Financing fiscal deficits. Intertemporal approach under different exchange rate regimes

Autores
Descalzi, Ricardo L.; Neder, Ángel Enrique
Año de publicación
2017
Idioma
inglés
Tipo de recurso
documento de conferencia
Estado
versión publicada
Descripción
Fil: Descalzi, Ricardo L. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas; Argentina.
Fil: Neder, Ángel Enrique. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas; Argentina.
Financing fiscal deficits implies different effects on economic variables, particularly depending on the instrument used to fund those deficits. If these economic measures do not generate impacts on welfare, they would not be of concern. But, undoubtedly, they do provoke them. And, in the special case of Argentina, the main concern is focused on the impacts of inflation, which can deteriorate the real income of families and, consequently, their welfare. Additionally, the impacts would be different considering the exchange rate regime that is being applied. Using a cash-in-advance model (which consists on holdings of foreign exchange in advance) for a small open economy with seigniorage and following McCandless (2008) and Descalzi and Neder (2015 and 2016), we found a long run relationship between inflation, money issuing, nominal exchange rate and fiscal deficit, meaning that inflation, nominal exchange rate and the government imbalances are driven by the same trend. In this paper, we emphasize the impacts using different exchange rate regimes (fixed and flexible exchange rate).
Fil: Descalzi, Ricardo L. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas; Argentina.
Fil: Neder, Ángel Enrique. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas; Argentina.
Economía, Econometría
Materia
Seigniorage
Fiscal deficit
Real exchange rate
Interest rate
Nivel de accesibilidad
acceso abierto
Condiciones de uso
Repositorio
Repositorio Digital Universitario (UNC)
Institución
Universidad Nacional de Córdoba
OAI Identificador
oai:rdu.unc.edu.ar:11086/18870
Acceder
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oai_identifier_str oai:rdu.unc.edu.ar:11086/18870
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repository_id_str 2572
network_name_str Repositorio Digital Universitario (UNC)
spelling Financing fiscal deficits. Intertemporal approach under different exchange rate regimesDescalzi, Ricardo L.Neder, Ángel EnriqueSeigniorageFiscal deficitReal exchange rateInterest rateFil: Descalzi, Ricardo L. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas; Argentina.Fil: Neder, Ángel Enrique. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas; Argentina.Financing fiscal deficits implies different effects on economic variables, particularly depending on the instrument used to fund those deficits. If these economic measures do not generate impacts on welfare, they would not be of concern. But, undoubtedly, they do provoke them. And, in the special case of Argentina, the main concern is focused on the impacts of inflation, which can deteriorate the real income of families and, consequently, their welfare. Additionally, the impacts would be different considering the exchange rate regime that is being applied. Using a cash-in-advance model (which consists on holdings of foreign exchange in advance) for a small open economy with seigniorage and following McCandless (2008) and Descalzi and Neder (2015 and 2016), we found a long run relationship between inflation, money issuing, nominal exchange rate and fiscal deficit, meaning that inflation, nominal exchange rate and the government imbalances are driven by the same trend. In this paper, we emphasize the impacts using different exchange rate regimes (fixed and flexible exchange rate).Fil: Descalzi, Ricardo L. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas; Argentina.Fil: Neder, Ángel Enrique. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas; Argentina.Economía, Econometría2017-11info:eu-repo/semantics/conferenceObjectinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_5794info:ar-repo/semantics/documentoDeConferenciaapplication/pdfhttp://hdl.handle.net/11086/18870enghttp://www.bcu.gub.uy/Comunicaciones/Paginas/JAE-2017.aspxinfo:eu-repo/semantics/openAccessreponame:Repositorio Digital Universitario (UNC)instname:Universidad Nacional de Córdobainstacron:UNC2025-10-23T11:17:36Zoai:rdu.unc.edu.ar:11086/18870Institucionalhttps://rdu.unc.edu.ar/Universidad públicaNo correspondehttp://rdu.unc.edu.ar/oai/snrdoca.unc@gmail.comArgentinaNo correspondeNo correspondeNo correspondeopendoar:25722025-10-23 11:17:36.986Repositorio Digital Universitario (UNC) - Universidad Nacional de Córdobafalse
dc.title.none.fl_str_mv Financing fiscal deficits. Intertemporal approach under different exchange rate regimes
title Financing fiscal deficits. Intertemporal approach under different exchange rate regimes
spellingShingle Financing fiscal deficits. Intertemporal approach under different exchange rate regimes
Descalzi, Ricardo L.
Seigniorage
Fiscal deficit
Real exchange rate
Interest rate
title_short Financing fiscal deficits. Intertemporal approach under different exchange rate regimes
title_full Financing fiscal deficits. Intertemporal approach under different exchange rate regimes
title_fullStr Financing fiscal deficits. Intertemporal approach under different exchange rate regimes
title_full_unstemmed Financing fiscal deficits. Intertemporal approach under different exchange rate regimes
title_sort Financing fiscal deficits. Intertemporal approach under different exchange rate regimes
dc.creator.none.fl_str_mv Descalzi, Ricardo L.
Neder, Ángel Enrique
author Descalzi, Ricardo L.
author_facet Descalzi, Ricardo L.
Neder, Ángel Enrique
author_role author
author2 Neder, Ángel Enrique
author2_role author
dc.subject.none.fl_str_mv Seigniorage
Fiscal deficit
Real exchange rate
Interest rate
topic Seigniorage
Fiscal deficit
Real exchange rate
Interest rate
dc.description.none.fl_txt_mv Fil: Descalzi, Ricardo L. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas; Argentina.
Fil: Neder, Ángel Enrique. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas; Argentina.
Financing fiscal deficits implies different effects on economic variables, particularly depending on the instrument used to fund those deficits. If these economic measures do not generate impacts on welfare, they would not be of concern. But, undoubtedly, they do provoke them. And, in the special case of Argentina, the main concern is focused on the impacts of inflation, which can deteriorate the real income of families and, consequently, their welfare. Additionally, the impacts would be different considering the exchange rate regime that is being applied. Using a cash-in-advance model (which consists on holdings of foreign exchange in advance) for a small open economy with seigniorage and following McCandless (2008) and Descalzi and Neder (2015 and 2016), we found a long run relationship between inflation, money issuing, nominal exchange rate and fiscal deficit, meaning that inflation, nominal exchange rate and the government imbalances are driven by the same trend. In this paper, we emphasize the impacts using different exchange rate regimes (fixed and flexible exchange rate).
Fil: Descalzi, Ricardo L. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas; Argentina.
Fil: Neder, Ángel Enrique. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas; Argentina.
Economía, Econometría
description Fil: Descalzi, Ricardo L. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas; Argentina.
publishDate 2017
dc.date.none.fl_str_mv 2017-11
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url http://hdl.handle.net/11086/18870
dc.language.none.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv http://www.bcu.gub.uy/Comunicaciones/Paginas/JAE-2017.aspx
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