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Five Small Open Economies by Ronald Findlay,Stanislaw Wellisz Pdf
Mauritius, a multiethnic society, has turned to manufactured exports and tourism as an alternative to reliance on sugar production. Malta overcame the shock of losing a British naval base and has grown rapidly.
Martin F. J. Prachowny,Queen's University (Kingston, Ont.). Institute for Economic Research
Author : Martin F. J. Prachowny,Queen's University (Kingston, Ont.). Institute for Economic Research Publisher : Kingston, Ont. : Institute for Economic Research, Queen's University Page : 270 pages File Size : 53,5 Mb Release : 1981 Category : Macroeconomics ISBN : OCLC:15922445
The Macroeconomics of Open Economies Under Labour Mobility by George M. Agiomirgianakis Pdf
This work extends the theoretical literature in international macroeconomics by exploring the role of international labour mobility in the behaviour of open economies with flexible exchange rates. The book addresses five main issues: the implications of international labour mobility for national monetary autonomy; the consequences of international migration for the transmission of disturbances across countries; the role of international labour mobility in capital accumulation following unanticipated non-monetary shocks; the impact of international migration on the wage-setting processes of unionized economies; how international migration affects the outcomes of macroeconomic policy games between trade unions and policy-makers.
Development and Stabilization in Small Open Economies by DeLisle Worrell Pdf
This book analyses and explains the nature of the economies of small countries and territories. It includes an assessment of material prosperity in 41 small open economies worldwide, with case studies focusing on the Caribbean and Central America, with a review of the development of their economies in recent decades. The volume recommends a suite of economic policy tools for the management of these economies, demonstrating how these may best be employed in economies that live and breathe through international commerce. Among observations of interest is the fact that the devaluation of the local currency of a small nation makes the country worse off; even a currency that maintains its value is little more than a trophy, of little value if it is not readily convertible into US dollars. Also, that while government policies affect international competitiveness and a small country's growth prospects, more important is how governments use additional resources to improve the quality of health and educational services. Moreover, economic windfalls such as the discovery of mineral resources seldom bring prosperity commensurate with their economic value, and never in the short run. The volume will offer invaluable information and analysis to researchers and policy makers investigating small open economies.
Author : Antonio Diez de los Rios,Maral Shamloo Publisher : International Monetary Fund Page : 46 pages File Size : 47,8 Mb Release : 2017-09-29 Category : Business & Economics ISBN : 9781484320730
Quantitative Easing and Long-Term Yields in Small Open Economies by Antonio Diez de los Rios,Maral Shamloo Pdf
We compare the effectiveness of Federal Reserve's asset purchase programs in lowering longterm yields with that of similar programs implemented by the Bank of England, the Swedish Riksbank, and the Swiss National Bank's reserve expansion program. We decompose government bond yields into (i) an expectations component, (ii) a global, and (iii) a country specific term premium to analyze two-day changes in 10-year yields around announcement dates. We find that, in contrast to the Federal Reserve's asset purchases, the programs implemented in these smaller economies have not been able to affect the global term premium and, furthermore, they have had limited, but significant, effect in lowering long-term yields.
The Economy of Modern Malta by Paul Caruana Galizia Pdf
This book provides the first wide-ranging account of the Maltese economy in the modern era, from colonialism to European Union membership. It sets arguments about growth and development, and the impact and legacy of colonization, against detailed histories of agriculture, manufacturing and trade, and different economic policy regimes. It is based on volumes of newly collected archival evidence and the latest thinking in economic history. By extending coverage up to the present, the book explains how one of the world's smallest nation-states achieved lasting economic development, quintupling its per capita income level since 1970, when many other postcolonial and advanced economies stagnated.
Ireland, Small Open Economies and European Integration by D. Begg Pdf
David Begg examines how four small open economies- Finland, Denmark, the Netherlands and Ireland- have managed the stresses and strains of Europeanisation since the single market came into being, and as fault lines begin to appear within the European integration project. In particular, he drills down into the Irish Polity to see how its institutions have engaged with Europe and how decisions on critical issues like integration, EMU and Social Partnership were reached. He finds that both Ireland and Europe are at a critical juncture for different but interconnected reasons, and identifies the options that are available to them.
Author : Thomas Fox Rutherford,David G. Tarr Publisher : World Bank Publications Page : 54 pages File Size : 44,6 Mb Release : 1998 Category : Developing countries ISBN : 8210379456XXX
Trade Liberalization and Endogenous Growth in a Small Open Economy by Thomas Fox Rutherford,David G. Tarr Pdf
September 1998 Although trade liberalization has been linked econometrically and through casual empiricism to large income increases, attempts to quantify its impact in static simulation models have shown estimated gains. This paper shows that when the endogenous dynamic effects of trade liberalization are built into simulation models, the estimated gains are indeed very large. But complementary regulatory, financial market, and macroeconomic reforms are important to realize the largest gains. Rutherford and Tarr develop a numerical endogenous growth model approximating an infinite horizon, which allows them to investigate the relationship between trade liberalization and economic growth. Economic theory generally implies that trade liberalization will improve economic growth, and the two phenomena are positively correlated in empirical tests, but the connection is not well-substantiated in numerical general equilibrium models. In the authors' model, an intermediate input affects aggregate output through a Dixit-Stiglitz function. Additional varieties provide the engine of growth in this framework and the existence of this mechanism magnifies the welfare costs. In this model with lump sum revenue replacement, reducing a tariff from 20 percent to 10 percent produces a welfare increase (in terms of Hicksian equivalent variation over the infinite horizon) of 10.7 percent of the present value of consumption in their central model, where the economy is assumed to be unable to borrow on international financial markets. If macroeconomic and financial reforms are in place that would allow international borrowing, however, the same tariff cut is estimated to result in a 37 percent increase in Hicksian equivalent variation. On the other hand, if inefficient replacement taxes must be used in an economy without the capacity to borrow internationally, the gains would be reduced to 4.7 percent. Larger tariff cuts-typical of those in many developing countries over the past 30 years-produce larger estimated welfare gains at least proportionate to the size of the cut. The authors apply the model to five developing countries and estimate the impact of the tariff changes those countries plan to undertake as part of Uruguay Round commitments. Because of the dynamic effects, estimated gains are considerably larger than those found in the literature on the impact of the Uruguay Round. This paper-a product of Trade, Development Research Group-is part of a larger effort in the group to assess the impact of trade and investment on economic growth. The study was funded by the Bank's Research Support Budget under the research project The Dynamic Impact of Trade Liberalization in Developing Countries (RPO 681-40). David Tarr may be contacted at [email protected].
Interest Rate Targeting in a Small Open Economy by Mr.Guillermo Calvo,Mr.Carlos A. Végh Gramont Pdf
An important hurdle in analyzing interest rate targeting is that standard models usually lead to price level or inflation rate indeterminacy. This paper develops a simple framework in which such problems do not arise because the bonds whose interest rate is controlled provide liquidity services. This framework is used to examine interest rate targeting in a small open economy under predetermined exchange rates. A permanent increase in the interest rate has no real effects. In contrast, a temporary increase in the interest rate leads to higher consumption and to a current account deficit that worsens over time.
Labour Politics in Small Open Democracies by P. Buchanan,K. Nicholls Pdf
Paul G. Buchanan and Kate Nicholls explore the political and economic fortunes of organised labour in five small open democracies between 1975 and 2000. Of particular interest is the role of labour market institutions, organisational histories, and trade union ideologies in shaping outcomes under conditions of economic liberalisation. The book includes a theoretical and methodological introduction, followed by individual discussions of Australia and Chile, and New Zealand and Uruguay, grouped a cross-regional pairs, and Ireland as an extra-regional and atypical case.
Monetary Policy and Exchange Rate Dynamics in a Behavioral Open Economy Model by Marcin Kolasa,Sahil Ravgotra,Pawel Zabczyk Pdf
We develop an extension of the open economy New Keynesian model in which agents are boundedly rational à la Gabaix (2020). Our setup nests rational expectations (RE) as a special case and it can successfully mitigate many “puzzling” aspects of the relationship between exchange rates and interest rates. Since the model implies an uncovered interest rate parity (UIP) condition featuring behavioral expectations, our results are also consistent with recent empirical evidence showing that several UIP puzzles vanish when actual exchange rate expectations are used (instead of realizations implicitly coupled with the RE assumption). We find that cognitive discounting dampens the effects of current monetary shocks and lowers the efficacy of forward guidance (FG), but its relative importance in mitigating the so-called FG puzzle is decreasing in openness. Finally, we show that accounting for myopia exacerbates the small open economy unit-root problem, makes positive monetary spillovers more likely, and increases the persistence of net foreign assets and the real exchange rate.
Wage Determination and Incomes Policy in Open Economies by Ms.Anne Romanis Braun Pdf
Written by Anne Romanis Braun, a former staff member of the IMF's Research Department, this volume deals with the nature of wage determination and the problem of securing an economically appropriate development of money incomes in an open economy over the medium term.
Mr. Suman S Basu,Ms. Emine Boz,Ms. Gita Gopinath,Mr. Francisco Roch,Ms. Filiz D Unsal
Author : Mr. Suman S Basu,Ms. Emine Boz,Ms. Gita Gopinath,Mr. Francisco Roch,Ms. Filiz D Unsal Publisher : International Monetary Fund Page : 77 pages File Size : 45,9 Mb Release : 2023-08-04 Category : Business & Economics ISBN : 9798400250361
Integrated Monetary and Financial Policies for Small Open Economies by Mr. Suman S Basu,Ms. Emine Boz,Ms. Gita Gopinath,Mr. Francisco Roch,Ms. Filiz D Unsal Pdf
We develop a tractable small-open-economy framework to characterize the constrained efficient use of the policy rate, foreign exchange (FX) intervention, capital controls, and domestic macroprudential measures. The model features dominant currency pricing, shallow FX markets, and occasionally-binding external and domestic borrowing constraints. We characterize the conditions for the “traditional prescription”—relying on the policy rate and exchange rate flexibility—to be sufficient, even if externalities persist. The conditions are satisfied for world interest rate shocks if FX markets are deep. By contrast, we show that to manage non-fundamental inflow surges and taper tantrums related to local currency debt, capital inflow taxes and FX intervention should be used instead of the policy rate and exchange rate flexibility. In the realistic case where countries face both shallow FX markets and external borrowing constraints, we establish that some kinds of FX mismatch regulations may reduce the external debt limit friction but worsen FX market depth. Finally, we show that capital controls and domestic macroprudential measures cease to be perfect substitutes if there is a risk that the domestic borrowing constraint binds as a result of the transmission of the global financial cycle.
Open-Economy Monetary Economics by M.L. Burnstein Pdf
The financial markets have turned open-economy monetary economics on its head. This book explains the implications of these developments for theory and policy in the practices of the 1980s and 1990s, aiming to escape from the Keynsesian modes of thought and expression.
