Resumen

AISEN, ARI  y  MORENO, DAVID. FISCAL POLICY IN U.S. AND EUROPE: MACROECONOMIC EFFECTS ON THE MEDIUM TERM. RAE [online]. 2011, vol.26, n.2, pp. 61-79. ISSN 0718-8870.  doi: 10.4067/S0718-88702011000200003.

Notwithstanding the effects of the expansive policies in the advanced economies, due to the 2008financial crises, could raise their interest rates, generating a crowding-out effect over emerging market debt, this relation could not hold given the better fiscal position of these economies, such as Chile. In particular, higher interest rates in advanced economies could reflect a higher risk of default, consistent with their fiscal fragility.

Palabras clave : International finance; fiscal policy; emerging markets.