LEADER 02829nam 2200637 450 001 9910463596803321 005 20170821160711.0 010 $a1-4623-2653-6 010 $a1-4527-5210-9 010 $a1-4518-7067-1 010 $a1-282-84160-2 010 $a9786612841606 035 $a(CKB)3170000000055103 035 $a(EBL)1608010 035 $a(SSID)ssj0000943001 035 $a(PQKBManifestationID)11479819 035 $a(PQKBTitleCode)TC0000943001 035 $a(PQKBWorkID)10994191 035 $a(PQKB)10183898 035 $a(OCoLC)874176308 035 $a(MiAaPQ)EBC1608010 035 $a(EXLCZ)993170000000055103 100 $a20140225h20082008 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aOriginal sin and procylical fiscal policy $etwo sides of the same coin? /$fGustavo Adler 210 1$a[Washington, District of Columbia] :$cInternational Monetary Fund,$d2008. 210 4$dİ2008 215 $a1 online resource (29 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/209 300 $aDescription based upon print version of record. 311 $a1-4519-1520-9 320 $aIncludes bibliographical references. 327 $aContents; 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; References 330 $aThe paper develops a simple model of sovereign debt where default both through direct repudiation and through inflation are possible and give rise to (endogenous) constraints on the currency composition and the level of public debt. This set up allows to show that procyclicality of fiscal policy in EMEs can arise as a by-product of the ""original sin"" and both can be explained by the presence of weak monetary institutions which cannot commit to price stability. The paper suggests that, as monetary institutions in EMEs strengthen, the ""original sin"" would fade away and the cyclical propertie 410 0$aIMF Working Papers 606 $aFiscal policy$xEconometric models 606 $aBusiness cycles$xEconometric models 606 $aFinancial crises$xEconometric models 608 $aElectronic books. 615 0$aFiscal policy$xEconometric models. 615 0$aBusiness cycles$xEconometric models. 615 0$aFinancial crises$xEconometric models. 676 $a336.3015195 700 $aAdler$b Gustavo$f1974-$0866245 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910463596803321 996 $aOriginal sin and procylical fiscal policy$92118014 997 $aUNINA