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Política Fiscal en EEUU y Europa: Efectos Macroeconómicos de Mediano Plazo


  • Ari Aisen

    () (Fondo Monetario Internacional)

  • David Moreno

    () (University of Maryland)


Notwithstanding the effects of the expansive policies in the advanced economies, due to the 2008 financial crises, could raise their interest rates, generating a crowding-out effect over emerging market debt, this relation could not hold given the better fiscal position of these economies, such as Chile. In particular, higher interest rates in advanced economies could reflect a higher risk of default, consistent with their fiscal fragility.

Suggested Citation

  • Ari Aisen & David Moreno, 2011. "Política Fiscal en EEUU y Europa: Efectos Macroeconómicos de Mediano Plazo," Revista de Analisis Economico – Economic Analysis Review, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines, vol. 26(2), pages 61-79, December.
  • Handle: RePEc:ila:anaeco:v:26:y:2011:i:2:p:61-79

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    More about this item


    International finance; fiscal policy; emerging markets;

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy


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