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Income distribution and the balance of payments: a formal reconstruction of some Argentinian structuralist contributions - Part II: Financial dependency

Author

Listed:
  • Ariel Dvoskin

    (CONICET–CEED/IDAES, Ciudad Autónoma de Buenos Aires, Argentina)

  • Germán David Feldman

    (CEED/IDAES, Ciudad Autónoma de Buenos Aires, Argentina)

Abstract

In this two-part paper, we explore the interaction between income distribution and the balance of payments, by assessing the contributions of three Argentinian exponents of the Latin American Structuralist School: Adolfo Canitrot, Oscar Braun and Marcelo Diamand. With this aim, we introduce a two-sector model inspired by the classical tradition. While Part I discussed the role of 'technical dependency', Part II examines the implications of 'financial dependency'. That is, the influence exerted on the profit rate of peripheral economies by the international profit rate. The main conclusion is that this new phenomenon reinforces the negative consequences of technical dependency on the economy's capacity to grow, and further restricts workers' possibilities of bargaining for higher real wages.

Suggested Citation

  • Ariel Dvoskin & Germán David Feldman, 2018. "Income distribution and the balance of payments: a formal reconstruction of some Argentinian structuralist contributions - Part II: Financial dependency," Review of Keynesian Economics, Edward Elgar Publishing, vol. 6(3), pages 369-386, July.
  • Handle: RePEc:elg:rokejn:v:6:y:2018:i:3:p369-386
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    Citations

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    Cited by:

    1. Ariel Dvoskin & Gabriel Brondino, 2022. "An appraisal of alternative Ricardian trade models," BCRA Working Paper Series 2022104, Central Bank of Argentina, Economic Research Department.
    2. Ariel Dvoskin & Germán David Feldman & Guido Ianni, 2020. "New‐structuralist exchange‐rate policy and the pattern of specialization in Latin American countries," Metroeconomica, Wiley Blackwell, vol. 71(1), pages 22-48, February.
    3. Machado, Pedro S. & Trigg, Andrew B., 2021. "On absolute and comparative advantage in international trade: A Pasinetti pure labour approach," Structural Change and Economic Dynamics, Elsevier, vol. 59(C), pages 375-383.
    4. Dvoskin, Ariel & Torchinsky Landau, Matías, 2023. "Income distribution and economic cycles in an open-economy supermultiplier model," Structural Change and Economic Dynamics, Elsevier, vol. 64(C), pages 273-291.

    More about this item

    Keywords

    balance of payments; income distribution; financial dependency; Latin American structuralism;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles

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