IMF paper on indebted monetary authorities
The paper examines two main aspects of the interaction between fiscal and monetary policy in emerging-market economies.
First, it explores the interest rate-inflation relationship in economies with different levels of external and domestic public debt. The results show that interest rate-inflation elasticity weakens with debt/GDP and external debt/GDP.
Second, it utilizes high-frequency data from Brazil, Turkey, and Poland to examine how market-determined variables react to economic news. The
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