This article will focus on the central role played by imperfect or incomplete markets in the spread and perpetuation of recessionary situations. It is a known fact that demand volatility perpetuates such situations, and this can only be mitigated by sustainable economic stimulus policies. Macrofiscal rules, which are important for enhancing the tarnished credibility of State action, need to combine two basic principles: responsibility and stability. This means preserving regulation mechanisms so that excessive macroeconomic fluctuations can be stabilized. The best thing the authorities can do …
En este artículo se pone de relieve el papel central que desempeñan
mercados imperfectos o incompletos en la propagación
y persistencia de las situaciones recesivas. La persistencia generada
por la volatilidad de la demanda es un hecho cierto que
sólo puede ser atenuado por políticas sostenibles de estímulo
al nivel de actividad. Las reglas macrofiscales, importantes
para mejorar la mermada credibilidad de la acción pública,
deben combinar dos principios fundamentales: la responsabilidad
y la estabilidad. Esto supone preservar los mecanismos de
regulación para estabilizar fluctuaciones macroec…
Preface
More than two decades have passed since the region's first attempts to move towards a development strategy that was more open to foreign competition and more deregulated, in which the State had a smaller role in production activities. Those earliest efforts were made at the start of the 1970s by Chile and were later followed by similar initiatives in Mexico, Argentina, Colombia, Costa Rica and Brazil in the late 1980s and early 1990s. The change in development paradigm, which entailed the abandonment of the inward-oriented, state-led model of the postwar period, brought about grea…
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