Verfügbarkeit: Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt?

Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt?:

This paper explores the link between the cyclical patterns of macroeconomic and policy variables and the currency composition of domestic sovereign debt in emerging market countries. The empirical analysis is anchored in an equilibrium model, in which the dollarization of sovereign debt arises as a...

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1. Verfasser:	Ilyina, Anna (VerfasserIn)
Format:	Elektronisch E-Book
Sprache:	English
Veröffentlicht:	Washington, D.C International Monetary Fund 2010
Schriftenreihe:	IMF Working Papers Working Paper No. 10/168
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Zusammenfassung:	This paper explores the link between the cyclical patterns of macroeconomic and policy variables and the currency composition of domestic sovereign debt in emerging market countries. The empirical analysis is anchored in an equilibrium model, in which the dollarization of sovereign debt arises as a result of the optimal portfolio choices by risk-averse investors, and of a sovereign debt manager who takes fiscal policy as given. The model predicts that in countries where the exchange rate is countercyclical (i.e., the exchange rate depreciates during recessions), a more procyclical fiscal policy (i.e., expansionary in good times and contractionary in bad times) would lead, on average, to a more dollarized domestic sovereign debt. The empirical analysis using the Jeanne-Guscina EM Debt database (2006) on the currency structure of the central government debt in 22 emerging market countries over 1980 - 2005, supports these predictions
Beschreibung:	1 Online-Ressource (41 p)
ISBN:	1455201790 9781455201792

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spelling	Ilyina, Anna Verfasser aut Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt? Ilyina, Anna Washington, D.C International Monetary Fund 2010 1 Online-Ressource (41 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 10/168 This paper explores the link between the cyclical patterns of macroeconomic and policy variables and the currency composition of domestic sovereign debt in emerging market countries. The empirical analysis is anchored in an equilibrium model, in which the dollarization of sovereign debt arises as a result of the optimal portfolio choices by risk-averse investors, and of a sovereign debt manager who takes fiscal policy as given. The model predicts that in countries where the exchange rate is countercyclical (i.e., the exchange rate depreciates during recessions), a more procyclical fiscal policy (i.e., expansionary in good times and contractionary in bad times) would lead, on average, to a more dollarized domestic sovereign debt. The empirical analysis using the Jeanne-Guscina EM Debt database (2006) on the currency structure of the central government debt in 22 emerging market countries over 1980 - 2005, supports these predictions Online-Ausg Guscina, Anastasia Sonstige oth Kamil, Herman Sonstige oth http://elibrary.imf.org/view/IMF001/11146-9781455201792/11146-9781455201792/11146-9781455201792.xml Verlag URL des Erstveröffentlichers Volltext
spellingShingle	Ilyina, Anna Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt?
title	Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt?
title_auth	Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt?
title_exact_search	Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt?
title_exact_search_txtP	Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt?
title_full	Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt? Ilyina, Anna
title_fullStr	Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt? Ilyina, Anna
title_full_unstemmed	Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt? Ilyina, Anna
title_short	Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt?
title_sort	does procyclical fiscal policy reinforce incentives to dollarize sovereign debt
url	http://elibrary.imf.org/view/IMF001/11146-9781455201792/11146-9781455201792/11146-9781455201792.xml
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