Foreign debt, conflicting claims and income policies in a Kaleckian model of growth and distribution
Michelena Gabriel and
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Michelena Gabriel: Universidad de Buenos Aires, Ciudad Autónoma de Buenos Aires, Buenos Aires, Argentina
Toledo Fernando: Universidad Nacional de San Martin, IDAES, Buenos Aires, Ciudad Autónoma de Buenos Aires, Argentina
Journal of Globalization and Development, 2018, vol. 9, issue 1, 22
The paper develops a Kaleckian model of growth with endogenous income distribution, determined by conflicting claims on income shares. The article analyzes different demand, distribution and debt regimes, with external debt playing a differential role according to its impact on the exchange rate and on debt-servicing. We further study the impact of a tax-based income policy on the exchange-rate pass-through and external competitiveness. We find that the threat of taxation (or subsidies) can serve as an instrument to coordinate income claims, lower inflationary pressures and improve external price competitiveness.
Keywords: Foreign debt; Global risk perceptions; Income claims; International financial flows; Kaleckian models of growth and distribution (search for similar items in EconPapers)
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