Download or read book Deep Roots of Fiscal Behavior written by Mr.Serhan Cevik and published by International Monetary Fund. This book was released on 2014-03-12 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the determinants of fiscal policy behavior and its time-varying volatility, using panel data for a broad set of advanced and emerging market economies during the period 1990–2012. The empirical results show that discretionary fiscal policy is influenced by policy inertia, the level of public debt, and the output gap in both advanced and emerging market economies. In addition, the paper finds that macro-financial factors—such as real exchange rate, financial development, interest rates, asset prices, and natural resource rents—and demographic and institutional factors—such as the old-age dependency ratio, the quality of institutions, and policy anchors such as fiscal rules and IMF-supported stabilization programs—tend to have a significant effect on fiscal policy behavior. The results also indicate that higher government debt leads to more volatile fiscal behavior, while fiscal rules and higher institutional quality reduce the volatility of fiscal policy over time.

Download or read book Deep Roots of Fiscal Behavior written by Serhan Cevik and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the determinants of fiscal policy behavior and its time-varying volatility, using panel data for a broad set of advanced and emerging market economies during the period 1990-2012. The empirical results show that discretionary fiscal policy is influenced by policy inertia, the level of public debt, and the output gap in both advanced and emerging-market economies. In addition, the paper finds that macro-financial factors (such as real exchange rate, financial development, interest rates, asset prices, and natural resource rents) and demographic and institutional factors (such as the old-age dependency ratio, the quality of institutions, and policy anchors such as fiscal rules and IMF-supported stabilization programs) tend to have a significant effect on fiscal policy behavior. The results also indicate that higher government debt leads to more volatile fiscal behavior, while fiscal rules and higher institutional quality reduce the volatility of fiscal policy over time.

Download or read book Fiscal Policy Stabilization and Growth written by Guillermo E. Perry and published by World Bank Publications. This book was released on 2007-10-19 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Public Financial Management and Its Emerging Architecture written by Mr. M. Cangiano and published by International Monetary Fund. This book was released on 2013-04-05 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first two decades of the twenty-first century have witnessed an influx of innovations and reforms in public financial management. The current wave of reforms is markedly different from those in the past, owing to the sheer number of innovations, their widespread adoption, and the sense that they add up to a fundamental change in the way governments manage public money. This book takes stock of the most important innovations that have emerged over the past two decades, including fiscal responsibility legislation, fiscal rules, medium-term budget frameworks, fiscal councils, fiscal risk management techniques, performance budgeting, and accrual reporting and accounting. Not merely a handbook or manual describing practices in the field, the volume instead poses critical questions about innovations; the issues and challenges that have appeared along the way, including those associated with the global economic crisis; and how the ground can be prepared for the next generation of public financial management reforms. Watch Video of Book Launch

Download or read book A Monetary and Fiscal History of Latin America 1960 2017 written by Timothy J. Kehoe and published by U of Minnesota Press. This book was released on 2022-01-11 with total page 643 pages. Available in PDF, EPUB and Kindle. Book excerpt: A major, new, and comprehensive look at six decades of macroeconomic policies across the region What went wrong with the economic development of Latin America over the past half-century? Along with periods of poor economic performance, the region’s countries have been plagued by a wide variety of economic crises. This major new work brings together dozens of leading economists to explore the economic performance of the ten largest countries in South America and of Mexico. Together they advance the fundamental hypothesis that, despite different manifestations, these crises all have been the result of poorly designed or poorly implemented fiscal and monetary policies. Each country is treated in its own section of the book, with a lead chapter presenting a comprehensive database of the country’s fiscal, monetary, and economic data from 1960 to 2017. The chapters are drawn from one-day academic conferences—hosted in all but one case, in the focus country—with participants including noted economists and former leading policy makers. Cowritten with Nobel Prize winner Thomas J. Sargent, the editors’ introduction provides a conceptual framework for analyzing fiscal and monetary policy in countries around the world, particularly those less developed. A final chapter draws conclusions and suggests directions for further research. A vital resource for advanced undergraduate and graduate students of economics and for economic researchers and policy makers, A Monetary and Fiscal History of Latin America, 1960–2017 goes further than any book in stressing both the singularities and the similarities of the economic histories of Latin America’s largest countries. Contributors: Mark Aguiar, Princeton U; Fernando Alvarez, U of Chicago; Manuel Amador, U of Minnesota; Joao Ayres, Inter-American Development Bank; Saki Bigio, UCLA; Luigi Bocola, Stanford U; Francisco J. Buera, Washington U, St. Louis; Guillermo Calvo, Columbia U; Rodrigo Caputo, U of Santiago; Roberto Chang, Rutgers U; Carlos Javier Charotti, Central Bank of Paraguay; Simón Cueva, TNK Economics; Julián P. Díaz, Loyola U Chicago; Sebastian Edwards, UCLA; Carlos Esquivel, Rutgers U; Eduardo Fernández Arias, Peking U; Carlos Fernández Valdovinos (former Central Bank of Paraguay); Arturo José Galindo, Banco de la República, Colombia; Márcio Garcia, PUC-Rio; Felipe González Soley, U of Southampton; Diogo Guillen, PUC-Rio; Lars Peter Hansen, U of Chicago; Patrick Kehoe, Stanford U; Carlos Gustavo Machicado Salas, Bolivian Catholic U; Joaquín Marandino, U Torcuato Di Tella; Alberto Martin, U Pompeu Fabra; Cesar Martinelli, George Mason U; Felipe Meza, Instituto Tecnológico Autónomo de México; Pablo Andrés Neumeyer, U Torcuato Di Tella; Gabriel Oddone, U de la República; Daniel Osorio, Banco de la República; José Peres Cajías, U of Barcelona; David Perez-Reyna, U de los Andes; Fabrizio Perri, Minneapolis Fed; Andrew Powell, Inter-American Development Bank; Diego Restuccia, U of Toronto; Diego Saravia, U de los Andes; Thomas J. Sargent, New York U; José A. Scheinkman, Columbia U; Teresa Ter-Minassian (formerly IMF); Marco Vega, Pontificia U Católica del Perú; Carlos Végh, Johns Hopkins U; François R. Velde, Chicago Fed; Alejandro Werner, IMF.

Download or read book End Financial Stress Now written by Emily Guy Birken and published by Simon and Schuster. This book was released on 2017-05-09 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: End financial stress for good and learn how to manage your money—without a change to income! Studies have shown time and time again that money is a leading cause of stress—but a life free from financial worry isn’t exclusive to the rich and powerful. End Financial Stress Now gives you practical, actionable instructions you need to improve your money management—no matter what your income level is. You can learn how to achieve the mindset of financial flexibility, which can help you navigate any money issues you face. These practical, step-by-step instructions on budgeting can help you track expenses, pay off debt, and save money. Featuring straightforward advice on how to increase self-discipline so you can stick to your budget as well as techniques to help you identity misinformation and false beliefs you have about money, you can follow this guide to create a fulfilling life free of financial stress.

Download or read book Financial Crises Explanations Types and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book International Macroeconomics in the Wake of the Global Financial Crisis written by Laurent Ferrara and published by Springer. This book was released on 2018-06-13 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.

Download or read book Economic Security Neglected Dimension of National Security written by National Defense University (U S ) and published by Government Printing Office. This book was released on 2011-12-27 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: On August 24-25, 2010, the National Defense University held a conference titled “Economic Security: Neglected Dimension of National Security?” to explore the economic element of national power. This special collection of selected papers from the conference represents the view of several keynote speakers and participants in six panel discussions. It explores the complexity surrounding this subject and examines the major elements that, interacting as a system, define the economic component of national security.

Download or read book Finance and the Behavioral Prospect written by James Ming Chen and published by Springer. This book was released on 2016-10-01 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explains how investor behavior, from mental accounting to the combustible interplay of hope and fear, affects financial economics. The transformation of portfolio theory begins with the identification of anomalies. Gaps in perception and behavioral departures from rationality spur momentum, irrational exuberance, and speculative bubbles. Behavioral accounting undermines the rational premises of mathematical finance. Assets and portfolios are imbued with “affect.” Positive and negative emotions warp investment decisions. Whether hedging against intertemporal changes in their ability to bear risk or climbing a psychological hierarchy of needs, investors arrange their portfolios and financial affairs according to emotions and perceptions. Risk aversion and life-cycle theories of consumption provide possible solutions to the equity premium puzzle, an iconic financial mystery. Prospect theory has questioned the cogency of the efficient capital markets hypothesis. Behavioral portfolio theory arises from a psychological account of security, potential, and aspiration.

Download or read book Care Homes in a Turbulent Era written by Komla Dzigbede and published by Edward Elgar Publishing. This book was released on 2023-08-14 with total page 459 pages. Available in PDF, EPUB and Kindle. Book excerpt: This scholarly Research Handbook captures key observations and analyses within the field of public financial management. It offers much-needed insights into possible future research ventures while presenting contemporary summaries of past studies in this ever-evolving field.

Download or read book A Decade of Deficits written by Steven E. Schier and published by State University of New York Press. This book was released on 1992-07-01 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1980, the national agenda and the attention of Congress have been focused on federal budget deficits. This is the first book, however, to examine how lawmakers think about fiscal problems and to emphasize individual legislators' economic beliefs. Based on interviews with 110 members of Congress, the book includes an assessment of Congress's capacity to make sound fiscal policy in the future.

Download or read book Fiscal Adjustment for Stability and Growth written by Mr.James Daniel and published by International Monetary Fund. This book was released on 2006-08-17 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Why Cities Lose written by Jonathan A. Rodden and published by Basic Books. This book was released on 2019-06-04 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: A prizewinning political scientist traces the origins of urban-rural political conflict and shows how geography shapes elections in America and beyond Why is it so much easier for the Democratic Party to win the national popular vote than to build and maintain a majority in Congress? Why can Democrats sweep statewide offices in places like Pennsylvania and Michigan yet fail to take control of the same states' legislatures? Many place exclusive blame on partisan gerrymandering and voter suppression. But as political scientist Jonathan A. Rodden demonstrates in Why Cities Lose, the left's electoral challenges have deeper roots in economic and political geography. In the late nineteenth century, support for the left began to cluster in cities among the industrial working class. Today, left-wing parties have become coalitions of diverse urban interest groups, from racial minorities to the creative class. These parties win big in urban districts but struggle to capture the suburban and rural seats necessary for legislative majorities. A bold new interpretation of today's urban-rural political conflict, Why Cities Lose also points to electoral reforms that could address the left's under-representation while reducing urban-rural polarization.

Download or read book Riding the Storm Fiscal Sustainability in the Caribbean written by Mr.Serhan Cevik and published by International Monetary Fund. This book was released on 2020-01-31 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal sustainability remains a paramount challenge for small economies with high debt and greater vulnerability to climate change. This paper applies the model-based sustainability test for fiscal policy in a panel of 16 Caribbean countries during the period 1980–2018. The results indicate that the coefficient on lagged government debt is positive and statistically significant, implying that fiscal policy in the Caribbean takes corrective actions to counteract an increase in the debt-to-GDP ratio. Nonlinear estimations, however, show that the quadratic debt parameter is negative, which indicates that fiscal policy response is not adequate to ensure sustainability at higher levels of debt. We also find that the fiscal stance tends to be countercyclical on average during the sample period. These empirical results confirm that maintaining prudent fiscal policies and implementing growth-enhancing structural reforms are necessary to build fiscal buffers and ensure debt sustainability with high probability even when negative shocks occur over the long term.

Download or read book Back to the Future Fiscal Rules for Regaining Sustainability written by Mr.Serhan Cevik and published by International Monetary Fund. This book was released on 2019-11-08 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the cyclicality and sustainability of fiscal policy in Belize and applies a stochastic simulation model to determine the optimal set of fiscal rules. The empirical analysis shows that fiscal policy in Belize has been significantly procyclical and unsustainable much of the period since 1976. While the government’s recent commitment to maintain a primary surplus of at least 2 percent of GDP until 2021 is supporting debt reduction, stochastic simulations indicate that further improvement in the primary balance is necessary to reliably bring the debt-to-GDP ratio to a sustainable path. Given Belize’s history of large economic shocks, this paper proposes explicit fiscal rules designed for countercyclical policy and debt sustainability. It recommends integrating such rules into a well-designed fiscal responsibility law and establishing an independent fiscal council to improve accountability and transparency.

Download or read book Staff Report on the Monetary and Exchange Rate Policies of the Euro Area Supplement Updating Information on Economic and Financial Developments in the Euro Area Public Information Notice following Consultation Statement by the Executive Director on Monetary and Exchange Rate Policies of the Euro Area written by International Monetary Fund and published by International Monetary Fund. This book was released on 2001-11-06 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: A series of adverse supply and demand shocks have brought the euro area’s three-year expansion to a virtual standstill. Buoyant labor markets, which have been the hallmark of the recovery since 1997, have succumbed only gradually to the slowing of output growth. The slowdown has been pervasive throughout the area, albeit unevenly and with different cyclical implications. Recent travails notwithstanding, the second half of the 1990s saw a significant improvement in the macroeconomic performance of the euro area.