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Code and data files for "Fiscal Policy and Default Risk in Emerging Markets"
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In this article, all Matlab and C++ programs necessary to produce the results of the article were described and a spreadsheet with Mexican data was also provided, along with a spreadsheet containing Mexican data.Abstract:
All Matlab and C++ programs necessary to produce the results of the article. There is also a Excel spreadsheet with Mexican data.read more
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Assessing activist fiscal policy in advanced and emerging market economies using real-time data
TL;DR: In this article, the authors examined the impact of the global financial crisis on discretionary fiscal policy in advanced and emerging economies using real-time data analysis for a broad set of countries that include 23 advanced and 30 emerging market economies.
Dissertation
Essays in International Finance and Macroeconomics
TL;DR: In this article, the authors study the implications of the rise of local currency sovereign borrowing in emerging markets and study the causal effect of increases in sovereign default risk on firms' performance.
Posted Content
External Conditions and Debt Sustainability in Latin America
Gustavo Adler,Sebastian Sosa +1 more
TL;DR: A simple framework that integrates econometric estimates of the effect of global factors on key domestic variables that determine public and external debt dynamics, with the IMF's standard debt sustainability framework was developed by as discussed by the authors.
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Persistent Unemployment, Sovereign Debt Crises, and the Impact of Haircuts
TL;DR: In this paper, the authors developed a dynamic stochastic model of sovereign debt with long-term debt, endogenous haircuts and skill loss during unemployment to study optimal fiscal policy in sovereign debt crises and found that with higher intensity of the skill loss, ex ante, the government issues less debt and the procyclicality of fiscal policy declines.
References
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On the Determination of the Public Debt
TL;DR: In this paper, a public debt theory is constructed in which the Ricardian invariance theorem is valid as a first-order proposition but where the dependence excess burden on the timing of taxation implies an optimal time path of debt issue.
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Debt with Potential Repudiation: Theoretical and Empirical Analysis
Jonathan Eaton,Mark Gersovitz +1 more
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The Voracity Effect
Aaron Tornell,Philip R. Lane +1 more
TL;DR: In this paper, the authors analyze an economy that lacks a strong legal-political institutional infrastructure and is populated by multiple powerful groups, and they show that a dilution in the concentration of power leads to faster growth and a less procyclical response to shocks.
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The risk-free rate in heterogeneous-agent incomplete-insurance economies
TL;DR: In this paper, the authors construct an economy where agents experience uninsurable idiosyncratic endowment shocks and smooth consumption by holding a risk-free asset, and calibrate the economy and characterize equilibria computationally.
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Business Cycles in Emerging Economies:The Role of Interest Rates
TL;DR: In this paper, the empirical relation between the interest rates that emerging economies face in international capital markets and their business cycles was investigated, showing that interest rate shocks alone can explain 50% of output fluctuations and can generate business cycle patterns consistent with the regularities described above and with the major booms and recessions in Argentina in the last two decades.