. Cambridge, uk: Cambridge University Press.
Walsh, C. (2010). Monetary theory and policy. Cambridge-Massachussets, usa: The mit Press.
Wicksell. K. (1898). Interest and Prices. London, uk: Royal Economic Society.
Woodford, M. (2003). Interest and Prices: Foundations of a Theory of Monetary Policy. Princeton, usa: Princeton University Press.