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IS-LM-BP in the Pampas

Luis Cespedes, Roberto Chang and Andres Velasco

No 9337, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Emerging markets (sometimes endowed with fertile pampas) have limited access to world capital markets and suffer from original sin: they cannot borrow in their own currency. Does this mean that monetary and exchange rate policy has non-standard effects in such countries? We develop a simple IS-LM-BP model with balance sheet effects to study that question. Our answer: it all depends.

JEL-codes: E0 F0 (search for similar items in EconPapers)
Date: 2002-11
New Economics Papers: this item is included in nep-net
Note: IFM
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Citations: View citations in EconPapers (37)

Published as Luis Felipe Céspedes & Roberto Chang & Andrés Velasco, 2003. "IS-LM-BP in the Pampas," IMF Staff Papers, vol 50(S1), pages 143-156.

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