Fiscal Discipline and Exchange Rate Regimes: Evidence From the Caribbean
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"" (comp...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2006
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 06/119 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | 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 |
| Beschreibung: | 1 Online-Ressource (37 p) |
| ISBN: | 1451863799 9781451863796 |
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| index_date | 2024-07-03T20:13:22Z |
| indexdate | 2024-07-10T09:35:30Z |
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| spelling | Duttagupta, Rupa Verfasser aut Fiscal Discipline and Exchange Rate Regimes Evidence From the Caribbean Duttagupta, Rupa Washington, D.C International Monetary Fund 2006 1 Online-Ressource (37 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 06/119 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 Online-Ausg Tolosa, Guillermo Sonstige oth http://elibrary.imf.org/view/IMF001/02480-9781451863796/02480-9781451863796/02480-9781451863796.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Duttagupta, Rupa Fiscal Discipline and Exchange Rate Regimes Evidence From the Caribbean |
| title | Fiscal Discipline and Exchange Rate Regimes Evidence From the Caribbean |
| title_auth | Fiscal Discipline and Exchange Rate Regimes Evidence From the Caribbean |
| title_exact_search | Fiscal Discipline and Exchange Rate Regimes Evidence From the Caribbean |
| title_exact_search_txtP | Fiscal Discipline and Exchange Rate Regimes Evidence From the Caribbean |
| title_full | Fiscal Discipline and Exchange Rate Regimes Evidence From the Caribbean Duttagupta, Rupa |
| title_fullStr | Fiscal Discipline and Exchange Rate Regimes Evidence From the Caribbean Duttagupta, Rupa |
| title_full_unstemmed | Fiscal Discipline and Exchange Rate Regimes Evidence From the Caribbean Duttagupta, Rupa |
| title_short | Fiscal Discipline and Exchange Rate Regimes |
| title_sort | fiscal discipline and exchange rate regimes evidence from the caribbean |
| title_sub | Evidence From the Caribbean |
| url | http://elibrary.imf.org/view/IMF001/02480-9781451863796/02480-9781451863796/02480-9781451863796.xml |
| work_keys_str_mv | AT duttaguptarupa fiscaldisciplineandexchangerateregimesevidencefromthecaribbean AT tolosaguillermo fiscaldisciplineandexchangerateregimesevidencefromthecaribbean |