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Financial instability in peripheral economies: an approach from the balance-of-payments constraint
Journal of Post Keynesian Economics ( IF 0.753 ) Pub Date : 2020-08-28 , DOI: 10.1080/01603477.2020.1811126
Florencia Médici

Abstract The accumulation regime of Latin American countries is characterized by a structural heterogeneity that gives rise to constant balance-of-payment problems. The need to finance trade deficits can lead to an unstable financing path as foreign investment and external indebtedness generate new foreign currency requirements in the medium term due to profit remittance, interest payment and the reversal of these flows when profit possibilities are extinguished, thus originating continuous and growing dollar outflows. From a Minsky-inspired analytical perspective, the aims of this paper are to analyze the financial fragility of the peripheral economies as one further characteristic of the problems of external restriction and to discuss that a development strategy should contemplate not only a productive but also a financial program. We propose an analysis of the degree of financial instability through indicators obtained from the balance of payments statistics. We analyze the cases of Argentina and Brazil to identify some stylized facts about financial instability in these countries over the past four decades.

中文翻译:

外围经济体的金融不稳定:来自国际收支约束的方法

摘要 拉美国家积累制度的特点是结构异质性,导致国际收支问题不断出现。为贸易逆差融资的需要可能导致融资路径不稳定,因为利润汇出、利息支付以及当利润可能性消失时这些流动的逆转,外国投资和外债在中期产生新的外币需求,从而产生持续的外币需求。以及不断增加的美元外流。从明斯基启发的分析角度,本文的目的是分析外围经济体的金融脆弱性作为外部限制问题的另一个特征,并讨论发展战略不仅应考虑生产性而且还应考虑金融程序。我们建议通过从国际收支统计中获得的指标来分析金融不稳定的程度。我们分析了阿根廷和巴西的案例,以确定过去 40 年这些国家金融不稳定的一些典型事实。
更新日期:2020-08-28
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