Fiscal discipline and exchange rate regimes : evidence from the Caribbean / prepared by Rupa Duttagupta and Guillermo Tolosa.
This paper assesses the nature of fiscal discipline under alternative exchange rate regimes. First, it shows in a simple theoretical framework that fiscal agencies under a currency union with a fixed exchange rate can have the largest incentive to overspend or "free-ride" (compared to thos...
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| Format: | eBook |
| Language: | English |
| Published: |
[Washington, D.C.] :
International Monetary Fund, Western Hemisphere Dept.,
2006.
|
| Series: | IMF working paper (Online) ;
WP/06/119. |
| Subjects: |
MARC
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| 100 | 1 | |a Duttagupta, Rupa, |e author. | |
| 245 | 1 | 0 | |a Fiscal discipline and exchange rate regimes : |b evidence from the Caribbean / |c prepared by Rupa Duttagupta and Guillermo Tolosa. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, Western Hemisphere Dept., |c 2006. | ||
| 300 | |a 1 online resource (35 pages) | ||
| 336 | |a text |b txt |2 rdacontent. | ||
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| 490 | 1 | |a IMF working paper ; |v WP/06/119. | |
| 504 | |a Includes bibliographical references. | ||
| 520 | |a This paper assesses the nature of fiscal discipline under alternative exchange rate regimes. First, it shows in a simple theoretical framework that fiscal agencies under a currency union with a fixed exchange rate can have the largest incentive to overspend or "free-ride" (compared to those under other exchange rate regimes) owing to their ability to spread the costs of overspending in terms of the inflation tax across both time-given the fixed exchange rate-and space-given the currency union. In contrast, such free-riding behavior does not arise under flexible regimes owing to the immediate inflationary impact of spending. Next, empirically, it shows that fiscal stances in countries with fixed pegs and currency unions regime demonstrate greater free-riding behavior than countries with more flexible regimes in 15 Caribbean countries during 1983-2004. | ||
| 588 | 0 | |a Print version record. | |
| 650 | 0 | |a Fiscal policy |z Caribbean Area |x Econometric models. | |
| 650 | 0 | |a Foreign exchange rates |z Caribbean Area |x Econometric models. | |
| 650 | 7 | |a Fiscal policy |x Econometric models. |2 fast |0 (OCoLC)fst00925810. | |
| 650 | 7 | |a Foreign exchange rates |x Econometric models. |2 fast |0 (OCoLC)fst00931818. | |
| 651 | 7 | |a Caribbean Area. |2 fast |0 (OCoLC)fst01244080. | |
| 700 | 1 | |a Tolosa, Guillermo, |e author. | |
| 710 | 2 | |a International Monetary Fund. |b Western Hemisphere Department. | |
| 776 | 0 | 8 | |i Print version: |a Duttagupta, Rupa. |t Fiscal discipline and exchange rate regimes. |d [Washington, D.C.] : International Monetary Fund, Western Hemisphere Dept., 2006 |w (OCoLC)71618179. |
| 830 | 0 | |a IMF working paper (Online) ; |v WP/06/119. | |
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