The fiscal consequences of deflation : evidence from the golden age of globalization
We study the fiscal consequences of deflation on a panel of 17 economies in the first wave of globalization, between 1870 and 1914. By means of impulse response analyses and panel regressions, we find that a 1 percent fall in the price level leads to an increase in the public debt ratio of about 0.2...
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| Format: | workingPaper |
| Language: | eng |
| Published: |
2016
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| Online Access: | http://hdl.handle.net/10400.5/12305 |
| Country: | Portugal |
| Oai: | oai:www.repository.utl.pt:10400.5/12305 |