{"id":"https://openalex.org/W2024933569","doi":"https://doi.org/10.1111/j.1467-6435.1986.tb01255.x","title":"Fiscal Policy and Financial Deepening in a Monetarist Model of the Balance of Payments","display_name":"Fiscal Policy and Financial Deepening in a Monetarist Model of the Balance of Payments","publication_year":1986,"publication_date":"1986-02-01","ids":{"openalex":"https://openalex.org/W2024933569","doi":"https://doi.org/10.1111/j.1467-6435.1986.tb01255.x","mag":"2024933569"},"language":"en","primary_location":{"id":"doi:10.1111/j.1467-6435.1986.tb01255.x","doi":"https://doi.org/10.1111/j.1467-6435.1986.tb01255.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1467-6435.1986.tb01255.x","pdf_url":null,"source":{"id":"https://openalex.org/S91661715","display_name":"Kyklos","issn_l":"0023-5962","issn":["0023-5962","1467-6435"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","ki-jl-1","norway-1","poland-70","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Kyklos","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5064079730","display_name":"Ziba Farhadian","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1310145890","display_name":"International Monetary Fund","ror":"https://ror.org/05m4rmw09","country_code":"US","type":"other","lineage":["https://openalex.org/I1310145890"]},{"id":"https://openalex.org/I193531525","display_name":"George Washington University","ror":"https://ror.org/00y4zzh67","country_code":"US","type":"education","lineage":["https://openalex.org/I193531525"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"ZIBA FARHADIAN","raw_affiliation_strings":["Research Assistant at The International Monetary Fund, and Professor of Economics at The George Washington University, respectively"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Research Assistant at The International Monetary Fund, and Professor of Economics at The George Washington University, respectively","institution_ids":["https://openalex.org/I1310145890","https://openalex.org/I193531525"]}]},{"author_position":"last","author":{"id":null,"display_name":"ROBERT M. DUNN","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1310145890","display_name":"International Monetary Fund","ror":"https://ror.org/05m4rmw09","country_code":"US","type":"other","lineage":["https://openalex.org/I1310145890"]},{"id":"https://openalex.org/I193531525","display_name":"George Washington University","ror":"https://ror.org/00y4zzh67","country_code":"US","type":"education","lineage":["https://openalex.org/I193531525"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"ROBERT M. DUNN","raw_affiliation_strings":["Research Assistant at The International Monetary Fund, and Professor of Economics at The George Washington University, respectively"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Research Assistant at The International Monetary Fund, and Professor of Economics at The George Washington University, respectively","institution_ids":["https://openalex.org/I1310145890","https://openalex.org/I193531525"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":3800,"currency":"USD","value_usd":3800},"apc_paid":null,"fwci":0.9631,"has_fulltext":false,"cited_by_count":6,"citation_normalized_percentile":{"value":0.78487903,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"39","issue":"1","first_page":"66","last_page":"84"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.951200008392334,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.951200008392334,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.036400001496076584,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.007699999958276749,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/balance-of-payments","display_name":"balance of payments","score":0.7070000171661377},{"id":"https://openalex.org/keywords/fiscal-policy","display_name":"fiscal policy","score":0.7609999775886536},{"id":"https://openalex.org/keywords/financial-deepening","display_name":"financial deepening","score":0.9449999928474426},{"id":"https://openalex.org/keywords/central-bank-independence","display_name":"central bank independence","score":0.7490000128746033},{"id":"https://openalex.org/keywords/budget-deficit","display_name":"budget deficit","score":0.7289999723434448},{"id":"https://openalex.org/keywords/capital-market-development","display_name":"capital market development","score":0.8690000176429749},{"id":"https://openalex.org/keywords/developing-countries","display_name":"developing countries","score":0.8119999766349792},{"id":"https://openalex.org/keywords/financial-development-index","display_name":"financial development index","score":0.7329999804496765},{"id":"https://openalex.org/keywords/monetary-policy","display_name":"monetary policy","score":0.4090000092983246},{"id":"https://openalex.org/keywords/developed-countries","display_name":"developed countries","score":0.6549999713897705}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7947630882263184},{"id":"https://openalex.org/C109948328","wikidata":"https://www.wikidata.org/wiki/Q140845","display_name":"Balance of payments","level":2,"score":0.7409062385559082},{"id":"https://openalex.org/C54178654","wikidata":"https://www.wikidata.org/wiki/Q373177","display_name":"Monetarism","level":3,"score":0.5984792709350586},{"id":"https://openalex.org/C52092804","wikidata":"https://www.wikidata.org/wiki/Q56872446","display_name":"Current account","level":3,"score":0.5241101980209351},{"id":"https://openalex.org/C32768728","wikidata":"https://www.wikidata.org/wiki/Q1728567","display_name":"Capital account","level":2,"score":0.48458564281463623},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4386396110057831},{"id":"https://openalex.org/C143910263","wikidata":"https://www.wikidata.org/wiki/Q750458","display_name":"Capital market","level":2,"score":0.4137420058250427},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.410269558429718},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.40719160437583923},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.29910701513290405},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.2568199634552002},{"id":"https://openalex.org/C2776988154","wikidata":"https://www.wikidata.org/wiki/Q66100","display_name":"Exchange rate","level":2,"score":0.08704406023025513},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1111/j.1467-6435.1986.tb01255.x","doi":"https://doi.org/10.1111/j.1467-6435.1986.tb01255.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1467-6435.1986.tb01255.x","pdf_url":null,"source":{"id":"https://openalex.org/S91661715","display_name":"Kyklos","issn_l":"0023-5962","issn":["0023-5962","1467-6435"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","ki-jl-1","norway-1","poland-70","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Kyklos","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":13,"referenced_works":["https://openalex.org/W1484634316","https://openalex.org/W1513774498","https://openalex.org/W1519805700","https://openalex.org/W1531647801","https://openalex.org/W2071701010","https://openalex.org/W2123623049","https://openalex.org/W2322590613","https://openalex.org/W2586484929","https://openalex.org/W2764496290","https://openalex.org/W3185025787","https://openalex.org/W4254015578","https://openalex.org/W4300185665","https://openalex.org/W4302469155"],"related_works":["https://openalex.org/W1546609616","https://openalex.org/W2090369791","https://openalex.org/W2764741595","https://openalex.org/W2480219031","https://openalex.org/W319995131","https://openalex.org/W2945847907","https://openalex.org/W2120440796","https://openalex.org/W2067395681","https://openalex.org/W2735289475","https://openalex.org/W7098131692"],"abstract_inverted_index":{"SUMMARY":[0],"The":[1,224],"monetarist":[2,171,251,290,310],"model":[3,172,253,291,311],"of":[4,7,34,38,104,107,115,131,162,173,176,199,216,219,236,243,292,295],"the":[5,21,32,35,39,86,95,102,105,113,116,139,155,160,163,174,214,217,228,234,237,241,244,260,268,289,293,308,315],"balance":[6,106,175,294,602,693,764,822],"payments":[8,11,108,252,296],"concludes":[9],"that":[10,24,31,57,181,233,284,307],"deficits":[12,84,93,135],"are":[13,27,94,208],"caused":[14],"by":[15,153],"inappropriate":[16],"central":[17,40,81,87,117,140,164,245],"bank":[18,41,141],"decisions":[19],"under":[20],"unstated":[22],"assumption":[23,59],"such":[25,73,92,220],"institutions":[26],"independent":[28],"and":[29,99,138,205,271],"hence":[30],"growth":[33,161,242],"domestic":[36,119,166,247],"assets":[37,167,248],"can":[42,142],"be":[43,145,298],"viewed":[44,146,300],"as":[45,147,301],"an":[46],"exogenous":[47],"or":[48,68,193],"decision":[49,97],"variable.":[50],"It":[51,178,281],"is":[52,60,76,151,179,202,254,282],"argued":[53],"in":[54,168,232,249,368,376,429,445,506,524],"this":[55,58,182],"paper":[56],"incorrect":[61],"for":[62,159,187,240,256,267,274,285,314],"developing":[63],"countries":[64,74,122,189,207,258,275,288],"with":[65,123,190,259,276],"relatively":[66],"primitive":[67],"\u2018thin\u2019":[69],"capital":[70,195,221,279],"markets.":[71,196,280],"In":[72,121,414],"there":[75],"no":[77],"alternative":[78,129,422,664],"to":[79],"financing":[80,132],"government":[82,133,156,238],"budget":[83,134,157],"through":[85,109],"bank.":[88],"As":[89],"a":[90,169,250,302,661],"result":[91],"true":[96],"variable":[98,742,831],"ultimately":[100],"determine":[101],"behavior":[103],"their":[110],"impact":[111],"on":[112,213],"expansion":[114],"bank's":[118,165,246],"assets.":[120],"more":[124,143],"developed":[125,262,278],"financial":[126,200,263],"markets,":[127],"however,":[128],"means":[130],"do":[136],"exist,":[137],"reasonably":[144],"independent.":[148],"This":[149],"hypothesis":[150,231],"tested":[152],"substituting":[154],"deficit":[158,239],"typical":[170],"payments.":[177],"predicted":[180],"substitution":[183,235,771],"will":[184],"work":[185],"well":[186],"those":[188,257],"very":[191],"limited":[192],"underdeveloped":[194,287],"An":[197],"index":[198],"development":[201],"then":[203],"derived":[204],"54":[206,504],"divided":[209],"into":[210],"three":[211],"groups":[212],"basis":[215],"extent":[218],"market":[222],"\u2018deepening\u2019.":[223],"empirical":[225],"results":[226],"support":[227],"previously":[229],"stated":[230],"successful":[255,266],"least":[261],"systems,":[264],"moderately":[265],"intermediate":[269],"group,":[270],"decidedly":[272],"unsuccessful":[273],"highly":[277],"suggested":[283],"most":[286],"might":[297],"better":[299],"fiscal":[303],"policy":[304],"model,":[305],"but":[306],"traditional":[309],"remains":[312],"relevant":[313,594],"industrialized":[316],"countries.":[317],"ZUSAMMENFASSUNG":[318],"Das":[319],"monetaristische":[320,570,592],"Zahlungsbilanzmodell":[321,449,571],"zeigt,":[322],"dass":[323,336,469,514,568],"Zahlungsbilanzdefizite":[324],"durch":[325,388,404,457,559],"unangebrachte":[326],"Zentralbankentscheidungen":[327],"verursacht":[328],"werden,":[329],"und":[330,341,399,428,493,548],"zwar":[331],"unter":[332],"der":[333,345,384,386,410,412,460,462,495,515,522,575],"impliziten":[334],"Annahme,":[335],"derartige":[337],"Institutionen":[338],"unabh\u00e4ngig":[339,439],"seien":[340],"daher":[342,394],"das":[343,402,408,455,458,569,590],"Wachstum":[344,409,459],"inl\u00e4ndischen":[346],"Aktiva":[347],"als":[348,371,438,578],"exogen":[349],"oder":[350,361,477],"Entscheidungsvariable":[351,397],"ange\u2010sehen":[352],"werden":[353,503,582],"kann.":[354],"Bezugnehmend":[355],"auf":[356,407,450,494],"Entwicklungsl\u00e4nder":[357,576],"mit":[358,416,474,530,545,553],"verh\u00e4ltnism\u00e4ssig":[359],"primitiven":[360],"schwachen":[362],"Kapitalm\u00e4rkten":[363,556],"wird":[364,444,467,488,558,565],"die":[365,382,389,395,434,451,485,543,560,573,586],"vorerw\u00e4hnte":[366],"Annahme":[367],"diesem":[369],"Papier":[370],"unrichtig":[372],"angesehen.":[373],"Es":[374,466,564],"gibt":[375,419],"diesen":[377],"L\u00e4ndern":[378,473],"keine":[379],"Alternative":[380],"f\u00fcr":[381,528,542,551,572,585],"Finanzierung":[383,425],"Haushaltsdefizite":[385,392],"Zentralregierung":[387],"Zentralbank.":[390,413],"Diese":[391,442],"stellen":[393],"wahre":[396],"dar":[398],"bestimmen":[400],"schliesslich":[401],"Zahlungsbilanzverhalten":[403],"ihre":[405],"Auswirkung":[406],"Inlandsaktiva":[411,461,521],"L\u00e1ndern":[415],"st\u00e1rkeren":[417],"Finanz\u2010m\u00e1rkten":[418],"es":[420],"jedoch":[421,538],"M\u00f6glichkeiten":[423],"zur":[424],"von":[426],"Haushalts\u2010defiziten,":[427],"solch":[430],"einem":[431,446,525],"Fall":[432],"kann":[433],"Zentralbank":[435,463,523],"schon":[436],"eher":[437],"betrachtet":[440],"werden.":[441],"Hypothese":[443],"typischen":[447],"monetaristischen":[448,526],"Probe":[452],"gestellt,":[453],"indem":[454],"Haushaltsdefizit":[456],"ersetzt":[464],"wird.":[465,483],"angenommen,":[468],"dieser":[470],"Aus\u2010tausch":[471],"bei":[472],"sehr":[475],"eingeschrankten":[476],"schwach":[478,531],"entwickelten":[479,532],"Kapitalmarkten":[480],"erfolgversprechend":[481,540],"sein":[482],"\u00dcber":[484],"finanzpolitische":[486],"Entwicklung":[487],"dann":[489],"ein":[490],"Index":[491],"aufgestellt":[492],"Grundlage":[496],"des":[497,517,603,613,650,694,708,765,773,780,805,823,837,851,864],"Ausmasses":[498],"einer":[499],"solchen":[500],"Kapitalmarktkr\u00e4ftigung":[501],"(deepening)":[502],"L\u00e4nder":[505,529,552],"drei":[507],"Gruppen":[508],"aufgeteilt.":[509],"Die":[510],"vorgenannte":[511],"Hypothese,":[512],"n\u00e4mlich":[513],"Austausch":[516],"Haushaltsdefizits":[518],"gegen":[519],"steigende":[520],"Zahlungsbilanz\u2010modell":[527],"Finanzsystemen":[533],"ziemlich":[534],"erfolgreich":[535],"ist,":[536,557],"sich":[537],"weniger":[539],"anl\u00e4sst":[541],"L\u00e4ndergruppe":[544],"st\u00e4rkeren":[546],"Finanzsystemen,":[547],"entschieden":[549],"erfolglos":[550],"ausgesprochen":[554],"starken":[555],"empirischen":[561],"Ergebnisse":[562],"untermauert.":[563],"darauf":[566],"hingewiesen,":[567],"Mehrzahl":[574],"vorzugsweise":[577],"fiskalpolitisches":[579],"Modell":[580,593],"angesehen":[581],"sollte,":[583],"w\u00e4hrend":[584],"Industriel\u00e4nder":[587],"auch":[588],"weiterhin":[589],"traditionelle":[591],"bleibt.":[595],"R\u00c9SUM\u00c9":[596],"La":[597],"th\u00e9orie":[598],"mon\u00e9tariste":[599,761,872,882],"de":[600,617,647,656,666,685,691,719,762,802,820,868],"la":[601,618,675,692,704,725,741,755,763,790,798,803,815,821,862],"paiements":[604,695,824],"sugg\u00e8re":[605],"que":[606,623,769,860,879],"les":[607,668,682,721,887],"d\u00e9ficits":[608,669,679,722],"ext\u00e9rieurs":[609],"sont":[610,680],"caus\u00e9s":[611],"par":[612,671,696,703,754,789,829],"politiques":[614,625],"mon\u00e9taires":[615],"inad\u00e9quates":[616],"banque":[619,676,705,726,756],"centrale,":[620],"en":[621,645,739,866],"supposant":[622],"ces":[624],"peuvent":[626],"\u00eatre":[627,730],"consid\u00e9r\u00e9es":[628],"comme":[629,732,875],"ind\u00e9pendantes":[630],"et":[631,687,724,845],"done":[632,681,729],"exog\u00e9nes.":[633],"Cet":[634],"article":[635],"maintient":[636],"qu'une":[637],"telle":[638],"supposition":[639],"ne":[640],"s'applique":[641],"pas":[642,662],"aux":[643],"pays":[644,709,781,838,852,865,888],"voie":[646,867],"d\u00e9veloppement":[648,795],"avec":[649],"march\u00e9s":[651,783,806,840,854],"financiers":[652,712,784,841,855],"peu":[653,785,843],"d\u00e9velopp\u00e9s.":[654,786,857],"Dans":[655,707],"tels":[657],"pays,":[658],"il":[659,715],"n'y":[660],"d'autre":[663],"mais":[665,878],"financer":[667,720],"budg\u00e9taires":[670],"le":[672,689,744,778,818,830,835,849,870,880],"recours":[673],"\u00e0":[674,710,782,839,853],"centrale.":[677,706],"Ces":[678],"vrais":[683],"variables":[684],"d\u00e9cision":[686],"d\u00e9terminent":[688],"comportement":[690],"leur":[697],"influence":[698],"sur":[699,797],"l'expansion":[700,751],"du":[701,746,752,794],"cr\u00e9dit":[702,753],"march\u00e9":[711],"plus":[713],"d\u00e9velopp\u00e9s,":[714,844],"existe":[716],"d'autres":[717],"moyens":[718],"budg\u00e9taires,":[723],"centrale":[727,757],"peut":[728],"consid\u00e9r\u00e9e":[731,735],"ind\u00e9pendante.":[733],"L'hypothese":[734,767],"ci\u2010dessus":[736],"est":[737,768,825],"test\u00e9e":[738],"substituant":[740],"repr\u00e9sentant":[743,750],"niveau":[745],"d\u00e9ficit":[747,819,832],"budg\u00e9taire":[748,833],"celle":[749],"dans":[758,777,814,834,848],"un":[759,792],"mod\u00e9le":[760],"paiements.":[766],"cette":[770],"produira":[772],"r\u00e9sultats":[774,809],"empiriques":[775,810],"meilleurs":[776],"cas":[779,836,850],"L'on":[787],"d\u00e9rive":[788],"suite":[791],"indice":[793],"financier":[796],"base":[799],"d'une":[800],"mesure":[801,816],"\u201cprofondeur\u201d":[804],"financiers.":[807],"Les":[808],"supportent":[811],"l'hypoth\u00e8se":[812],"avanc\u00e9e":[813],"o\u00f9":[817],"statistiquement":[826],"bien":[827],"expliqu\u00e9e":[828,847],"tr\u00e9s":[842,856],"mal":[846],"L'article":[858],"conclut":[859],"pour":[861,886],"plupart":[863],"d\u00e9veloppement,":[869],"mod\u00e8le":[871,876,881],"s'interprete":[873],"mieux":[874],"fiscaliste,":[877],"tradi\u2010tionnel":[883],"reste":[884],"valable":[885],"industrialis\u00e9s.":[889]},"counts_by_year":[],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2016-06-24T00:00:00"}
