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Perverse Fiscal Consolidation by D. Mario Nuti Sapienza University
Perverse Fiscal Consolidation by D. Mario Nuti Sapienza University

... relatively high multipliers still within the range estimated by recent IMF sources, the rise in D/Y can be devastating. By way of example, a country with d=1.20, m=3, undertaking a stabilisation of x=5%, would raise its d by 0.05*(1.20*3-1)=13% of GDP, from 1.20 to 1.33. In a country like Japan, for ...
Using Natural Resources for Development: Why Has It Proven So
Using Natural Resources for Development: Why Has It Proven So

... of this literature, which also discusses the endogeneity issues associated with different measures of resource abundance, is found in Smith (2015). Looking just at developing countries, there has been a recent improvement in the relative performance of resource-rich economies, with average per capit ...
References - ACS - United Nations Economic Commission for Africa
References - ACS - United Nations Economic Commission for Africa

... AfDB and UNDESA while EIU forecasts were pessimistic, i.e predicting lower values than actual values. Regarding the inflation rate four institutions (EIU, HCP, AfDB and UNDESA) were pessimistic (i.e. predicting higher inflation rates than the actual rate) while IMF was optimistic .With regard to the ...
Strategic Issue Assessment - “2020–Seven” Growth Economies
Strategic Issue Assessment - “2020–Seven” Growth Economies

... reaction when the Federal Reserve tapered off its quantitative easing program, and from the Russia-Ukraine crisis to China’s stock market jitters, the global operating environment is in seemingly constant flux. The global economy may remain on pause for some years to come, or it may soon begin to tr ...
After Washington Consensus
After Washington Consensus

... that this is a departure from the Washington Consensus, which focused on policies rather than institutions. This policy would be placed in the row Institution Building as the result of the entry by the After the Washington Consensus. New Agenda IV: Income Distribution and the Social Sector: growth ...
MS Word - UCSB Global Studies
MS Word - UCSB Global Studies

... of influence and flexibility. As one measure of their scale, almost a third of total international trade now occurs solely within these multinational enterprises. With the advent of such global firms, international conflict has, to some extent, moved from nations to these firms, with the battle no l ...
Globalization of the World Economy: by Michael D. Intriligator *
Globalization of the World Economy: by Michael D. Intriligator *

... of influence and flexibility. As one measure of their scale, almost a third of total international trade now occurs solely within these multinational enterprises. With the advent of such global firms, international conflict has, to some extent, moved from nations to these firms, with the battle no l ...
Does Financial Repression Inhibit Economic Growth? Empirical
Does Financial Repression Inhibit Economic Growth? Empirical

... quality and growth rate of the economy. And the central hypothesis of this study is that the Chinese paradox does not contradict conventional theoretical prediction that financial liberalization should promote growth. Though still highly repressive, the Chinese financial system is a lot freer now th ...
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DP2009/11 A cobweb model of financial stability in New Zealand

... and evaluate the extent of current risks to financial stability. However, in contrast to the evaluation of monetary policy, financial stability analysis often suffers from conceptual issues and a lack of measurability. For example, there is no single accepted definition of exactly what constitutes a ...
globalization and state power
globalization and state power

... Transnational networks are such by virtue of their ability to operate without regard to national boundaries and without being affected by them. Examples include cultural movements and religious sects. Their reach may be cross continental in scope (e.g. the ‘hippy’ movement of the 1960s), or they may ...
Debt Restructuring and Economic Prospects in Greece
Debt Restructuring and Economic Prospects in Greece

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Cambodia`s Globalization and Poverty

... The International Monetary Fund (IMF) is an organization which provides short term loans to countries that need loans to pay for their previous debt and to prevent economic crisis.13 (IMF’s website) In order to get a loan from the IMF, the borrower needs to make a negotiation with the organization. ...
Economic Watch - BBVA Research
Economic Watch - BBVA Research

... meta-analysis of 754 fiscal multipliers, the frequency distribution of which is represented in the bars of Chart 1 (right-hand scale). The average of these multipliers ranges from 0.5 to 1.0, depending on the fiscal instrument and the estimating method. This meta-analysis yields the conclusion that ...
Процес стварања дуга: Босна и Херцеговина
Процес стварања дуга: Босна и Херцеговина

... limited to a small share (around 10-25 per cent) of firms. The presented yearly distributions of the debt increase in 2007 show that the median firm had no increase, while the debt increments in the first quartile were negative (in absolute terms less than 5 per cent of balance sheet sum) and at thi ...
Economic Survey of Singapore 2008 Prices Box 4.1
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... inflation expectations make self-sustaining deflationary spirals less likely. If an adverse demand or supply shock unanchors inflation expectations and consumers expect future prices to decline, they would refrain from spending today. The weakness in economic activity could then increase downward pr ...
Capital Markets, Infrastructure Investment and Growth in the Asia
Capital Markets, Infrastructure Investment and Growth in the Asia

... Audit Office in the United Kingdom adjusting benchmarks to recognize delay and cost increases when project funding is suspended during the implementation phase of long-term projects, National Audit Office [25]. 2.2. Privatization A common practice in the 1980s in many Asia-Pacific nations was the sa ...
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... narrow mandate and no functioning dispute settlement mechanism. The G-20 only became prominent after the GFC hit, and is not an international organization that has any legal standing. The EU encompasses a truly integrated common market, complete with free flows of goods, services, capital, and labor ...
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Synchronization between Financial Crisis and International

... macroeconomic policy dialogues with its neighboring economies to improve their policy responses. He and Liao (2012) develop a multilevel structural factor model to study international co-movement of output and its underlying driving forces. Their method combines a structural vector auto-regression w ...
The Global Crisis and the Turkish Economy
The Global Crisis and the Turkish Economy

... economy suffered a serious blow from the global crisis of 2008-09. This is not surprising given the degree of Turkey’s integration into the global economy and the severity of the recent global recession, which has already been variously branded as a “Depression” (Eichengreen and O’Rourke, 2009a and ...
Recommendations for Vitalizing Financial and Capital Markets
Recommendations for Vitalizing Financial and Capital Markets

... earnings and share prices, as well as a sluggish rise in workers’ wages. As a consequence, the Japanese economy fell into a vicious cycle in which a drop in aggregate demand self-fulfills a deflationary expectation. (Under such situation, Japan’s financial and capital markets have remained stagnant ...
Financial Development, Economic Growth and Collateral Effect of Capital Account Liberalization
Financial Development, Economic Growth and Collateral Effect of Capital Account Liberalization

... (1998) discovered that even in low-income nations, capital account liberalization might develop the stock market development, although the systemic impact on financial system is ambiguous. Rajan and Zingales (2003) provided an “interestgroup” theory to illustrate the positive link between trade open ...
NBER WORKING PAPER SERIES ON THE IRRELEVANCE OF PUBLIC FINANCIAL POLICY
NBER WORKING PAPER SERIES ON THE IRRELEVANCE OF PUBLIC FINANCIAL POLICY

... (1967) and Diamond (1965) made it clear that similar results also obtained in the life cycle models. See also Atkinson—Stiglitz (1980). ...
A Cautionary Tale: The true cost of austerity and inequality
A Cautionary Tale: The true cost of austerity and inequality

... total income grow, as the poorest are seeing theirs fall. If current trends continue some countries in Europe will soon have levels of inequality that rank among the highest in the world. Throughout Oxfam’s history it has campaigned not just to highlight poverty and suffering, but, just as important ...
Forecasting growth in eastern Europe and central Asia
Forecasting growth in eastern Europe and central Asia

... are only one input into final EBRD forecasts. They are mainly designed to capture the impact of the external environment on growth in the region. Domestic economic and political developments are introduced through economists’ judgment. The other approach, which is gaining more and more attention fro ...
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Globalization and Its Discontents

Globalization and Its Discontents is a book published in 2002 by the 2001 Nobel laureate Joseph E. Stiglitz.The book draws on Stiglitz's personal experience as chairman of the Council of Economic Advisers under Bill Clinton from 1993 and chief economist at the World Bank from 1997. During this period Stiglitz became disillusioned with the IMF and other international institutions, which he came to believe acted against the interests of impoverished developing countries. Stiglitz argues that the policies pursued by the IMF are based on neoliberal assumptions that are fundamentally unsound:Behind the free market ideology there is a model, often attributed to Adam Smith, which argues that market forces—the profit motive—drive the economy to efficient outcomes as if by an invisible hand. One of the great achievements of modern economics is to show the sense in which, and the conditions under which, Smith's conclusion is correct. It turns out that these conditions are highly restrictive. Indeed, more recent advances in economic theory—ironically occurring precisely during the period of the most relentless pursuit of the Washington Consensus policies—have shown that whenever information is imperfect and markets incomplete, which is to say always, and especially in developing countries, then the invisible hand works most imperfectly. Significantly, there are desirable government interventions which, in principle, can improve upon the efficiency of the market. These restrictions on the conditions under which markets result in efficiency are important—many of the key activities of government can be understood as responses to the resulting market failures.Stiglitz argues that IMF policies contributed to bringing about the East Asian financial crisis, as well as the Argentine economic crisis. Also noted was the failure of Russia's conversion to a market economy and low levels of development in Sub-Saharan Africa. Specific policies criticised by Stiglitz include fiscal austerity, high interest rates, trade liberalization, and the liberalization of capital markets and insistence on the privatization of state assets.
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