NOTAS38ING_en.pdf
... the region’s public debt levels are high. Secondly, faced with the very positive data that we are seeing, we must wonder whether we are in the presence of a qualitative leap in the region’s growth trajectory. Is Latin America on the threshold of a process such as that experienced by the Asian countr ...
... the region’s public debt levels are high. Secondly, faced with the very positive data that we are seeing, we must wonder whether we are in the presence of a qualitative leap in the region’s growth trajectory. Is Latin America on the threshold of a process such as that experienced by the Asian countr ...
Working paper 09-13
... When purchases of foreign exchange cannot be easily sterilised then they will result in an increase in the money supply, which under conditions of full employment may increase inflation. Thus, a large private ownership may be of hindrance to monetary and especially exchange rate management since it ...
... When purchases of foreign exchange cannot be easily sterilised then they will result in an increase in the money supply, which under conditions of full employment may increase inflation. Thus, a large private ownership may be of hindrance to monetary and especially exchange rate management since it ...
economic change and shortageflation under centrally planned
... the utility of the concept of «inflationary overhang» for analyzing the market situation14, one can assert that between 1982 and 1987, this overhang was equal to 15-30% of Polish population's purchasing power15. In other words, the population has a definite excess demand, which cannot be met with th ...
... the utility of the concept of «inflationary overhang» for analyzing the market situation14, one can assert that between 1982 and 1987, this overhang was equal to 15-30% of Polish population's purchasing power15. In other words, the population has a definite excess demand, which cannot be met with th ...
Can Latin America Prosper by Reducing the Size of Government?
... share of world output grew from 6.09 percent to 6.35 percent (an increase of 4.3 percent) while East Asia’s share, for the same period, went from 16.26 percent to 22.46 percent (an increase of 38.13 percent). The comparative exercise suggests that even after the implementation of more free-market ec ...
... share of world output grew from 6.09 percent to 6.35 percent (an increase of 4.3 percent) while East Asia’s share, for the same period, went from 16.26 percent to 22.46 percent (an increase of 38.13 percent). The comparative exercise suggests that even after the implementation of more free-market ec ...
슬라이드 1 - СЭЗДС
... • Korean economic development should be achieved through industrialization • Economic development should be achieved under government control and leadership. • Although firms should be owned and managed privately, the government could implement private decisions in the case of major investments (a v ...
... • Korean economic development should be achieved through industrialization • Economic development should be achieved under government control and leadership. • Although firms should be owned and managed privately, the government could implement private decisions in the case of major investments (a v ...
International Development Economics Associates (IDEAs) International Conference on
... particular, are the primary vehicle for focusing national policies on reducing poverty. Beneath this apparent consensus, there are, however, significant differences. This paper “swims against the tide”, so to speak, in arguing that such differences are healthy and should be encouraged, and, moreover ...
... particular, are the primary vehicle for focusing national policies on reducing poverty. Beneath this apparent consensus, there are, however, significant differences. This paper “swims against the tide”, so to speak, in arguing that such differences are healthy and should be encouraged, and, moreover ...
Document
... How to improve government efficiency and fiscal latitude while also stimulating growth and promoting good governance? Sound management of Government Procurement helps States to: • Better utilize their (often scarce) resources • Increase their political, economic and fiscal options • Tighten their b ...
... How to improve government efficiency and fiscal latitude while also stimulating growth and promoting good governance? Sound management of Government Procurement helps States to: • Better utilize their (often scarce) resources • Increase their political, economic and fiscal options • Tighten their b ...
This PDF is a selection from an out-of-print volume from the... of Economic Research Volume Title: Rational Expectations and Economic Policy
... est to professionals only. It occurred after the idea of a stable inflationunemployment trade-off had become accepted by the public generally as the central construct in discussing macroeconomic policy, and after wide public acceptance of the idea that movements along the Phillips curve were technic ...
... est to professionals only. It occurred after the idea of a stable inflationunemployment trade-off had become accepted by the public generally as the central construct in discussing macroeconomic policy, and after wide public acceptance of the idea that movements along the Phillips curve were technic ...
Fiscal Policy in an Emerging Market Economy Andrés Velasco Harvard University
... quantitative constraints on fiscal policy. These limits take a variety of forms: restrictions on deficit financing, including balanced budget laws; expenditure ceilings; numerical targets for fiscal variables; borrowing rules; and restrictions on the issuance of debt…” (Drazen, 2004) “A fiscal rul ...
... quantitative constraints on fiscal policy. These limits take a variety of forms: restrictions on deficit financing, including balanced budget laws; expenditure ceilings; numerical targets for fiscal variables; borrowing rules; and restrictions on the issuance of debt…” (Drazen, 2004) “A fiscal rul ...
The Collapse of Monetarism and the Irrelevance of the New
... “without creating a recession”? That statement is surely the lynchpin of the new monetary consensus. It was published in the Journal of Economic Perspectives – a flagship journal of the American Economic Association, in the issue dated Fall 2007. The article, by Professor Goodfriend, is entitled, “H ...
... “without creating a recession”? That statement is surely the lynchpin of the new monetary consensus. It was published in the Journal of Economic Perspectives – a flagship journal of the American Economic Association, in the issue dated Fall 2007. The article, by Professor Goodfriend, is entitled, “H ...
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... of economic stabilization. The prospects for the first half of 2004 are very positive. Private consumption as well as capital expenditures and exports are expected to continue rising. During the first nine months of the administration of President Lula da Silva, the Brazilian economy has demonstrate ...
... of economic stabilization. The prospects for the first half of 2004 are very positive. Private consumption as well as capital expenditures and exports are expected to continue rising. During the first nine months of the administration of President Lula da Silva, the Brazilian economy has demonstrate ...
Chapter 3 - Amazon Web Services
... [Harvard University Professor of Economics Robert J. Barro found a surprisingly weak link between democracy and the promotion of development in “Rule of Law, Democracy, and Economic Performance.”] The problem in having the United States recommend democracy to a country such as Zaire (now the Democra ...
... [Harvard University Professor of Economics Robert J. Barro found a surprisingly weak link between democracy and the promotion of development in “Rule of Law, Democracy, and Economic Performance.”] The problem in having the United States recommend democracy to a country such as Zaire (now the Democra ...
The Poverty and Environment Initiative
... unsustainability at the national level & in some sectors. They are very powerful in convincing Governments sustainabilty should be a higher priority. E.g. – 5.3% loss of GDP in Malawi due to unsustainable ENR – 25% decline in agricultural productivity in parts of Rwanda due to soil erosion. – 167% i ...
... unsustainability at the national level & in some sectors. They are very powerful in convincing Governments sustainabilty should be a higher priority. E.g. – 5.3% loss of GDP in Malawi due to unsustainable ENR – 25% decline in agricultural productivity in parts of Rwanda due to soil erosion. – 167% i ...
E P CONOMIC ERSPECTIVE
... 3.4 percent. The most recent UCLA Anderson Economic Forecast, released in early April, is even more pessimistic. The UCLA forecast calls for real GDP to rise just 0.7 percent in 2001, followed by a 1.3 percent increase in 2002. Based on a study of previous economic cycles, UCLA believes that there i ...
... 3.4 percent. The most recent UCLA Anderson Economic Forecast, released in early April, is even more pessimistic. The UCLA forecast calls for real GDP to rise just 0.7 percent in 2001, followed by a 1.3 percent increase in 2002. Based on a study of previous economic cycles, UCLA believes that there i ...
Small City Economic Dynamism Index
... This analysis rests on the notion of economic dynamism as the potential of a specific place to generate positive economic performance. So then, what is “economic dynamism” and what factors contribute to economic dynamism in a small-city context? Most literature on this topic comes from international ...
... This analysis rests on the notion of economic dynamism as the potential of a specific place to generate positive economic performance. So then, what is “economic dynamism” and what factors contribute to economic dynamism in a small-city context? Most literature on this topic comes from international ...
International Political Economy:
... Alternativa Bolivariana para las Américas (ALBA), both of which we examine below.1 Further, since the 1980s, international financial institutions (IFIs) such as the World Bank, International Monetary Fund (IMF), and the Inter-American Development Bank (IADB) have played key roles in Latin American e ...
... Alternativa Bolivariana para las Américas (ALBA), both of which we examine below.1 Further, since the 1980s, international financial institutions (IFIs) such as the World Bank, International Monetary Fund (IMF), and the Inter-American Development Bank (IADB) have played key roles in Latin American e ...
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... of the most influential people of the 20th Century. His research and policy advocacy have done more to promote human freedom and well being than perhaps any other single person in the past few centuries. “Friedman lives his life for a purpose, the utilitarian goal of producing the greatest good for ...
... of the most influential people of the 20th Century. His research and policy advocacy have done more to promote human freedom and well being than perhaps any other single person in the past few centuries. “Friedman lives his life for a purpose, the utilitarian goal of producing the greatest good for ...
March 2017
... is former President Sebastián Piñera. Mr. Piñera, a centrist-right, has not made official his candidacy, but he has been leading the voting intention polls over the past months. Mr. Piñera is opposed to Ms.Bachelet’s main reforms and aims at boosting the economy through a pro-market agenda. Accordin ...
... is former President Sebastián Piñera. Mr. Piñera, a centrist-right, has not made official his candidacy, but he has been leading the voting intention polls over the past months. Mr. Piñera is opposed to Ms.Bachelet’s main reforms and aims at boosting the economy through a pro-market agenda. Accordin ...
E P CONOMIC ERSPECTIVE
... throughout 2002. The 2002 California unemployment rate averaged 6.4 percent, with monthly figures within a tight range of 6.2 percent to 6.6 percent. These rates are far above the average 2001 unemployment rate of 5.3 percent. However, the California unemployment rate is not high in relation to hist ...
... throughout 2002. The 2002 California unemployment rate averaged 6.4 percent, with monthly figures within a tight range of 6.2 percent to 6.6 percent. These rates are far above the average 2001 unemployment rate of 5.3 percent. However, the California unemployment rate is not high in relation to hist ...
The Long Slog: Economic Growth Following the Great Recession
... business-cycle peak. As shown, real GDP is 5.3 percent higher than it was when the Great Recession began, compared with average real GDP growth of more than 20 percent for the six previous recoveries at this same point in the business cycle. The chart also indicates that after 23 quarters from the N ...
... business-cycle peak. As shown, real GDP is 5.3 percent higher than it was when the Great Recession began, compared with average real GDP growth of more than 20 percent for the six previous recoveries at this same point in the business cycle. The chart also indicates that after 23 quarters from the N ...
Appendix on fiscal procyclicality
... In 2009, the popularity of the Socialist President of Chile Michelle Bachelet rose sharply (both with respect to handling of the economy and overall), to the highest levels since the restoration of democracy 20 years earlier. More remarkable: the rise in the polls, from very low to very high, came j ...
... In 2009, the popularity of the Socialist President of Chile Michelle Bachelet rose sharply (both with respect to handling of the economy and overall), to the highest levels since the restoration of democracy 20 years earlier. More remarkable: the rise in the polls, from very low to very high, came j ...
Economic Policy Trends in Post
... i c a r a g u a — e x p e r inot depart from, the overall enced bouts of hypermarket-oriented framework. inflation at some point during the decade. These policy changes contributed to poor economic growth rates during the decade. After averaging 5.9 percent during the 1970s, annual GDP growth rates ...
... i c a r a g u a — e x p e r inot depart from, the overall enced bouts of hypermarket-oriented framework. inflation at some point during the decade. These policy changes contributed to poor economic growth rates during the decade. After averaging 5.9 percent during the 1970s, annual GDP growth rates ...
Policy Responses to Sudden Stops in Capital Flows
... • The economy’s overheating was a public policy issue: – Special commission to design ways to foster savings; – Strong discussion on role of fiscal policy (surplus 2% in 97); – Extra provisions for consumer credit. ...
... • The economy’s overheating was a public policy issue: – Special commission to design ways to foster savings; – Strong discussion on role of fiscal policy (surplus 2% in 97); – Extra provisions for consumer credit. ...
Chile`s Advisory Fiscal Council
... Chile’s Advisory Fiscal Council Klaus Schmidt-Hebbel President, AFC, Chile Sixth Annual Meeting of OECD Parliamentary Budget Officials and Independent Fiscal Institutions The Knesset, Jerusalem 31 March - 1 April 2014 ...
... Chile’s Advisory Fiscal Council Klaus Schmidt-Hebbel President, AFC, Chile Sixth Annual Meeting of OECD Parliamentary Budget Officials and Independent Fiscal Institutions The Knesset, Jerusalem 31 March - 1 April 2014 ...
Miracle of Chile
The “Miracle of Chile” was a term used by Nobel laureate economist Milton Friedman to describe the reorientation of the Chilean economy in the 1980s and the benefits of the economic policies applied by a large group of Chilean economists who collectively came to be known as the Chicago Boys, having studied at the University of Chicago where Friedman taught. He said the “Chilean economy did very well, but more important, in the end the central government, the military junta, was replaced by a democratic society. So the really important thing about the Chilean business is that free markets did work their way in bringing about a free society.” The junta to which Friedman refers was a military government that came to power in a 1973 coup d'état, which came to an end in 1990 after a democratic 1988 plebiscite removed Augusto Pinochet from the presidency.In the early 1970s, Chile experienced chronic inflation, reaching highs of 140 percent per annum, under socialist President Salvador Allende, whose government implemented high protectionist barriers, resulting in a lack of foreign-exchange reserves and falling GDP. The economic reforms implemented by the Chicago Boys had three main objectives: economic liberalization, privatization of state-owned companies, and stabilization of inflation. The first reforms were implemented in three rounds – 1974–83, 1985, and 1990. The reforms were continued and strengthened after 1990 by the post-Pinochet center government of Patricio Aylwin's Christian Democrats. However, the center-left government of Eduardo Frei Ruiz-Tagle also made a commitment to poverty reduction. In 1988, 48% of Chileans lived below the poverty line. By 2000 this had been reduced to 20%. The 1990s center-left governments implemented a 17% increase in the minimum wage, a 210% increase in social spending targeted at the low-income sectors of the population, and across the board tax increases, reversing the Pinochet tax cuts of 1988 and taxing an additional 3% of the country's GDP into government coffers. A 2004 World Bank report attributed 60% of Chile's 1990's poverty reduction to economic growth, and claimed that government programs aimed at poverty alleviation accounted for the rest.Hernán Büchi, Minister of Finance under Pinochet between 1985 and 1989, wrote a book detailing the implementation process of the economic reforms during his tenure. Successive governments have continued these policies. In 2002 Chile signed an association agreement with the European Union (comprising free trade and political and cultural agreements), in 2003, an extensive free trade agreement with the United States, and in 2004 with South Korea, expecting a boom in import and export of local produce and becoming a regional trade-hub. Continuing the coalition’s free-trade strategy, in August 2006 President Bachelet promulgated a free trade agreement with the People's Republic of China (signed under the previous administration of Ricardo Lagos), the first Chinese free-trade agreement with a Latin American nation; similar deals with Japan and India were promulgated in August 2007. In 2010, Chile was the first nation in South America to win membership in the Organization of Economic Cooperation and Development, an organization restricted to the world’s richest countries.Some economists (such as Nobel laureate Amartya Sen) have argued that the experience of Chile in this period indicates a failure of the economic liberalism posited by thinkers such as Friedman, claiming that there was little net economic growth from 1975 to 1982 (during the so-called “pure Monetarist experiment”). After the catastrophic banking crisis of 1982 the state controlled more of the economy than it had under the previous so-called ""socialist"" regime, and sustained economic growth only came after the later reforms that privatized the economy, while social indicators remained poor. Pinochet’s dictatorship made the unpopular economic reorientation possible by repressing opposition to it. Rather than a triumph of the free market, the OECD economist Javier Santiso described this reorientation as “combining neo-liberal [sic] sutures and interventionist cures”. By the time of sustained growth, the Chilean government had “cooled its neo-liberal [sic] ideological fever” and “controlled its exposure to world financial markets and maintained its efficient copper company in public hands”.