Fiscal Policy and Default Risk in Emerging Markets

Juan Sanchez, Horacio Sapriza and Gabriel Cuadra

No 701, 2009 Meeting Papers from Society for Economic Dynamics

Abstract: is characterized by countercyclical default risk. In this paper we develop a quantitative dynamic stochastic small open economy model with incomplete markets,endogenous fiscal policy and sovereign and private sector default where public expenditures and tax rates are optimally procyclical. The model also accounts for the dynamics of other key macroeconomic variables in emerging economies.

Date: 2009
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Related works:
Journal Article: Fiscal Policy and Default Risk in Emerging Markets (2010)
Working Paper: Fiscal policy and default risk in emerging markets (2009)
Working Paper: Fiscal Policy and Default Risk in Emerging Markets (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed009:701

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