| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25996 |
| 来源ID | Working Paper 25996 |
| Inflation and Exchange Rate Targeting Challenges Under Fiscal Dominance | |
| Rashad Ahmed; Joshua Aizenman; Yothin Jinjarak | |
| 发表日期 | 2019-06-24 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Countries have significantly increased their public-sector borrowing since the Global Financial Crisis. As a consequence, monetary authorities may face pressure to deviate from their policy targets in ways designed to ease the debt burden. In this context, we test for greater fiscal dominance over 2000-2017 under Inflation Targeting (IT) and non-IT regimes. We find that evidence consistent with fiscal dominance varies across countries and debt configurations. Higher ratios of public debt-to-GDP may appear associated with lower policy interest rates in advanced economies. However, a declining natural rate of interest largely explains the pattern of lower rates and higher debt in these countries. The most robust evidence of fiscal dominance lies among emerging markets under non-IT regimes, composed mostly of exchange rate targeters. For these countries, policy interest rates are non-linearly associated with public debt levels, depending on both the level of hard-currency public debt-to-GDP and the currency composition of public debt. We also show that emerging market economies with greater exchange rate volatility, inflation volatility, and underlying commodity exposure exhibit stronger associations between public debt and policy interest rates. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w25996 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583670 |
| 推荐引用方式 GB/T 7714 | Rashad Ahmed,Joshua Aizenman,Yothin Jinjarak. Inflation and Exchange Rate Targeting Challenges Under Fiscal Dominance. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25996.pdf（1079KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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