La disciplina fiscal y la elección de régimen cambiario
(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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National Bureau of Economic Research, Inc.
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