Original Sin and Procylical Fiscal Policy: Two Sides of the Same Coin?.

Original Sin and Procylical Fiscal Policy: Two Sides of the Same Coin?.

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Bibliographic Details
Author / Creator:Adler, Gustavo Author.
Imprint:Washington : International Monetary Fund Sept. 2008.
Description:1 online resource
Language:English
Subject:
Fiscal policy -- Econometric models.
Business cycles -- Econometric models.
Financial crises -- Econometric models.
Business cycles -- Econometric models.
Financial crises -- Econometric models.
Fiscal policy -- Econometric models.
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/13514489
Hidden Bibliographic Details
ISBN:9781451870671
1451870671
Summary: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 EMEs can arise as a by-product of the "original sin" and both can be explained by the presence of weak monetary institutions which cannot commit to price stability. The paper suggests that, as monetary institutions in EMEs strengthen, the "original sin" would fade away and the cyclical properties of fiscal policy would improve.

MARC

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100 1 |a Adler, Gustavo  |e Author. 
245 1 0 |a Original Sin and Procylical Fiscal Policy:  |b Two Sides of the Same Coin?. 
260 |a Washington :  |b International Monetary Fund  |c Sept. 2008. 
300 |a 1 online resource 
336 |a text  |b txt  |2 rdacontent 
337 |a computer  |b c  |2 rdamedia 
338 |a online resource  |b cr  |2 rdacarrier 
520 3 |a 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 EMEs can arise as a by-product of the "original sin" and both can be explained by the presence of weak monetary institutions which cannot commit to price stability. The paper suggests that, as monetary institutions in EMEs strengthen, the "original sin" would fade away and the cyclical properties of fiscal policy would improve. 
505 0 |a 1. Introduction; 2. Model; 2.1 Households; 2.2 Firms; 2.3 Government; 2.4 Equilibrium Path; 3. The Ramsey Problem; 3.1 The Commitment Case; 3.2 No Commitment; 4. A Stationary Economy; 5. A Temporary Shock; 6. Concluding Remarks; Table; 1; Appendix; A; References 
650 0 |a Fiscal policy  |x Econometric models. 
650 0 |a Business cycles  |x Econometric models. 
650 0 |a Financial crises  |x Econometric models. 
650 6 |a Politique fiscale  |x Modèles économétriques. 
650 6 |a Cycles économiques  |x Modèles économétriques. 
650 7 |a Business cycles  |x Econometric models.  |2 fast  |0 (OCoLC)fst00842461 
650 7 |a Financial crises  |x Econometric models.  |2 fast  |0 (OCoLC)fst00924608 
650 7 |a Fiscal policy  |x Econometric models.  |2 fast  |0 (OCoLC)fst00925810 
655 4 |a Electronic books. 
856 4 0 |u http://elibrary.imf.org/view/journals/001/2008/209/001.2008.issue-209-en.xml  |y INTERNATIONAL MONETARY FUND 
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928 |t Library of Congress classification  |a HJ192.A354 2008  |l Online  |c UC-FullText  |u http://elibrary.imf.org/view/journals/001/2008/209/001.2008.issue-209-en.xml  |z INTERNATIONAL MONETARY FUND  |g ebooks  |i 13657307 

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