LAS REMESAS INTERNACIONALES: ¿ESTABILIZADOR AUTOMÁTICO O SÚPERMULTIPLICADOR DE LA POLÍTICA FISCAL?
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Abstract
RESUMEN
En este trabajo analizamos cómo impactan las remesas en la economía de un país receptor por el lado de la oferta y el de la demanda, insertándolas en un modelo estático neokeynesiano con precios flexibles. Demostramos que las remesas también repercuten en la efectividad de las políticas económicas y de sus multiplicadores dependiendo del grado de intervención del Banco Central en el mercado de divisas. Eso nos permite definir distintos escenarios macroeconómicos, cada uno con sus propias implicaciones de política económica.
INTERNATIONAL REMITTANCES: AN ECONOMIC STABILIZER
OR A FISCAL POLICY SUPER MULTIPLIER?
ABSTRACT
In this paper the impact of remittances on a recipient economy’s supply and demand sides is analyzed considering a static model with flexible prices. It is shown that remittances affect both the effectiveness of economic policies and their multipliers. This effect is also shown to depend on the degree of Central Bank intervention in the foreign exchange market. This allows us to define different macroeconomic scenarios, each with different economic policy implications.
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