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Foreign Exchange Pressures in Latin America: Does Debt Matter?

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Author Info
Graham Bird (University of Surrey)
Alex Mandilaras (University of Surrey)

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Abstract

Latin American countries have been in the eye of economic and ¯nancial 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 classi¯cation of exchange rate regimes. Estimations of static and dynamic panels for 28 Latin American and Caribbean (LAC) countries report substantial fiscal effects.

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File URL: http://www.econ.surrey.ac.uk/discussion_papers/2007/DP13-07.pdf
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Publisher Info
Paper provided by Department of Economics, University of Surrey in its series Department of Economics Discussion Papers with number 1307.

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Length: 23 pages
Date of creation: 2007
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Publication status: Forthcoming in Journal of International Development
Handle: RePEc:sur:surrec:1307

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Related research
Keywords: currency crises public debt latin america

Find related papers by JEL classification:
F30 - International Economics - - International Finance - - - General

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