Fiscal dominance, shocks, and the currency distribution of sovereign debt: the case of a small open economy

Fil: Di Iorio, Juan Pablo. Universidad de San Andrés. Departamento de Economía; Argentina.

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Autor principal: Di Iorio, Juan Pablo
Otros Autores: García Cicco, Javier
Formato: Tesis Tesis de maestría updatedVersion
Lenguaje:Inglés
Publicado: Universidad de San Andrés. Departamento de Economía 2025
Acceso en línea:https://repositorio.udesa.edu.ar/handle/10908/25651
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Repositorio Digital - Universidad de San Andrés (UdeSa) de Universidad de San Andrés
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spelling I37-R143-10908-256512025-09-06T03:00:58Z Fiscal dominance, shocks, and the currency distribution of sovereign debt: the case of a small open economy Di Iorio, Juan Pablo García Cicco, Javier Fil: Di Iorio, Juan Pablo. Universidad de San Andrés. Departamento de Economía; Argentina. This study examines the effects of incorporating fiscal dominance, based on the Fiscal Theory of the Price Level, into a New Keynesian Small Open Economy (NK-SOE) model. This framework enables a comparison between the responses of an economy characterized by fiscal dominance and those of canonical NK-SOE models when faced with monetary or external shocks. Notable differences emerge in nominal variables, such as inflation rates and nominal devaluation, as well as in household consumption and the real exchange rate. Furthermore, the model is expanded to account for government debt issued in foreign currency, introducing a fiscal channel related to the currency composition of the government’s debt. Additionally, the structure of taxes and government expenditures—particularly fiscal revenues tied to the non-tradable sector—plays a significant role in shaping the economic response when the government issues debt in foreign currency. 2025-09-05T16:09:27Z 2025-09-05T16:09:27Z 2025-08 Tesis info:eu-repo/semantics/masterThesis info:ar-repo/semantics/tesis de maestría info:eu-repo/semantics/updatedVersion https://repositorio.udesa.edu.ar/handle/10908/25651 eng info:eu-repo/semantics/openAccess https://creativecommons.org/licenses/by-nc-nd/4.0/ application/pdf application/pdf Universidad de San Andrés. Departamento de Economía
institution Universidad de San Andrés
institution_str I-37
repository_str R-143
collection Repositorio Digital - Universidad de San Andrés (UdeSa)
language Inglés
description Fil: Di Iorio, Juan Pablo. Universidad de San Andrés. Departamento de Economía; Argentina.
author2 García Cicco, Javier
author_facet García Cicco, Javier
Di Iorio, Juan Pablo
format Tesis
Tesis de maestría
Tesis de maestría
updatedVersion
author Di Iorio, Juan Pablo
spellingShingle Di Iorio, Juan Pablo
Fiscal dominance, shocks, and the currency distribution of sovereign debt: the case of a small open economy
author_sort Di Iorio, Juan Pablo
title Fiscal dominance, shocks, and the currency distribution of sovereign debt: the case of a small open economy
title_short Fiscal dominance, shocks, and the currency distribution of sovereign debt: the case of a small open economy
title_full Fiscal dominance, shocks, and the currency distribution of sovereign debt: the case of a small open economy
title_fullStr Fiscal dominance, shocks, and the currency distribution of sovereign debt: the case of a small open economy
title_full_unstemmed Fiscal dominance, shocks, and the currency distribution of sovereign debt: the case of a small open economy
title_sort fiscal dominance, shocks, and the currency distribution of sovereign debt: the case of a small open economy
publisher Universidad de San Andrés. Departamento de Economía
publishDate 2025
url https://repositorio.udesa.edu.ar/handle/10908/25651
work_keys_str_mv AT diioriojuanpablo fiscaldominanceshocksandthecurrencydistributionofsovereigndebtthecaseofasmallopeneconomy
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