Endividamento forçado, Big Government e implausibilidade de crise no capitalismo: um exercício a partir de um modelo de consistência entre fluxos e estoques

Abstract

The aim of this paper is describe Steindl.s .enforced indebtedness. in a closed system through a stock-flow consistent framework. Begining with an accounting framework that allow us to analyze in a consistent way stocks and flow variables we show that the .enforced indebtedness. and the possibility of crisis become absolutely implausible when we think about the role played by Minsky.s Big Government. The public sector should do expansive fiscal policies avoiding the aggregate profit reduction, the increase in the indebtedness rate and the fall in aggregate investment. Following the functional finance approach, government would not find any obstacle to finance its deficits because private sector will always accept government debt in the form of high-powered money and bonds issued by it.