ACUMULACIÓN DE DEUDA PÚBLICA Y POLÍTICA FISCAL EN AMÉRICA LATINA
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Abstract
La acumulación de deuda pública es uno de los problemas que más ocupa la atención del gobierno de cualquier economía. En relación con esto, desde un enfoque ortodoxo, las medidas de austeridad fiscal son la única alternativa para evitar y contrarrestar un grave problema de endeudamiento público. No obstante, recientemente se ha demostrado que la capacidad de estas medidas para resolver este problema es limitada y que incluso podrían agravarlo. En este contexto, y como una respuesta a las dificultades económicas que impondrá la crisis económica mundial por Covid-19, en este artículo demostramos tanto de forma teórica como empírica que una política fiscal expansiva, enfocada en incrementar la inversión pública, tiene la capacidad de reducir, o al menos controlar, la acumulación de deuda pública como porcentaje del producto interno bruto (PIB).
PUBLIC DEBT ACCUMULATION AND FISCAL POLICY IN LATIN AMERICA
ABSTRACT
Public debt accumulation is one of the problems to which governments pay more attention. In this regard, from an orthodox approach, fiscal austerity measures are the unique alternative to avoid and counteract a serious problem of public debt accumulation. However, it has recently been shown that the capacity of these policies to respond to this problem is limited and even could aggravate it. In this context, and as a response to the economic difficulties resulted from the global economic crisis imposed by the Covid-19, the aim of this paper is to show theoretically and empirically that an expansive fiscal policy, focused on increasing public investment, could reduce, or at least control, the public debt accumulation as a percentage of Gross Domestic Product (GDP).Article Details
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