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Public Finance under Political Instability and Debt Conditionality Author info | Abstract | Publisher info | Download info | Related research | Statistics Frank Bohn ()
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This paper presents an intertemporal political economy model of sustainable public finance relevant for many developing or transition countries: instability is inherent to the political structure and foreign debt is a crucial source of government revenue. The main results are: First, political instability causes myopic government behaviour as it induces higher debt levels, but it does not lead to an increase in inflation taxation as in Cukierman, et al. (1992). Second, debt conditionality aiming at monetary stability is particularly effective in heterogeneous societies with unstable governments. Third, it is shown that IMF policies requiring debtor countries to achieve both monetary and fiscal stability are suboptimal.
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Paper provided by University of Essex, Department of Economics in its series Economics Discussion Papers with number
540.
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Date of creation: 10 Jun 2002Date of revision:
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Devereux, Michael B. & Wen, Jean-Francois, 1998.
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Other versions:
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NBER Working Papers
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[Downloadable!] Cukierman, Alex & Edwards, Sebastian & Tabellini, Guido, 1992.
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Other versions:
Thomas J. Sargent, 1976.
"The demand for money during hyperinflations under rational expectations: II ,"
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"Monetary Policy, Delegation and Polarisation ,"
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Other versions: Aghion, P. & Bolton, P., 1990.
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Svensson, Jakob, 1998.
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[Downloadable!] (restricted)
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Frank Bohn, 2004.
"The Trade-off between Monetary and Fiscal Solidity - International Lenders and Political Instability ,"
Working Papers
200408, School Of Economics, University College Dublin.
[Downloadable!]
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