This paper studies the volatility of fiscal policy in a large sample of countries with a focus on emerging markets and developing economies and commodity exporters over 1990-2021. The findings show that fiscal policy has been more volatile in emerging markets and developing economies than in...

This paper studies the volatility of fiscal policy in a large sample of countries with a focus on emerging markets and developing economies and commodity exporters over 1990-2021. The findings show that fiscal policy has been more volatile in emerging markets and developing economies than in...

This paper assesses the role of sovereign risk in explaining macroeconomic fluctuations in Turkey. We estimate two versions of a simple New Keynesian small open economy model on quarterly data for the period 1994Q3-2008Q2: A basic version and a version augmented by a default premium on...

This paper assesses the role of sovereign risk in explaining macroeconomic fluctuations in Turkey. We estimate two versions of a simple New Keynesian small open economy model on quarterly data for the period 1994Q3-2008Q2: A basic version and a version augmented by a default premium on...

Purpose: This paper aims to investigate the nonlinear impacts of the fiscal balance on interest rates, exchange rates and in inflation in emerging economies, based on the model of sovereign risk premium.Methodology: The paper applies asymmetric cointegration modeling in a nonlinear...

This paper analyses how fiscal policy affects monetary policy in emerging economies. First, it conducts a test for fiscal dominance, and finds that the evidence points clearly to a regime of fiscal dominance in the case of Argentina and Brazil during the 1990s and early 2000s, while for the...