02829nam 2200637 450 991046359680332120170821160711.01-4623-2653-61-4527-5210-91-4518-7067-11-282-84160-29786612841606(CKB)3170000000055103(EBL)1608010(SSID)ssj0000943001(PQKBManifestationID)11479819(PQKBTitleCode)TC0000943001(PQKBWorkID)10994191(PQKB)10183898(OCoLC)874176308(MiAaPQ)EBC1608010(EXLCZ)99317000000005510320140225h20082008 uy 0engur|n|---|||||txtccrOriginal sin and procylical fiscal policy two sides of the same coin? /Gustavo Adler[Washington, District of Columbia] :International Monetary Fund,2008.©20081 online resource (29 p.)IMF Working PapersIMF working paper ;WP/08/209Description based upon print version of record.1-4519-1520-9 Includes bibliographical references.Contents; 1. Introduction; 2. Model; 2.1 Households; 2.2 Firms; 2.3 Government; 2.4 Equilibrium Path; 3. The Ramsey Problem; 3.1 The Commitment Case; 3.2 No Commitment; 4. A Stationary Economy; 5. A Temporary Shock; 6. Concluding Remarks; Table; 1; Appendix; A; ReferencesThe paper develops a simple model of sovereign debt where default both through direct repudiation and through inflation are possible and give rise to (endogenous) constraints on the currency composition and the level of public debt. This set up allows to show that procyclicality of fiscal policy in EMEs can arise as a by-product of the ""original sin"" and both can be explained by the presence of weak monetary institutions which cannot commit to price stability. The paper suggests that, as monetary institutions in EMEs strengthen, the ""original sin"" would fade away and the cyclical propertieIMF Working PapersFiscal policyEconometric modelsBusiness cyclesEconometric modelsFinancial crisesEconometric modelsElectronic books.Fiscal policyEconometric models.Business cyclesEconometric models.Financial crisesEconometric models.336.3015195Adler Gustavo1974-866245MiAaPQMiAaPQMiAaPQBOOK9910463596803321Original sin and procylical fiscal policy2118014UNINA