05002oam 22013694 450 991095740490332120250426110459.0978661284160697814623265321462326536978145275210514527521099781451870671145187067197812828416041282841602(CKB)3170000000055103(EBL)1608010(SSID)ssj0000943001(PQKBManifestationID)11479819(PQKBTitleCode)TC0000943001(PQKBWorkID)10994191(PQKB)10183898(OCoLC)874176308(MiAaPQ)EBC1608010(IMF)WPIEE2008209(IMF)WPIEA2008209WPIEA2008209(EXLCZ)99317000000005510320020129d2008 uf 0engur|n|---|||||txtccrOriginal Sin and Procylical Fiscal Policy : Two Sides of the Same Coin? /Gustavo Adler1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (29 p.)IMF Working PapersIMF working paper ;WP/08/209Description based upon print version of record.9781451915204 1451915209 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 properties of fiscal policy would improve.IMF Working Papers; Working Paper ;No. 2008/209Fiscal policyEconometric modelsBusiness cyclesEconometric modelsFinancial crisesEconometric modelsConsumptionimfCurrenciesimfDebt ManagementimfDebtimfDebts, PublicimfEconomicsimfExpenditureimfExpenditures, PublicimfFiscal PolicyimfFiscal policyimfGovernment and the Monetary SystemimfMacroeconomicsimfMacroeconomics: ConsumptionimfMonetary economicsimfMonetary SystemsimfMoney and Monetary PolicyimfMoneyimfNational Government Expenditures and Related Policies: GeneralimfPayment SystemsimfPrivate consumptionimfPublic debtimfPublic finance & taxationimfPublic FinanceimfRegimesimfSavingimfSovereign DebtimfStandardsimfWealthimfFiscal policyEconometric models.Business cyclesEconometric models.Financial crisesEconometric models.ConsumptionCurrenciesDebt ManagementDebtDebts, PublicEconomicsExpenditureExpenditures, PublicFiscal PolicyFiscal policyGovernment and the Monetary SystemMacroeconomicsMacroeconomics: ConsumptionMonetary economicsMonetary SystemsMoney and Monetary PolicyMoneyNational Government Expenditures and Related Policies: GeneralPayment SystemsPrivate consumptionPublic debtPublic finance & taxationPublic FinanceRegimesSavingSovereign DebtStandardsWealth336.3015195Adler Gustavo1614878DcWaIMFBOOK9910957404903321Original Sin and Procylical Fiscal Policy4372402UNINA