haku: @author Velasco, A. / yhteensä: 10
viite: 6 / 10
| Tekijä: | Tornell, A. Velasco, A. |
| Otsikko: | Fiscal discipline and the choice of a nominal anchor in stabilization |
| Lehti: | Journal of International Economics
1998 : OCT, VOL. 46:1, 1-30 |
| Asiasana: | INTERNATIONAL ECONOMICS STABILIZATION |
| Kieli: | eng |
| Tiivistelmä: | The conventional wisdom is that exchange rate-based stabilizations induce more fiscal discipline than money-based programs. The Latin American experience does not support this view. Among the major stabilization programs implemented since 1960, the mean increase in the primary balance-to-GDP ratio was 3.2 percentage points under money-based programs, as opposed to only 0.2 percentage points under exchange rate-based programs. The authors present a model that replicates that stylized fact. |
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