Fiscal Policy as a Tool for Stabilization in Developing Countries
... run, suggesting deep underlying limits on the ability of most countries to generate successful fiscal responses to the current crisis.6 Fiscal expansions are difficult to reverse. If governments commit to unsustainably large spending programs during recessions as a countercyclical device, these may ...
... run, suggesting deep underlying limits on the ability of most countries to generate successful fiscal responses to the current crisis.6 Fiscal expansions are difficult to reverse. If governments commit to unsustainably large spending programs during recessions as a countercyclical device, these may ...
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... potential, not only is it necessary to maintain short-term macroeconomic stability, each country will also have to embrace an enduring programme of structural adjustment and reform, including the significant modernisation of their infrastructures. To bring out many of the main issues clearly, it is ...
... potential, not only is it necessary to maintain short-term macroeconomic stability, each country will also have to embrace an enduring programme of structural adjustment and reform, including the significant modernisation of their infrastructures. To bring out many of the main issues clearly, it is ...
S2009519_en.pdf
... resulting from their varying capacities and the particularities in each case. Another major difference from the events of the 1930s is that there are now a number of international coordinating institutions on the regional and multilateral levels, many of them set up following the Great Depression an ...
... resulting from their varying capacities and the particularities in each case. Another major difference from the events of the 1930s is that there are now a number of international coordinating institutions on the regional and multilateral levels, many of them set up following the Great Depression an ...
Macroeconomic Management When Policy Space is Constrained
... Recovery in GDP growth since the global financial crisis has been halting and weak. An aggressive and internationally–coordinated policy stimulus in 2009–10 turned around a severe recession. Since then, however, while monetary conditions have remained easy, many governments have withdrawn fiscal sti ...
... Recovery in GDP growth since the global financial crisis has been halting and weak. An aggressive and internationally–coordinated policy stimulus in 2009–10 turned around a severe recession. Since then, however, while monetary conditions have remained easy, many governments have withdrawn fiscal sti ...
the diffusion of capital account liberalization
... changes in financial openness relative to the baseline year of 1970, Figure 1 demonstrates not only the more than double increase in openness but draws out the S-shaped curve which is illustrative of the diffusion process, suggesting that liberalization by an initial set of countries provided a cata ...
... changes in financial openness relative to the baseline year of 1970, Figure 1 demonstrates not only the more than double increase in openness but draws out the S-shaped curve which is illustrative of the diffusion process, suggesting that liberalization by an initial set of countries provided a cata ...
YYYYYY Patriotism and GDP Cultural difference, though difficult to
... For this reason, it seems reasonable to hypothesize that a nation with many constructively patriotic citizens would be more likely to succeed than a country with blindly patriotic citizens. Data from two questions in the World Values Survey support this hypothesis. Respondents in 52 countries were a ...
... For this reason, it seems reasonable to hypothesize that a nation with many constructively patriotic citizens would be more likely to succeed than a country with blindly patriotic citizens. Data from two questions in the World Values Survey support this hypothesis. Respondents in 52 countries were a ...
Why Have So Few Countries Industrialised?
... Figure 4.14. FDI inflows, as % of Gross Fixed Capital Formation, 5-year averages, 1970-05 ........................................................................................ 123 ...
... Figure 4.14. FDI inflows, as % of Gross Fixed Capital Formation, 5-year averages, 1970-05 ........................................................................................ 123 ...
PDF - Centre for International Governance Innovation
... not only in the short term, but also in the long term). In fact, for every level of initial debt there are infinite paths of primary balance trajectories that would be consistent with the satisfaction of a transversality condition or, even less restrictively, with stabilization of the debt over GDP ...
... not only in the short term, but also in the long term). In fact, for every level of initial debt there are infinite paths of primary balance trajectories that would be consistent with the satisfaction of a transversality condition or, even less restrictively, with stabilization of the debt over GDP ...
S0900134_es.pdf
... the difference is explained by a lower employment to population ratio in Latin America. The bulk of wealth difference steams from low (about 1/4) GDP per worker in Latin America relative to the United States. Third, in decomposing GDP per worker using an aggregate production function that includes p ...
... the difference is explained by a lower employment to population ratio in Latin America. The bulk of wealth difference steams from low (about 1/4) GDP per worker in Latin America relative to the United States. Third, in decomposing GDP per worker using an aggregate production function that includes p ...
The Importance of Manufacturing in Economic - unu
... Britain was the first country to industrialize and it became the technological leader in the world economy. It was the exemplar for other countries. Manufacturing became the main engine of accelerating economic growth in the nineteenth century. A global race for industrialization had ...
... Britain was the first country to industrialize and it became the technological leader in the world economy. It was the exemplar for other countries. Manufacturing became the main engine of accelerating economic growth in the nineteenth century. A global race for industrialization had ...
Petroleum Product Subsidies: Costly, Inequitable, and Rising
... across commodities should be inversely proportional to their price elasticity of demand in order to minimize the distortion in consumption. To the extent that petroleum consumption is relatively inelastic, this suggests that taxes should be higher on petroleum products. ...
... across commodities should be inversely proportional to their price elasticity of demand in order to minimize the distortion in consumption. To the extent that petroleum consumption is relatively inelastic, this suggests that taxes should be higher on petroleum products. ...
Monthly Bulletin articles, April 2004
... Macroeconomic stability improves social and economic welfare by reducing fluctuations in income and consumption. There are three main channels through which fiscal policies can affect the short-term environment for monetary policy. First, fiscal policies may affect economic growth and prices via dis ...
... Macroeconomic stability improves social and economic welfare by reducing fluctuations in income and consumption. There are three main channels through which fiscal policies can affect the short-term environment for monetary policy. First, fiscal policies may affect economic growth and prices via dis ...
a new emerging reality
... There is an extensive canon of literature that discusses factors that attracts FDI in developing countries. Overall, most studies identify countries’ economic growth rates, levels market openness, geographic features, and participation in domestic and international institutions as the most important ...
... There is an extensive canon of literature that discusses factors that attracts FDI in developing countries. Overall, most studies identify countries’ economic growth rates, levels market openness, geographic features, and participation in domestic and international institutions as the most important ...
And Yet It Grows: Crisis, Ideology, and Interventionist Policy
... corresponding economy have to be larger than four percent of GDP, while all other crises are defined as a soft crisis. Both are also operationalized such that they capture the amount of years that a country spends with either negative annual growth or with large GDP losses. Effectively, this also se ...
... corresponding economy have to be larger than four percent of GDP, while all other crises are defined as a soft crisis. Both are also operationalized such that they capture the amount of years that a country spends with either negative annual growth or with large GDP losses. Effectively, this also se ...
Fiscal Federalism in Planned Economies
... regional resource transfers which, often are invisible, it is difficult to taken them into account in the explicit transfer systems. In this section, some important characteristics of the planned economies with implications for assignment of taxes and expenditures on the one hand, and creating invi ...
... regional resource transfers which, often are invisible, it is difficult to taken them into account in the explicit transfer systems. In this section, some important characteristics of the planned economies with implications for assignment of taxes and expenditures on the one hand, and creating invi ...
Life is better for Brazilians than it was eight years ago. But Lula is
... “Dilma is going to surprise the world,” says Lula. That is a near certainty, given how little is known about her. In the 1960s she was a Marxist revolutionary; in the 1970s she was jailed and tortured by Brazil’s military regime. More recently, as Lula’s energy minister and then chief of staff, she ...
... “Dilma is going to surprise the world,” says Lula. That is a near certainty, given how little is known about her. In the 1960s she was a Marxist revolutionary; in the 1970s she was jailed and tortured by Brazil’s military regime. More recently, as Lula’s energy minister and then chief of staff, she ...
Sachs and Warner_1995_Development Economics
... integration of the national economy with the world economy. Integration means not only increased market-based trade and financial flows, but also institutional harmonization with regard to trade policy, legal codes, tax systems, ownership patterns, and other regulatory arrangements. In each of these ...
... integration of the national economy with the world economy. Integration means not only increased market-based trade and financial flows, but also institutional harmonization with regard to trade policy, legal codes, tax systems, ownership patterns, and other regulatory arrangements. In each of these ...
79083095I_en.pdf
... compete from a better position. Indiscriminate participation would hinder the aim of ISI. As in the case of investments, Prebisch thought there was a need for an international cooperation strategy through which the advanced industrial countries would aid Latin America with specific programmes of tec ...
... compete from a better position. Indiscriminate participation would hinder the aim of ISI. As in the case of investments, Prebisch thought there was a need for an international cooperation strategy through which the advanced industrial countries would aid Latin America with specific programmes of tec ...
COM COM(2007)
... average, they have improved their structural government balance by about 1 percentage point of GDP in 2006. The budgetary plans of these countries are generally consistent with the goal of correcting the excessive deficits within the time limits specified by the Council. While up to ten Member State ...
... average, they have improved their structural government balance by about 1 percentage point of GDP in 2006. The budgetary plans of these countries are generally consistent with the goal of correcting the excessive deficits within the time limits specified by the Council. While up to ten Member State ...
Economic Watch - BBVA Research
... increase the correlation between the forecast growth error and the projected fiscal consolidation. Third, they expanded the sample with 10 advanced economies (the coefficient fell to a half and was no longer statistically significant) and analyzed the evidence of 14 emerging economies (the estimated ...
... increase the correlation between the forecast growth error and the projected fiscal consolidation. Third, they expanded the sample with 10 advanced economies (the coefficient fell to a half and was no longer statistically significant) and analyzed the evidence of 14 emerging economies (the estimated ...
(Re)building developmental states: From theory to practice
... This paper is intended as a contribution to a dialogue about the role of the state in promoting development and about what the international aid community can (and cannot) do to help build stronger, more effective and better governed states in the developing world. It draws together academic researc ...
... This paper is intended as a contribution to a dialogue about the role of the state in promoting development and about what the international aid community can (and cannot) do to help build stronger, more effective and better governed states in the developing world. It draws together academic researc ...
On the sources of macroeconomic stability
... stable than could reasonably have been predicted. In the ten years after the Monetary Policy Committee (MPC) was established in May 1997, inflation deviated by more than 1 percentage point from its target in only one month, whereas calculations made at the start of this period had suggested that thi ...
... stable than could reasonably have been predicted. In the ten years after the Monetary Policy Committee (MPC) was established in May 1997, inflation deviated by more than 1 percentage point from its target in only one month, whereas calculations made at the start of this period had suggested that thi ...
S01121079_en.pdf
... areas of causality where models and quantification is possible, whereas ultimate causes are much more difficult to quantify. Some elements in the realm of the ultimate causes (like institutions and income distribution) will be analysed in an historical perspective and others, especially total factor ...
... areas of causality where models and quantification is possible, whereas ultimate causes are much more difficult to quantify. Some elements in the realm of the ultimate causes (like institutions and income distribution) will be analysed in an historical perspective and others, especially total factor ...
Understanding Reform Process in Kenya
... through a number of political and economic phases. Like most African countries, Kenya’s economy in the 1960s and 1970s was characterised by controls and a protective, inwardlooking trade regime. The economy was able to achieve an outstanding economic growth rate of 6.6% over 1964-73 period. Economic ...
... through a number of political and economic phases. Like most African countries, Kenya’s economy in the 1960s and 1970s was characterised by controls and a protective, inwardlooking trade regime. The economy was able to achieve an outstanding economic growth rate of 6.6% over 1964-73 period. Economic ...
Reflections on the euro area fiscal stance
... improve things, even if there were less uncertainty about fiscal impacts. A discretionary countercyclical fiscal policy could make monetary policymaking more difficult. Rather discretionary fiscal policy should focus on long run issues, such as tax reform and social security reform.” “Other examples ...
... improve things, even if there were less uncertainty about fiscal impacts. A discretionary countercyclical fiscal policy could make monetary policymaking more difficult. Rather discretionary fiscal policy should focus on long run issues, such as tax reform and social security reform.” “Other examples ...