- Author
- Betancourt Erico Wulf (Universidad La Serena, Chile), Piasecki Ryszard (University of Lodz, Poland)
- Title
- The Mundell-Fleming Model and Macroeconomic Stabilization Policies
Model Mundella-Fleminga a polityka stabilizacji makroekonomicznej - Source
- Comparative Economic Research, 2023, vol. 26, nr 3, s. 145-157, bibliogr. 23 poz.
- Keyword
- Polityka fiskalna, Polityka pieniężna, Gospodarka, Makroekonomia
Fiscal policy, Monetary policy, Economy, Macroeconomics - Note
- JEL Classification: E5, E6, F3, G2.
summ., streszcz. - Country
- Chile, Kolumbia, Kraje Unii Europejskiej
Chile, Columbia, European Union countries - Abstract
- W artykule analizowane są implikacje polityczne i gospodarcze wynikające z modelu M-F w odniesieniu do gospodarek wschodzących. Ich zróżnicowane warunki instytucjonalne i kulturowe utrudniają zdefiniowanie prawidłowych reguł polityki fiskalnej w odniesieniu do wyboru reżimów kursowych i ich dopasowania do wymogów polityki makroekonomicznej. Na podstawie doświadczeń z Chile, Kolumbii i Unii Europejskiej podjęta została próba wyjaśnienia, w jaki sposób zasady polityki fiskalnej poszerzają zakres możliwości wykorzystania polityki kursowej. Zasadniczym problemem jest wykorzystanie polityki fiskalnej do stawienia czoła szokom finansowym przy utrzymaniu autonomii polityki monetarnej. (abstrakt oryginalny)
This paper analyzes the fiscal policy implications set in the Mundell-Fleming (M-F) model and its effectiveness in emerging economies. It also widens the scope of the policy mix with alternative exchange rates. The empirical evidence about the economies of Chile (1991-2003) and Colombia (1994-2004), about institutions, fiscal policy rule, and the eurozone conditions (1999), were considered relevant The paper has three sections a. The budget-surplus fiscal policy rule and policy effectiveness, b. The role of institutions in setting policy rules, c. The experience of the Chilean and Colombian economies concerning fiscal policy rules within the M-F framework. The main conclusion is that as long as country risk is lower due to countercyclical fiscal policy rules, governments have an alternative means of getting funds at a lower international interest rate. The fiscal policy effect on GDP (output)becomes positive. (original abstract) - Full text
- Show
- Bibliography
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- Cited by
- ISSN
- 1508-2008
- Language
- eng
- URI / DOI
- http://dx.doi.org/10.18778/1508-2008.26.25
