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Interest rate corridors
Refining the fiscal variables
Interpretation of the INFL term
7 other sections not shown
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alternative specification assuming Belgian-German interest rate C0MP*TIME central rate Chart coefficient turns conclusions confidence interval credit risk component currency-denominated debt current inflation differential debt differential DEBTDOM DEBTFOR deutsche mark devaluation different from zero estimation results European Monetary System exchange rate adjustment exchange rate credibility exchange rate movements exchange rate policy exchange rate risk expected exchange rate expected inflation explanatory variables fiscal imbalances fiscal variables future exchange rate future inflation differentials horizon hypothesis impact indicators of credit INFL coefficient INFL term INFL*TIME inflationary expectations INFLPR interest rate corridor interest rate differentials interest rate parity interpretation long-run coefficients long-run exchange rate long-term interest rate monetary authorities partial adjustment percent percentage point period under discussion peso problem predictor of future previous section rate corridor analysis REAL realignments regarding relative competitiveness relevant significantly simple interest rate sovereign credit risk statistically significant test of exchange U.S. dollar vis-a-vis the deutsche withholding taxes