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What is Twin Deficits and Inflation Dynamics Analysis about?

The paper analyzes the dynamics of government deficits and foreign debt in a small open economy using a Mundell-Fleming-Tobin framework, focusing on inflation dynamics through a Phillips curve approach. It explores the stability of twin deficits or surpluses under different monetary and exchange rate regimes, particularly interest and exchange rate pegs versus flexible exchange rates. The findings indicate that stable adjustment processes occur only under restrictive assumptions, with various instability re

Author

Lâm Duyên

Language

EN