Financial Conditions And Fiscal Performance In Emerging Markets
Abstract"Various effects of rising integration of emerging markets into the global capital markets have been studied, yet not its potentially significant fiscal implications. This article argues that larger external financing implies a rising pass-through from external financial conditions to public finances. It contributes to the literature on financial globalization as well as to the one on measuring fiscal performance. It suggests a framework for analyzing the effects of external financial conditions on fiscal performance and applies it in two case studies to 40 emerging markets. The results suggest that ignoring financial conditions can entail misleading assessments of underlying fiscal performance. "("JEL "F3, H5, H6) Copyright (c) 2008 Western Economic Association International.
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Bibliographic InfoArticle provided by Western Economic Association International in its journal Contemporary Economic Policy.
Volume (Year): 27 (2009)
Issue (Month): 1 (01)
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Find related papers by JEL classification:
- F3 - International Economics - - International Finance
- H5 - Public Economics - - National Government Expenditures and Related Policies
- H6 - Public Economics - - National Budget, Deficit, and Debt
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- Kumar, Manmohan S. & Okimoto, Tatsuyoshi, 2011. "Dynamics of international integration of government securities' markets," Journal of Banking & Finance, Elsevier, vol. 35(1), pages 142-154, January.
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