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- W2108806318 abstract "Maturity and currency denomination of public debt are crucial determinants of macroeconomic dynamics in an open economy. The focus of this paper is on dynamics in reaction to a shock that increases the real value of debt relative to government’s primary surpluses. In response to such a shock, the rate of price level inflation and exchange rate devaluation depend on denomination of debt, whereas their timing – on nominal debt’s maturity. The adjustment to a fiscal imbalance can take the form of a real appreciation and a current account deficit if the exchange rate parity is kept temporarily fixed, followed by a real depreciation and a current account surplus coincident with devaluation. Our analysis suggests a broader view of: (1) fiscal consequences of inflation and devaluation, (2) macroeconomic effects of fiscal shocks, and (3) interations between fiscal and monetary policy, relative to standards in the open-economy literature." @default.
- W2108806318 created "2016-06-24" @default.
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- W2108806318 date "2005-01-01" @default.
- W2108806318 modified "2023-09-23" @default.
- W2108806318 title "A fiscal perspective on currency crises and the 'original sin' ∗" @default.
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- W2108806318 doi "https://doi.org/10.7208/9780226194578-005" @default.
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