LEADER 04783oam 22012734 450 001 9910788230903321 005 20230721045648.0 010 $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(IMF)WPIEE2008209 035 $a(EXLCZ)993170000000055103 100 $a20020129d2008 uf 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$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 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 3 $aThe paper develops a simple model of sovereign debt where default both through direct repudiation and through inflation are possible and give rise to (endogenous) constraints on the currency composition and the level of public debt. This set up allows to show that procyclicality of fiscal policy in EMEs can arise as a by-product of the "original sin" and both can be explained by the presence of weak monetary institutions which cannot commit to price stability. The paper suggests that, as monetary institutions in EMEs strengthen, the "original sin" would fade away and the cyclical properties of fiscal policy would improve. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/209 606 $aFiscal policy$xEconometric models 606 $aBusiness cycles$xEconometric models 606 $aFinancial crises$xEconometric models 606 $aMacroeconomics$2imf 606 $aMoney and Monetary Policy$2imf 606 $aPublic Finance$2imf 606 $aNational Government Expenditures and Related Policies: General$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aFiscal Policy$2imf 606 $aMonetary Systems$2imf 606 $aStandards$2imf 606 $aRegimes$2imf 606 $aGovernment and the Monetary System$2imf 606 $aPayment Systems$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aSaving$2imf 606 $aWealth$2imf 606 $aPublic finance & taxation$2imf 606 $aMonetary economics$2imf 606 $aExpenditure$2imf 606 $aPublic debt$2imf 606 $aFiscal policy$2imf 606 $aCurrencies$2imf 606 $aPrivate consumption$2imf 606 $aExpenditures, Public$2imf 606 $aDebts, Public$2imf 606 $aMoney$2imf 606 $aConsumption$2imf 606 $aEconomics$2imf 615 0$aFiscal policy$xEconometric models. 615 0$aBusiness cycles$xEconometric models. 615 0$aFinancial crises$xEconometric models. 615 7$aMacroeconomics 615 7$aMoney and Monetary Policy 615 7$aPublic Finance 615 7$aNational Government Expenditures and Related Policies: General 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aFiscal Policy 615 7$aMonetary Systems 615 7$aStandards 615 7$aRegimes 615 7$aGovernment and the Monetary System 615 7$aPayment Systems 615 7$aMacroeconomics: Consumption 615 7$aSaving 615 7$aWealth 615 7$aPublic finance & taxation 615 7$aMonetary economics 615 7$aExpenditure 615 7$aPublic debt 615 7$aFiscal policy 615 7$aCurrencies 615 7$aPrivate consumption 615 7$aExpenditures, Public 615 7$aDebts, Public 615 7$aMoney 615 7$aConsumption 615 7$aEconomics 676 $a336.3015195 700 $aAdler$b Gustavo$01474661 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788230903321 996 $aOriginal Sin and Procylical Fiscal Policy$93704138 997 $aUNINA