Foreign debt, conflicting claims and income policies in a Kaleckian model of growth and distribution
9 de Octubre de 2018
Autor/es:
MICHELENA, GABRIEL NICOLÁS /
Bortz, Pablo & Michelena, Gabriel & Toledo, Fernando. (2018). Foreign debt, conflicting claims and income policies in a Kaleckian model of growth and distribution. Journal of Globalization and Development. 9. DOI: 10.1515/jgd-2018-0004.
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.
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DOI:
https://doi.org/10.1515/jgd-2018-0004
