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Fiscal Discipline and Exchange Rates : : Does Politics Matter? / / João Tovar Jalles, Carlos Mulas-Granados, José Tavares



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Autore: Jalles João Tovar Visualizza persona
Titolo: Fiscal Discipline and Exchange Rates : : Does Politics Matter? / / João Tovar Jalles, Carlos Mulas-Granados, José Tavares Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2016
Descrizione fisica: 1 online resource (30 pages) : illustrations, tables
Disciplina: 332.45
Soggetto topico: Foreign exchange rates - Political aspects
Foreign Exchange
Public Finance
Structure, Scope, and Performance of Government
National Deficit Surplus
Debt
Debt Management
Sovereign Debt
Currency
Foreign exchange
Public finance & taxation
Exchange rate arrangements
Conventional peg
Government asset and liability management
Exchange rate flexibility
Exchange rates
Public financial management (PFM)
Finance, Public
Soggetto geografico: Austria
Altri autori: Mulas-GranadosCarlos  
TavaresJosé  
Nota di bibliografia: Includes bibliographical references.
Sommario/riassunto: We look at the effect of exchange rate regimes on fiscal discipline, taking into account the effect of underlying political conditions. We present a model where strong politics (defined as policymakers facing longer political horizon and higher cohesion) are associated with better fiscal performance, but fixed exchange rates may revert this result and lead to less fiscal discipline. We confirm these hypotheses through regression analysis performed on a panel sample covering 79 countries from 1975 to 2012. Our empirical results also show that the positive effect of strong politics on fiscal discipline is not enough to counter the negative impact of being at/moving to fixed exchange rates. Finally, we use the synthetic control method to illustrate how the transition from flexible to fully fixed exchange rate under the Euro impacted negatively fiscal discipline in European countries. Our results are robust to a number of important sensitivity checks, including different estimators, alternative proxies for fiscal discipline, and sub-sample analysis.
Titolo autorizzato: Fiscal Discipline and Exchange Rates  Visualizza cluster
ISBN: 1-4755-5578-4
1-4755-5583-0
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910155013103321
Lo trovi qui: Univ. Federico II
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Serie: IMF Working Papers; Working Paper ; ; No. 2016/230