Financial crises, debt volatility and optimal taxes

Citation data:

BANCO DE LA REPÚBLICA, BORRADORES DE ECONOMIA, No: 012027

Publication Year:
2014
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Repository URL:
http://repositorio.banrep.gov.co/handle/20.500.12134/6126
RePec URLs:
http://ideas.repec.org/p/col/000094/012027.html; https://ideas.repec.org/p/bdr/borrec/839.html
Author(s):
Parra-Polanía, Julián Andrés; Vargas-Riaño, Carmiña Ofelia
Publisher(s):
Banco de la República
Tags:
H21 - Efficiency; Optimal Taxation; F41 - Open Economy Macroeconomics; F34 - International Lending and Debt Problems; Financial crisis; Capital controls; Debt shocks; Optimal tax; Deuda externa; Deuda externa -- Volatilidad; Crisis financiera; Impuestos; H21 - Eficiencia; Imposición óptima; F34 - Préstamos internacionales y problemas relacionados con la deuda externa; F41 - Macroeconomía de la economía abierta; Financial crisis, capital controls, debt shocks, optimal tax.
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paper description
We study financial crises in a small open production economy subject to credit constraint and uncertainty on the value of debt repayments. We find that the possibility of reducing the severity of future crises encourages the central planner (CP) to increa