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Fiscal Policy Public Debt And Monetary Policy In Emerging Market Economies
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Author :Bank for International Settlements. Monetary and Economic Department Publisher : ISBN 13 :9789291971527 Total Pages :356 pages Book Rating :4.9/5 (715 download)
Book Synopsis Fiscal Policy, Public Debt and Monetary Policy in Emerging Market Economies by : Bank for International Settlements. Monetary and Economic Department
Download or read book Fiscal Policy, Public Debt and Monetary Policy in Emerging Market Economies written by Bank for International Settlements. Monetary and Economic Department and published by . This book was released on 2012 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fiscal Policy, Public Debt and Monetary Policy in Emerging Market Economies by : Bank for International Settlements
Download or read book Fiscal Policy, Public Debt and Monetary Policy in Emerging Market Economies written by Bank for International Settlements and published by . This book was released on 2013 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the 1980s and 1990 ...
Book Synopsis Rules-Based Fiscal Policy in Emerging Markets by : G. Kopits
Download or read book Rules-Based Fiscal Policy in Emerging Markets written by G. Kopits and published by Springer. This book was released on 2004-09-21 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inspired by the experience of some advanced economies, a number of emerging market economies have recently adopted rules limiting the budget deficit, expenditure level, or indebtedness of the public sector, while others consider them for eventual adoption. This volume brings together policy analysts to discuss the rationale, suitability, and usefulness of fiscal policy rules in emerging market economies. Grouped under three main parts (political economy and macroeconomic setting; design issues at the national level; design issues at the subnational level), the chapters have a practical orientation, based on conceptual grounding.
Book Synopsis coordinating public debt management with fiscal and monetary policies: an analytical framework by : Eriko Togo
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.
Book Synopsis Private and Public Debt by : Marco Bernardini
Download or read book Private and Public Debt written by Marco Bernardini and published by International Monetary Fund. This book was released on 2017-03-22 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a dataset covering a large sample of emerging economies (EMEs), we study the relationship between debt and economic performance in bad times. While previous research has shown that private debt buildups exacerbate the duration and intensity of recessions in advanced economies (AEs), we document that this effect is very pronounced in EMEs as well. Moreover, although rapid public debt buildups are unlikely to be the primary trigger of financial crises, in EMEs they are associated with deeper and longer recessions than in AEs. Part of this difference is explained by a less supportive fiscal policy in EMEs during crises.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :9781589062832 Total Pages :244 pages Book Rating :4.0/5 (628 download)
Book Synopsis World Economic Outlook, September 2003 by : International Monetary Fund. Research Dept.
Download or read book World Economic Outlook, September 2003 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2003-04-10 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: The World Economic Outlook, published twice a year in English, French, Spanish, and Arabic, presents IMF staff economists' analyses of global economic developments during the near and medium term. Chapters give an overview of the world economy; consider issues affecting industrial countries, and economics in transition to market; and address topics of pressing current interest. Annexes, boxes, charts, and an extensive statistical appendix augment the text.
Book Synopsis Fiscal and Monetary Nexus in Emerging Market Economies: How Does Debt Matter? by : Garima Vasishtha
Download or read book Fiscal and Monetary Nexus in Emerging Market Economies: How Does Debt Matter? written by Garima Vasishtha and published by INTERNATIONAL MONETARY FUND. This book was released on 2006-08-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines two main aspects of the interaction between fiscal and monetary policy in emerging market economies. First, it explores the interest rate-inflation relationship in economies with different levels of external and domestic public debt using panel- and crosssection data. The results show that interest rate-inflation elasticity weakens with debt/GDP and external debt/GDP. Second, it utilizes high-frequency data from Brazil, Turkey, and Poland to examine how market-determined variables react to economic news. The results suggest that when vulnerabilities are high, budget news has the most significant impact on country spreads and interest rates, and the impact of monetary policy is weakened.
Book Synopsis Monetary Policy, Fiscal Policy and Public Debt Management by : Bank for International Settlements
Download or read book Monetary Policy, Fiscal Policy and Public Debt Management written by Bank for International Settlements and published by . This book was released on 2013 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper touches on the interaction between monetary policy, fiscal policy and public debt management. The first part looks at public debt sustainability and monetary policy. When measuring the fiscal stance, data such as current fiscal income and expenditure, the scale of public debt, and the coverage of budget revenue and expenditure should be properly monitored. In addition, factors that could influence the mid-term fiscal stance should be taken into consideration. Central bank assets may not be used to offset public debt, and pension funds are not in practice used to offset gross government debt in most economies. To some extent, oil and commodity stability funds held by resource-abundant economies may be used to offset gross government debt. Monetary policy is influenced by the financing of the fiscal deficit by way of bond issuance. The second part is about the development of money markets, the maturity and yield curves of domestic government bonds, and the deepening of domestic financial markets and financial stability in China. The concluding part concerns the central bank and public debt management. There is no need for the central bank in economies with a well developed treasury bond market to issue debt of its own. In emerging economies, a regular rollover issuance of central bank debt may help to form a consecutive short-term risk-free yield curve, serving as a benchmark for pricing in money and bond markets. Central banks involved in public debt management need to coordinate closely with the debt management agency on the policy objectives for various macro control instruments associated with fiscal policy, monetary policy and public debt management.Full publication: http://ssrn.com/abstract=2205164 Fiscal Policy, Public Debt and Monetary Policy in Emerging Market Economies.
Book Synopsis Assessing Debt Sustainability in Emerging Market Economies Using Stochastic Simulation Methods by : Doug Hostland
Download or read book Assessing Debt Sustainability in Emerging Market Economies Using Stochastic Simulation Methods written by Doug Hostland and published by World Bank Publications. This book was released on 2006 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper applies stochastic simulation methods to assess debt sustainability in emerging market economies and provide probability measures for projections of the external and public debt burden over the medium term. The vulnerability of public debt to adverse shocks is determined by a number of interrelated factors, including the volatility of output, financial fragility, the endogenous response of the risk premium, and sudden stops in private capital flows. The vulnerability of external debt is sensitive to the determination of the exchange rate and to the pricing of traded goods. We show that fiscal policy can act in a preemptive manner to prevent the debt burden from rising significantly over the medium term. This requires flexibility in fiscal planning, which many emerging market economies lack. Emerging market economies therefore face a difficult trade-off between managing the risk of a debt crisis and pursuing other important fiscal policy objectives.
Book Synopsis Fiscal Vulnerability and Financial Crises in Emerging Market Economies by : Mr.Richard Hemming
Download or read book Fiscal Vulnerability and Financial Crises in Emerging Market Economies written by Mr.Richard Hemming and published by International Monetary Fund. This book was released on 2003-05-23 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent crises in Argentina and Turkey illustrate the continuing importance of fiscal problems in precipitating financial crises, and whatever their cause, financial crises always have important fiscal dimensions. market economies, particularly with regards to the fiscal causes of crises; fiscal vulnerability indicators which can help to predict crises; whether fiscal variables explain the severity of crises; and the fiscal consequences of crises. The study uses a large set of fiscal variables for 29 emerging market economies over the period 1970-2000; as well as detailed case studies of 11 recent crises in emerging market economies to examine some of the structural and institutional dimensions of fiscal vulnerability.
Book Synopsis Is High Debt Constraining Monetary Policy? Evidence from Inflation Expectations by : Mr. Luis Brandao Marques
Download or read book Is High Debt Constraining Monetary Policy? Evidence from Inflation Expectations written by Mr. Luis Brandao Marques and published by International Monetary Fund. This book was released on 2023-06-30 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines whether high government debt levels pose a challenge to containing inflation. It does so by assessing the impact of government debt surprises on inflation expectations in advanced- and emerging market economies. It finds that debt surprises raise long-term inflation expectations in emerging market economies in a persistent way, but not in advanced economies. The effects are stronger when initial debt levels are already high, when inflation levels are initially high, and when debt dollarization is significant. By contrast, debt surprises have only modest effects in economies with inflation targeting regimes. Increased debt levels may complicate the fight against inflation in emerging market economies with high and dollarized debt levels, and weaker monetary policy frameworks.
Book Synopsis The Impact of Debt Sustainability and the Level of Debt on Emerging Markets Spreads by : Nazim Belhocine
Download or read book The Impact of Debt Sustainability and the Level of Debt on Emerging Markets Spreads written by Nazim Belhocine and published by International Monetary Fund. This book was released on 2013-05-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: How do financial markets respond to concerns over debt sustainability and the level of public debt in emerging markets? We introduce a measure of debt sustainability – the difference between the debt stabilizing primary balance and the primary balance–in an otherwise standard spread regression model applied to a panel of 26 emerging market economies. We find that debt sustainability is an important determinant of spreads. In addition, using a panel smooth transition regression model, we find that the sensitivity of spreads to debt sustainability doubles as public debt increases above 45 percent of GDP. These results suggest that market interest rates react more to debt sustainability concerns in a country with a high level of debt compared to a country with a low level of debt.
Book Synopsis Managing Public Debt and Its Financial Stability Implications by : Mr.Udaibir S. Das
Download or read book Managing Public Debt and Its Financial Stability Implications written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2010-12-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the relationship between the level and management of public debt and financial stability, and explains the channels through which the two are interlinked. It suggests that the broader implications of a debt management strategy and its implementation should be carefully analyzed by debt managers and policy makers in terms of their impact on the government's balance sheet, macroeconomic developments, and the financial system.
Book Synopsis The Economic Effects of Fiscal Consolidation with Debt Feedback by : Mr.Marcello M. Estevão
Download or read book The Economic Effects of Fiscal Consolidation with Debt Feedback written by Mr.Marcello M. Estevão and published by International Monetary Fund. This book was released on 2013-05-31 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past several years of recession and slow recovery have raised much interest on the effect of fiscal stimulus on economic activity, even as high public debts in many countries would call for fiscal consolidation. To evaluate the delicate balance between stimulus and consolidation requires measuring the size of fiscal multipliers, which often depends on having quarterly data so that exogenous fiscal policy shocks can be identified. We estimate fiscal multipliers using a novel methodology for identifying fiscal shocks within a structural vector autoregressive approach using annual data while controling for debt feedback effects. The estimation focuses on regions with scarce quarterly data (mostly low-income countries), and uses results for advanced economies, emerging market countries, and other broad groupings for which alternative estimates are available to validate the methodology. Differently from advanced and emerging market economies, fiscal consolidation in low-income countries has only a small temporary negative effect on growth while raising medium-term output. Shifting the composition of public spending toward capital expenditure further supports long-run growth.
Book Synopsis Monetary and Fiscal Rules in an Emerging Small Open Economy by : Nicoletta Batini
Download or read book Monetary and Fiscal Rules in an Emerging Small Open Economy written by Nicoletta Batini and published by . This book was released on 2009 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a optimal rules-based interpretation of the 'three pillars macroeconomic policy framework': a combination of a freely floating exchange rate, an explicit target for inflation, and a mechanism than ensures a stable government debt-GDP ratio around a specified long run. We show how such monetary-fiscal rules need to be adjusted to accommodate specific features of emerging market economies. The model takes the form of two-blocs, a DSGE emerging small open economy interacting with the rest of the world and features, in particular, financial frictions It is calibrated using Chile and US data. Alongside the optimal Ramsey policy benchmark, we model the three pillars as simple monetary and fiscal rules including and both domestic and CPI inflation targeting interest rate rules alongside a 'Structural Surplus Fiscal Rule' as followed recently in Chile. A comparison with a fixed exchange rate regime is made. We find that domestic inflation targeting is superior to partially or implicitly (through a CPI inflation target) or fully attempting to stabilizing the exchange rate. Financial frictions require fiscal policy to play a bigger role and lead to an increase in the costs associated with simple rules as opposed to the fully optimal policy.
Book Synopsis Fiscal Monitor, April 2013 by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Fiscal Monitor, April 2013 written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2013-04-16 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: Continued progress in reducing advanced economy deficits and a gradually improving external environment have lowered short-term fiscal risks, according to this issue, but global prospects nevertheless remain subdued, and many advanced economies face a lengthy, difficult, and uncertain path to fiscal sustainability. Though many advanced economies are now close to achieving primary surpluses that will allow them to stabilize their debt ratios, this is only a first step, as merely stabilizing advanced economy debt at current levels would be detrimental to medium- and longer-term economic prospects. The key elements of the required policy package are well known: foremost among them is setting out—and implementing—a clear and credible plan to bring debt ratios down over the medium term. Debt dynamics have remained relatively positive in most emerging market economies and low-income countries, and most plan to continue to allow the automatic stabilizers to operate fully, while pausing the underlying fiscal adjustment process. Those with low general government debt and deficits can afford to maintain a neutral stance in response to a weaker global outlook. But countries with relatively high or quickly increasing debt levels are exposed to sizable risks, especially once effective interest rates rise as monetary policy normalizes in the advanced economies and concessional financing from advanced economies declines. The widespread use of energy subsidies makes commodity prices an additional source of vulnerability in many emerging market and low-income economies; subsidy reform, higher consumption taxes, and broadening of tax bases would help support consolidation efforts.
Book Synopsis Fiscal Implications of the Global Economic and Financial Crisis by : International Monetary Fund
Download or read book Fiscal Implications of the Global Economic and Financial Crisis written by International Monetary Fund and published by International Monetary Fund. This book was released on 2009-09-18 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic and financial crisis is affecting the fiscal accounts of virtually every country. Public sector support for the financial system, fiscal stimulus and the automatic stabilizers, as well as the revenue decline from the downturn in commodity and asset prices, are leading to sharp increases in deficits and debt stocks around the world. Expansionary fiscal policy continues to be necessary in the short term to stimulate economic recovery. But it is now essential that governments reassess the state of their public finances in light of the global crisis and adopt strategies that will ensure medium- and long-term fiscal sustainability. Many of the advanced economies most affected by the crisis are also those where age-related spending will increase markedly in the coming years, adding particular urgency to the need to identify medium-term consolidation strategies. This new paper, which focuses mainly on advanced and emerging market economies, employs projections based on the April 2009 World Economic Outlook to quantify the fiscal implications of the crisis for a cross-section of countries. The authors assess the post-shock fiscal balances and debt outlook, and suggest ways for governments to clarify their strategies for maintaining fiscal solvency.
