Case report
Oct 2026
Monetary Policy under Fiscal Risk
Fiscal stance and sovereign credibility shape monetary policy transmission even outside fiscal dominance. Using a panel of advanced and emerging economies since the mid-1990s, we show that sovereign-risk regimes differ less by headline debt than by borrowing costs, debt composition, and interest burdens. Elevated sover...
Mauricio Villamizar-Villegas, O. M. Valencia-Arana, Andrés Felipe Prado et al.
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