Do Fixed Exchange Rates Induce More Fiscal Discipline? /
Conventional wisdom has held that a fixed exchange rate regime induces more fiscal discipline, but Tornell and Velasco (1995, 1998) argue the opposite. Using a dynamic model with fragmented fiscal policymaking, this paper evaluates the two arguments in a single framework and shows that (1) future pu...
| المؤلف الرئيسي: | |
|---|---|
| التنسيق: | دورية |
| اللغة: | English |
| منشور في: |
Washington, D.C. :
International Monetary Fund,
2003.
|
| سلاسل: | IMF Working Papers; Working Paper ;
No. 2003/078 |
| الوصول للمادة أونلاين: | Full text available on IMF |