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Indebtedness and Mercantilism

Author

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  • Jean-Paul Guichard

    () (University of Nice Sophia Antipolis, CEMAFI)

Abstract

In a closed economy, the growth of the GDP is equal to the net indebtedness (the increase of indebtedness) of it agents from one period to another, which allows current demand to be greater than the income of the preceding quarter. In an open economy, we must add to that the net indebtedness of the totality of foreign agents in operation: the currencies corresponding to the foreign trade balance. Depending on the sign of these two kinds of net indebtedness, positive or negative, a classification of countries can be made: mainly mercantilist countries that enjoy a foreign surplus, on the one hand, and Keynesian countries running a deficit, whose growth is founded upon domestic demand, on the other hand.

Suggested Citation

  • Jean-Paul Guichard, 2009. "Indebtedness and Mercantilism," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 56(3), pages 409-416, September.
  • Handle: RePEc:voj:journl:v:56:y:2009:i:3:p:409-416
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    Cited by:

    1. Massimo Cingolani, 2013. "Finance Capitalism: A Look at the European Financial Accounts," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(3), pages 249-290, May.

    More about this item

    Keywords

    Foreign trade; Mercantilism; Net indebtedness; Domestic demand;

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E29 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Other
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations

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