scholarly journals ACUMULACIÓN DE DEUDA PÚBLICA Y POLÍTICA FISCAL EN AMÉRICA LATINA

2020 ◽  
Vol 79 (314) ◽  
pp. 3
Author(s):  
Josué Zavaleta González
Keyword(s):  
Latin America ◽  
Fiscal Policy ◽  
Gross Domestic Product ◽  
Economic Crisis ◽  
Public Debt ◽  
Public Investment ◽  
The Public ◽  
Debt Accumulation ◽  
Fiscal Austerity ◽  
America Latina

<p>La acumulación de deuda pública es uno de los problemas que más ocupa la atención del gobierno de cualquier economía. En relación con esto, desde un enfoque ortodoxo, las medidas de austeridad fiscal son la única alternativa para evitar y contrarrestar un grave problema de endeudamiento público. No obstante, recientemente se ha demostrado que la capacidad de estas medidas para resolver este problema es limitada y que incluso podrían agravarlo. En este contexto, y como una respuesta a las dificultades económicas que impondrá la crisis económica mundial por Covid-19, en este artículo demostramos tanto de forma teórica como empírica que una política fiscal expansiva, enfocada en incrementar la inversión pública, tiene la capacidad de reducir, o al menos controlar, la acumulación de deuda pública como porcentaje del producto interno bruto (PIB).</p><p> </p><p align="center">PUBLIC DEBT ACCUMULATION AND FISCAL POLICY IN LATIN AMERICA</p><p align="center"><strong>ABSTRACT </strong></p>Public debt accumulation is one of the problems to which governments pay more attention. In this regard, from an orthodox approach, fiscal austerity measures are the unique alternative to avoid and counteract a serious problem of public debt accumulation. However, it has recently been shown that the capacity of these policies to respond to this problem is limited and even could aggravate it. In this context, and as a response to the economic difficulties resulted from the global economic crisis imposed by the Covid-19, the aim of this paper is to show theoretically and empirically that an expansive fiscal policy, focused on increasing public investment, could reduce, or at least control, the public debt accumulation as a percentage of Gross Domestic Product (GDP).

scholarly journals Austerity for Whom?

2011 ◽  
Vol 7 (1 / 2) ◽  
Author(s):  
Stephen McBride ◽  
Heather Whiteside
Keyword(s):  
Economic Crisis ◽  
Public Debt ◽  
Social Spending ◽  
The Public ◽  
The Past ◽  
Fiscal Austerity ◽  
Temporal Dimensions ◽  
Over Time

In contrast to the recent multi-billion dollar bailouts offered to leading sectors of capital, fiscal austerity is poised to make a comeback worldwide. Labour will be forced to pay for the public debt accumulated in the aftermath of the recent global financial and economic crisis. Notwithstanding change and evolution in the neoliberal model over time, this return to austerity is consistent with overall policy in the neoliberal period which can be considered an era of permanent restraint in most areas of social spending. This article examines a variety of trends that have emerged over the past thirty years of neoliberal rule: the various facets of neoliberal policy and their temporal dimensions; as well as the results of market-reliance and spending reforms: growing affluence for a minority of Canadians while the majority lose ground and inequalities are further entrenched. Asking 'austerity for whom' directs attention at the interconnections between affluence and austerity that exist in Canada. Contrairement aux récents plans de sauvetage impliquant des milliards de dollars offerts aux principaux secteurs de l’économie, l'austérité budgétaire s’apprête à faire un retour à l’échelle planétaire. Les travailleurs n’auront d’autre choix que de rembourser la dette publique engendrée à la suite de la récente crise économique et financière mondiale. Malgré le changement et l'évolution dans le modèle néo-libéral au fil du temps, ce retour à l'austérité concorde avec la politique globale de la période néolibérale pouvant être considérée comme une époque de restrictions permanentes touchant la plupart des domaines de dépenses sociales. Cet article examine une série de tendances ayant émergé au cours des trente dernières années du pouvoir néo-libéral: les différents aspects de la politique néolibérale et leurs dimensions temporelles, ainsi que les résultats du recours au marché financier et de la réforme du contrôle de la dépense: forte croissance d'une minorité de Canadiens alors que la majorité perd du terrain enracinant davantage les inégalités. La question « l’austérité pour qui? » dirige l’attention vers l’interconnexion entre l’affluence et l’austérité qui existent au Canada.

scholarly journals Fiscal Sustainability And Fiscal Reaction Functions In The US And UK

2012 ◽  
Vol 11 (8) ◽  
pp. 935 ◽  
Author(s):  
Philippe Burger
Keyword(s):  
Fiscal Policy ◽  
Economic Crisis ◽  
Public Debt ◽  
Fiscal Sustainability ◽  
Smooth Transition ◽  
The Public ◽  
Reaction Functions ◽  
The Us ◽  
The Future ◽  
The Uk

Following the 2008/9 financial and economic crisis, public debt/GDP ratios in several countries rose to their highest levels in 40 years. Also in the US and the UK did the public debt/GDP ratios increase significantly, thereby putting the spotlight again on fiscal sustainability. Based on past behaviour, this article asks whether fiscal policy in these two countries is likely to be sustainable. The article investigates how the US and UK governments, by changing their deficits, react to changes in their debt positions. To do this, the article estimates fiscal reaction functions using Smooth Transition Regressions. It finds that based on past behaviour, fiscal policy in both the US and UK can be expected to remain sustainable. Based on the same past behaviour, and assuming this behaviour will continue in the future, the article also calculates the levels to which the public debt/GDP ratios in the US and UK can be expected to converge.

scholarly journals Mistakes in the fiscal policy in Spain before the crisis

2013 ◽  
Vol 60 (5) ◽  
pp. 577-592 ◽  
Author(s):  
Jesús Ferreiro ◽  
Carmen Gómez ◽  
Felipe Serrano
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Economic Crisis ◽  
Public Expenditures ◽  
The Public ◽  
Made In

The paper analyses the mistakes made in the management of the fiscal policy in Spain before the crisis. The authors argue that the low size of the public expenditures, the adoption of a procyclical expansionary fiscal policy the years before the crisis, and the lack of a correct coordination between the Spanish fiscal policy and the ECB?s monetary policy, are key elements to understand the depth and length of the economic crisis and the current high fiscal imbalances in Spain.

scholarly journals Exceptionality and Colonial-State–Corporate Crimes in the Puerto Rican Fiscal and Economic Crisis

2020 ◽  
Vol 47 (3) ◽  
pp. 49-63
Author(s):  
José Atiles Osoria
Keyword(s):  
Puerto Rican ◽  
Economic Crisis ◽  
Public Debt ◽  
Development Policy ◽  
State Of Exception ◽  
Colonial State ◽  
The Public ◽  
Economic Development Policy ◽  
Derechos Humanos ◽  
Tax Haven

A sociolegal analysis of the sources of Puerto Rico’s fiscal and economic crisis points to the use of the colonial state of exception as an economic development policy facilitating the creation of a tax-haven-like economy and normalizing a series of a colonial-state–corporate crimes. The Puerto Rican people need to hold those who generated the crisis accountable both politically and legally. They must continue mobilizing and promoting the repoliticization of recovery efforts by not paying the public debt, taking legal action against financial predators and corrupt politicians, clawing back fees and refusing to pay any additional fees, giving more importance to the human rights of Puerto Ricans than to the rights of bondholders and vulture funds, and initiating a process of decolonization that will allow them to make decisions about their future. Un análisis sociolegal de los orígenes de la crisis fiscal y económica de Puerto Rico apunta al uso del estado de excepción colonial como una política de desarrollo económico que facilita la creación de una economía parecida a un paraíso fiscal y normaliza una serie de crímenes estado-coloniales y corporativos. El pueblo puertorriqueño debe responsabilizar a quienes generaron la crisis, tanto política como legalmente. Deben continuar movilizando y promoviendo la repolitización de los esfuerzos de reactivación al no pagar la deuda pública, emprender acciones legales contra depredadores financieros y políticos corruptos, recuperar tarifas y negarse a pagar tarifas adicionales, dando más importancia a los derechos humanos de los puertorriqueños que a los derechos de los portadores de bonos y fondos buitres, e iniciar un proceso de descolonización que les permita tomar decisiones sobre su futuro.

scholarly journals The Risk of Long-Term Financing of Public Investments

2019 ◽  
Vol 2 (2) ◽  
pp. 42
Author(s):  
Krzysztof Jarosiński ◽  
Benedykt Opałka
Keyword(s):  
Public Debt ◽  
Negative Impact ◽  
Capital Expenditure ◽  
Public Investment ◽  
Point Of View ◽  
Risk Category ◽  
Investment Projects ◽  
The Public ◽  
Public Investments ◽  
The Impact

The risk of financing of public investments is a phenomenon that accompanies development processes in a permanent manner. Investments in the public sector are generally characterized by relatively long implementation cycles and involve significant capital expenditure and the necessity of often parallel running a large number of investment projects. In the processes of this type of investment a specific risk category of financing of this type of investment is quite often taken into account, given that such projects are financed mainly from budgetary resources: the state budget and self-government budgets. Economic practice indicates an importance of the proper selection of the method of the financing of new investments and taking into account new funds from various sources. This situation is often the result of a shortage of budgetary resources from which public investments could be financed. There may be difficulties in financing investments resulting from the emergence of a risk of budgetary deficit and the public debt. This risk may have a negative impact on investment decisions and may adversely affect the future course of ongoing investment projects. The purpose of the paper is to undertake studies on the conditions of financing investments from the point of view of the possibility of budget deficit and public debt and the impact of changes in the financial situation on the overall level of risk of public investment. The text is an invitation to undertake a broader discussion on financing public investments in conditions of limited public financial resources.

scholarly journals Public Investment in Bolivia

2019 ◽  
Vol 2019 (151) ◽  
Author(s):  
Yehenew Endegnanew ◽  
Dawit Tessema
Keyword(s):  
Public Debt ◽  
Large Scale ◽  
Structural Model ◽  
Public Investment ◽  
External Current ◽  
Medium Term ◽  
The Public ◽  
Current Account Deficits ◽  
Social And Economic Development ◽  
The Face

Bolivia’s “Patriotic Agenda 2025” sets targets for social and economic development propelled by state-led industrialization under a five-year development plan (2016–2020). Large-scale public investment has aimed to fill infrastructure gaps and raise productivity to ensure sustained medium-term growth. Pursuit of these goals in a period of lower hydrocarbon revenues has, however, contributed to widening fiscal and external current account deficits. The paper uses a structural model to outline different scenarios for the level of public investment in the face of declining hydrocarbon revenues. It finds that if public investment is sustained at current levels as a share of GDP while hydrocarbon revenues continue to decline, the sustainability of the public debt could be called into question.

scholarly journals Imbalance of the public finance in the context of Keynesian and Non-Keynesian effects of fiscal policy limitation

2017 ◽  
Vol 3 (3) ◽  
pp. 27-32
Author(s):  
Joanna Stawska
Keyword(s):  
Public Finance ◽  
Economic Growth ◽  
Fiscal Policy ◽  
Public Debt ◽  
Statistical Data ◽  
Gdp Growth ◽  
The Public ◽  
Methods Of Analysis ◽  
Restrictive Policy

The purpose of this article is to point out the importance of the size of public debt and deficit in the context of Keynesian and non-Keynesian effects of fiscal policy limitation. To achieve this objective primarily were used methods of analysis of the available literature and presentation of statistical data. Considerations include, among others, the presentation of public debt and deficit in the context of economic growth. Expansionary fiscal policy often caused by economic fluctuations contributes to the deepening of public finance imbalance with frequent decline in GDP growth. The restrictive policy has an influence on improving the situation of the public finance sector in the long-term with at least moderate economic growth.

scholarly journals Welfare State and Epistemic Communities of Fiscal Austerity in Brazil: from Lula da Silva to Jair Bolsonaro (2003-2020)

2021 ◽  
Vol 36 (1) ◽  
pp. 195-216
Author(s):  
Carlos Eduardo Santos Pinho
Keyword(s):  
Welfare State ◽  
Conceptual Framework ◽  
Public Debt ◽  
Epistemic Communities ◽  
Policy Makers ◽  
The Public ◽  
Accelerated Growth ◽  
Fiscal Austerity ◽  
The Government ◽  
The Welfare State

Abstract This article is based on a theoretical-conceptual framework and empirically grounded research to analyze the construction of discourse and institutional insertion of ideas from epistemic communities of fiscal austerity in Brazil, given the recent upsurge in liberal-orthodox policies and their repercussions for the welfare state. The study explores who these actors and institutions are, how they act, how they are organized, and who trains or finances them. The main objective is to unveil how the ideas in defense of fiscal constriction were formulated and disseminated, starting after the first term (2003-2006) of President Lula da Siva’s government (2003-2010), when developmentalist policies replaced the neoliberal convention. The ideas of fiscal constriction were intensified during the government of President Dilma Rousseff (2011-2016), and gained characteristics of a unified proposal, materialized in the austerity program Uma Ponte para o Futuro (2015) (a bridge to the future). After President Rousseff’s impeachment in 2016, policy-makers in the government President Michel Temer and his successor Jair Bolsonaro rapidly put forward the austerity program. The epistemic communities of fiscal austerity argue that the public policies outlined in the 1988 Brazilian Constitution are the main cause of the increase in spending on welfare, the accelerated growth of public debt, and the probable insolvency of the country.

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