Impacts of US Interest Rates on Growth, Income Distribution, and Macroeconomic Policy Space in Developing Countries: A SFC Supermultiplier Model

References

• Aidar, G., and J. Braga. 2020. ‘Country-risk Premium in the Periphery and the International Financial Cycle 1999-2019.’ Investigación económica 79 (313): 78–111.
   Web of Science ®Google Scholar
• Allain, O. 2022. ‘A Supermultiplier Model with Two Non-Capacity-Generating Semi-Autonomous Demand Components.’ Structural Change and Economic Dynamics 63: 91–103.
   Web of Science ®Google Scholar
• Bernat, G. 2015. ‘Tipo de Cambio Real y Diversificación Productiva en América del Sur.’ Oficina de la Cepal en Buenos Aires, Estudios y perspectivas series 43: 1–49.
   Google Scholar
• Bhering, G., F. Serrano, and F. Freitas. 2019. ‘Thirlwall's law, External Debt Sustainability, and the Balance-of-Payments-Constrained Level and Growth Rates of Output.’ Review of Keynesian Economics 7 (4): 486–497.
   Web of Science ®Google Scholar
• Blecker, R. 1989. ‘International Competition, Income Distribution and Economic Growth.’ Cambridge Journal of Economics 13 (3): 395–412.
   Web of Science ®Google Scholar
• Blecker, R. 2016. ‘Wage-led Versus Profit-led Demand Regimes: The Long and the Short of It.’ Review of Keynesian Economics 4 (4): 373–390.
   Web of Science ®Google Scholar
• Borio, C., and P. Disyatat. 2015. ‘Capital Flows and the Current Account: Taking Financing (more) Seriously.’ BIS Working Papers, 525.
   Google Scholar
• Botta, A., G. Porcile, D. Spinola, and G. T. Yajima. 2023. ‘Financial Integration, Productive Development and Fiscal Policy Space in Developing Countries.’ Structural Change and Economic Dynamics 66: 175–188.
   Web of Science ®Google Scholar
• Brochier, L., and A. C. M. E. Silva. 2019. ‘A Supermultiplier Stock-Flow Consistent Model: The “Return” of the Paradoxes of Thrift and Costs in the Long Run?’ Cambridge Journal of Economics 43 (2): 413–442.
   Web of Science ®Google Scholar
• Carlin, W., and D. Soskice. 2005. ‘The 3-Equation New Keynesian Model — A Graphical Exposition.’ Topics in Macroeconomics 5 (1): 1–36.
   Google Scholar
• Cline, N., and M. Vernengo. 2016. ‘Interest Rates, Terms of Trade, and Currency Crises: Are We on the Verge of a New Crisis in the Periphery?’ In Financial Deepening and Post-Crisis Development in Emerging Markets, Gevorkyan, edited by A. Canuto, 41–62. New York: Palgrave Macmillan.
   Google Scholar
• Cripps, F., and W. Godley. 1976. ‘A Formal Analysis of the Cambridge Economic Policy Group Model.’ Economica 43 (172): 335–348.
   Web of Science ®Google Scholar
• Cruz, M., and B. Walters. 2008. ‘Is the Accumulation of International Reserves Good for Development?’ Cambridge Journal of Economics 32 (5): 665–681.
   Web of Science ®Google Scholar
• Deleidi, M., and M. Mazzucato. 2019. ‘Putting Austerity to bed: Technical Progress, Aggregate Demand and the Supermultiplier.’ Review of Political Economy 31 (3): 315–335.
   Web of Science ®Google Scholar
• Domar, E. 1944. ‘The “Burden of the Debt” and the National Income.’ The American Economic Review 34 (4): 798–827.
   Google Scholar
• Dutt, A. 2019. ‘Some Observations on Models of Growth and Distribution with Autonomous Demand Growth.’ Metroeconomica 70 (2): 288–301.
   Web of Science ®Google Scholar
• Dvoskin, A., and M. Torchinsky Landau. 2023. ‘Limits to Fiscal and Monetary Policy in Small Open Economies.’ Review of Political Economy. 1–28. Advance online publication. https://doi.org/10.1080/09538259.2023.2279162.
   Web of Science ®Google Scholar
• Freitas, F., and E. Dweck. 2013. ‘The Pattern of Economic Growth of the Brazilian Economy 1970–2005: A Demand-led Growth Perspective.’ In Sraffa and the Reconstruction of Economic Theory: Volume Two, edited by E. S. Levrero, A. Palumbo, and A. Stirati, 158–191. London: Palgrave Macmillan.
   Google Scholar
• Freitas, F., and F. Serrano. 2015. ‘Growth Rate and Level Effects, the Stability of the Adjustment of Capacity to Demand and the Sraffian Supermultiplier.’ Review of Political Economy 27 (3): 258–281.
   Web of Science ®Google Scholar
• Godley, W. 2012. ‘Seven Unsustainable Processes: Medium-Term Prospects and Policies for the United States and the World.’ In The Stock-Flow Consistent Approach, edited by M. Lavoie, and G. Zezza, 216–254. London: Palgrave Macmillan UK.
   Google Scholar
• Godley, W., and M. Lavoie. 2007. Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth. London: Palgrave Macmillan UK.
   Google Scholar
• Hein, E. 2018. ‘Autonomous Government Expenditure Growth, Deficits, Debt, and Distribution in a neo-Kaleckian Growth Model.’ Journal of Post Keynesian Economics 41 (2): 316–338.
   Web of Science ®Google Scholar
• Ilzetzki, E., C. M. Reinhart, and K. S. Rogoff. 2022. ‘Rethinking Exchange Rate Regimes.’ In Handbook of International Economics (Vol. 6), edited by G. Gobinath, E. Helpman, and K. Rogoff. North Holland: Elsevier.
   Google Scholar
• Kaldor, N. 1978. Further Essays on Applied Economics. London: Duckworth.
   Google Scholar
• Kalecki, M. 1943 [1984]. ‘Political Aspects of Full Employment.’ In The Political Economy: Readings in the Politics and Economics of American Public Policy, edited by T. Ferguson, and J. Rogers. New York: Routledge.
   Google Scholar
• Krugman, P. 1979. ‘A Model of Balance-of-Payments Crises.’ Journal of Money, Credit and Banking 11 (3): 311–325.
   Web of Science ®Google Scholar
• Krugman, P., and L. Taylor. 1978. ‘Contractionary Effects of Devaluation.’ Journal of International Economics 8 (3): 445–456.
   Web of Science ®Google Scholar
• Lavoie, M. 2016. ‘Convergence Towards the Normal Rate of Capacity Utilization in neo-Kaleckian Models: The Role of non-Capacity Creating Autonomous Expenditures.’ Metroeconomica 67 (1): 172–201.
   Web of Science ®Google Scholar
• Lavoie, M. 2022. Post-Keynesian Economics: New Foundations. Northampton: Edward Elgar Publishing USA.
   Google Scholar
• McCombie, J., and A. Thirlwall. 1999. ‘Growth in an International Context: A Post Keynesian View.’ In Foundations of International Economics, edited by J. Deprez, and J. Harvey. London: Routledge.
   Google Scholar
• McLeay, M., A. Radia, and R. Thomas. 2014. ‘Money Creation in the Modern Economy’. Bank of England Quarterly Bulletin 2014 Q1. https://ssrn.com/abstract=2416234.
   Google Scholar
• Moreno-Brid, J. 2003. ‘Capital Flows, Interest Payments and the Balance-of-Payments Constrained Growth Model: A Theoretical and Empirical Analysis.’ Metroeconomica 54 (2–3): 346–365.
   Google Scholar
• Morlin, G. 2022. ‘Growth led by Government Expenditure and Exports: Public and External Debt Stability in a Supermultiplier Model.’ Structural Change and Economic Dynamics 62: 586–598.
   Web of Science ®Google Scholar
• Nah, W., and M. Lavoie. 2017. ‘Long-run Convergence in a neo-Kaleckian Open-Economy Model with Autonomous Export Growth.’ Journal of Post Keynesian Economics 40 (2): 223–238.
   Web of Science ®Google Scholar
• Nalin, L., and G. T. Yajima. 2022. ‘Balance Sheet Effects in a Financialized Environment: A Stock-Flow Consistent Framework for Mexico.' Review of Political Economy 1–21.
   Web of Science ®Google Scholar
• Nikiforos, M., and G. Zezza. 2018. ‘Stock-Flow Consistent Macroeconomic Models: A Survey.’ Journal of Economic Surveys 31: 1204–1239. https://doi.org/10.1111/joes.12221.
   Web of Science ®Google Scholar
• Nikiforos, M., L. Carvalho, and C. Schoder. 2015. ‘“Twin Deficits” in Greece: In Search of Causality.’ Journal of Post Keynesian Economics 38 (2): 302–330.
   Web of Science ®Google Scholar
• Pedrosa, Í, L. Brochier, and F. Freitas. 2023. ‘Debt Hierarchy: Autonomous Demand Composition, Growth and Indebtedness in a Supermultiplier Model.’ Economic Modelling 126: 1–15.
   Web of Science ®Google Scholar
• Porcile, G., and G. Yajima. 2021. ‘New Structuralism and the Balance-of Payments Constraint.’ In Thirlwall's Law at 40, edited by T. Palley, E. Pérez-Caldentey, and M. Vernengo. London: Edward Elgar Publishing.
   Google Scholar
• Rey, H. 2015. ‘Dilemma Not Trilemma: The Global Financial Cycle and Monetary Policy Independence.’ NBER Working Paper Series No. 21162.
   Google Scholar
• Serrano, F. 1995. ‘Long Period Effective Demand and the Sraffian Supermultiplier.’ Contributions to Political Economy 14: 67–90.
   Google Scholar
• Serrano, F., and R. Summa. 2015. ‘Mundell–Fleming Without the LM Curve: The Exogenous Interest Rate in an Open Economy.’ Review of Keynesian Economics 3 (2): 248–268.
   Web of Science ®Google Scholar
• Thirlwall, A. P. 2012. ‘Balance of Payments Constrained Growth Models: History and Overview.’ In Models of Balance of Payments Constrained Growth, edited by E. Soukiazis, and P. A. Cerqueira, 11–49. London: Palgrave Macmillan.
   Google Scholar
• Vernengo, M., and E. Pérez-Caldentey. 2020. ‘Modern Money Theory (MMT) in the Tropics: Functional Finance in Developing Countries.’ Challenge 63 (6): 332–348.
   Google Scholar