Relevance of the fiscal-policy setup in the analysis of macroprudential and ex-post financial crisis interventions

Parra-Polanía, Julián Andrés; Vargas-Riaño, Carmiña Ofelia

Relevance of the fiscal-policy setup in the analysis of macroprudential and ex-post financial crisis interventions

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Borradores de Economía; No. 945

Date published

2016-06-07

Date

2016-06-07

Authors

Parra-Polanía, Julián Andrés
Vargas-Riaño, Carmiña Ofelia

Document language

spa

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Las opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.

The opinions contained in this document are the sole responsibility of the author and do not commit Banco de la República or its Board of Directors.

Abstract

In a previous paper (Parra-Polania and Vargas, 2015) we modify the ?nancial constraint of a very standard model to incorporate the fact that international lenders take into account that taxes (or subsidies) a¤ect borrowers?income available for debt repaym