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Abstract

(Disponible en idioma inglés únicamente) La opinión convencional es que los tipos de cambio fijos permiten una mayor disciplina fiscal que los tipos flexibles, pero las experiencias recientes en Europa, la experiencia de los países subsaharianos en los años 80 y los antecedentes de los intentos de estabilización en América Latina suscitan dudas sobre esta opinión. Para analizar este acertijo presentamos un modelo intertemporal estándar con perfecta movilidad del capital y flexibilidad de precios, en el que la política fiscal es determinada de manera endógena por una autoridad fiscal maximizadora.

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Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4005.

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Date of creation: Sep 1994
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Handle: RePEc:idb:wpaper:4005

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1. Stefania Bazzoni & Karim A. Nashashibi, 1993. "Alternative Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa," IMF Working Papers 93/68, International Monetary Fund.
2. Svensson, Lars E. O., 1994. "Fixed exchange rates as a means to price stability: What have we learned?," European Economic Review, Elsevier, vol. 38(3-4), pages 447-468, April.
   
   • Svensson, Lars E O, 1994. "Fixed Exchange Rates as a Means to Price Stability: What Have We Learned?," CEPR Discussion Papers 872, C.E.P.R. Discussion Papers.
   • Svensson, L.E.O., 1993. "Fixed Exchange Rates As a Means to Price Stability: What Have we Learned?," Papers 553, Stockholm - International Economic Studies.
   • Lars E.O. Svensson, 1994. "Fixed Exchange Rates as a Means to Price Stability: What Have We Learned," NBER Working Papers 4504, National Bureau of Economic Research, Inc.
3. Giavazzi, Francesco & Pagano, Marco, 1988. "The advantage of tying one's hands : EMS discipline and Central Bank credibility," European Economic Review, Elsevier, vol. 32(5), pages 1055-1075, June.
   
   • Francesco Giavazzi & Marco Pagano, 1991. "The Advantage of Tying One's Hands: EMS Discipline and Central Bank Credibility," NBER Chapters, in: International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics, pages 303-330 National Bureau of Economic Research, Inc.
   • Giavazzi, Francesco & Pagano, Marco, 1986. "The Advantages of Tying One's Hands: EMS Discipline and Central Bank Credibility," CEPR Discussion Papers 135, C.E.P.R. Discussion Papers.
4. Devarajan, Shantayanan & Rodrik, Dani, 1991. "Do the benefits of fixed exchange rates outweigh their costs? The Franc Zone in Africa," Policy Research Working Paper Series 777, The World Bank.
   
   • Shantayanan Devarajan & Dani Rodrik, 1991. "Do the Benefits of Fixed Exchange Rates Outweigh Their Costs? The Franc Zone in Africa," NBER Working Papers 3727, National Bureau of Economic Research, Inc.
5. Kiguel, Miguel A. & Liviatan, Nissan, 1992. "Stopping three big inflations (Argentina, Brazil, and Peru)," Policy Research Working Paper Series 999, The World Bank.
6. Paul R. Masson & Morris Goldstein & Jacob A. Frenkel, 1991. "Characteristics of a Successful Exchange Rate System," IMF Occasional Papers 82, International Monetary Fund.
7. Peter Montiel & Bijan B. Aghevli & Mohsin S. Khan, 1991. "Exchange Rate Policy in Developing Countries: Some Analytical Issues," IMF Occasional Papers 78, International Monetary Fund.

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