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Author : George S. Alogoskoufis
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.X/5 (2 download)
Download or read book Fiscal Deficits, Seigniorage and External Debt written by George S. Alogoskoufis and published by . This book was released on 1990 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Paul Ely Beckerman
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4./5 ( download)
Download or read book How Small Should an Economy's Fiscal Deficit Be? written by Paul Ely Beckerman and published by World Bank Publications. This book was released on 2000 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: A spreadsheet planning model to help determine the government deficit consistent with a specified vector of country macroeconomic objectives.
Author : Stanley Fischer
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Economics of the Government Budget Constraint written by Stanley Fischer and published by . This book was released on 1989 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Guillermo Calvo
Publisher : Springer
ISBN 13 : 1349260770
Total Pages : 307 pages
Book Rating : 4.3/5 (492 download)
Download or read book The Debt Burden and Its Consequences for Monetary Policy written by Guillermo Calvo and published by Springer. This book was released on 1998-02-12 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: In all countries debt and deficits of the public sector are at the heart of economic policy debate. Debt and deficits pose major problems, all the more pressing in Europe because of the Maastricht criteria for entry into European Monetary Union. And in the developing world debt has been associated with major financial crises. This volume, arising from an International Economic Association conference at the Bundesbank, sees academics and policy makers debate the key issues and their implications in theory and practice.
Author : Philippe Le Houerou
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (318 download)
Download or read book Estimating Quasi-fiscal Deficits in a Consistency Framework written by Philippe Le Houerou and published by . This book was released on 1993 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: To assess fully the effect of adjustment programs and development strategies, it is essential that the fiscal deficit include quasi- fiscal deficits-- the losses of public financial institutions such as the central bank. A flow- of- funds format may be the best approach for doing so, as this case shows.
Author : Thanos Catsambas
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4./5 ( download)
Download or read book The Consistency of Government Deficits with Macroeconomic Adjustment written by Thanos Catsambas and published by World Bank Publications. This book was released on 1989 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Nina Budina
Publisher :
ISBN 13 :
Total Pages : 66 pages
Book Rating : 4.F/5 ( download)
Download or read book Fiscal Deficits, Monetary Reform and Inflation written by Nina Budina and published by . This book was released on 1996 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Willem H. Buiter
Publisher : International Monetary Fund
ISBN 13 : 1451980078
Total Pages : 58 pages
Book Rating : 4.4/5 (519 download)
Download or read book Aspects of Fiscal Performance in Some Transition Economies Under Fund-Supported Programs written by Mr.Willem H. Buiter and published by International Monetary Fund. This book was released on 1997-04-01 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Key medium– and longer–term fiscal issues faced by transition economies are reviewed, including government solvency and the sustainability of the fiscal–financial–monetary program. The paper aims to assist the design and implementation of future Fund programs and to contribute to the debate about fiscal policy in transition economies. After presenting a framework for evaluating the sustainability of the fiscal–financial–monetary program of the state, some numerical material is presented on public debt, (quasi–) fiscal deficits and monetary financing. Eight budgetary issues of special relevance to transition economies are considered next. The lessons from this study are summarized in a number of propositions.
Author : Willem H. Buiter
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (318 download)
Download or read book Debt, Deficits and Inflation written by Willem H. Buiter and published by . This book was released on 1990 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper studies the solvency of the Indian public sector and the eventual monetization and inflation implied by stabilization of the debt-GNP ratio without any changes in the primary deficit. The nonstationarity of the discounted public debt suggests that indefinite continuation of the pattern of behavior reflected in the historical discounted debt process is inconsistent with the maintenance of solvency. This message is reinforced by the recent behavior of the debt-GNP ratio and the ratio of primary surplus plus seigniorage to GNP. Our estimates of the base money demand function suggest that even maximal use of seigniorage will not be sufficient to restore solvency.
Author : Ari Aisen
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781451861945
Total Pages : 26 pages
Book Rating : 4.8/5 (619 download)
Download or read book The Political Economy of Seigniorage written by Ari Aisen and published by INTERNATIONAL MONETARY FUND. This book was released on 2005-09-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: While most economists agree that seigniorage is one way governments finance deficits, there is less agreement about the political, institutional, and economic reasons for relying on it. This paper investigates the main determinants of seigniorage using panel data on about 100 countries, for the period 1960-1999. Estimates show that greater political instability leads to higher seigniorage, especially in developing, less democratic, and socially polarized countries, with high inflation, low access to domestic and external debt financing and with higher turnover of central bank presidents. One important policy implication of this study is the need to develop institutions conducive to greater economic freedom as a means to lower the reliance on seigniorage financing of public deficits.
Author : Mr.Mario Monti
Publisher : International Monetary Fund
ISBN 13 : 9781557751188
Total Pages : 300 pages
Book Rating : 4.7/5 (511 download)
Download or read book Fiscal Policy, Economic Adjustment, and Financial Markets written by Mr.Mario Monti and published by International Monetary Fund. This book was released on 1989-06-15 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: Edited by Mario Monti, this volume contains the proceedings of a seminar that was held in Milan at the Centre for Financial and Monetary Economics, Universitá Luigi Bocconi. Participants included government officials, academicians, and economists; they provide a many-faceted view of fiscal policy at the domestic level and in the broader context of international policy coordination.
Author : Eriko Togo
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4./5 ( download)
Download or read book coordinating public debt management with fiscal and monetary policies: an analytical framework written by Eriko Togo and published by World Bank Publications. This book was released on 2012 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes a sovereign asset and liability management framework for analyzing the inter-relationships between debt management, fiscal and monetary policies. It illustrates the consequences of uncoordinated policy mix and extends Sargent and Wallace (1981 and 1993) by including debt management. Examples of policy games played by fiscal, monetary, and debt management authorities reinforce the importance of policy separation and coordination to prevent domination by one authority over another which could lead to inconsistent policy mix.
Author : Nina Budina
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (318 download)
Download or read book Quantitative Approaches to Fiscal Sustainability Analysis written by Nina Budina and published by . This book was released on 2007 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal sustainability analysis (FSA) is an important component of macroeconomic analysis. The authors review various quantitative approaches to FSA with a major objective to bring these approaches together and to present a user-friendly tool for FSA that reflects modern developments. They combine a dynamic simulations approach with a simplified version of the steady-state consistency approach. They also incorporate two different methods to deal with uncertainty: user-defined stress tests and stochastic simulations. The tool goes further by evaluating the required fiscal adjustment as a consequence of the stochastic realizations of the exogenous variables. Furthermore, the fiscal sustainability tool incorporates an endogenous debt feedback rule for the primary surplus, a fiscal policy reaction function. Besides outlining the theoretical framework, the authors also present a case study for Turkey.
Author : John F. Helliwell
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (318 download)
Download or read book Fiscal Policy and the External Deficit written by John F. Helliwell and published by . This book was released on 1990 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper first surveys a number of partial and macroeconomic approaches to the determination of the current account, and then summarizes the evidence from multicountry economic models about the linkages between U.S. government spending and the U.S. current account during the 1 980s. The available evidence from a large number of multicountry models suggests that the U.S. fiscal policy of the first half of the 1980s was responsible for about half of the buildup in the external deficit, and that the accumulated net foreign debt is about 500 billion dollars higher than it would have been without the fiscal expansion.
Author : Ms.Carmen Reinhart
Publisher : International Monetary Fund
ISBN 13 : 1498338380
Total Pages : 47 pages
Book Rating : 4.4/5 (983 download)
Download or read book The Liquidation of Government Debt written by Ms.Carmen Reinhart and published by International Monetary Fund. This book was released on 2015-01-21 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or belowmarket real interest rates. After WWII, capital controls and regulatory restrictions created a captive audience for government debt, limiting tax-base erosion. Financial repression is most successful in liquidating debt when accompanied by inflation. For the advanced economies, real interest rates were negative 1⁄2 of the time during 1945–1980. Average annual interest expense savings for a 12—country sample range from about 1 to 5 percent of GDP for the full 1945–1980 period. We suggest that, once again, financial repression may be part of the toolkit deployed to cope with the most recent surge in public debt in advanced economies.
Author : Sweder van Wijnbergen
Publisher :
ISBN 13 :
Total Pages : 200 pages
Book Rating : 4.F/5 ( download)
Download or read book External Debt, Fiscal Policy, and Sustainable Growth in Turkey written by Sweder van Wijnbergen and published by . This book was released on 1992 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr. Michael Kumhof
Publisher : International Monetary Fund
ISBN 13 : 145191802X
Total Pages : 38 pages
Book Rating : 4.4/5 (519 download)
Download or read book Fiscal Deficits and Current Account Deficits written by Mr. Michael Kumhof and published by International Monetary Fund. This book was released on 2009-10-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The effectiveness of recent fiscal stimulus packages significantly depends on the assumption of non-Ricardian savings behavior. We show that, under the same assumption, fiscal deficits can have worrisome implications if they turn out to be permanent. First, if they occur in large countries they significantly raise the world real interest rate. Second, they cause a short run current account deterioration equal to around 50 percent of the fiscal deficit deterioration. Third, the longer run current account deterioration equals almost 75 percent for a large economy such as the United States, and almost 100 percent for a small open economy.
