Fiscal Policy and Financial Market Imperfections
... demand when borrowing constraints bind tightly across a wide range of households and firms. The goal is to tackle some of the conditions under which a discretionary use of fiscal policy may be justifiable and to refine some empirical observations. The work consists of four essays. The first essay su ...
... demand when borrowing constraints bind tightly across a wide range of households and firms. The goal is to tackle some of the conditions under which a discretionary use of fiscal policy may be justifiable and to refine some empirical observations. The work consists of four essays. The first essay su ...
Responding to Shocks and Maintaining Stability in the West
... Shocks have been frequent in the WAEMU and often asymmetric. Some of them have been of a political nature, as illustrated by the crises experienced in the past few years in Côte d’Ivoire, Guinea Bissau, and Mali. The region is also affected by a large number of exogenous shocks of various natures: c ...
... Shocks have been frequent in the WAEMU and often asymmetric. Some of them have been of a political nature, as illustrated by the crises experienced in the past few years in Côte d’Ivoire, Guinea Bissau, and Mali. The region is also affected by a large number of exogenous shocks of various natures: c ...
Jacopo Ponticelli Essays on Finance and Development
... In the first chapter I study the impact of a financial reform on firms. Financial reform designed to improve creditor protection is often encouraged as a way to increase credit access for firms, especially in developing countries. I show that when court enforcement works poorly, financial reform is ...
... In the first chapter I study the impact of a financial reform on firms. Financial reform designed to improve creditor protection is often encouraged as a way to increase credit access for firms, especially in developing countries. I show that when court enforcement works poorly, financial reform is ...
here
... accommodative monetary policy of the ECB are some of the factors that contributed to the upward revision of growth. However, the impact of these positive impulses is temporary and is gradually disappearing under the pressure of slowing emerging market economies and global trade. In the following per ...
... accommodative monetary policy of the ECB are some of the factors that contributed to the upward revision of growth. However, the impact of these positive impulses is temporary and is gradually disappearing under the pressure of slowing emerging market economies and global trade. In the following per ...
Government Debt and Risk Premia - Penn Economics
... high debt-to-GDP ratio brings more uncertainty in fiscal consolidations. The two mechanisms reinforce each other. In equilibrium, the debt-to-GDP ratio reveals fiscal uncertainty and has implications for asset prices that are consistent with the empirical findings. Calibrated to fiscal policy data, ...
... high debt-to-GDP ratio brings more uncertainty in fiscal consolidations. The two mechanisms reinforce each other. In equilibrium, the debt-to-GDP ratio reveals fiscal uncertainty and has implications for asset prices that are consistent with the empirical findings. Calibrated to fiscal policy data, ...
report - Standard Chartered Bank
... Malaysia. China remains at the top of our list in terms of leverage risk, as in 2013. Its debt-to-GDP ratio has increased by 85ppt to 232% (from 147% at end-2008) in the wake of the government’s massive stimulus programme to counter the effects of the global financial crisis. China’s excess credit g ...
... Malaysia. China remains at the top of our list in terms of leverage risk, as in 2013. Its debt-to-GDP ratio has increased by 85ppt to 232% (from 147% at end-2008) in the wake of the government’s massive stimulus programme to counter the effects of the global financial crisis. China’s excess credit g ...
- UniCredit Bank
... tourism receipts in Croatia and a bumper harvest in Serbia before easing in both in 4Q on weakening foreign demand. In both countries, macroeconomic imbalances are likely to ease thanks to significant fiscal adjustment to date. Growth in Turkey also slowed sharply in 2Q towards 3.0% yoy, and, like e ...
... tourism receipts in Croatia and a bumper harvest in Serbia before easing in both in 4Q on weakening foreign demand. In both countries, macroeconomic imbalances are likely to ease thanks to significant fiscal adjustment to date. Growth in Turkey also slowed sharply in 2Q towards 3.0% yoy, and, like e ...
B - UK Government Web Archive
... strengthening. From a platform of stability and sustained growth, the UK is well placed to benefit from the global economic recovery. This Pre-Budget Report builds on past reforms to ensure the UK is in a position to take advantage of the opportunities that the global recovery will create. The Gover ...
... strengthening. From a platform of stability and sustained growth, the UK is well placed to benefit from the global economic recovery. This Pre-Budget Report builds on past reforms to ensure the UK is in a position to take advantage of the opportunities that the global recovery will create. The Gover ...
CBO Long-Term Budget Outlook March 2017
... CBO updates its long-term projections using simplified methods, as it did most recently in January 2017. CBO’s budget projections are built on its economic projections, which incorporate the effects of the fiscal policy projected under current law. CBO anticipates that if current laws generally did ...
... CBO updates its long-term projections using simplified methods, as it did most recently in January 2017. CBO’s budget projections are built on its economic projections, which incorporate the effects of the fiscal policy projected under current law. CBO anticipates that if current laws generally did ...
S1001011_en.pdf
... and Sandra Manuelito. Alejandra Acevedo, Vianka Aliaga, Leandro Cabello, Jazmín Chiu and Karen Martínez were responsible for the processing and presentation of the statistical data and graphical presentations. ...
... and Sandra Manuelito. Alejandra Acevedo, Vianka Aliaga, Leandro Cabello, Jazmín Chiu and Karen Martínez were responsible for the processing and presentation of the statistical data and graphical presentations. ...
oecd economic outlook
... prepared to take emerging new jobs will be crucial. At the same time, it is essential to guard against crisisdriven intervention in product and financial markets undermining the long-run health of the economy. And the pressures for protectionist measures, which can take many forms, must be withstood ...
... prepared to take emerging new jobs will be crucial. At the same time, it is essential to guard against crisisdriven intervention in product and financial markets undermining the long-run health of the economy. And the pressures for protectionist measures, which can take many forms, must be withstood ...
Balanced Budget Legislation - Faculte de droit
... Budget andDebt Retirement Act, March 1995' During the past several years Canadian budgetary policy, at both the federal and provincial levels, focused primarily, if not obsessively, on reining in government spending and reducing annual budget deficits and overall government debt.2 In the process, Ca ...
... Budget andDebt Retirement Act, March 1995' During the past several years Canadian budgetary policy, at both the federal and provincial levels, focused primarily, if not obsessively, on reining in government spending and reducing annual budget deficits and overall government debt.2 In the process, Ca ...
Quarterly - UniCredit Tiriac Bank
... comfortably exceeds credit growth, creating some upside for new credit extension, … ...
... comfortably exceeds credit growth, creating some upside for new credit extension, … ...
Oksanen-14Apr-screen 348856 en
... pension reforms and national accounting rules is also analysed. Chapter 4 illustrates the results with simulations using yearly stylised data. Chapter 5 discusses the effect of population ageing and public pension rules on national saving under commonly held theories on private saving behaviour. It ...
... pension reforms and national accounting rules is also analysed. Chapter 4 illustrates the results with simulations using yearly stylised data. Chapter 5 discusses the effect of population ageing and public pension rules on national saving under commonly held theories on private saving behaviour. It ...
Credit Constraints, Cyclical Fiscal Policy and
... the view that higher volatility should induce lower growth by discouraging long-term growth-enhancing investment particularly in more credit constrained rms. Aghion, Bacchetta, Ranciere and Rogo¤ (2006) build on that insight when analyzing the relationship between long-run growth and the choice of ...
... the view that higher volatility should induce lower growth by discouraging long-term growth-enhancing investment particularly in more credit constrained rms. Aghion, Bacchetta, Ranciere and Rogo¤ (2006) build on that insight when analyzing the relationship between long-run growth and the choice of ...
1 1. Introduction In the last ten years, Chile`s overall economic
... calculated) is assumed to be financed by the sum of foreign saving (whose data come from balance of payments accounts) and gross domestic saving. This, in turn, is assumed equal to public saving (derived from fiscal accounts) plus private saving, which is the residual. Some decomposition of this res ...
... calculated) is assumed to be financed by the sum of foreign saving (whose data come from balance of payments accounts) and gross domestic saving. This, in turn, is assumed equal to public saving (derived from fiscal accounts) plus private saving, which is the residual. Some decomposition of this res ...
The fiscal space in emerging market economies
... also find that for some advanced economies, such as Greece, Italy, Japan and Portugal, the debt limit is not defined, which means that the paths of the debt ratio are explosive. Other authors such as Zandi et al (2011), Fournier and Fall (2015) and Pommier (2015) have used this methodology to estim ...
... also find that for some advanced economies, such as Greece, Italy, Japan and Portugal, the debt limit is not defined, which means that the paths of the debt ratio are explosive. Other authors such as Zandi et al (2011), Fournier and Fall (2015) and Pommier (2015) have used this methodology to estim ...
Green Budget - Institute for Fiscal Studies
... much bigger than, and has come down much less quickly than, the headline deficit. In addition, there is a case for a new focus on debt management. Something like £650 billion of debt to be issued over the next five years, and how this happens – how much is index linked and what average maturities ar ...
... much bigger than, and has come down much less quickly than, the headline deficit. In addition, there is a case for a new focus on debt management. Something like £650 billion of debt to be issued over the next five years, and how this happens – how much is index linked and what average maturities ar ...
IMF Staff Report 2016 Article IV Consultation Curacao and Sint
... debt. However, preserving these going forward will require surmounting some critical challenges. GDP per capita is already at high-income country levels, but the islands must combat lackluster growth and high unemployment levels by addressing weak competitiveness and improving the investment environ ...
... debt. However, preserving these going forward will require surmounting some critical challenges. GDP per capita is already at high-income country levels, but the islands must combat lackluster growth and high unemployment levels by addressing weak competitiveness and improving the investment environ ...
Free Full text
... without a meeting on a lapse-of-time basis.2 Panama’s economy has been the fastest growing in Latin America over the last two decades and is expected to remain among the most dynamic in the region, with stable and low inflation, sustainable public debt, a declining current account deficit, and a sta ...
... without a meeting on a lapse-of-time basis.2 Panama’s economy has been the fastest growing in Latin America over the last two decades and is expected to remain among the most dynamic in the region, with stable and low inflation, sustainable public debt, a declining current account deficit, and a sta ...
Europe will work
... from the simple sum of its parts. While it is far from clear what macro-prudential policies will finally be put in place in Europe, discussing the various current propositions enhances diagnosis of the crisis and its potential evolution. Here we were fortunate to have numerous helpful discussions, o ...
... from the simple sum of its parts. While it is far from clear what macro-prudential policies will finally be put in place in Europe, discussing the various current propositions enhances diagnosis of the crisis and its potential evolution. Here we were fortunate to have numerous helpful discussions, o ...
The Debt-Overhang Hypothesis and the Effects on Low/High Income
... of 50% or more, debt to exports of goods and all services of 275% or more, accrued debt services to exports of 30% or more and accrued interest to exports of 20% or more (World Bank definition). 2 LDC-crisis started with Mexico defaulting on sovereign debt and this debt-crisis spread throughout many ...
... of 50% or more, debt to exports of goods and all services of 275% or more, accrued debt services to exports of 30% or more and accrued interest to exports of 20% or more (World Bank definition). 2 LDC-crisis started with Mexico defaulting on sovereign debt and this debt-crisis spread throughout many ...
St. Kitts and Nevis
... The economy continued its strong growth at around 5 percent, recording the strongest growth in the region over 2013-2015. Strong growth has been underpinned by construction and tourism sector activity and their favorable spillovers on the rest of the economy, supported by surging inflows from its Ci ...
... The economy continued its strong growth at around 5 percent, recording the strongest growth in the region over 2013-2015. Strong growth has been underpinned by construction and tourism sector activity and their favorable spillovers on the rest of the economy, supported by surging inflows from its Ci ...
The Impact of Higher Interest Rates on the Cost of Servicing
... the most indebted as a share of GDP. The study also provides a background discussion about interest rates and provincial debt maturity structures. Two scenarios are considered where interest rates rise faster and/or higher than forecasted in Ontario’s 2015 budget. In Scenario 1, rates rise to 3.5 pe ...
... the most indebted as a share of GDP. The study also provides a background discussion about interest rates and provincial debt maturity structures. Two scenarios are considered where interest rates rise faster and/or higher than forecasted in Ontario’s 2015 budget. In Scenario 1, rates rise to 3.5 pe ...