How Long to Read Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt?

How Long Does it Take to Read Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt??

It takes the average reader and 43 minutes to read Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt? by Ms.Anna Ilyina

Assuming a reading speed of 250 words per minute. Learn more

Description

This paper explores the link between the cyclical patterns of macroeconomic and policy variables and the currency composition of domestic sovereign debt in emerging market countries. The empirical analysis is anchored in an equilibrium model, in which the dollarization of sovereign debt arises as a result of the optimal portfolio choices by risk-averse investors, and of a sovereign debt manager who takes fiscal policy as given. The model predicts that in countries where the exchange rate is countercyclical (i.e., the exchange rate depreciates during recessions), a more procyclical fiscal policy (i.e., expansionary in good times and contractionary in bad times) would lead, on average, to a more dollarized domestic sovereign debt. The empirical analysis using the Jeanne-Guscina EM Debt database (2006) on the currency structure of the central government debt in 22 emerging market countries over 1980 - 2005, supports these predictions.

How long is Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt??

Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt? by Ms.Anna Ilyina is 43 pages long, and a total of 10,879 words.

This makes it 15% the length of the average book. It also has 13% more words than the average book.

How Long Does it Take to Read Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt? Aloud?

The average oral reading speed is 183 words per minute. This means it takes and 59 minutes to read Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt? aloud.

What Reading Level is Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt??

Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt? is suitable for students ages 8 and up.

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