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Macroprudential vs. ex-post policy interventions : when domestic taxes are relevant for international lenders

Julián Andrés
Parra-Polanía
Carmiña Ofelia
Vargas-Riaño
Miércoles, 1 Abril 2015

We argue that international lenders take into account that taxes (or subsidies) affect borrowers’income available for debt repayments. Using an endowment-economy model, we show that by incorporating this fact into the analysis of …financial crises from th