Chapter 4: An integration of the real and the monetary economy
AbstractThe chapter develops a two-country Stock-Flow Consistent (SFC) model with open current and capital account, in which one country has foreign debt denominated both in domestic and external currency. Several simulations are performed in order to obtain insights about the interaction and interdependence of distribution, savings and financial constraints of developing countries when faced with external debt accumulation in a foreign currency, as well as a more generally valid picture of fiscal performance, domestic savings, current account imbalances and financial flows.
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