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Fiscal Stimulus, Fiscal Policies, and Financial Instability

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  • Alicia Girón
  • Eugenia Correa

Abstract

Fiscal policies have been limited and without a capacity to generate employment as a result of the processes of financial deregulation and liberalization prior to the Global International Financial Crisis (GIFC). During the Post-crisis period, budgets were limited to face the onerous payments of the external debt service. As austerity policies deepened and job creation was set aside in order to meet the reduction in the fiscal deficit, the economy remained stable but financial instability deepened. COVID-19 highlighted the deficiencies in social spending, especially the health sector, and the lack of complementarity between monetary policy and fiscal policy in Latin American countries.

Suggested Citation

  • Alicia Girón & Eugenia Correa, 2021. "Fiscal Stimulus, Fiscal Policies, and Financial Instability," Journal of Economic Issues, Taylor & Francis Journals, vol. 55(2), pages 552-558, April.
    • Handle: RePEc:mes:jeciss:v:55:y:2021:i:2:p:552-558
    DOI: 10.1080/00213624.2021.1915083
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    Cited by:

    1. Botta, Alberto & Spinola, Danilo & Yajima, Giuliano & Porcile, Gabriel, 2023. "Pasinetti, Debt Sustainability and (Green) Structural Change at the Time of Global Finance: An Emerging and Developing Countries’ Perspective," CAFE Working Papers 25, Centre for Accountancy, Finance and Economics (CAFE), Birmingham City Business School, Birmingham City University.
    2. Botta, Alberto & Porcile, Gabriel & Spinola, Danilo & Yajima, Giuliano Toshiro, 2023. "Financial integration, productive development and fiscal policy space in developing countries," Structural Change and Economic Dynamics, Elsevier, vol. 66(C), pages 175-188.

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