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Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt?

Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt? »

Source: Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt?

Volume/Issue: 2010/168

Series: IMF Working Papers

Author(s): Anna Ilyina , Anastasia Guscina , and Herman Kamil

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2010

ISBN: 9781455201792

Keywords: sovereign debt management, bonds, debt manager, hedging, currency debt, International Lending and Debt Problems, International Finance: Other, Fiscal Policies and Behavior of Economic Agents: General,

This paper explores the link between the cyclical patterns of macroeconomic and policy variables and the currency composition of domestic sovereign debt in emerging market countries. The empirical analysis is ancho...

Fiscal Foresight and Information Flows

Fiscal Foresight and Information Flows »

Source: Fiscal Foresight and Information Flows

Volume/Issue: 2012/153

Series: IMF Working Papers

Author(s): Todd Walker , Eric Leeper , and Susan Yang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2012

ISBN: 9781475504354

Keywords: news, anticipated taxes, non-fundamental representation, identified VARs, tax rates, tax changes, bonds, bond, Fiscal Policies and Behavior of Economic Agents: General, Econometric Modeling,

News - or foresight - about future economic fundamentals can create rational expectations equilibria with non-fundamental representations that pose substantial challenges to econometric efforts to recover the struc...

Fiscal Policy and Economic Activity During Recessions in Advanced Economies1

Fiscal Policy and Economic Activity During Recessions in Advanced Economies1 »

Source: Fiscal Policy and Economic Activity During Recessions in Advanced Economies

Volume/Issue: 2002/87

Series: IMF Working Papers

Author(s): Axel Schimmelpfennig , Selma Mahfouz , and Richard Hemming

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2002

ISBN: 9781451851038

Keywords: fiscal response, economic activity, fiscal multipliers, recession, fiscal expansions, fiscal contractions, Studies of Particular Policy Episodes, Fiscal Policies and Behavior of Economic Agents: General,

Using data for advanced economies, this paper investigates whether factors identified in the theoretical and empirical literature explain the effectiveness of fiscal policy in responding to recessions. The results...

Fiscal Policy and Financial Markets

Fiscal Policy and Financial Markets »

Source: Fiscal Policy and Financial Markets

Volume/Issue: 2006/16

Series: IMF Working Papers

Author(s): Bernardin Akitoby , and Thomas Stratmann

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2006

ISBN: 9781451862768

Keywords: spreads, bond, bonds, fiscal adjustment, fiscal adjustments, Fiscal Policies and Behavior of Economic Agents: Other,

This paper introduces fiscal policy in a model of sovereign risk spreads ("spreads"). Using panel data from emerging market countries, we find that reductions in public expenditure are a more powerful tool for redu...

Government Debt

Government Debt »

Source: Government Debt : A Key Role in Financial Intermediation

Volume/Issue: 2005/57

Series: IMF Working Papers

Author(s): Michael Kumhof , and Evan Tanner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2005

ISBN: 9781451860764

Keywords: Optimal fiscal policy, distortionary taxation, bond, financial institutions, bond markets, financial markets, International Lending and Debt Problems,

The literature on optimal fiscal policy finds that highly volatile real returns on government debt, for example through surprise inflation, have very low costs. However, policymakers are almost always very apprehen...

How Can Fiscal Policy Help Avert Currency Crises?1

How Can Fiscal Policy Help Avert Currency Crises?1 »

Source: How Can Fiscal Policy Help Avert Currency Crises?

Volume/Issue: 2000/185

Series: IMF Working Papers

Author(s): George Kopits

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2000

ISBN: 9781451859409

Keywords: balance of payments crises, contingent liabilities, currency crisis, fiscal policy rules, fiscal adjustment

An overview of crisis episodes in emerging-market economies with a pegged exchange rate regime in the 1990s suggests that sizable explicit or implicit government deficits, or market perceptions of lack of fiscal su...

Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt?

Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt? »

Volume/Issue: 2010/168

Series: IMF Working Papers

Author(s): Anna Ilyina , Anastasia Guscina , and Herman Kamil

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2010

DOI: http://dx.doi.org/10.5089/9781455201792.001

ISBN: 9781455201792

Keywords: sovereign debt management, bonds, debt manager, hedging, currency debt, International Lending and Debt Problems, International Finance: Other, Fiscal Policies and Behavior of Economic Agents: General,

This paper explores the link between the cyclical patterns of macroeconomic and policy variables and the currency composition of domestic sovereign debt in emerging market countries. The empirical analysis is ancho...

Fiscal Foresight and Information Flows

Fiscal Foresight and Information Flows »

Volume/Issue: 2012/153

Series: IMF Working Papers

Author(s): Todd Walker , Eric Leeper , and Susan Yang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2012

DOI: http://dx.doi.org/10.5089/9781475504354.001

ISBN: 9781475504354

Keywords: news, anticipated taxes, non-fundamental representation, identified VARs, tax rates, tax changes, bonds, bond, Fiscal Policies and Behavior of Economic Agents: General, Econometric Modeling,

News - or foresight - about future economic fundamentals can create rational expectations equilibria with non-fundamental representations that pose substantial challenges to econometric efforts to recover the struc...

Fiscal Policy and Economic Activity During Recessions in Advanced Economies

Fiscal Policy and Economic Activity During Recessions in Advanced Economies »

Volume/Issue: 2002/87

Series: IMF Working Papers

Author(s): Axel Schimmelpfennig , Selma Mahfouz , and Richard Hemming

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2002

DOI: http://dx.doi.org/10.5089/9781451851038.001

ISBN: 9781451851038

Keywords: fiscal response, economic activity, fiscal multipliers, recession, fiscal expansions, fiscal contractions, Studies of Particular Policy Episodes, Fiscal Policies and Behavior of Economic Agents: General,

Using data for advanced economies, this paper investigates whether factors identified in the theoretical and empirical literature explain the effectiveness of fiscal policy in responding to recessions. The results...

Fiscal Policy and Financial Markets

Fiscal Policy and Financial Markets »

Volume/Issue: 2006/16

Series: IMF Working Papers

Author(s): Bernardin Akitoby , and Thomas Stratmann

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2006

DOI: http://dx.doi.org/10.5089/9781451862768.001

ISBN: 9781451862768

Keywords: spreads, bond, bonds, fiscal adjustment, fiscal adjustments, Fiscal Policies and Behavior of Economic Agents: Other,

This paper introduces fiscal policy in a model of sovereign risk spreads ("spreads"). Using panel data from emerging market countries, we find that reductions in public expenditure are a more powerful tool for redu...