LEADER 05002oam 22013694 450 001 9910957404903321 005 20250426110459.0 010 $a9786612841606 010 $a9781462326532 010 $a1462326536 010 $a9781452752105 010 $a1452752109 010 $a9781451870671 010 $a1451870671 010 $a9781282841604 010 $a1282841602 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(IMF)WPIEA2008209 035 $aWPIEA2008209 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 205 $a1st ed. 210 1$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 $aDescription based upon print version of record. 311 08$a9781451915204 311 08$a1451915209 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 $aConsumption$2imf 606 $aCurrencies$2imf 606 $aDebt Management$2imf 606 $aDebt$2imf 606 $aDebts, Public$2imf 606 $aEconomics$2imf 606 $aExpenditure$2imf 606 $aExpenditures, Public$2imf 606 $aFiscal Policy$2imf 606 $aFiscal policy$2imf 606 $aGovernment and the Monetary System$2imf 606 $aMacroeconomics$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aMonetary economics$2imf 606 $aMonetary Systems$2imf 606 $aMoney and Monetary Policy$2imf 606 $aMoney$2imf 606 $aNational Government Expenditures and Related Policies: General$2imf 606 $aPayment Systems$2imf 606 $aPrivate consumption$2imf 606 $aPublic debt$2imf 606 $aPublic finance & taxation$2imf 606 $aPublic Finance$2imf 606 $aRegimes$2imf 606 $aSaving$2imf 606 $aSovereign Debt$2imf 606 $aStandards$2imf 606 $aWealth$2imf 615 0$aFiscal policy$xEconometric models. 615 0$aBusiness cycles$xEconometric models. 615 0$aFinancial crises$xEconometric models. 615 7$aConsumption 615 7$aCurrencies 615 7$aDebt Management 615 7$aDebt 615 7$aDebts, Public 615 7$aEconomics 615 7$aExpenditure 615 7$aExpenditures, Public 615 7$aFiscal Policy 615 7$aFiscal policy 615 7$aGovernment and the Monetary System 615 7$aMacroeconomics 615 7$aMacroeconomics: Consumption 615 7$aMonetary economics 615 7$aMonetary Systems 615 7$aMoney and Monetary Policy 615 7$aMoney 615 7$aNational Government Expenditures and Related Policies: General 615 7$aPayment Systems 615 7$aPrivate consumption 615 7$aPublic debt 615 7$aPublic finance & taxation 615 7$aPublic Finance 615 7$aRegimes 615 7$aSaving 615 7$aSovereign Debt 615 7$aStandards 615 7$aWealth 676 $a336.3015195 700 $aAdler$b Gustavo$01614878 801 0$bDcWaIMF 906 $aBOOK 912 $a9910957404903321 996 $aOriginal Sin and Procylical Fiscal Policy$94372402 997 $aUNINA