Original Sin and Procylical Fiscal Policy : Two Sides of the Same Coin? /
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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| Формат: | Журнал |
| Язык: | English |
| Опубликовано: |
Washington, D.C. :
International Monetary Fund,
2008.
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| Серии: | IMF Working Papers; Working Paper ;
No. 2008/209 |
| Online-ссылка: | Full text available on IMF |