| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP87 |
| DP87 Fiscal Deficits, Exchange Rate Crises and Inflation | |
| Sweder van Wijnbergen | |
| 发表日期 | 1985-12-01 |
| 出版年 | 1985 |
| 语种 | 英语 |
| 摘要 | The analysis focuses on the government budget constraint and the resolution of inconsistent implications of different policy instruments under that constraint. We show how, under floating exchange rates, external shocks or internal structural reforms may cause jumps in inflation and the exchange rate through their impact on the government budget. In order to achieve a sustainable reduction in inflation an exchange rate freeze or crawling peg is shown to require restrictions not only on domestic credit, but also on the rate of increase in interest-bearing public debt. We endogenize regime collapse by introducing rational speculation against the central bank, and show that if an exchange rate freeze collapses, post-collapse inflation will exceed the rate prevailing before the freeze started. |
| 主题 | International Trade and Regional Economics |
| 关键词 | Crawling peg inflation Exchange rates freeze Government budget constraint |
| URL | https://cepr.org/publications/dp87 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529243 |
| 推荐引用方式 GB/T 7714 | Sweder van Wijnbergen. DP87 Fiscal Deficits, Exchange Rate Crises and Inflation. 1985. |
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