Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Five Small Open Economies
Download Five Small Open Economies full books in PDF, epub, and Kindle. Read online Five Small Open Economies ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis Five Small Open Economies by : Ronald Findlay
Download or read book Five Small Open Economies written by Ronald Findlay and published by World Bank Publications. This book was released on 1993 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mauritius, a multiethnic society, has turned to manufactured exports and tourism as an alternative to reliance on sugar production. Malta overcame the shock of losing a British naval base and has grown rapidly.
Book Synopsis Five small open economies by : Ronald Findlay
Download or read book Five small open economies written by Ronald Findlay and published by . This book was released on 1993 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Development and Stabilization in Small Open Economies by : DeLisle Worrell
Download or read book Development and Stabilization in Small Open Economies written by DeLisle Worrell and published by Taylor & Francis. This book was released on 2023-01-06 with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses and explains the nature of the economies of small countries and territories. It includes an assessment of material prosperity in 41 small open economies worldwide, with case studies focusing on the Caribbean and Central America, with a review of the development of their economies in recent decades. The volume recommends a suite of economic policy tools for the management of these economies, demonstrating how these may best be employed in economies that live and breathe through international commerce. Among observations of interest is the fact that the devaluation of the local currency of a small nation makes the country worse off; even a currency that maintains its value is little more than a trophy, of little value if it is not readily convertible into US dollars. Also, that while government policies affect international competitiveness and a small country's growth prospects, more important is how governments use additional resources to improve the quality of health and educational services. Moreover, economic windfalls such as the discovery of mineral resources seldom bring prosperity commensurate with their economic value, and never in the short run. The volume will offer invaluable information and analysis to researchers and policy makers investigating small open economies.
Book Synopsis Quantitative Easing and Long-Term Yields in Small Open Economies by : Antonio Diez de los Rios
Download or read book Quantitative Easing and Long-Term Yields in Small Open Economies written by Antonio Diez de los Rios and published by International Monetary Fund. This book was released on 2017-09-29 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: We compare the effectiveness of Federal Reserve's asset purchase programs in lowering longterm yields with that of similar programs implemented by the Bank of England, the Swedish Riksbank, and the Swiss National Bank's reserve expansion program. We decompose government bond yields into (i) an expectations component, (ii) a global, and (iii) a country specific term premium to analyze two-day changes in 10-year yields around announcement dates. We find that, in contrast to the Federal Reserve's asset purchases, the programs implemented in these smaller economies have not been able to affect the global term premium and, furthermore, they have had limited, but significant, effect in lowering long-term yields.
Book Synopsis The Economy of Modern Malta by : Paul Caruana Galizia
Download or read book The Economy of Modern Malta written by Paul Caruana Galizia and published by Springer. This book was released on 2016-12-20 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides the first wide-ranging account of the Maltese economy in the modern era, from colonialism to European Union membership. It sets arguments about growth and development, and the impact and legacy of colonization, against detailed histories of agriculture, manufacturing and trade, and different economic policy regimes. It is based on volumes of newly collected archival evidence and the latest thinking in economic history. By extending coverage up to the present, the book explains how one of the world's smallest nation-states achieved lasting economic development, quintupling its per capita income level since 1970, when many other postcolonial and advanced economies stagnated.
Book Synopsis Ireland, Small Open Economies and European Integration by : D. Begg
Download or read book Ireland, Small Open Economies and European Integration written by D. Begg and published by Springer. This book was released on 2016-04-12 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: David Begg examines how four small open economies- Finland, Denmark, the Netherlands and Ireland- have managed the stresses and strains of Europeanisation since the single market came into being, and as fault lines begin to appear within the European integration project. In particular, he drills down into the Irish Polity to see how its institutions have engaged with Europe and how decisions on critical issues like integration, EMU and Social Partnership were reached. He finds that both Ireland and Europe are at a critical juncture for different but interconnected reasons, and identifies the options that are available to them.
Book Synopsis Trade Liberalization and Endogenous Growth in a Small Open Economy by : Thomas Fox Rutherford
Download or read book Trade Liberalization and Endogenous Growth in a Small Open Economy written by Thomas Fox Rutherford and published by World Bank Publications. This book was released on 1998 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: September 1998 Although trade liberalization has been linked econometrically and through casual empiricism to large income increases, attempts to quantify its impact in static simulation models have shown estimated gains. This paper shows that when the endogenous dynamic effects of trade liberalization are built into simulation models, the estimated gains are indeed very large. But complementary regulatory, financial market, and macroeconomic reforms are important to realize the largest gains. Rutherford and Tarr develop a numerical endogenous growth model approximating an infinite horizon, which allows them to investigate the relationship between trade liberalization and economic growth. Economic theory generally implies that trade liberalization will improve economic growth, and the two phenomena are positively correlated in empirical tests, but the connection is not well-substantiated in numerical general equilibrium models. In the authors' model, an intermediate input affects aggregate output through a Dixit-Stiglitz function. Additional varieties provide the engine of growth in this framework and the existence of this mechanism magnifies the welfare costs. In this model with lump sum revenue replacement, reducing a tariff from 20 percent to 10 percent produces a welfare increase (in terms of Hicksian equivalent variation over the infinite horizon) of 10.7 percent of the present value of consumption in their central model, where the economy is assumed to be unable to borrow on international financial markets. If macroeconomic and financial reforms are in place that would allow international borrowing, however, the same tariff cut is estimated to result in a 37 percent increase in Hicksian equivalent variation. On the other hand, if inefficient replacement taxes must be used in an economy without the capacity to borrow internationally, the gains would be reduced to 4.7 percent. Larger tariff cuts-typical of those in many developing countries over the past 30 years-produce larger estimated welfare gains at least proportionate to the size of the cut. The authors apply the model to five developing countries and estimate the impact of the tariff changes those countries plan to undertake as part of Uruguay Round commitments. Because of the dynamic effects, estimated gains are considerably larger than those found in the literature on the impact of the Uruguay Round. This paper-a product of Trade, Development Research Group-is part of a larger effort in the group to assess the impact of trade and investment on economic growth. The study was funded by the Bank's Research Support Budget under the research project The Dynamic Impact of Trade Liberalization in Developing Countries (RPO 681-40). David Tarr may be contacted at [email protected].
Book Synopsis Interest Rate Targeting in a Small Open Economy by : Mr.Guillermo Calvo
Download or read book Interest Rate Targeting in a Small Open Economy written by Mr.Guillermo Calvo and published by International Monetary Fund. This book was released on 1990-03-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: An important hurdle in analyzing interest rate targeting is that standard models usually lead to price level or inflation rate indeterminacy. This paper develops a simple framework in which such problems do not arise because the bonds whose interest rate is controlled provide liquidity services. This framework is used to examine interest rate targeting in a small open economy under predetermined exchange rates. A permanent increase in the interest rate has no real effects. In contrast, a temporary increase in the interest rate leads to higher consumption and to a current account deficit that worsens over time.
Book Synopsis Labour Politics in Small Open Democracies by : P. Buchanan
Download or read book Labour Politics in Small Open Democracies written by P. Buchanan and published by Springer. This book was released on 2003-05-28 with total page 251 pages. Available in PDF, EPUB and Kindle. Book excerpt: Paul G. Buchanan and Kate Nicholls explore the political and economic fortunes of organised labour in five small open democracies between 1975 and 2000. Of particular interest is the role of labour market institutions, organisational histories, and trade union ideologies in shaping outcomes under conditions of economic liberalisation. The book includes a theoretical and methodological introduction, followed by individual discussions of Australia and Chile, and New Zealand and Uruguay, grouped a cross-regional pairs, and Ireland as an extra-regional and atypical case.
Book Synopsis Monetary Policy and Exchange Rate Dynamics in a Behavioral Open Economy Model by : Marcin Kolasa
Download or read book Monetary Policy and Exchange Rate Dynamics in a Behavioral Open Economy Model written by Marcin Kolasa and published by International Monetary Fund. This book was released on 2022-06-03 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop an extension of the open economy New Keynesian model in which agents are boundedly rational à la Gabaix (2020). Our setup nests rational expectations (RE) as a special case and it can successfully mitigate many “puzzling” aspects of the relationship between exchange rates and interest rates. Since the model implies an uncovered interest rate parity (UIP) condition featuring behavioral expectations, our results are also consistent with recent empirical evidence showing that several UIP puzzles vanish when actual exchange rate expectations are used (instead of realizations implicitly coupled with the RE assumption). We find that cognitive discounting dampens the effects of current monetary shocks and lowers the efficacy of forward guidance (FG), but its relative importance in mitigating the so-called FG puzzle is decreasing in openness. Finally, we show that accounting for myopia exacerbates the small open economy unit-root problem, makes positive monetary spillovers more likely, and increases the persistence of net foreign assets and the real exchange rate.
Book Synopsis Closing Small Open Economy Models by : Stephanie Schmitt-Grohé
Download or read book Closing Small Open Economy Models written by Stephanie Schmitt-Grohé and published by . This book was released on 2002 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The small open economy model with incomplete asset markets features a steady state that depends on initial conditions and equilibrium dynamics that possess a random walk component. A number of modifications to the standard model have been proposed to induce stationarity. This paper presents a quantitative comparison of these alternative approaches. Five different specifications are considered: (1) A model with an endogenous discount factor (Uzawa-type preferences); (2) A model with a debt-elastic interest-rate premium; (3) A model with convex portfolio adjustment costs; (4) A model with complete asset markets; and (5) A model without stationarity-inducing features. The main finding of the paper is that all models deliver virtually identical dynamics at business-cycle frequencies, as measured by unconditional second moments and impulse response functions. The only noticeable difference among the alternative specifications is that the complete-asset-market model induces smoother consumption dynamics.
Book Synopsis Wage Determination and Incomes Policy in Open Economies by : Ms.Anne Romanis Braun
Download or read book Wage Determination and Incomes Policy in Open Economies written by Ms.Anne Romanis Braun and published by International Monetary Fund. This book was released on 1986-09-15 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by Anne Romanis Braun, a former staff member of the IMF's Research Department, this volume deals with the nature of wage determination and the problem of securing an economically appropriate development of money incomes in an open economy over the medium term.
Book Synopsis Open and Nimble by : Daniel Lederman
Download or read book Open and Nimble written by Daniel Lederman and published by World Bank Publications. This book was released on 2017-11-08 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does economic size matter for economic development outcomes? If so are current policies adequately addressing the role of size in the development process? Using working age population as a proxy for country size, Open and Nimble, systematically analyzes what makes small economies unique. Small economies are not necessarily prone to underdevelopment and in fact can achieve very high income levels. Small economies, however, do tend to be highly open to both international trade and foreign direct investment, have highly specialized export structures, and have large government expenditures relative to their Gross Domestic Product. The export structures of small economies are concentrated in a few products or services and in a small number of export destinations. In turn, this export concentration is associated with terms of trade volatility, which combined with high exposure to international trade, implies that small economies tend to face more volatility on average as external volatility permeates national economic life. Yet small economies tend to compensate for their export concentration by being nimble in the sense of being able to change their production and export structure relatively quickly over time. Moreover, limited territory plays a role in shaping how economies are affected by natural disasters, even when the probability of facing such disasters is not necessarily higher among small than among large economies. The combination of large governments with macroeconomic volatility seems to be associated with low national savings rates in small economies. This combination could be a challenge for long-term growth if productivity growth and foreign investment do not compensate for low domestic savings. The book finishes with some thoughts on how policy makers can respond to these issues through coordinated investments and regional integration efforts, as well as fiscal policy reforms aimed at both increasing public savings and conducting countercyclical fiscal policies.
Book Synopsis Competition Policy for Small Market Economies by : Michal S. GAL
Download or read book Competition Policy for Small Market Economies written by Michal S. GAL and published by Harvard University Press. This book was released on 2009-06-30 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: Michal Gal's thorough analysis shows the effects of market size on competition policy, ranging from rules of thumb to more general policy prescriptions, such as goals and remedial tools. Competition policy in small economies is becoming increasingly important, since the number of small jurisdictions adopting such policy is rapidly growing. Gal's focus extends beyond domestic competition policy to the evaluation of the current trend toward the worldwide harmonization of policies.
Book Synopsis Integrated Monetary and Financial Policies for Small Open Economies by : Mr. Suman S Basu
Download or read book Integrated Monetary and Financial Policies for Small Open Economies written by Mr. Suman S Basu and published by International Monetary Fund. This book was released on 2023-08-04 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a tractable small-open-economy framework to characterize the constrained efficient use of the policy rate, foreign exchange (FX) intervention, capital controls, and domestic macroprudential measures. The model features dominant currency pricing, shallow FX markets, and occasionally-binding external and domestic borrowing constraints. We characterize the conditions for the “traditional prescription”—relying on the policy rate and exchange rate flexibility—to be sufficient, even if externalities persist. The conditions are satisfied for world interest rate shocks if FX markets are deep. By contrast, we show that to manage non-fundamental inflow surges and taper tantrums related to local currency debt, capital inflow taxes and FX intervention should be used instead of the policy rate and exchange rate flexibility. In the realistic case where countries face both shallow FX markets and external borrowing constraints, we establish that some kinds of FX mismatch regulations may reduce the external debt limit friction but worsen FX market depth. Finally, we show that capital controls and domestic macroprudential measures cease to be perfect substitutes if there is a risk that the domestic borrowing constraint binds as a result of the transmission of the global financial cycle.
Book Synopsis Open Economy Macroeconomics by : Martín Uribe
Download or read book Open Economy Macroeconomics written by Martín Uribe and published by Princeton University Press. This book was released on 2017-04-04 with total page 646 pages. Available in PDF, EPUB and Kindle. Book excerpt: A cutting-edge graduate-level textbook on the macroeconomics of international trade Combining theoretical models and data in ways unimaginable just a few years ago, open economy macroeconomics has experienced enormous growth over the past several decades. This rigorous and self-contained textbook brings graduate students, scholars, and policymakers to the research frontier and provides the tools and context necessary for new research and policy proposals. Martín Uribe and Stephanie Schmitt-Grohé factor in the discipline's latest developments, including major theoretical advances in incorporating financial and nominal frictions into microfounded dynamic models of the open economy, the availability of macro- and microdata for emerging and developed countries, and a revolution in the tools available to simulate and estimate dynamic stochastic models. The authors begin with a canonical general equilibrium model of an open economy and then build levels of complexity through the coverage of important topics such as international business-cycle analysis, financial frictions as drivers and transmitters of business cycles and global crises, sovereign default, pecuniary externalities, involuntary unemployment, optimal macroprudential policy, and the role of nominal rigidities in shaping optimal exchange-rate policy. Based on courses taught at several universities, Open Economy Macroeconomics is an essential resource for students, researchers, and practitioners. Detailed exploration of international business-cycle analysis Coverage of financial frictions as drivers and transmitters of business cycles and global crises Extensive investigation of nominal rigidities and their role in shaping optimal exchange-rate policy Other topics include fixed exchange-rate regimes, involuntary unemployment, optimal macroprudential policy, and sovereign default and debt sustainability Chapters include exercises and replication codes
Book Synopsis Open-Economy Monetary Economics by : M.L. Burnstein
Download or read book Open-Economy Monetary Economics written by M.L. Burnstein and published by Springer. This book was released on 1989-06-18 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial markets have turned open-economy monetary economics on its head. This book explains the implications of these developments for theory and policy in the practices of the 1980s and 1990s, aiming to escape from the Keynsesian modes of thought and expression.
