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...
| Glavni autor: | |
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| Format: | Žurnal |
| Jezik: | English |
| Izdano: |
Washington, D.C. :
International Monetary Fund,
2003.
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| Serija: | IMF Working Papers; Working Paper ;
No. 2003/078 |
| Online pristup: | Full text available on IMF |