Inequality, Growth and ‘Hot’ Money
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Inequality, Growth and ‘Hot’ Money

  • New Directions in Post-Keynesian Economics series

Pablo G. Bortz

The growing levels of income inequality, an explosion of global financial flows, and a worldwide decline of economic growth have combined to challenge accepted economic wisdom. Utilizing a heterodox approach, Pablo G. Bortz provides a fresh look for understanding the interaction between these three factors while identifying challenges and possible alternatives for an expansionary and progressive economic policy.
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Chapter 4: An integration of the real and the monetary economy

Pablo G. Bortz

Abstract

The chapter develops a two-country Stock-Flow Consistent (SFC) model with open current and capital account, in which one country has foreign debt denominated both in domestic and external currency. Several simulations are performed in order to obtain insights about the interaction and interdependence of distribution, savings and financial constraints of developing countries when faced with external debt accumulation in a foreign currency, as well as a more generally valid picture of fiscal performance, domestic savings, current account imbalances and financial flows.

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