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|z 9781463933159
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Hatchondo, Juan Carlos.
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|a Fiscal Rules and the Sovereign Default Premium /
|c Juan Carlos Hatchondo, Francisco Roch, Leonardo Martinez.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2012.
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|a 1 online resource (28 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper finds optimal fiscal rule parameter values and measures the effects of imposing fiscal rules using a default model calibrated to an economy that in the absence of a fiscal rule pays a significant sovereign default premium. The paper also studies the case in which the government conducts a voluntary debt restructuring to capture the capital gains from the increase in its debt market value implied by a rule announcement. In addition, the paper shows how debt ceilings may reduce the procyclicality of fiscal policy and thus consumption volatility.
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|a Mode of access: Internet
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|a Martinez, Leonardo.
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|a Roch, Francisco.
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|a IMF Working Papers; Working Paper ;
|v No. 2012/030
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2012/030/001.2012.issue-030-en.xml
|z IMF e-Library
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