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| Author: | Canzoneri, M. B. Cumby, R. E. Diba, B. T. |
| Title: | Fiscal discipline and exchange rate systems |
| Journal: | Economic Journal
2001 : OCT, VOL. 111:474, p. 667-690 |
| Index terms: | EXCHANGE RATES FISCAL POLICY MONETARY INTEGRATION PRICE DETERMINATION |
| Language: | eng |
| Abstract: | A new "fiscal" theory of price determination has implications for exchange rate systems and common currency areas. The authors show that deeper monetary integration requires the discipline of a Ricardian regime; that is, the government must guarantee fiscal solvency for any sequence of prices or exchange rates. |
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