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Fiscal Policy and the Washington Consensus: A Post Keynesian Perspective

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Author Info
Alcino F. Câmara Neto
Matias Vernengo

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Abstract

The debt crisis of the early 1980s prompted several analyses that emphasized the negative role of fiscal deficits on economic development. This negative view of fiscal deficits was consolidated in the so-called Washington Consensus agenda. International financial crises – recurrent in a world of true uncertainty with unregulated capital flows, and flexible exchange rates – have led to perennial fiscal adjustment. Alternatives to the permanent fiscal adjustment, the main legacy of the Washington Consensus, from a Post Keynesian perspective, are presented. It is emphasized that the notion of the euthanasia of the rentier is a necessary complement to the socialization of investment.

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Publisher Info
Paper provided by University of Utah, Department of Economics in its series Working Paper Series, Department of Economics, University of Utah with number 2004_09.

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Length: 21 pages
Date of creation: Sep 2004
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Handle: RePEc:uta:papers:2004_09

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Related research
Keywords: Policy; Development; Post Keynesian Economics;

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Find related papers by JEL classification:
E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Colander, David, 1984. "Was Keynes a Keynesian or a Lernerian?," Journal of Economic Literature, American Economic Association, vol. 22(4), pages 1572-75, December. [Downloadable!] (restricted)
  2. Grunberg, Isabelle, 1998. "Double jeopardy: Globalization, liberalization and the fiscal squeeze," World Development, Elsevier, vol. 26(4), pages 591-605, April. [Downloadable!] (restricted)
  3. Kenneth Rogoff & M. Ayhan Kose & Eswar Prasad & Shang-Jin Wei, 2004. "Effects on Financial Globalization on Developing Countries: Some Empirical Evidence," IMF Occasional Papers 220, International Monetary Fund.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Alcino Ferreira Câmara Neto & Matías Vernengo, 2006. "Lula’s Social Policies: New Wine in Old Bottles?," Working Paper Series, Department of Economics, University of Utah 2006_07, University of Utah, Department of Economics. [Downloadable!]
  2. Angel Asensio, 2008. "(Post) Keynesian alternative to inflation targeting," Post-Print halshs-00335560_v1, HAL. [Downloadable!]
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This page was last updated on 2009-12-15.

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