Arbeitspapier
Sudden stops, sovereign risk, and fiscal rules
This paper studies the effect of implementing fiscal rules on sovereign default risk and on the probability of large capital ow reversals for a large sample of countries including both developed and emerging market economies. Results indicate that fiscal rules are beneficial for macroeconomic stability, as they significantly reduce both sovereign risk perception and the probability of a sudden stop in countries that implement them. These results, which are robust to various empirical specifications, have important policy implications specially for countries that have relaxed their fiscal rules in response to the Covid-19 pandemic.
- Sprache
-
Englisch
- Erschienen in
-
Series: IDB Working Paper Series ; No. IDB-WP-1207
- Klassifikation
-
Wirtschaft
Multiple or Simultaneous Equation Models: Panel Data Models; Spatio-temporal Models
International Lending and Debt Problems
International Financial Markets
- Thema
-
fiscal rules
sovereign default risk
sudden stops
dynamic heterogeneous panel data models
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Gómez González, José Eduardo
Valencia, Oscar M.
Sánchez, Gustavo A.
- Ereignis
-
Veröffentlichung
- (wer)
-
Inter-American Development Bank (IDB)
- (wo)
-
Washington, DC
- (wann)
-
2021
- DOI
-
doi:10.18235/0003146
- Handle
- Letzte Aktualisierung
- 10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Gómez González, José Eduardo
- Valencia, Oscar M.
- Sánchez, Gustavo A.
- Inter-American Development Bank (IDB)
Entstanden
- 2021
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