International Dimensions of Monetary Policy
International Dimensions of Monetary Policy

Author: Jordi Galí

Publisher: University of Chicago Press

Published: 2010-03-15

Total Pages: 663

ISBN-13: 0226278875

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United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.

Our Continent, Our Future
Our Continent, Our Future

Author: P. Thandika Mkandawire

Publisher: IDRC

Published: 2014-05-14

Total Pages: 192

ISBN-13: 155250204X

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Our Continent, Our Future presents the emerging African perspective on this complex issue. The authors use as background their own extensive experience and a collection of 30 individual studies, 25 of which were from African economists, to summarize this African perspective and articulate a path for the future. They underscore the need to be sensitive to each country's unique history and current condition. They argue for a broader policy agenda and for a much more active role for the state within what is largely a market economy. Finally, they stress that Africa must, and can, compete in an increasingly globalized world and, perhaps most importantly, that Africans must assume the leading role in defining the continent's development agenda.

Economic Shocks and Structural Adjustments: Turkey after 1973
Economic Shocks and Structural Adjustments: Turkey after 1973

Author: P.J. Conway

Publisher: Elsevier

Published: 2014-11-28

Total Pages: 236

ISBN-13: 1483299481

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Recent international economic events have demonstrated the vulnerability of individual countries to external disturbances, or `shocks'. Such disturbances necessitate major adjustments to developing countries' trade behaviour, and therefore also to their domestic economies.This volume is an integrated theoretical and econometric study of the impact of global economic changes on the developing Turkish economy during the period 1970-1983. Structural adjustment is defined and presented in the context of a small open economy reacting to external shocks. The interaction of government and private sector is incorporated explicitly in an intertemporal model through examination of dynamic game equilibria, and the implications of this interaction for the effectiveness of stabilization and liberalization policies are explored. This theoretical structure provides the structure for macroeconomic estimation. The estimated model then is employed for an econometric decomposition of Turkish historical economic experience into portions due to various external shocks and government policy changes.The theoretical section demonstrates the necessity of consideration of government/private interactions when measuring and evaluating structural adjustment policies. The econometric results confirm the importance of such analysis for Turkey, and provide evidence of the impact of various government policies on aggregate consumption, investment, inflation and current account deficits.This book will be of use to both international and development economists as a systematic and insightful examination of structural adjustment in Turkey, as well as a template for similar analyses for other open economies.

The Politics of Economic Adjustment
The Politics of Economic Adjustment

Author: Stephan Haggard

Publisher: Princeton University Press

Published: 1992

Total Pages: 380

ISBN-13: 9780691003948

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This is a collection of essays offering comparative analysis of the divergent experiences of developing countries responding to economic crises by adopting macroeconomic stabilization and structural adjustment policies.

Financial Crises Explanations, Types, and Implications
Financial Crises Explanations, Types, and Implications

Author: Mr.Stijn Claessens

Publisher: International Monetary Fund

Published: 2013-01-30

Total Pages: 66

ISBN-13: 1475561008

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This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

The Macroeconomic Effects of Public Investment
The Macroeconomic Effects of Public Investment

Author: Mr.Abdul Abiad

Publisher: International Monetary Fund

Published: 2015-05-04

Total Pages: 26

ISBN-13: 1484361555

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This paper provides new evidence of the macroeconomic effects of public investment in advanced economies. Using public investment forecast errors to identify the causal effect of government investment in a sample of 17 OECD economies since 1985 and model simulations, the paper finds that increased public investment raises output, both in the short term and in the long term, crowds in private investment, and reduces unemployment. Several factors shape the macroeconomic effects of public investment. When there is economic slack and monetary accommodation, demand effects are stronger, and the public-debt-to-GDP ratio may actually decline. Public investment is also more effective in boosting output in countries with higher public investment efficiency and when it is financed by issuing debt.

Technology Shocks and Aggregate Fluctuations
Technology Shocks and Aggregate Fluctuations

Author: Mr.Pau Rabanal

Publisher: International Monetary Fund

Published: 2004-12-01

Total Pages: 68

ISBN-13: 1451875657

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Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the strong positive comovement between output and labor input measures.

Hysteresis and Business Cycles
Hysteresis and Business Cycles

Author: Ms.Valerie Cerra

Publisher: International Monetary Fund

Published: 2020-05-29

Total Pages: 50

ISBN-13: 1513536990

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Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.

Global Waves of Debt
Global Waves of Debt

Author: M. Ayhan Kose

Publisher: World Bank Publications

Published: 2021-03-03

Total Pages: 403

ISBN-13: 1464815453

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The 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.