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Rapid Current Account Adjustments Are Microstates Different
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Book Synopsis Rapid Current Account Adjustments: Are Microstates Different? by : Patrick A. Imam
Download or read book Rapid Current Account Adjustments: Are Microstates Different? written by Patrick A. Imam and published by INTERNATIONAL MONETARY FUND. This book was released on 2008-09-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: We describe unique aspects of microstates-they are less diversified, suffer from lumpiness of investment, they are geographically at the periphery and prone to natural disasters, and have less access to capital markets-that may make the current account more vulnerable, penalizing exports and making imports dearer. After reviewing the "old" and "new" view on current account deficits, we attempt to identify policies to help reduce the current account. Probit regressions suggest that microstates are more likely to have large current account adjustments if (i) they are already running large current account deficits; (ii) they run budget surpluses; (iii) the terms of trade improve; (iv) they are less open; and (v) GDP growth declines. Monetary policy, financial development, per capita GDP, and the de jure exchange rate classification matter less. However, changes in the real effective exchange rate do not help drive reductions in the current account deficit in microstates. We explore reasons for this and provide policy implications.
Book Synopsis Fiscal Policy and the Current Account by : Mr.Yehenew Endegnanew
Download or read book Fiscal Policy and the Current Account written by Mr.Yehenew Endegnanew and published by International Monetary Fund. This book was released on 2012-02-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the empirical link between fiscal policy and the current account focusing on microstates defined as countries with a population of less than 2 million between 1970 and 2009. The paper employs panel regression and panel vector autoregression (VAR) on 155 countries of which 42 are microstates. Panel regression results show that a percentage point improvement in the fiscal balance improves the current account balance by 0.4 percentage points of GDP. The real effective exchange rate has no significant impact on the current account in microstates but the coefficient is significant in the global sample. Panel VAR results show that an increase in government consumption results in real exchange appreciation but the effect on the current account after an initial deterioration dies out quicker in microstates than in the global sample. The result implies that fiscal policy has little effect on the current account in microstates beyond its direct impact on imports. Overall, the results suggest that the weak relative price effects make the effect of fiscal adjustment on the current account much more difficult in microstates.
Book Synopsis Exchange Rate Choices of Microstates by : Patrick A. Imam
Download or read book Exchange Rate Choices of Microstates written by Patrick A. Imam and published by International Monetary Fund. This book was released on 2010-01-01 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we first explain why most microstates (countries with less than 2 million inhabitants) have gained independence only in the last 30 years. Despite the higher costs and risks microstates face, their ability to better accommodate local preferences combined with a more integrated world economy probably explains why the benefits of independence have risen. We explain why microstates at independence have chosen either dollarization, currency board arrangements, or fixed exchange rates rather than more flexible forms of exchange rate systems. We then, using the Geweke-Hajvassiliou-Keane multivariate normal simulator, model empirically the determinants of each of the different fixed exchange rate regimes in microstates and analyze the policy implications.
Book Synopsis Caribbean Renewal by : Charles Amo Yartey
Download or read book Caribbean Renewal written by Charles Amo Yartey and published by International Monetary Fund. This book was released on 2014-05-06 with total page 397 pages. Available in PDF, EPUB and Kindle. Book excerpt: Caribbean economies face high and rising debt-to-GDP ratios that jeopardize prospects for medium-term debt sustainability and growth. This book provides a comprehensive analysis of the challenges of fiscal consolidation and debt reduction in the Caribbean. It examines the problem of high debt in the region and discusses policy options for improving debt sustainability, including fiscal consolidation, robust growth, and structural reforms. The book also examines empirically the factors underlying global large debt reduction episodes to draw important policy lessons for the Caribbean. It also reviews the literature on successful fiscal consolidation experiences and provides an overview of past and current consolidation efforts in the Caribbean. The book concludes that the region needs a broad and sustained package of reforms to reduce debt ratios to more manageable levels and strengthen economic resilience.
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.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1475506112 Total Pages :140 pages Book Rating :4.4/5 (755 download)
Book Synopsis Malawi by : International Monetary Fund
Download or read book Malawi written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-08-03 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Malawian economy is slowly recovering, thanks to corrective measures such as the floating exchange rate regime and liberated current account transactions. Stringent fiscal discipline, restrained monetary policies, and boosting of international reserves have been suggested as measures for controlling inflation and stabilizing the macroeconomy. Operation power and freedom for results-based management (RBM) and implementation of Malawi Growth and Development Strategy II (MGDS-II) are also suggested by the Executive Board. Measures to ensure revenue gain concurrent with spending have also been recommended.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451959540 Total Pages :19 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Research Bulletin, December 2008 by : International Monetary Fund. Research Dept.
Download or read book IMF Research Bulletin, December 2008 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2008-12-11 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: December 2008: IMF research summaries on global herding in financial markets (by Marco Cipriani) and on fiscal decentralization (by Lusine Lusinyan); article on the experiences of IMF staff at the Nobel Laureate Meetings in Lindau, Germany (by Chris Crowe); listing of visiting scholars at the IMF during August–December 2008; listing of contents of Vol. 55 No. 4 of IMF Staff Papers; listing of recent IMF Working Papers; listing of recent external publications by IMF staff; and a Call for Papers for an upcoming conference on structural reforms.
Author :International Monetary Fund. Asia and Pacific Dept Publisher :International Monetary Fund ISBN 13 :1498381618 Total Pages :73 pages Book Rating :4.4/5 (983 download)
Book Synopsis Maldives by : International Monetary Fund. Asia and Pacific Dept
Download or read book Maldives written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2015-03-11 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2014 Article IV Consultation highlights that Maldives’ real economy has picked up. Growth is estimated to have reached 5 percent in 2014 with stronger tourism activity driven by a rapid expansion from Asian markets and a tepid recovery from Europe. The IMF staff expects growth to be about 5 percent in 2015. Weaker import prices have pushed down inflation to low levels. Growth is expected to remain relatively strong in the near term, though the fiscal adjustment envisaged in the 2015 Budget will have a mildly negative effect on growth.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498342310 Total Pages :67 pages Book Rating :4.4/5 (983 download)
Book Synopsis Macroeconomic Issues in Small States and Implications for Fund Engagement by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Macroeconomic Issues in Small States and Implications for Fund Engagement written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2013-02-20 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the macroeconomic characteristics and performance of small states and discusses ways in which the Fund’s engagement with these countries could be better tailored to meet their needs. The Fund previously examined small states issues in 2000, informed by a Joint Task Force Report of the Commonwealth Secretariat (CS) and World Bank. Small states continue to face many of the same challenges they did then, and the 2000 Small States Report remains the foundation for much of the work in this area, both inside and outside the Fund. However, the relative macroeconomic performance of small states has deteriorated since the late 1990s, and a fresh look is warranted.
Book Synopsis Macroeconomic Adjustment in a Highly Dollarized Economy by : Mario de Zamaróczy
Download or read book Macroeconomic Adjustment in a Highly Dollarized Economy written by Mario de Zamaróczy and published by . This book was released on 2002 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Analyzing the Global Political Economy by : Andrew Walter
Download or read book Analyzing the Global Political Economy written by Andrew Walter and published by Princeton University Press. This book was released on 2008-12-08 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ideally suited to upper-undergraduate and graduate students, Analyzing the Global Political Economy critically assesses the convergence between IPE, comparative political economy, and economics. Andrew Walter and Gautam Sen show that a careful engagement with economics is essential for understanding both contemporary IPE and for analyzing the global political economy. The authors also argue that the deployment of more advanced economic theories should not detract from the continuing importance for IPE of key concepts from political science and international relations. IPE students with little or no background in economics will therefore find this book useful, and economics students interested in political economy will be alerted to the comparative strengths of political science and other social science disciplines. A concise look at the foundations of analysis in the political economy of global trade, money, finance, and investment Suitable for upper-undergraduate and graduate students with some or no economic background Techniques and findings from a range of academic disciplines, including international relations, political science, economics, sociology, and history Further reading and useful weblinks including a range of relevant data sources, listed in each chapter
Book Synopsis Mongolia's Economic Prospects by : Matthias Helble
Download or read book Mongolia's Economic Prospects written by Matthias Helble and published by Asian Development Bank. This book was released on 2020-06-01 with total page 293 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication examines Mongolia’s recent economic development and outlines reforms that would help the country take advantage of its many opportunities. Mongolia is rich in natural resources and, although landlocked, is well-placed to boost trade with its two giant neighbors. The country needs to diversify its economy beyond mining, enhance economic stability, and increase employment. To maximize Mongolia’s potential the government can improve macroeconomic management, enhance the skill base, and provide hard and soft infrastructure to promote trade and efficient logistics. Governance and institutional reforms are also crucial. The government will need to continue to drive reforms so that they are well implemented and deliver the intended change.
Book Synopsis The Globalization Paradox by : Dani Rodrik
Download or read book The Globalization Paradox written by Dani Rodrik and published by Oxford University Press. This book was released on 2011-03-24 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: For a century, economists have driven forward the cause of globalization in financial institutions, labour markets, and trade. Yet there have been consistent warning signs that a global economy and free trade might not always be advantageous. Where are the pressure points? What could be done about them?Dani Rodrik examines the back-story from its seventeenth-century origins through the milestones of the gold standard, the Bretton Woods Agreement, and the Washington Consensus, to the present day. Although economic globalization has enabled unprecedented levels of prosperity in advanced countries and has been a boon to hundreds of millions of poor workers in China and elsewhere in Asia, it is a concept that rests on shaky pillars, he contends. Its long-term sustainability is not a given.The heart of Rodrik>'s argument is a fundamental 'trilemma': that we cannot simultaneously pursue democracy, national self-determination, and economic globalization. Give too much power to governments, and you have protectionism. Give markets too much freedom, and you have an unstable world economy with little social and political support from those it is supposed to help. Rodrik argues for smart globalization, not maximum globalization.
Book Synopsis Leadership and Growth by : David Brady
Download or read book Leadership and Growth written by David Brady and published by World Bank Publications. This book was released on 2010-01-04 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does leadership affect economic growth and development? Is leadership an exogenous determinant or an endogenous outcome of growth and development processes? Can we differentiate between the two? Do leaders decisions and actions vary in importance over various stages in the process, at least in successful cases? How important is choosing the right economic model? To what extent does leadership affect the explicit or implicit time horizons of policy choices? Is leadership an important determinant of inclusiveness in growth? In what ways do leaders build consensus or institutions to allow time for the economic plan to work? What challenges does economic success generate? How do successful leaders adapt to new problems such as income inequality and a rising middle class? Does the creation of new institutions play any role in solving these problems? Why do leaders often choose second best political economic compromises in economic development? This book has been prepared for the Commission on Growth and Development to evaluate the state of knowledge on the relationship between leadership and economic growth. It does not pretend to provide all the answers, but does review the evidence, identify insights and offers examples of leaders making decisions and acting in ways that enhance economic growth. It examines a variety of topics including leaders roles in: promoting national unity, building good solid institutions, choosing innovative and localized policies, and creating political consensus for long run policy implementation. Written by prominent academics and actual policy makers, Leadership and Growth seeks to create a better understanding of the role of leadership in growth and to encourage further studies of the role of leadership in economic growth.
Book Synopsis China’s Grand Strategy by : Andrew Scobell
Download or read book China’s Grand Strategy written by Andrew Scobell and published by Rand Corporation. This book was released on 2020-07-27 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: To explore what extended competition between the United States and China might entail out to 2050, the authors of this report identified and characterized China’s grand strategy, analyzed its component national strategies (diplomacy, economics, science and technology, and military affairs), and assessed how successful China might be at implementing these over the next three decades.
Book Synopsis Maldives by : Asian Development Bank
Download or read book Maldives written by Asian Development Bank and published by Asian Development Bank. This book was released on 2015-08-01 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Maldives has propelled itself to middle-income status despite its geographic constraints and the risks it faces as a small island economy. The economy has been growing in the last 5 years, but development challenges remain formidable. How can the Maldives sustain and improve the pace of its economic growth and reduce poverty and inequality? This report identifies the critical constraints to inclusive growth and discusses policy options to overcome such constraints.
Book Synopsis Handbook of Small States by : Lino Briguglio
Download or read book Handbook of Small States written by Lino Briguglio and published by Routledge. This book was released on 2018-05-11 with total page 628 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook covers a wide spectrum of issues relating to small states. Chapters in the volume have been grouped under the three main themes of economic, social and environmental issues. The economics sections include chapters dealing with trade, finance and regulatory frameworks, while the social theme covers health, migration, population ageing, as well as overall social wellbeing. The environmental theme examines matters such as measuring environmental performance, natural disasters, the ocean economy, and the validity of the Sustainable Development Goals. One major issue is the definition of small states. As this volume demonstrates, generally speaking, population is used to measure country size in the literature. However, it clearly emerges that there is no real consensus as to the population cut-off point that distinguishes small states from large ones. While the approaches taken by the authors vary, in all cases the chapters draw practical policy implications for small states. The book can therefore be considered as a wide-ranging depositary of information on small states with the aim of deriving policy prescriptions, and thus as an excellent resource for academics, students and policymakers.
