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Fiscal Policy and the Washington Consensus: A Post Keynesian Perspective

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  • Alcino F. Câmara Neto
  • Matias Vernengo

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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Bibliographic 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: 2004
Date of revision:
Handle: RePEc:uta:papers:2004_09

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Keywords: Policy; Development; Post Keynesian Economics;

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  1. Gale, William G. & Orszag, Peter R., 2003. "Economic Effects of Sustained Budget Deficits," National Tax Journal, National Tax Association, vol. 56(3), pages 463-85, September.
  2. Colander, David, 1984. "Was Keynes a Keynesian or a Lernerian?," Journal of Economic Literature, American Economic Association, vol. 22(4), pages 1572-75, December.
  3. Grunberg, Isabelle, 1998. "Double jeopardy: Globalization, liberalization and the fiscal squeeze," World Development, Elsevier, vol. 26(4), pages 591-605, April.
  4. M. Ayhan Kose & Kenneth Rogoff & Eswar Prasad & Shang-Jin Wei, 2003. "Effects of Financial Globalization on Developing Countries," IMF Occasional Papers 220, International Monetary Fund.
  5. Luiz Bresser Pereira & Fernando Dall'Acqua, 1991. "Economic Populism versus Keynes: Reinterpreting Budget Deficit in Latin America," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 14(1), pages 29-38, October.
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Cited by:
  1. repec:hal:wpaper:halshs-00496911 is not listed on IDEAS
  2. repec:hal:cepnwp:halshs-00496911 is not listed on IDEAS
  3. Esteban Pérez-Caldentey & Matías Vernengo, 2007. "A Tale of Two Monetary Reforms: Argentinean Convertibility in Historical Perspective," Working Paper Series, Department of Economics, University of Utah 2007_01, University of Utah, Department of Economics.
  4. Carlos E. Schonerwald da Silva & Matías Vernengo, 2007. "Foreign Exchange, Interest and the Dynamics of Public Debt in Latin America," Working Paper Series, Department of Economics, University of Utah 2007_02, University of Utah, Department of Economics.
  5. Angel Asensio, 2008. "(Post) Keynesian alternative to inflation targeting," Post-Print halshs-00335560, HAL.
  6. 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.

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