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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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Book ChapterDOI
Emerging Economies: Muddling Through to Development
TL;DR: A comprehensive survey of the literature on emerging economies can be found in this article under the following sub-headings: (1) Underdeveloped institutions, (2) Unclear and inconsistent policies, (3) Inadequate governance, (4) Disjointed infrastructure, (5) Limited funding options (6) Inhibiting culture, (7) Personalized networks, (8) Ill-funded and ambivalent education system, and (9) Reluctant internationalization.
Journal ArticleDOI
On the political determinants of sovereign risk: Evidence from a Markov-switching vector autoregressive model for Argentina
TL;DR: In this paper, a Markov-switching vector autoregressive model is applied to data from the Republic of Argentina to assess the timing and thresholds of the dynamic system, and results show the significance of political factors in explaining sovereign risk for Argentina.
Journal ArticleDOI
Redistributive fiscal policies and business cycles in emerging economies
Amanda M. Michaud,Jacek Rothert +1 more
TL;DR: The authors found that government expenditures are procyclical in emerging markets and counter-cyclical by contrast to developed economies, and that social transfer policies can account for about half of the larger cyclical volatility of consumption relative to output in emerging economies compared to developed.
Dealing with the dutch disease : fiscal rules and macro-prudential policies
TL;DR: In this paper, the authors evaluate from a welfare perspective three policy alternatives for dealing with Dutch disease problems originating from cyclical movements in commodity prices: fiscal rules for government expenditures, capital controls, and taxes on domestic lending.
Online appendix to "distributional incentives in an equilibrium model of domestic sovereign default"
TL;DR: This article presented a deterministic version of their model without default risk and log preferences, and extended this simplification model to incorporate aggregate risk, and derived analytically the equilibrium price function for this model and its determinants.
References
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Journal ArticleDOI
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.
Journal ArticleDOI
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.
Journal ArticleDOI
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.
Posted Content
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.