<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16671999000300015</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Crecimiento endógeno, dinero, impuestos y deuda externa]]></article-title>
<article-title xml:lang="en"><![CDATA[Endogenous growth, money, taxes and foreign debt]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Venegas Martínez]]></surname>
<given-names><![CDATA[Francisco]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,CIDE División de Economía ]]></institution>
<addr-line><![CDATA[México D.F.]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>1999</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>1999</year>
</pub-date>
<volume>59</volume>
<numero>229</numero>
<fpage>15</fpage>
<lpage>36</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16671999000300015&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16671999000300015&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16671999000300015&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este trabajo estudia el trade-off entre el aumento de la deuda pública externa y el crecimiento económico utilizando un modelo de crecimiento endógeno. Bajo el supuesto de previsión perfecta, se caracteriza el equilibrio macroeconómico y se determina la tasa óptima de expansión monetaria. Se examina el impacto de una política monetaria restrictiva sobre dicho equilibrio. Un resultado importante es que una política monetaria restrictiva, acompañada de un aumento en la tasa impositiva sobre el rendimiento del capital, puede ser inconsistente con el crecimiento económico. Asimismo, se analizan los efectos de varios tipos de impuestos distorsionantes sobre el trade-off. Por último se evalúa el impacto de la política impositiva sobre el bienestar económico.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract An endogenous growth model is developed to examine the trade-off between raising public foreign debt and sustaining growth. We characterize the perfect foresight macroeconomic equilibrium and determine the optimal rate of monetary growth. The impact of a tight monetary policy on the equilibrium is examined. The key result is that a tight monetary policy accompanied by an increase in the tax rate on income from capital may be inconsistent with economic growth. We analyze the effects of various forms of distortionary taxes on the trade-off. The impact of tax policy on economic welfare is also addressed.]]></p></abstract>
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