The Role of Credibility in the Cyclical Properties of Macroeconomic Policies in Emerging Economies
Author: César Calderón
Publisher:
Published: 2003
Total Pages: 23
ISBN-13:
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Institutions and Cyclical Properties of Macroeconomic Policies
Author: César Calderón
Publisher:
Published: 2004
Total Pages: 36
ISBN-13:
DOWNLOAD EBOOKMacroeconomic Stability in Developing Countries
Author: Peter Montiel
Publisher: World Bank Publications
Published: 2004
Total Pages: 49
ISBN-13:
DOWNLOAD EBOOK"In the 1990s macroeconomic policies improved in a majority of developing countries, but the growth dividend from such improvement fell short of expectations, and a policy agenda focused on stability turned out to be associated with a multiplicity of financial crises. Montiel and Serven take a retrospective look at the content and implementation of the macroeconomic reform agenda of the 1990s. They review the progress achieved with fiscal, monetary, and exchange rate policies across the developing world, and the effectiveness of the changing policy framework in promoting stability and growth. The main lesson is that slow growth and frequent crises resulted, more often than not, from shortcomings in the reform agenda of the 1990s. These shortcomings essentially concern the depth and breadth of the macroeconomic reform agenda, its attention to macroeconomic vulnerabilities, and the complementary reforms outside the macroeconomic sphere"--Abstract.
Why is Fiscal Policy Often Procyclical?
Author: Alberto Alesina
Publisher:
Published: 2005
Total Pages: 62
ISBN-13:
DOWNLOAD EBOOKMany countries, especially developing ones, follow procyclical fiscal polices, namely spending goes up (taxes go down) in booms and spending goes down (taxes go up) in recessions. We provide an explanation for this suboptimal fiscal policy based upon political distortions and incentives for less-than-benevolent government to appropriate rents. Voters have incentives similar to the "starving the Leviathan" classic argument, and demand more public goods or fewer taxes to prevent governments from appropriating rents when the economy is doing well. We test this argument against more traditional explanations based purely on borrowing constraints, with a reasonable amount of success.
Global Waves of Debt
Author: M. Ayhan Kose
Publisher: World Bank Publications
Published: 2021-03-03
Total Pages: 403
ISBN-13: 1464815453
DOWNLOAD EBOOKThe global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
The Effectiveness of Fiscal Policy in Stimulating Economic Activity
Author: Richard Hemming
Publisher: International Monetary Fund
Published: 2002-12
Total Pages: 62
ISBN-13:
DOWNLOAD EBOOKThis paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.
Economic Growth in the 1990s
Author: World Bank
Publisher: World Bank Publications
Published: 2005
Total Pages: 384
ISBN-13: 9780821360439
DOWNLOAD EBOOKThis report was prepared by a team led by Roberto Zagha, under the general direction of Gobind Nankani.
Fiscal Policy and Long-Term Growth
Author: International Monetary Fund
Publisher: International Monetary Fund
Published: 2015-04-20
Total Pages: 257
ISBN-13: 1498344658
DOWNLOAD EBOOKThis paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
Rethinking Macro Policy II
Author: Mr.Olivier J. Blanchard
Publisher: International Monetary Fund
Published: 2013-04-15
Total Pages: 26
ISBN-13: 1484365860
DOWNLOAD EBOOKThis note explores how the economic thinking about macroeconomic management has evolved since the crisis began. It discusses developments in monetary policy, including unconventional measures; the challenges associated with increased public debt; and the policy potential, risks, and institutional challenges associated with new macroprudential measures. Rationale: The note contributes to the ongoing debate on several aspects of macroeconomic policy. It follows up on the earlier “Rethinking” paper, refining the analysis in light of the events of the past two years. Given the relatively fluid state of the debate (e.g., recent challenges to central bank independence), it is useful to highlight that while many of the tenets of the pre-crisis consensus have been challenged, others (such as the desirability of central bank independence) remain valid.
NBER Macroeconomics Annual 2004
Author: Mark Gertler
Publisher: Mit Press
Published: 2005
Total Pages: 489
ISBN-13: 9780262072632
DOWNLOAD EBOOKThe NBER Macroeconomics Annual presents pioneering work in macroeconomics by leading academic researchers addressed to a broad audience of public policymakers as well as to the academic community. Each paper is followed by comments and discussion to give a more complete context for the views expressed. The 2004 edition features a range of papers aimed at providing coherent and informative answers to such important questions as the effect of federal government debt on interest rates; the stochastic dimension of the American economy; the role of technology as a source of economic fluctuations; and the interaction of capital flows, fiscal policy, and monetary policies in developing countries, emerging markets, and OECD countries.
