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- W3183572767 abstract "In this paper, we demonstrate that the size of the fiscal multiplier depends both on currency mismatch and home bias. Our demonstration is based on a real two-country dynamic stochastic general equilibrium model with incomplete and imperfect international financial markets, external debt and financial frictions. We show that if home bias is high, the terms of trade improve following a fiscal stimulus. This reduces the private real debt burden denominated in foreign currency, decreases the external finance premium born by firms, and stimulates investment. Thus, the larger the proportion of firms' debt denominated in foreign currency is, the higher the fiscal multiplier. In contrast, the terms of trade deteriorate when home bias is low. This increases the real debt burden and the external finance premium. Hence, in this case, the fiscal multiplier decreases as the share of firms' debt denominated in foreign currency increases." @default.
- W3183572767 created "2021-08-02" @default.
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- W3183572767 date "2021-01-01" @default.
- W3183572767 modified "2023-09-26" @default.
- W3183572767 title "Public spending, currency mismatch and financial frictions" @default.
- W3183572767 doi "https://doi.org/10.2139/ssrn.3854724" @default.
- W3183572767 hasPublicationYear "2021" @default.
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