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Growth, External Debt and the Real Exchange Rate

Can external restraints and internal balances be reconciled in Mexico at levels of savings and investment that allow satisfactory output growth? What is the role of fiscal policy, interest rates and exchange rates in bringing such a configuration about? How sensitive are the answers to external developments (oil prices, interest rates)? What would a cutoff from external capital markets imply for output growth in Mexico? What are the macroeconomic effects of debt equity swaps? This paper develops an analytical framework to address these issues and applies it econometrically to Mexico.