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The document discusses the prevalence of procyclical fiscal policies in emerging markets, as highlighted by Kaminsky, Reinhart, and Végh (KRV), and contrasts this with the expected countercyclical behavior suggested by classical economic theory. It examines the reasons behind this phenomenon, suggesting that differences in macroeconomic shocks, rather than policy choices, may be the primary cause of procyclicality. The author emphasizes the need for further analysis to understand the relationship between fi
- Author
- Tsolmon Tsomo
- Language
- EN