Fiscal Policy Stabilization And Growth

Author : Guillermo E. Perry,Luis Serv n,Rodrigo Suesc n
Publisher : World Bank Publications
Page : 350 pages
File Size : 50,9 Mb
Release : 2007-10-19
Category : Business & Economics
ISBN : 0821370855

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Fiscal Policy, Stabilization, and Growth by Guillermo E. Perry,Luis Serv n,Rodrigo Suesc n Pdf

Fiscal policy in Latin America has been guided primarily by short-term liquidity targets whose observance was taken as the main exponent of fiscal prudence, with attention focused almost exclusively on the levels of public debt and the cash deficit. Very little attention was paid to the effects of fiscal policy on growth and on macroeconomic volatility over the cycle. Important issues such as the composition of public expenditures (and its effects on growth), the ability of fiscal policy to stabilize cyclical fluctuations, and the currency composition of public debt were largely neglected. As a result, fiscal policy has often amplified cyclical volatility and dampened growth. 'Fiscal Policy, Stabilization, and Growth' explores the conduct of fiscal policy in Latin America and its consequences for macroeconomic stability and long-term growth. In particular, the book highlights the procyclical and anti-investment biases embedded in the region's fiscal policies, explores their causes and macroeconomic consequences, and asesses their possible solutions.

Author : Mr.Mario I. Bléjer,Mr.Ke-young Chu
Publisher : International Monetary Fund
Page : 404 pages
File Size : 51,8 Mb
Release : 1989-06-15
Category : Business & Economics
ISBN : 1557750343

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Fiscal Policy, Stabilization, and Growth in Developing Countries by Mr.Mario I. Bléjer,Mr.Ke-young Chu Pdf

Edited by Mario I. Blejer and Ke-young Chu, this book investigates linkages among components of the public sector, as well as between macro and micro aspects of fiscal policy, in developing countries. It presents 13 papers prepared by economists of the IMF's Fiscal Affairs Department.

Author : Hassan Bougrine,Louis-Philippe Rochon
Publisher : Edward Elgar Publishing
Page : 360 pages
File Size : 49,6 Mb
Release : 2020-07-31
Category : Business & Economics
ISBN : 9781786439574

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Economic Growth and Macroeconomic Stabilization Policies in Post-Keynesian Economics by Hassan Bougrine,Louis-Philippe Rochon Pdf

Hassan Bougrine, Louis-Philippe Rochon and the expert contributors to this book explore issues of economic growth and full employment; presenting a clear explanation to stagnation, recessions and crises, including the latest Global Financial Crisis of 2007-8. With a central focus on the role played by government spending, deficits and debt as well as the setting of interest rates, the chapters propose alternative policies that can be used by central banks and fiscal authorities to deal with problems of income inequality, unemployment and slow productivity.

Author : Cheryl Williamson Gray,Tracey Lane,Aristomène Varoudakis
Publisher : World Bank Publications
Page : 358 pages
File Size : 55,8 Mb
Release : 2007
Category : Political Science
ISBN : 9780821371824

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Fiscal Policy and Economic Growth by Cheryl Williamson Gray,Tracey Lane,Aristomène Varoudakis Pdf

Worldwide experience highlights public finance policies that promote economic growth while meeting the need for fundamental public goods. Macroeconomic stability is essential, as large budget deficits retard growth, followed by moderate levels of public spending - around one-third of GDP or less - especially when governance and public administration are weak; that in turn requires efficiency, particularly in areas such as infrastructure, health, education, and social protection; finally, lower income and payroll tax rates can spur investment and employment. The Eastern European and Central Asia countries pioneered flat income taxes without generally suffering revenue losses as a result, but they have not addressed the problem of high payroll taxes and still face many hurdles in improving the efficiency and effectiveness of public spending and revenue generation.

Author : Sangyup Choi,Davide Furceri,João Tovar Jalles
Publisher : International Monetary Fund
Page : 48 pages
File Size : 55,7 Mb
Release : 2017-09-05
Category : Business & Economics
ISBN : 9781484316726

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Fiscal Stabilization and Growth by Sangyup Choi,Davide Furceri,João Tovar Jalles Pdf

Medium-term growth can be enhanced by fiscal stabilization. However, to date, no systematic effort has been made to study the specific channels through which fiscal stabilization affects growth. This paper examines the effect of fiscal stabilization on industrial growth and how this effect depends on different technological characteristics. It does so by applying a difference-in-difference approach to an unbalanced panel of 22 manufacturing industries for 55 advanced and developing economies over the period 1970-2014. The results suggest that fiscal stabilization fosters growth in industries with: i) higher external financial dependence and lower asset fixity; ii) higher degree of labor intensity; iii) higher investment lumpiness and relationship-specific input usage. These effects tend to be larger during economic recessions. The results are robust to different measures of fiscal stabilization and the inclusion of various interactions between a broad set of macroeconomic variables and production technologies.

Author : Mr.James Daniel
Publisher : International Monetary Fund
Page : 80 pages
File Size : 44,9 Mb
Release : 2006-08-17
Category : Business & Economics
ISBN : 1589065131

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Fiscal Adjustment for Stability and Growth by Mr.James Daniel Pdf

The pamphlet (which updates the 1995 Guidelines for Fiscal Adjustment) presents the IMF’s approach to fiscal adjustment, and focuses on the role that sound government finances play in promoting macroeconomic stability and growth. Structured around five practical questions—when to adjust, how to assess the fiscal position, what makes for successful adjustment, how to carry out adjustment, and which institutions can help—it covers topics such as tax policies, debt sustainability, fiscal responsibility laws, and transparency.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 257 pages
File Size : 55,6 Mb
Release : 2015-04-20
Category : Business & Economics
ISBN : 9781498344654

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Fiscal Policy and Long-Term Growth by International Monetary Fund Pdf

This 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.

Author : Judith N. Yates
Publisher : Gower Publishing Company, Limited
Page : 176 pages
File Size : 42,6 Mb
Release : 1971
Category : Economics
ISBN : UOM:39015035121238

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Optimal Policies for Stabilization and Growth by Judith N. Yates Pdf

Author : Anis Chowdhury,Akhtar Hossain
Publisher : Routledge
Page : 240 pages
File Size : 53,5 Mb
Release : 2003-05-20
Category : Business & Economics
ISBN : 9781134838981

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Monetary and Financial Policies in Developing Countries by Anis Chowdhury,Akhtar Hossain Pdf

The issue of economic development and monetary stability has produced one of the most passionate debates in economic literature. Yet, much of the evidence employed in this debate is contradictory. Monetary and Financial Policies in Developing Countries: Growth and Stabilization brings together diverse views on the subject within a coherent framework. The work includes: * a balanced assessment of empirical findings and their theoretical foundations on the role of money and growth * a discussion of financial liberalization reform in developing countries * an analysis of monetary policy as an instrument of economic stabilization * an examination of the monetary supply and demand process in developing countries * a study of the relationship between money, credit, the balance of payments, inflation and the exchange rate system * a reflection on market failures and the role of government.

Author : Committee for Economic Development
Publisher : [New York]: [s.n.]
Page : 100 pages
File Size : 49,7 Mb
Release : 1969
Category : Business & Economics
ISBN : STANFORD:36105033956637

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Fiscal and Monetary Policies for Steady Economic Growth by Committee for Economic Development Pdf

Author : Mr.Sohrab Rafiq
Publisher : International Monetary Fund
Page : 48 pages
File Size : 44,6 Mb
Release : 2013-06-19
Category : Business & Economics
ISBN : 9781484337912

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The Growth and Stabilization Properties of Fiscal Policy in Malaysia by Mr.Sohrab Rafiq Pdf

This paper examines the size of the fiscal multiplier values generated in Malaysia. The results show that a government spending shock leads to broad positive economic effects. Although, the effectiveness of fiscal policy alters across macroeconomic states. The estimates show that since the Asian financial crisis the medium- and long-run effect of fiscal policy spending has declined. Some of this is down to greater credit availability and less investment spending.

Author : A. Brunila,M. Buti,D. Franco
Publisher : Springer
Page : 446 pages
File Size : 43,8 Mb
Release : 2001-09-20
Category : Business & Economics
ISBN : 9780230629264

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The Stability and Growth Pact by A. Brunila,M. Buti,D. Franco Pdf

The Stability and Growth Pact (SGP) encompasses the legislative text and political resolutions regulating fiscal policy and public finances in EMU. The contributions in this volume analyse the institutional, legal, theoretical and empirical aspects of the SGP, examine its development and evaluate its main implications. The authors include academic economists, who provide insightful analysis, and policy makers who have contributed to the shaping of the pact and have a direct responsibility for its implementation. This book is the definitive source of reference on the SGP for academics, policy makes and economists.

Author : Richard W. Kopcke,Geoffrey Matthew Bemis Tootell,Robert K. Triest
Publisher : Unknown
Page : 408 pages
File Size : 44,8 Mb
Release : 2006
Category : Business & Economics
ISBN : UCSC:32106018378684

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The Macroeconomics of Fiscal Policy by Richard W. Kopcke,Geoffrey Matthew Bemis Tootell,Robert K. Triest Pdf

Leading academics and former policy makers assess the effectiveness of postwar American fiscal policy as questions about the role of fiscal policy once again come to the forefront of economic research and debate. The United States's post-World War II emphasis on activist fiscal policy for short-term economic stabilization was called into question in the 1960s, and by the late 1980s was superseded by the view that fiscal policy should focus on long-run structural concerns. For the past two decades both public policy and economic research emphasized monetary policy as a stabilization tool. But there remain issues in American macroeconomic policy having to do with budget deficits, present and projected, as well as a recent revival of interest in fiscal policy as a stabilization tool. Overall, the academic pendulum is swinging back towards a renewed consideration of fiscal policy. This volume brings together leading researchers and policy makers to assess the effectiveness and consequences of fiscal policy. Drawing on postwar policy experience and recent economic research, this book offers a state-of-the-art consideration of where fiscal policy stands today. Contributors address both the appropriateness of fiscal policy as a tool for short-run macroeconomic stabilization and the longer-term impact of fiscal decisions and economic policy. Topics covered include the legacy of the Reagan administration's tax cuts; whether public policy has encouraged such behavior as "overconsumption," which may foster persistent budget and trade deficits; and, in light of recent experience, how and when fiscal policy might be appropriate as a short-term stabilization tool. Contributors Alan J. Auerbach, Susanto Basu, Olivier J. Blanchard, Alan S. Blinder, Barry P. Bosworth, W. Elliott Brownlee, William H. Buiter, Jonathan Coppel, Jean-Philippe Cotis, Luiz de Mello, James S. Duesenberry, Douglas W. Elmendorf, Eric Engen, Jeffrey A. Frankel, Benjamin M. Friedman, Richard W. Kopcke, Catherine L. Mann, Van Doorn Ooms, Rudolph G. Penner, Alice M. Rivlin, Christopher A. Sims, C. Eugene Steuerle, Geoffrey M.B. Tootell, Robert K. Triest, Edwin M. Truman

Author : Mr.Daniel Leigh,Mr.Andrea Pescatori,Mr.Jaime Guajardo
Publisher : International Monetary Fund
Page : 41 pages
File Size : 52,6 Mb
Release : 2011-07-01
Category : Business & Economics
ISBN : 9781455294695

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Expansionary Austerity New International Evidence by Mr.Daniel Leigh,Mr.Andrea Pescatori,Mr.Jaime Guajardo Pdf

This paper investigates the short-term effects of fiscal consolidation on economic activity in OECD economies. We examine the historical record, including Budget Speeches and IMFdocuments, to identify changes in fiscal policy motivated by a desire to reduce the budget deficit and not by responding to prospective economic conditions. Using this new dataset, our estimates suggest fiscal consolidation has contractionary effects on private domestic demand and GDP. By contrast, estimates based on conventional measures of the fiscal policy stance used in the literature support the expansionary fiscal contractions hypothesis but appear to be biased toward overstating expansionary effects.

Author : Mr. Xavier Debrun,Radhicka Kapoor
Publisher : International Monetary Fund
Page : 49 pages
File Size : 49,5 Mb
Release : 2010-05-01
Category : Business & Economics
ISBN : 9781455200177

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Fiscal Policy and Macroeconomic Stability by Mr. Xavier Debrun,Radhicka Kapoor Pdf

The paper revisits the link between fiscal policy and macroeconomic stability. Two salient features of our analysis are (1) a systematic test for the government’s ambivalent role as a shock absorber and a shock inducer—removing a downward bias present in existing estimates of the impact of automatic stabilizers—and (2) a broad sample of advanced and emerging market economies. Results provide strong support for the view that fiscal stabilization operates mainly through automatic stabilizers. Also, the destabilizing impact of policy changes not systematically related to the business cycle may not be as robust as suggested in the literature.