Foreign exchange pressures in Latin America: does debt matter?

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Foreign exchange pressures in Latin America: does debt matter?

Author Info

Alex Mandilaras (University of Surrey, Guildford, UK)
Graham Bird (University of Surrey, Guildford, UK)

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Abstract

Latin American countries have been in the eye of economic and financial storms several times in recent years. Advice from the International Monetary Fund has consistently highlighted the need for sound fiscal policies and lower debt levels. But is public debt relevant? Following a brief discussion of the theoretical issues involved, this paper examines empirically the relationship between public indebtedness and pressures in the foreign exchange market. Alternative measures are used to capture the latter and the analysis controls for a de facto classification of exchange rate regimes. Estimations of static and dynamic panels for 28 Latin American and Caribbean (LAC) countries report substantial fiscal effects. Copyright © 2008 John Wiley & Sons, Ltd.

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Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

Volume (Year): 20 (2008)
Issue (Month): 5 ()
Pages: 613-627
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Handle: RePEc:wly:jintdv:v:20:y:2008:i:5:p:613-627

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Paper
- Graham Bird & Alex Mandilaras, 2007. "Foreign Exchange Pressures in Latin America: Does Debt Matter?," Department of Economics Discussion Papers 1307, Department of Economics, University of Surrey. [Downloadable!]

References listed on IDEAS
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Other versions:
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