Bellido, Waldo Mendoza; Catalán, Pedro Herrera - Departamento de Economía, Pontificia Universidad … - 2004
of the debt influences private expenditure, a devaluation, under a fixed exchange rate regime, or under an expanding … monetary policy in a regimen of flexible exchange rate, can increase the real exchange rate, elevate the real load of the debt … and, if this effect is more important than the Marshall-Lerner effect, the devaluation or the expansive monetary policy …