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Investigación económica
versão impressa ISSN 0185-1667
Inv. Econ vol.59 no.229 Ciudad de México Jul./Set. 1999
Artículos
Crecimiento endógeno, dinero, impuestos y deuda externa
Endogenous growth, money, taxes and foreign debt
*CIDE, División de Economía, Carretera México-Toluca 3655. Lomas de Santa Fe, 01210. México, D.F. E-mail: fvenegas@disl.cide.mx.
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.
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.
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Recibido: Agosto de 1998; Aprobado: Enero de 1999
Este es un artículo publicado en acceso abierto bajo una licencia Creative Commons
