LEADER 00865nam a2200217 a 4500 001 991000783769707536 008 100701s1908 it 000 0 ita d 035 $ab1391098x-39ule_inst 040 $aDip.to Studi Giuridici$bita 082 0 $a344.45043 100 1 $aDe Gregorio, G.$0473240 245 10$aManuale per l'esecuzione delle operazioni ipotecarie /$cG. 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INTRODUCTION""; ""II. PREVIOUS LITERATURE""; ""III. ANALYTICAL FRAMEWORK""; ""IV. CONCLUSIONS AND POLICY IMPLICATIONS""; ""REFERENCES"" 330 3 $aThis paper introduces fiscal policy in a model of sovereign risk spreads ("spreads"). Using panel data from emerging market countries, we find that reductions in public expenditure are a more powerful tool for reducing spreads than increases in revenues. Specifically, cuts in current spending lower spreads by more than cuts in investment spending, and they also lower spreads by more than increases in revenue. We also show that debt-financed current spending increases sovereign risk by more than tax-financed current spending, suggesting that international investors have some preference for the latter. 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