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Available from: Hakan Berument, Aug 10, 2015
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    ABSTRACT: Economics In this paper, we collect detailed information on the budget institutions of Latin American countries. We classify these institutions on a "hierarchical"/"collegial" scale, as a function of the existence of constraints on the deficit, and voting rules. We show that "hierarchical" and transparent procedures have been associated with more fiscal discipline in Latin America in the 1980s and early 1990s.
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    ABSTRACT: This paper examines the links between fiscal policy, capital inflows and the real exchange rate in Turkey since the late 1980s. The first part provides an overview of recent macroeconomic developments in Turkey. The second part estimates a vector autoregression model linking government spending, interest rate differentials, capital inflows, and the temporary component of the real exchange rate — estimated using three alternative techniques. Positive shocks to government spending and capital inflows lead to a real appreciation, whereas positive shocks to the uncovered interest rate differential lead to a capital inflow and an appreciation of the real exchange rate. Our findings highlight the role of fiscal adjustment for restoring macroeconomic stability in Turkey.
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    ABSTRACT: The role of debt maturity is analyzed in a framework that blends tax smoothing with time inconsistency of optimal policy when policymakers have an incentive to use unanticipated inflation to reduce the real value of nominal government liabilities. Three conclusions emerge: (1) nominal debt leads policymakers to resort to inflation even though, in equilibrium, inflation collects no revenue; (2) when under full precommitment the optimal policy calls for complete tax smoothing and a constant debt level, the equilibrium policy without precommitment calls for anticipating tax collection and early debt repayment; and (3) management of debt maturity is an essential component of the equilibrium policy. Copyright 1992 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
    International Economic Review 02/1992; 33(4):895-919. DOI:10.2307/2527149 · 1.56 Impact Factor
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