Resumo

CARDENAS S., Enrique. El mito del gasto público deficitario en México (1934-1956). El trimestre econ [online]. 2008, vol.75, n.300, pp.809-840.  Epub 20-Nov-2020. ISSN 2448-718X.

It has been widely believed that Mexico’s rapid economic growth during the 1934-1956 period was only possible through an expansionary economic policy financed by inflationary means. Hence its contrast with the Stabilizing Development policy of the 1960’s, considered the golden age of rapid growth and stable prices. It is argued in this article that such perception is a myth and that the fiscal and monetary authorities were rather prudent and utilized the policy instruments then at their disposal to prevent unemployment and try to control inflationary pressures. Rather, it is the impact of external shocks, such as foreign recessions and wars, what actually explains to a large extent the high inflation which inevitably led to the currency depreciation in 1938, 1948 and 1954. The results show that an inflationary fiscal deficit was not needed to promote the long period of rapid economic growth in Mexico during the XX century.

Palavras-chave : México; política económica; siglo XX; crecimiento con inflación; política fiscal; política monetaria.

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