Aizenman, Joshua; Jinjarak, Yothin - Economics Department, University of California-Santa … - 2011
This paper studies the cross-country variation of the fiscal stimulus and the exchange rate adjustmentpropagated by the … trade openness was associated with a smaller fiscal stimulus and ahigher depreciation rate during the crisis. Overall, the … that greater de facto fiscal space prior to the global crisis and lowertrade openness were associated with a higher fiscal …