Do Fixed Exchange Rates Induce More Fiscal Discipline?:
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| 490 | 0 | |a IMF Working Papers |v Working Paper No. 03/78 | |
| 520 | 3 | |a Conventional wisdom has held that a fixed exchange rate regime induces more fiscal discipline, but Tornell and Velasco (1995, 1998) argue the opposite. Using a dynamic model with fragmented fiscal policymaking, this paper evaluates the two arguments in a single framework and shows that (1) future punishment against fiscal laxity exists under both fixed and flexible regimes; (2) fiscal authorities have a greater incentive to spend more today under fixed rates than under flexible rates; (3) in the presence of both factors above, fixed rates will induce more fiscal discipline only if the future punishment is sufficiently stronger than under flexible rates; and (4) neither fixed nor flexible rates could resolve the structural distortions caused by fragmented policymaking, and fiscal centralization needs to be undertaken to strengthen fiscal discipline | |
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| illustrated | Not Illustrated |
| indexdate | 2024-12-20T19:42:21Z |
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| language | English |
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| physical | 1 Online-Ressource (31 p) |
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| publishDate | 2003 |
| publishDateSearch | 2003 |
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| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Working Papers |
| spellingShingle | Sun, Yan Do Fixed Exchange Rates Induce More Fiscal Discipline? |
| title | Do Fixed Exchange Rates Induce More Fiscal Discipline? |
| title_auth | Do Fixed Exchange Rates Induce More Fiscal Discipline? |
| title_exact_search | Do Fixed Exchange Rates Induce More Fiscal Discipline? |
| title_full | Do Fixed Exchange Rates Induce More Fiscal Discipline? Sun, Yan |
| title_fullStr | Do Fixed Exchange Rates Induce More Fiscal Discipline? Sun, Yan |
| title_full_unstemmed | Do Fixed Exchange Rates Induce More Fiscal Discipline? Sun, Yan |
| title_short | Do Fixed Exchange Rates Induce More Fiscal Discipline? |
| title_sort | do fixed exchange rates induce more fiscal discipline |
| url | http://elibrary.imf.org/view/IMF001/01801-9781451850123/01801-9781451850123/01801-9781451850123.xml |
| work_keys_str_mv | AT sunyan dofixedexchangeratesinducemorefiscaldiscipline |