Trade balance improves after fiscal devaluation, study finds
Bank of Portugal paper analyses fiscal devaluation in Spain and Portugal
Spain and Portugal's trade balance would improve after a temporary fiscal devaluation – tax reforms that mimic the effects of exchange rate devaluation – according to a working paper published by the Bank of Portugal last week.
In Fiscal devaluation in the euro area: a model-based analysis, Sandra Gomes, Pascal Jacquinot and Massimiliano Pisani analyse the short- and medium-run effects of a temporary fiscal devaluation on the trade balance, relative prices and economic activity for Spain and
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