Original Sin and Procylical Fiscal Policy.
The paper develops a simple model of sovereign debt where default both through direct repudiation and through inflation are possible and give rise to (endogenous) constraints on the currency composition and the level of public debt. This set up allows to show that procyclicality of fiscal policy in...
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| Online Access: |
Full text (MCPHS users only) |
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| Main Author: | |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington :
International Monetary Fund,
2008
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| Series: | IMF Working Papers.
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| Subjects: | |
| Local Note: | ProQuest Ebook Central |
