Byrne, Joseph P.; Fiess, Norbert; MacDonald, Ronald - In: Journal of Macroeconomics 33 (2011) 2, pp. 137-150
This paper provides a new perspective of fiscal sustainability and financial globalization in emerging and industrial … countries. We highlight the importance of global capital market shocks for fiscal sustainability, a relationship which has … also demonstrate that this acts as a constraint on emerging market economies' fiscal policy. …