IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

El mito del gasto público deficitario en México (1934-1956)

Listed author(s):
  • Cárdenas S., Enrique

    (Centro de Estudios Espinosa Yglesias)

Registered author(s):

    It has been widely believed that Mexico’s rapid economic growth during the 1934-1956 period was only possible through an expansionary economic policy financed by inflationary means. Hence its contrast with the Stabilizing Development policy of the 1960’s, considered the golden age of rapid growth and stable prices. It is argued in this article that such perception is a myth and that the fiscal and monetary authorities were rather prudent and utilized the policy instruments then at their disposal to prevent unemployment and try to control inflationary pressures. Rather, it is the impact of external shocks, such as foreign recessions and wars, what actually explains to a large extent the high inflation which inevitably led to the currency depreciation in 1938, 1948 and 1954. The results show that an inflationary fiscal deficit was not needed to promote the long period of rapid economic growth in Mexico during the XX century.// Durante muchos años se ha considerado que el rápido crecimiento económico de México durante el periodo 1934-1956 sólo fue posible por el estímulo de una política económica expansionista que fue financiada en forma inflacionaria. De ahí el contraste con el desarrollo estabilizador de los años sesenta, que se considera la época de oro del crecimiento mexicano con estabilidad de precios. En este trabajo se argumenta que esta percepción es un mito y que las autoridades hacendarias y monetarias fueron esencialmente prudentes durante esos años, hicieron uso de los instrumentos de política a su disposición para impedir el desempleo e intentaron mantener tasas de inflación moderadas. Más bien, es el impacto de choques externos, como la recesión externa y las guerras, lo que explica en gran parte la inflación alta en ciertos periodos que llevaron, irremediablemente, a la depreciación del tipo de cambio en 1938, 1948 y 1954. Este resultado implica que la política económica no necesitó del gasto público deficitario para estimular el largo periodo de crecimiento económico mexicano del siglo XX.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    Download Restriction: no

    Article provided by Fondo de Cultura Económica in its journal El Trimestre Económico.

    Volume (Year): LXXV (4) (2008)
    Issue (Month): 300 (octubre-diciembre)
    Pages: 809-840

    in new window

    Handle: RePEc:elt:journl:v:75:y:2008:i:300:p:809-840
    Contact details of provider: Web page:

    Order Information: Postal: Order print issues directly in our web page or with Guadalupe Galicia at Fondo de Cultura Económica, El Trimestre Económico, Carretera Picacho Ajusco 227, 6° piso,Col. Bosques del Pedregal, CP 14738, Tlalpan, Ciudad de México
    Web: Email:

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:elt:journl:v:75:y:2008:i:300:p:809-840. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Rosa María González Mejía)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.