出版社：Center for European, Governance and Economic Development
摘要：In this paper, it is shown that, contrary to standard arguments, fiscal
discipline is not substantially enhanced by a fixed exchange rate regime.
This study is based on data from 116 countries collected from 1975 to 2004
and uses various estimation techniques for dynamic panel data, in partic-
ular a GMM estimation in the tradition of Arellano and Bover (1995), and
Blundell and Bond (1998). Contrary to previous papers on this topic, the
present paper takes into account that the consequences of a new exchange
rate regime do not necessarily fully manifest immediately.
