2015-04-132015-04-132015-04-132015-04-13https://repositorio.banrep.gov.co/handle/20.500.12134/6168We argue that international lenders take into account that taxes (or subsidies) affect borrowers’income available for debt repayments. Using an endowment-economy model, we show that by incorporating this fact into the analysis of …financial crises from thPDFspaOpen AccessMacroprudential vs. ex-post policy interventions : when domestic taxes are relevant for international lendersWorking PaperF34 - International Lending and Debt ProblemsH23 - Externalities; Redistributive Effects; Environmental Taxes and SubsidiesD62 - ExternalitiesF41 - Open Economy MacroeconomicsFinancial crisisCredit constraintCapital controlsMacroprudential taxExchange rate policyImpuestosCrisis financieraTipos de cambioAcceso abiertoAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0H23 - Externalidades; Efectos redistributivos; Impuestos y subvenciones medioambientalesD62 - ExternalidadesF41 - Macroeconomía de la economía abiertaF34 - Préstamos internacionales y problemas relacionados con la deuda externaLas 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.https://hdl.handle.net/20.500.12134/6168