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economic parameters of developing countries are reviewed; I) the terms of trade, 2) the growth of world markets, 3) the cost …, including aid, 5) the world rate of inflation and 6) the exchange rates between the currencies of the major industrial countries … policy quite difterent from what they are in most of the industrial world …
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economic parameters of developing countries are reviewed; I) the terms of trade, 2) the growth of world markets, 3) the cost …, including aid, 5) the world rate of inflation and 6) the exchange rates between the currencies of the major industrial countries … policy quite difterent from what they are in most of the industrial world …
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The Fiscal Theory of the Price Level (FTPL) rejects the fundamental 'Ricardian' proposition, that the government budget constraint must hold identically, that is for all admissible values of the variables entering the budget constraint. Accordingly, if the government is to meet its contractual...
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There have been attempts to resurrect the fiscal theory of the price revel (FTPL). The original FTPL rests on a fundamental compounded fallacy: confusing the intertemporal budget constraint (IBC) of the State, holding with equality and with sovereign bonds priced at their contractual values,...
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