Economic Freedom of the World: 1975-1995
... freedom not beg any questions by depending on outcomes; it was essential that it depend only on objective characteristics of an economy. This may seem obvious but I assure you that it is not. After all, the rate of economic growth or the level of living may be an excellent proxy for economic freedom ...
... freedom not beg any questions by depending on outcomes; it was essential that it depend only on objective characteristics of an economy. This may seem obvious but I assure you that it is not. After all, the rate of economic growth or the level of living may be an excellent proxy for economic freedom ...
The Structural Balance Rule in Chile: Ten Years, Ten Lessons
... the European Monetary Union to fiscal convergence norms, in the notoriety of the so-called “golden rule” of the United Kingdom, and in the inclusion of policy rules into fiscal responsibility laws that Latin American countries enacted toward the end of the 1990s. The search for greater predictabili ...
... the European Monetary Union to fiscal convergence norms, in the notoriety of the so-called “golden rule” of the United Kingdom, and in the inclusion of policy rules into fiscal responsibility laws that Latin American countries enacted toward the end of the 1990s. The search for greater predictabili ...
NBER WORKING PAPER SERIES ON THE ORIGINS OF "A MONETARY HISTORY"
... of money, and none produced an interpretation that integrated supply and demand. Historians of economic thought interested in Mitchell, for example Howard Sherman (2001), have downplayed Mitchell's views about the role of money in the business cycle, or emphasized the differences between Mitchell an ...
... of money, and none produced an interpretation that integrated supply and demand. Historians of economic thought interested in Mitchell, for example Howard Sherman (2001), have downplayed Mitchell's views about the role of money in the business cycle, or emphasized the differences between Mitchell an ...
Saving Transitions - Harvard Kennedy School
... sources. In practice, there have been few cases of high-investment countries, perhaps none at all, where foreign saving has accounted for more than 20 percent of investment over long stretches of time. In an economy investing, say, 30 percent of its GDP, relying on foreign saving beyond this limit w ...
... sources. In practice, there have been few cases of high-investment countries, perhaps none at all, where foreign saving has accounted for more than 20 percent of investment over long stretches of time. In an economy investing, say, 30 percent of its GDP, relying on foreign saving beyond this limit w ...
Chile`s new fiscal rule
... automatic stabilizers while achieving fiscal consolidation, the discussion on fiscal policy in the Latin America and Caribbean region (LAC) concentrates predominantly on long term sustainability issues, largely ignoring the effects of the economic cycle (Perry 2002). This might come as a surprise as ...
... automatic stabilizers while achieving fiscal consolidation, the discussion on fiscal policy in the Latin America and Caribbean region (LAC) concentrates predominantly on long term sustainability issues, largely ignoring the effects of the economic cycle (Perry 2002). This might come as a surprise as ...
Saving Transitions - Faculty Support Site
... the consequence of growth? And even if we accept the causal role played by investment, are increases in saving sufficient and necessary for investment and growth? How likely are saving transitions to result in higher growth? Finally, to the extent that saving is responsible for investment and growth ...
... the consequence of growth? And even if we accept the causal role played by investment, are increases in saving sufficient and necessary for investment and growth? How likely are saving transitions to result in higher growth? Finally, to the extent that saving is responsible for investment and growth ...
Chapter 7 Chile`s New Fiscal Rule
... automatic stabilizers while achieving fiscal consolidation, the discussion on fiscal policy in the Latin America and Caribbean region (LAC) concentrates predominantly on long term sustainability issues, largely ignoring the effects of the economic cycle (Perry 2002). This might come as a surprise as ...
... automatic stabilizers while achieving fiscal consolidation, the discussion on fiscal policy in the Latin America and Caribbean region (LAC) concentrates predominantly on long term sustainability issues, largely ignoring the effects of the economic cycle (Perry 2002). This might come as a surprise as ...
Economics and Political Economy
... in the economy and led to a proliferation of parallel markets and unrecorded crossborder trade. Economic reforms allowed Tanzania not only to recover economic activity but also to operate a gradual transition from a state-controlled to a marketoriented economy relying on private sector. The reforms ...
... in the economy and led to a proliferation of parallel markets and unrecorded crossborder trade. Economic reforms allowed Tanzania not only to recover economic activity but also to operate a gradual transition from a state-controlled to a marketoriented economy relying on private sector. The reforms ...
How Friedman and Schwartz became monetarists
... determinants of inflation during three wartime periods -- the Civil War, World War I, and World War II -- presented by Friedman in a 1952 paper, contributed to his shift to the position that monetary policy is more important than fiscal policy. To substantiate these findings, we rely partly on unpub ...
... determinants of inflation during three wartime periods -- the Civil War, World War I, and World War II -- presented by Friedman in a 1952 paper, contributed to his shift to the position that monetary policy is more important than fiscal policy. To substantiate these findings, we rely partly on unpub ...
Brunei Economy and its Integration in the Regional Economic
... growth of Brunei. The second objective is to explore the trade and investment linkages of Brunei to various economic activities of other East Asian economies. The title of this paper contains the words regional economic activities. Region here refers to East Asia which includes Japan, South Korea, a ...
... growth of Brunei. The second objective is to explore the trade and investment linkages of Brunei to various economic activities of other East Asian economies. The title of this paper contains the words regional economic activities. Region here refers to East Asia which includes Japan, South Korea, a ...
a knowledge economy approach for the development of countries
... Table III.8. Conceptual framework and main measurement objective(s) of the models ......... 107 Table IV.1. Hypotheses to contrast. .......................................................................................... 121 Table IV.2. Definition of variables and indicators included in the model ...
... Table III.8. Conceptual framework and main measurement objective(s) of the models ......... 107 Table IV.1. Hypotheses to contrast. .......................................................................................... 121 Table IV.2. Definition of variables and indicators included in the model ...
Working Paper Series
... Bank of Tanzania Act in 1995. The primary mission of the Bank of Tanzania is to maintain domestic price stability that is conducive to the attainment of macroeconomic stability and the achievement of sustainable growth. The Bank of Tanzania has the responsibility of ensuring that monetary conditions ...
... Bank of Tanzania Act in 1995. The primary mission of the Bank of Tanzania is to maintain domestic price stability that is conducive to the attainment of macroeconomic stability and the achievement of sustainable growth. The Bank of Tanzania has the responsibility of ensuring that monetary conditions ...
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... constrained by structural problems, there have been signs of a recovery since the beginning of the year. The US economy has coped very well with cuts to the public budget. Japan’s new government has succeeded in clearly stimulating the country’s economy with its highly expansionary economic policy. ...
... constrained by structural problems, there have been signs of a recovery since the beginning of the year. The US economy has coped very well with cuts to the public budget. Japan’s new government has succeeded in clearly stimulating the country’s economy with its highly expansionary economic policy. ...
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... the research and business communities. The Ifo Institute is internationally renowned for its business surveys. CESifo is the name under which the international service products and research results of both organisations are published. ...
... the research and business communities. The Ifo Institute is internationally renowned for its business surveys. CESifo is the name under which the international service products and research results of both organisations are published. ...
Economic growth in Latin America in the late 20th
... In terms of growth patterns, we should distinguish two sub-periods in the sample: 1960-1980 and 1981-2002.3 The (unweighted) average rate of growth of per capita GDP in the 1960-1980 period was 3.0 percent for the 12 countries, significantly higher than that in the period 1981-2002 of 0.5 percent. I ...
... In terms of growth patterns, we should distinguish two sub-periods in the sample: 1960-1980 and 1981-2002.3 The (unweighted) average rate of growth of per capita GDP in the 1960-1980 period was 3.0 percent for the 12 countries, significantly higher than that in the period 1981-2002 of 0.5 percent. I ...
Database of Global Economic Indicators
... We are mindful that the reliability and interpretability of the aggregate indicators we produce very much depends on the implementation process we detail here. DGEI depends crucially on the methodology described in this document, to explain what the indicators capture and what these aggregates can t ...
... We are mindful that the reliability and interpretability of the aggregate indicators we produce very much depends on the implementation process we detail here. DGEI depends crucially on the methodology described in this document, to explain what the indicators capture and what these aggregates can t ...
Inflation and Economic Growth
... The results we present here have direct relevance to the debate on inflation targeting as an appropriate framework for conducting monetary policy. Over the past decade, governments throughout the world have embraced inflation targeting as a dominant policy framework. For the most part, this specific ...
... The results we present here have direct relevance to the debate on inflation targeting as an appropriate framework for conducting monetary policy. Over the past decade, governments throughout the world have embraced inflation targeting as a dominant policy framework. For the most part, this specific ...
State Capacity and Long-Run Economic Performance
... performance. We find that fiscally centralized regimes saw an average annual growth rate in real per capita GDP that was 0.17 to 0.43 percent higher than fiscally fragmented regimes. To put these magnitudes into perspective, the average annual per capita GDP growth rate among sample countries over t ...
... performance. We find that fiscally centralized regimes saw an average annual growth rate in real per capita GDP that was 0.17 to 0.43 percent higher than fiscally fragmented regimes. To put these magnitudes into perspective, the average annual per capita GDP growth rate among sample countries over t ...
`Turning Points` with Leading Indicators: `Real Time`
... The leading cyclical indicators approach, which became very popular after [Burns and Mitchel, 1946], has also not been able to solve the problem. These indicators usually give a good picture if one looks for a long historical retrospective but they are often not very effective in ‘real-time’, when o ...
... The leading cyclical indicators approach, which became very popular after [Burns and Mitchel, 1946], has also not been able to solve the problem. These indicators usually give a good picture if one looks for a long historical retrospective but they are often not very effective in ‘real-time’, when o ...
What makes governments popular? - Centre for Economic Policy
... respondents said their national authorities were doing a good job in 2014. In Bosnia and Herzegovina that year, only 5 percent said the same. Ratings vary not just across countries but also over time. Between 2008 and 2014, approval of top leaders fell by 42 percentage points in Armenia, but rose ...
... respondents said their national authorities were doing a good job in 2014. In Bosnia and Herzegovina that year, only 5 percent said the same. Ratings vary not just across countries but also over time. Between 2008 and 2014, approval of top leaders fell by 42 percentage points in Armenia, but rose ...
S2003726_en.pdf
... A correct estimate of potential output is an important macroeconomic policy tool, which might reduce the volatility of the economy and output losses, and would therefore have positive effects on poverty reduction and would benefit investment and economic growth. Ideally, one of the important results ...
... A correct estimate of potential output is an important macroeconomic policy tool, which might reduce the volatility of the economy and output losses, and would therefore have positive effects on poverty reduction and would benefit investment and economic growth. Ideally, one of the important results ...
Effects of government expenditure, taxes and
... private sector and then returning the money to the private sector through various spending programs. This is known as the pump priming concept. This concept however does not mean that the government should be big. Keynesians, asserts that government spending – especially deficit spending could provi ...
... private sector and then returning the money to the private sector through various spending programs. This is known as the pump priming concept. This concept however does not mean that the government should be big. Keynesians, asserts that government spending – especially deficit spending could provi ...
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... Western Europe, as well as Central and Eastern Europe, Russia and Latin America the economic expectations for the next six months have been upgraded. However, the world economy has been in free-fall for many months and the deep global recession is not yet overcome, demonstrated by the fact that in t ...
... Western Europe, as well as Central and Eastern Europe, Russia and Latin America the economic expectations for the next six months have been upgraded. However, the world economy has been in free-fall for many months and the deep global recession is not yet overcome, demonstrated by the fact that in t ...
The Contributions of Milton Friedman to Economics
... that prices perform is to provide an incentive for people to adopt the least costly methods of production and to use available resources for the most highly valued uses. They perform that function because of their third function, which is to determine who gets what and how much—the distribution of i ...
... that prices perform is to provide an incentive for people to adopt the least costly methods of production and to use available resources for the most highly valued uses. They perform that function because of their third function, which is to determine who gets what and how much—the distribution of i ...
Document
... abandoning reform in mid-2003 and shifting the focus on issues (to be subsequently given up) of harmonization with the Montenegrin economy, with partial reversal of its own initial foreign trade liberalization; coming into power of a new government (in early 2004),followed by almost nine months of s ...
... abandoning reform in mid-2003 and shifting the focus on issues (to be subsequently given up) of harmonization with the Montenegrin economy, with partial reversal of its own initial foreign trade liberalization; coming into power of a new government (in early 2004),followed by almost nine months of s ...
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”.