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Pablo Gabriel Bortz

We present an open economy growth model, using Stock-Flow Consistent (SFC) methodology. Our contribution is to add the possibility of one country issuing debt denominated in another country's currency, as well as allowing its firms to borrow from foreign banks. We investigate the effects and interactions that these features have on trade and financial flows, income distribution, foreign debt, and fiscal and monetary policy. Our results point towards the dismissal of the ‘twin deficit’ view, and support an active management of the exchange rate, in light of contradictory effects of fixed and flexible exchange rate regimes, according to the circumstances.

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Pablo Gabriel Bortz

This paper sets out to find commonalities and divergences in the writings of Marx, Kalecki and Keynes regarding their analysis of social (class) conflict in capitalist societies. We find evidence that shows that, contrary to a harmonious view of society, Keynes had a class stratification of society and an understanding of conflictive interests and developments compatible with that of Marx and Kalecki. The presence of political motivations as fuel for economic instability is another shared element between Kalecki and Keynes. Differences arise regarding the relative importance of the inter- and intra-class dynamic as a driver of distributive conflict, and the State's capabilities to guide or control those conflicts and their consequences.

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Pablo G. Bortz, Gabriel Michelena and Fernando Toledo

Pablo G. Bortz, Gabriel Michelena, and Fernando Toledo argue that starting in the early 1990s, several advanced and developing countries adopted fiscal rules as the framework for determining their expenditure and tax policy, with the stated objective of securing the long-term solvency of the public debt. The adoption of ever stricter fiscal rules has not been unchallenged. The authors extend the criticisms by differentiating between conventional and unconventional fiscal rules, and by adding to the discussion the importance of balance-of-payments considerations, particularly relevant for developing countries. Within an open economy Kaleckian model of growth and distribution, they conduct simulations to analyze the impact of changes in external lending when governments have rules constraining their expenditure rates. Results show that, with balance-of-payments dominance, public expenditure tends to be procyclical to changes in external lending, with an overshooting reaction, leading to cyclical dynamic patterns.