Impact du fardeau virtuel de la dette sur le taux de change réel d'équilibre des pays en développement
AbstractThe main objective of this paper is to study the relationship between external public debt and equilibrium real exchange rate in developing countries. Using a extension of Obstfeld & Rogoff (1995) model we show that debt overhang tend to appreciate real exchange rate in the long run (Krugman (1979), Sargent & Wallace (1989)). The relationship between debt overhang and real exchange rate is obtaining with endogeneity of economic growth.
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Bibliographic InfoPaper provided by EconWPA in its series Macroeconomics with number 0501014.
Length: 27 pages
Date of creation: 09 Jan 2005
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Note: Type of Document - pdf; pages: 27
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Public debt; debt overhang; real exchange rate; new open macro economics ; growth;
Find related papers by JEL classification:
- F31 - International Economics - - International Finance - - - Foreign Exchange
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
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