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- Title
DÉFICIT PÚBLICO E INESTABILIDAD DE LOS TIPOS DE CAMBIO.
- Authors
Rodríguez, M. <sup>a</sup> Araceli
- Abstract
This paper focuses on the relevance of budget deficits on monetary instability, just at a moment when commitment to the SGP could mean problems for some European economies. Our framework is the time when the Spanish peseta belonged to EMS. First, we use a Markov Switching Model to try to identify the different speculative periods which the peseta underwent. Then, we show the significance of budget deficit on the instability of this currency through a model with time varying transition probabilities.
- Subjects
SPAIN; BUDGET deficits; MARKOV processes; DEFICIT financing; PESETA
- Publication
Revista de Economía Aplicada, 2007, Vol 15, Issue 45, p41
- ISSN
1133-455X
- Publication type
Article