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dc.rights.licensehttps://creativecommons.org/licenses/by-sa/2.5/ar/es_AR
dc.contributor.authorLevy Yeyati, Eduardoes_AR
dc.contributor.authorSturzenegger, Federicoes_AR
dc.date.accessioned2024-10-02T19:58:42Z
dc.date.available2024-10-02T19:58:42Z
dc.date.issued2021-03
dc.identifier.urihttps://repositorio.utdt.edu/handle/20.500.13098/13083
dc.description.abstractRecent empirical research on emerging markets debt, currency crises and fiscal sustainability has placed a significant focus on the role of currency mismatches with the emphasis placed on the currency composition of explicit government liabilities . The key insight of this paper is that these liabilities, while relevant, usually represent a small share of actual government liabilities: indeed, as an indicator of fiscal solvency, they are relatively uninformative –and possibly misleading– if not matched with the remaining liabilities (promises of wage and pension payments among others) and the asset side of the government’s balance sheet: financial and real government assets as well as the present value of future tax collection. These non-debt liabilities and assets may be affected by changes in the real exchange rate in a way that dwarfs the effect on the explicit liabilities which are typically the focus of attention. With this in mind, this paper contributes proposes a balance-sheet approach that, as illustrated by the practical applications included here, may radically alter the results from traditional sustainability evaluations –and, more generally, the perception of a country’s fiscal vulnerability.es_AR
dc.format.extent37 p.es_AR
dc.format.mediumapplication/pdfes_AR
dc.languageenges_AR
dc.publisherUniversidad Torcuato Di Tellaes_AR
dc.publisherEscuela de Gobiernoes_AR
dc.relation.ispartofDocumento de Trabajo. Universidad Torcuato Di Tella. Escuela de Gobiernoes_AR
dc.rightsinfo:eu-repo/semantics/openAccesses_AR
dc.subjectMacroeconomicses_AR
dc.subjectMacroeconomíaes_AR
dc.subjectPolítica Fiscales_AR
dc.subjectFiscal policyes_AR
dc.subjectSovereign Debtes_AR
dc.subjectDeuda Públicaes_AR
dc.titleA Balance-Sheet Approach to Fiscal Sustainabilityes_AR
dc.typeinfo:eu-repo/semantics/workingPaperes_AR
dc.subject.keywordFiscal sustainabilityes_AR
dc.subject.keywordCurrency mismatcheses_AR
dc.type.versioninfo:eu-repo/semantics/publishedVersiones_AR


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  • 2021
    Durante este año se publicaron veintiun Documentos de Trabajo (falta Documento de Trabajo n° 13)

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