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A Stock-Flow Ecological Model from a Latin American Perspective

Author

Listed:
  • Lorenzo Nalin
  • Giuliano Toshiro Yajima
  • Leonardo Rojas Rodriguez
  • Esteban Perez-Caldentey
  • Jose Eduardo Alatorre

Abstract

This study aims to develop an ecological stock-flow consistent (SFC) model based on the Latin American-stylized facts regarding economic, financial, and environmental features. We combine the macro-financial theoretical framework by Perez-Caldentey et al. (2021, 2023) and the ecological modeling of Carnevali et al. (2020) and Dafermos et al. (2018). We discuss two scenarios that test exogenous climate-related shocks. The first scenario presents the case in which international regulation on commodity trade becomes more stringent due to environmental concerns, thus worsening the balance-of-payment constraint of the region. The second scenario concerns the increase in frequency and intensity of adverse climate events in the region. Both scenarios show that the financial external constraint that determines the growth path of Latin American economies may be further exacerbated due to environmental-related issues.

Suggested Citation

  • Lorenzo Nalin & Giuliano Toshiro Yajima & Leonardo Rojas Rodriguez & Esteban Perez-Caldentey & Jose Eduardo Alatorre, 2023. "A Stock-Flow Ecological Model from a Latin American Perspective," Economics Working Paper Archive wp_1031, Levy Economics Institute.
    • Handle: RePEc:lev:wrkpap:wp_1031
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    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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