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Indebtedness and Mercantilism

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Author Info
Jean-Paul Guichard () (University of Nice – Sophia Antipolis, CEMAFI)
Abstract

In a closed economy, the growth of the GDP is equal to the net indebtedness (the increase of indebtedness) of it agents from one period to another, which allows current demand to be greater than the income of the preceding quarter. In an open economy, we must add to that the net indebtedness of the totality of foreign agents in operation: the currencies corresponding to the foreign trade balance. Depending on the sign of these two kinds of net indebtedness, positive or negative, a classification of countries can be made: mainly mercantilist countries that enjoy a foreign surplus, on the one hand, and “Keynesian” countries running a deficit, whose growth is founded upon domestic demand, on the other hand.

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File URL: http://www.panoeconomicus.rs/issue.php?id=31
File Format: application/pdf
File Function: Polemics, 2009
Download Restriction: no

Publisher Info
Paper provided by Faculty of economics, Department of Economics in its series Working Papers with number 200937.

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Length: 7 pages
Date of creation: Jul 2009
Date of revision: Jul 2009
Publication status: Published in Panoeconomicus, September 2009, pages 409-416
Handle: RePEc:voj:wpaper:200937

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Web page: http://www.panoeconomicus.rs/

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Related research
Keywords: Foreign trade; Mercantilism; Net indebtedness; Domestic demand;

Find related papers by JEL classification:
E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth
E29 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Other
F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
F53 - International Economics - - International Relations and International Political Economy - - - International Agreements and Observance; International Organizations

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This page was last updated on 2009-11-22.

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