La austeridad fiscal como impedimento para la recuperación económica en España

  1. Uxó González, Jorge
Revista:
Boletín de estudios económicos

ISSN: 0006-6249

Any de publicació: 2010

Volum: 65

Número: 201

Pàgines: 409-434

Tipus: Article

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Altres publicacions en: Boletín de estudios económicos

Resum

This paper points out the problems that will arise from the fiscal policy applied in Spain to reduce public spending so as to emerge from the crisis and recover growth and employment. Spain faces a serious shortfall in aggregate demand, and fiscal policy is the only lever available to correct the situation. On the other hand, a policy of fiscal austerity will hamper the process of reducing the indebtedness of households and businesses and will this delay economic recovery, giving rise to negative effects on employment not just in the short term but also in the medium and long term. The current public deficit problems are not the cause of the crisis but a consequence of it, and to reduce deficit and indebtedness it is necessary to combat recession, not worsen it. The argument that this austerity policy is inevitable due to the difficulties of financing the deficit on the financial markets is countered by proposing the monetarisation of the deficit by the ECB.

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Fuente de los datos: Dialnet