Distribution and Growth in Open Economies: A Post-kaleckian Explanation
In this paper the framework proposed by Velázquez (2022) is expanded to analyze the bidirectional relationship between the economic growth and the functional income distribution in open economies. Two exchange regimes are analyzed: the fixed and floating exchange rates. It is shown that if growth is...
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Universidad Pedagógica y Tecnológica de Colombia
2023
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| Online Access: | https://revistas.uptc.edu.co/index.php/cenes/article/view/15127 |
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| author | Velázquez Orihuela, Daniel |
| author_facet | Velázquez Orihuela, Daniel |
| author_sort | Velázquez Orihuela, Daniel |
| collection | OJS |
| description | In this paper the framework proposed by Velázquez (2022) is expanded to analyze the bidirectional relationship between the economic growth and the functional income distribution in open economies. Two exchange regimes are analyzed: the fixed and floating exchange rates. It is shown that if growth is led by wage, growth and distribution paths are cyclic, regardless the exchange rate policies. On the other hand, if growth is led by profits and the exchange rate is flexible, then growth is steady and the profit sharing goes upwards. However, if in this scenario there is a fix exchange rate, the growth and distribution paths are cyclic. |
| format | Online |
| id | oai:oai.revistas.uptc.edu.co:article-15127 |
| institution | Revista Apuntes del Cenes |
| language | spa |
| publishDate | 2023 |
| publisher | Universidad Pedagógica y Tecnológica de Colombia |
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| spelling | oai:oai.revistas.uptc.edu.co:article-151272024-03-20T21:37:51Z Distribution and Growth in Open Economies: A Post-kaleckian Explanation Distribución y crecimiento en economías abiertas: una explicación pos-kaleckiana Velázquez Orihuela, Daniel Post-Kaleckian growth distribution wage-led growth profit-led growth Post-kaleckiano crecimiento distribución crecimiento guiado por salarios crecimiento guiado por ganancias In this paper the framework proposed by Velázquez (2022) is expanded to analyze the bidirectional relationship between the economic growth and the functional income distribution in open economies. Two exchange regimes are analyzed: the fixed and floating exchange rates. It is shown that if growth is led by wage, growth and distribution paths are cyclic, regardless the exchange rate policies. On the other hand, if growth is led by profits and the exchange rate is flexible, then growth is steady and the profit sharing goes upwards. However, if in this scenario there is a fix exchange rate, the growth and distribution paths are cyclic. En este artículo se amplía el esquema analítico propuesto en Velázquez (2022) para analizar la relación bidireccional entre crecimiento económico y distribución funcional del ingreso en economías abiertas. Se argumenta que la distribución del ingreso es un proceso endógeno, es decir, la acumulación la determina, pero aquella condiciona a la acumulación. Se analizan dos regímenes cambiarios: tipo de cambio fijo y flexible. Se muestra que, si el crecimiento es guiado por salarios, las trayectorias de crecimiento y distribución son cíclicas, sin importar el régimen cambiario. Por otra parte, si el crecimiento es guiado por ganancias y el tipo de cambio es flexible, entonces el crecimiento es sostenido y la participación de las ganancias en el ingreso es creciente. Sin embargo, si en este escenario el tipo de cambio es fijo, entonces el crecimiento y la distribución son cíclicas. Universidad Pedagógica y Tecnológica de Colombia 2023-03-23 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Peer reviewed Article application/pdf text/xml https://revistas.uptc.edu.co/index.php/cenes/article/view/15127 10.19053/01203053.v42.n75.2023.15127 Apuntes del Cenes; Vol. 42 No. 75 (2023); 17-43 Apuntes del Cenes; Vol. 42 Núm. 75 (2023); 17-43 2256-5779 0120-3053 spa https://revistas.uptc.edu.co/index.php/cenes/article/view/15127/12733 https://revistas.uptc.edu.co/index.php/cenes/article/view/15127/13857 Copyright (c) 2023 Daniel Velázquez Orihuela http://creativecommons.org/licenses/by-nc-sa/4.0 |
| spellingShingle | Post-Kaleckian growth distribution wage-led growth profit-led growth Post-kaleckiano crecimiento distribución crecimiento guiado por salarios crecimiento guiado por ganancias Velázquez Orihuela, Daniel Distribution and Growth in Open Economies: A Post-kaleckian Explanation |
| title | Distribution and Growth in Open Economies: A Post-kaleckian Explanation |
| title_alt | Distribución y crecimiento en economías abiertas: una explicación pos-kaleckiana |
| title_full | Distribution and Growth in Open Economies: A Post-kaleckian Explanation |
| title_fullStr | Distribution and Growth in Open Economies: A Post-kaleckian Explanation |
| title_full_unstemmed | Distribution and Growth in Open Economies: A Post-kaleckian Explanation |
| title_short | Distribution and Growth in Open Economies: A Post-kaleckian Explanation |
| title_sort | distribution and growth in open economies a post kaleckian explanation |
| topic | Post-Kaleckian growth distribution wage-led growth profit-led growth Post-kaleckiano crecimiento distribución crecimiento guiado por salarios crecimiento guiado por ganancias |
| topic_facet | Post-Kaleckian growth distribution wage-led growth profit-led growth Post-kaleckiano crecimiento distribución crecimiento guiado por salarios crecimiento guiado por ganancias |
| url | https://revistas.uptc.edu.co/index.php/cenes/article/view/15127 |
| work_keys_str_mv | AT velazquezorihueladaniel distributionandgrowthinopeneconomiesapostkaleckianexplanation AT velazquezorihueladaniel distribucionycrecimientoeneconomiasabiertasunaexplicacionposkaleckiana |
