Macroeconomics of public sector deficits : the case of Chile (English)

The authors analyze the structure of public deficits in Chile, distinguishing between consolidated nonfinancial public deficits and quasifiscal losses of the Central Bank - focusing on the determinants and sustainability of the deficits. In the framework of an estimated portfolio model, they simulate the path of domestic inflation and interest rates for money-financed and debt-financed deficits. Then they trace the effects of deficits, and their form...
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Citation

Schmidt-Hebbel,Klaus; Marshall, Jorge.

Macroeconomics of public sector deficits : the case of Chile (English). Policy, Research, and External Affairs working papers ; no. WPS 696. Macroeconomic adjustment and growth Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/353351468743110488

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