¿Finanzas públicas y políticas monetarias como estabilizador económico: Unico o universal entre los países?
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En este artículo se examinan los efectos dinámicos de las políticas fiscales y monetarias en el crecimiento de dos grupos distintos: países industrializados con altos ingresos y no industrializados con economías de ingresos medios. La revisión de la literatura indica diferentes situaciones en relación al tipo de política fiscal y monetaria que debe seguirse, especialmente en aquellos países no desarrollados. A diferencia de los países de ingresos altos e industrializados, los países no industrializados tienen mercados de capital imperfectos; y por lo tanto, el establecimiento de tasas de interés para controlar la inflación o mitigar recesiones puede resultar poco efectivo debido a que los bajos niveles de flujo de efectivo no reflejan fielmente las demandas de inversión, conduciendo a un fallo en el patrón monetario. En el ánimo de comprobar lo anterior, se utilizaron datos de 36 países para un periodo de 31 años, a los que se aplicó un Panel de Vectores Autoregresivos para contrarrestar la endogeneidad. En lo general, los resultados confirman la hipótesis propuesta.
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