Borradores de Economia
Number:
879
Published:
Classification JEL:
H23, D62, F34, F41
Keywords:
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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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