How Stimulative Has Fiscal Policy Been Around the World?

Caldentey, Esteban Pérez; Vernengo, Matías

doi:10.2753/0577-5132530301

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2010

DOI: 10.2753/0577-5132530301

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How Stimulative Has Fiscal Policy Been Around the World?

Esteban Pérez Caldentey

Matías Vernengo

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2012

2020

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Cited by 3 publications

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“… On the general limitations of the Latin American development strategy and the risks associated with the commodity boom, see Pérez‐Caldentey and Vernengo (), and Erten and Ocampo ().…”

mentioning

confidence: 99%

Microfinance, Financial Inclusion, and the Rhetoric of Reaction: The Evolution and Limitations of Microfinance in Brazil

Schönerwald¹,

Vernengo²

2016

Latin American Policy

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Several political and academic circles have considered microfinance to be an important tool to promote economic development and the reduction of poverty. It became a worldwide phenomenon, and the practice disseminated in many developing countries such as Brazil. Even as many authors sing the praises of microfinance—in particular the success in developing countries—the actual experience has fallen short. The goal in this article is to provide a critical analysis of the recent practices of microfinance in Brazil. The article also presents the general characteristics of microcredit in Brazil within the context of the broader development strategy pursued, in particular since stabilization and the inception of neoliberal policies in the mid‐1990s. It is argued that microfinance plays an insidious role, making market‐friendly solutions for social problems more acceptable.

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“… On the general limitations of the Latin American development strategy and the risks associated with the commodity boom, see Pérez‐Caldentey and Vernengo (), and Erten and Ocampo ().…”

mentioning

confidence: 99%

Microfinance, Financial Inclusion, and the Rhetoric of Reaction: The Evolution and Limitations of Microfinance in Brazil

Schönerwald¹,

Vernengo²

2016

Latin American Policy

Self Cite

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The Euro Imbalances and Financial Deregulation: A Post-Keynesian Interpretation of the European Debt Crisis

Pérez-Caldentey

Vernengo

2012

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in January 2012* The opinions here expressed are the authors' own and may not coincide with that of the institutions with which they are affiliated. A preliminary version of this paper was presented at Universidad Autónoma de México (UNAM) on September 9, 2011, and at the University of Texas at Austin on November 4, 2011. We thank, without implicating them, Jörg Bibow, Heiner Flassbeck, James K. Galbraith, Tom Palley, Carlo Panico, Ignacio Perrotini, and other conference participants for their comments on a preliminary version.The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals.Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad.

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The return of Keynes and the Phillips curve in Latin America: evidence from four countries

Caldentey

Perry

Vernengo

2020

ROKE

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Robert Rowthorn, in his Godley–Tobin Lecture, suggests that Keynesian policies have again been incorporated by the mainstream of the profession, and the old Phillips relation is again relevant. In other words, there seems to be a persistent trade-off between inflation, wage inflation in particular, and unemployment rates, properly measured, which would create the space for Keynesian policies. This paper discusses the return of Keynesian economics, in particular in Latin American economies. While it is true that Keynesian economics made a comeback in terms of policy in Latin America, as in other parts of the world, in the aftermath of the global financial crisis of 2008–2009, it is also true that the Keynesian moment was relatively weak and short-lived. The evidence in Latin America for a Phillips curve is relatively weak, and suggests that inflation is often cost-push rather than demand-pull, which could be understood to suggest that there is space for expansionary fiscal policy, at least in the absence of an external constraint. The authors remain skeptical about the return of Keynesian economics at the theoretical level, and the possibilities for Keynesian policies in the region.

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How Stimulative Has Fiscal Policy Been Around the World?

Cited by 3 publications

References 20 publications

Microfinance, Financial Inclusion, and the Rhetoric of Reaction: The Evolution and Limitations of Microfinance in Brazil

Microfinance, Financial Inclusion, and the Rhetoric of Reaction: The Evolution and Limitations of Microfinance in Brazil

The Euro Imbalances and Financial Deregulation: A Post-Keynesian Interpretation of the European Debt Crisis

The return of Keynes and the Phillips curve in Latin America: evidence from four countries

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