Political Economy of Sovereign Debt: A Theory of Cycles of Populism and Austerity
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We study optimal fiscal and redistributive policies in an open economy without commitment. Due to its redistributive motives, the governments incentive to default on its external debt is affected by inequality. We show that in equilibrium the economy endogenously fluctuates between two regimes. In
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美国国家经济研究局创建时间：
2016-02-01
