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Macroeconomics of broken promises

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  • Heymann, Daniel

    (Universidad de Buenos Aires)

Abstract

Widespread breakdowns of contractual arrangements are the characteristic feature of some macroeconomic crises. Economies and political systems generate and must process the consequences of largescale “broken promises” (Leijonhufvud, 2003). This paper discusses such phenomena, in the specific context of the fluctuations of the Argentine economy.That experience highlights themes which have been prominent in Leijonhufvud’s work, like the problems of intertemporal coordination, the potentially deviationamplifying behavior of credit markets in the event of large disturbances, the relevance of the sequential decision-making of agents and the interrelated dynamics of policies, institutions and economic performance.

Suggested Citation

  • Heymann, Daniel, 2007. "Macroeconomics of broken promises," Revista de Economía Política de Buenos Aires, Universidad de Buenos Aires, Facultad de Ciencias Económicas, Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET), issue 2, pages 27-53, December.
    • Handle: RePEc:ake:repba1:y:2007:i:2:p:27-53
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    2. Navajas, Fernando H., 2008. "Infrastructure integration and incomplete contracts: natural gas in the Southern Cone," MPRA Paper 31025, University Library of Munich, Germany.

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