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Inflation and Sovereign Default

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  • Turalay Kenc

    (International Monetary Fund)

  • William Perraudin

    (International Monetary Fund)

  • Paolo Vitale

    (International Monetary Fund)

Abstract

Recent research has highlighted the role that the government budget constraint plays in determining the consumer price level. According to the fiscal approach to price determination, prices adjust so that the discounted value of future real government primary surpluses equals the current real value of public debt. An important implication is that the probability of a crisis involving default on public debt may directly affect consumer prices. This paper examines the interaction of prices and sovereign insolvency crises using simple, continuous-time models of the government budget constraint. Copyright 2001, International Monetary Fund

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal IMF Staff Papers.

Volume (Year): 47 (2001)
Issue (Month): 3 ()
Pages: 4

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Handle: RePEc:pal:imfstp:v:47:y:2001:i:3:p:4

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Cited by:
  1. António Afonso, 2002. "Disturbing the fiscal theory of the price level: Can it fit the eu-15?," 10th International Conference on Panel Data, Berlin, July 5-6, 2002 B4-3, International Conferences on Panel Data.

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