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Inflation and Sovereign Default

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Author Info
Turalay Kenc (International Monetary Fund)
William Perraudin (International Monetary Fund)
Paolo Vitale (International Monetary Fund)

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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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File URL: http://www.imf.org/External/Pubs/FT/staffp/2001/01/pdf/kenc.pdf
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Publisher Info
Article provided by Palgrave Macmillan Journals 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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Keywords:

Find related papers by JEL classification:
E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization
F34 - International Economics - - International Finance - - - International Lending and Debt Problems
H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management

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This page was last updated on 2009-12-26.

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