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Fiscal Dominance And Money Growth In Italy
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Book Synopsis Fiscal Dominance and Money Growth in Italy by : Michele U. Fratianni
Download or read book Fiscal Dominance and Money Growth in Italy written by Michele U. Fratianni and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal dominance, that is, the extent to which government deficits condition the growth of the money supply, has been the prevailing regime in Italian monetary history from the creation of the state in 1861 to the 1980s. The nature of the institutional structure linking budget deficits to monetary base creation has changed over time. In the early days, the profit-seeking banks of issue exceeded intermittently the legal ceiling on their outstanding currency to lend to government. The influence of public finance on monetary policy became even stronger, first, in the 1930s and, later, in the 1970s. The joint event of an independent central bank and lower budget deficits are responsible for a reversal of fiscal dominance in the 1980s and the 1990s.
Book Synopsis A Monetary History of Italy by : Michele Fratianni
Download or read book A Monetary History of Italy written by Michele Fratianni and published by Cambridge University Press. This book was released on 1997-02-13 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive study of the evolution of Italy's money and banking systems since 1861.
Book Synopsis Monetary Policy and Fiscal Dominance in Italy from the Early 1970s to the Adoption of the Euro: a Review by : Eugenio Gaiotti
Download or read book Monetary Policy and Fiscal Dominance in Italy from the Early 1970s to the Adoption of the Euro: a Review written by Eugenio Gaiotti and published by . This book was released on 2012 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inflation and Monetary Policy in Italy by : Eugenio Gaiotti
Download or read book Inflation and Monetary Policy in Italy written by Eugenio Gaiotti and published by . This book was released on 1997 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Policy and Fiscal Dominance in Italy from the Early 1970s to the Adoption of the Euro by : Eugenio Gaiotti
Download or read book Monetary Policy and Fiscal Dominance in Italy from the Early 1970s to the Adoption of the Euro written by Eugenio Gaiotti and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Coordination of Monetary and Fiscal Policies by : International Monetary Fund
Download or read book Coordination of Monetary and Fiscal Policies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1998-03-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.
Book Synopsis The Liquidation of Government Debt by : Ms.Carmen Reinhart
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.
Book Synopsis Sovereign Debt Restructurings 1950-2010 by : Mr.Udaibir S. Das
Download or read book Sovereign Debt Restructurings 1950-2010 written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2012-08-01 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.
Book Synopsis The Oxford Handbook of the Italian Economy Since Unification by : Gianni Toniolo
Download or read book The Oxford Handbook of the Italian Economy Since Unification written by Gianni Toniolo and published by Oxford University Press. This book was released on 2013-01-04 with total page 802 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Oxford Handbook provides a fresh overall view and interpretation of the modern economic growth of one of the largest European countries, whose economic history is less known internationally than that of other comparably large and successful economies. It will provide, for the first time, a comprehensive, quantitative "new economic history" of Italy. The handbook offers an interpretation of the main successes and failures of the Italian economy at a macro level, the research--conducted by a large international team of scholars --contains entirely new quantitative results and interpretations, spanning the entire 150-year period since the unification of Italy, on a large number of issues. By providing a comprehensive view of the successes and failures of Italian firms, workers, and policy makers in responding to the challenges of the international business cycle, the book crucially shapes relevant questions on the reasons for the current unsatisfactory response of the Italian economy to the ongoing "second globalization." Most chapters of the handbook are co-authored by both an Italian and a foreign scholar.
Book Synopsis International Macroeconomics in the Wake of the Global Financial Crisis by : Laurent Ferrara
Download or read book International Macroeconomics in the Wake of the Global Financial Crisis written by Laurent Ferrara and published by Springer. This book was released on 2018-06-13 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
Book Synopsis Second-Generation Fiscal Rules by : Luc Eyraud
Download or read book Second-Generation Fiscal Rules written by Luc Eyraud and published by International Monetary Fund. This book was released on 2018-04-13 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1498344658 Total Pages :257 pages Book Rating :4.4/5 (983 download)
Book Synopsis Fiscal Policy and Long-Term Growth by : International Monetary Fund
Download or read book Fiscal Policy and Long-Term Growth written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-04-20 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
Book Synopsis Italy in a European Context by : Donatella Strangio
Download or read book Italy in a European Context written by Donatella Strangio and published by Springer. This book was released on 2016-02-03 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited collection investigates the role of Italy in pursuing the EU five targets by 2020: R&D/innovation expenditures; the energetic measures for climate change; migration; the counter actions against poverty and social exclusion. This ambitious book uses a multidisciplinary approach and original field studies to tackle this important topic.
Book Synopsis Financial Deregulation by : Alexis Drach
Download or read book Financial Deregulation written by Alexis Drach and published by Oxford University Press. This book was released on 2021-05-20 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: A wave of liberalization swept the developed world at end of the twentieth century. From the 1970s and 1980s onwards, most developed countries have passed various measures to liberalize and modernize the financial markets. Each country had its agenda, but most of them have experienced, to a different extent, a change in regulatory regime. This change, often labeled deregulation and associated with the advent of neoliberalism, was sharply contrasting with the previous era of the Bretton Woods system, which has sometimes been portrayed as an era of financial repression. On the other hand, a quick glance at financial regulation today - at the amount of paper it produces, at its complexity, at the number of people involved, and at the resources invested in it - is enough to say that, somehow, there is more regulation today than ever before. In the new system, financial regulation has taken unprecedented importance. As more archival material is becoming available, a better understanding of the fundamental changes in the regulatory environment towards the end of the twentieth century is now possible. What kind of change exactly was deregulation? Did competition between financial regulators lead to a race to the bottom in regulation? Is deregulation responsible for the recurring financial crises which seem to have characterised the international financial system since the 1980s? The movement towards a more liberal regulatory regime was neither linear nor simple. This book - a collection of chapters studying deregulation in various countries and contexts - examines the national and international pathways of deregulation by providing an in-depth analysis of a short but crucial period in a few major countries.
Book Synopsis The Changing Face of Central Banking by : Pierre L. Siklos
Download or read book The Changing Face of Central Banking written by Pierre L. Siklos and published by Cambridge University Press. This book was released on 2002-11-21 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks have emerged as the key players in national and international policy making. This book explores their evolution since World War II in 20 industrial countries. The study considers the mix of economic, political and institutional forces that have affected central bank behaviour and its relationship with government. The analysis reconciles vastly different views about the role of central banks in the making of economic policies. One finding is that monetary policy is an evolutionary process.
Book Synopsis Money Doctors Around the Globe by : Andrés Álvarez
Download or read book Money Doctors Around the Globe written by Andrés Álvarez and published by Springer Nature. This book was released on with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Money Matters by : Alan Arthur Walters
Download or read book Money Matters written by Alan Arthur Walters and published by Edward Elgar Publishing. This book was released on 2004-01-01 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a tribute to the exceptional contributions of Alan Walters to monetary theory and policy, this book draws together a distinguished cast of international contributors to write about money. In a series of essays they review controversies in monetary economics and debate current policy issues. Combining theoretical analysis with policy evaluation, this book touches on a whole spectrum of issues ranging from monetary union and exchange rate regimes, to credit rationing and policy games. The book focuses on the problems of modeling the effects of monetary and fiscal policy, and setting optimal policies for the future. It concludes with two stimulating panel discussions, one questioning whether the UK should join the Euro and the other discussing the appropriate targets of monetary policy.
