Download or read book Five Small Open Economies written by Ronald Findlay and published by World Bank Publications. This book was released on 1993 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Five small open economies written by Ronald Findlay and published by . This book was released on 1993 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Monetary Policy in Small Open Economies written by Inhwan So and published by . This book was released on 2016 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation studies the effects of monetary policy in small open economies. In Chapter 1, I investigate how the openness of banking sector influences the transmission channels of home and international monetary policy shocks in small open economies. For the analysis, I construct a small open economy DSGE model enriched with a globalized banking sector. I consider two forms of bank globalization: international bank capital finance and foreign loan account import. By comparing the effect of each type of bank globalization on monetary policy transmission, the analysis delivers the following results. First, bank globalization leads to a significant attenuation of domestic monetary policy transmission. This is because, in response to home monetary shocks, banks' global activities allow them to maintain bank rates and demands on deposit to some extent compared to those in financial autarky. On the other hand, opening of the banking sector intensifies the impact of foreign interest rate shocks on the local bank activities. In addition to the conventional channel of international monetary transmission through interest-parity condition, global bank operation opens a new channel which makes bank rates more responsive to foreign monetary shock. Chapter 2 investigates the nature of monetary policy transmission in four small open economies - Australia, Canada, South Korea, and the U.K. - and the U.S. (the benchmark) by estimating structural vector autoregressive models using the external instrument identification method. Differing from related studies on U.S. monetary policy, which mostly employ high-frequency futures data on monetary policy operating instruments (federal fund futures rates) to identify monetary policy shocks, we propose and test alternative sets of external instruments for the four focal open economies that do not yet have well-established futures markets in monetary policy instruments. The empirical results obtained by applying this data-oriented method yield important messages from both the econometric and macroeconomic perspectives. First, U.S. monetary policy plays an important role in monetary transmission in SOEs, presumably hampering the effectiveness of domestic monetary policy. In particular, the effect of domestic monetary policy shocks on medium- and long-term interest rates is quite weak and short-lived, while U.S. monetary innovation significantly and persistently influences domestic financial variables. Second, the paper provides some evidence that foreign exchange rates in this process respond to monetary shocks as Dornbusch (1976)’s overshooting hypothesis. Chapter 3 studies the wedge between the interest rate implied by Euler equation and money market rate in five small open economies – Australia, Canada, Finland, Korea, and the U.K. Standard Euler equation predicts strongly positive relationship between the two interest rates. However, data shows significantly large wedge between them, which causes negative correlation. We explore the systemic link between the wedge and two possible influencing factors – monetary policy and net foreign asset position. The empirical results from our analysis deliver the important message that the wedge is closely related to net foreign asset position in open economies, while its relationship to the stance of monetary policy has mixed results.
Download or read book Development and Stabilization in Small Open Economies written by DeLisle Worrell and published by Taylor & Francis. This book was released on 2023-01-06 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Ireland Small Open Economies and European Integration written by D. Begg and published by Springer. This book was released on 2016-04-12 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book News Shocks in Open Economies written by Mr.Rabah Arezki and published by International Monetary Fund. This book was released on 2015-09-29 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the effect of news shocks on the current account and other macroeconomic variables using worldwide giant oil discoveries as a directly observable measure of news shocks about future output ? the delay between a discovery and production is on average 4 to 6 years. We first present a two-sector small open economy model in order to predict the responses of macroeconomic aggregates to news of an oil discovery. We then estimate the effects of giant oil discoveries on a large panel of countries. Our empirical estimates are consistent with the predictions of the model. After an oil discovery, the current account and saving rate decline for the first 5 years and then rise sharply during the ensuing years. Investment rises robustly soon after the news arrives, while GDP does not increase until after 5 years. Employment rates fall slightly for a sustained period of time.
Download or read book Quantitative Easing and Long Term Yields in Small Open Economies written by Antonio Diez de los Rios and published by International Monetary Fund. This book was released on 2017-09-29 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The Economy of Modern Malta written by Paul Caruana Galizia and published by Springer. This book was released on 2016-12-20 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Open and Nimble written by Daniel Lederman and published by World Bank Publications. This book was released on 2017-11-08 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does economic size matter for economic development outcomes? If so are current policies adequately addressing the role of size in the development process? Using working age population as a proxy for country size, Open and Nimble, systematically analyzes what makes small economies unique. Small economies are not necessarily prone to underdevelopment and in fact can achieve very high income levels. Small economies, however, do tend to be highly open to both international trade and foreign direct investment, have highly specialized export structures, and have large government expenditures relative to their Gross Domestic Product. The export structures of small economies are concentrated in a few products or services and in a small number of export destinations. In turn, this export concentration is associated with terms of trade volatility, which combined with high exposure to international trade, implies that small economies tend to face more volatility on average as external volatility permeates national economic life. Yet small economies tend to compensate for their export concentration by being nimble in the sense of being able to change their production and export structure relatively quickly over time. Moreover, limited territory plays a role in shaping how economies are affected by natural disasters, even when the probability of facing such disasters is not necessarily higher among small than among large economies. The combination of large governments with macroeconomic volatility seems to be associated with low national savings rates in small economies. This combination could be a challenge for long-term growth if productivity growth and foreign investment do not compensate for low domestic savings. The book finishes with some thoughts on how policy makers can respond to these issues through coordinated investments and regional integration efforts, as well as fiscal policy reforms aimed at both increasing public savings and conducting countercyclical fiscal policies.
Download or read book World Economic Outlook April 2018 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2018-04-17 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report describes the world economic outlook as of April 2018, projecting that advanced economies will continue to expand above their potential growth rates before decelerating, while growth in emerging markets in developing economies will rise before leveling off. It details global prospects and policies, including risks to the forecast, and essential determinants of long-term economic growth: labor force participation in advanced economies, the declining share of manufacturing jobs globally and in advanced economies, and the process through which innovative activity and technological knowledge spread across national borders.
Download or read book Labour Politics in Small Open Democracies written by P. Buchanan and published by Springer. This book was released on 2003-05-28 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The Open Economy written by Rudiger Dornbusch and published by World Bank Publications. This book was released on 1988 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt: This important book is a teaching manual, in nontechnical language, on policymaking in developing countries. Written at the request of the Economic Development Institute of the World Bank, the papers focus on policy instruments, their use and constraints, and provide case studies of economic policy in Argentina, Brazil, Indonesia, Korea, and Mexico to illustrate basic problems and possible solutions.
Download or read book The Fiscal Multiplier in Small Open Economy written by Jasmin Sin and published by International Monetary Fund. This book was released on 2016-07-12 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the fiscal multiplier using a small-open-economy DSGE model enriched with financial frictions. It shows that the multiplier is large when frictions are present in domestic and international financial markets. The reason is that in the model government bonds are more liquid than private financial assets and that entrepreneurs face liquidity constraints. A bond-financed fiscal expansion eases these constraints and stimulates investment and hence growth. This mechanism, however, breaks down under the assumption of perfect international capital mobility, suggesting that conventional models which ignore the presence of frictions in international capital markets tend to underestimate the fiscal multiplier.
Download or read book The Political Economy of Poverty Equity and Growth A Comparative Study written by Deepak Lal and published by Oxford University Press. This book was released on 1998-10-08 with total page 477 pages. Available in PDF, EPUB and Kindle. Book excerpt: This wide-ranging and innovative book synthesizes the findings of a major international study of the political economy of poverty, equity, and growth. It represents an ambitious interdisciplinary attempt to identify patterns in the interplay of initial conditions, institutions, interests, and ideas which can help to explain the different growth and poverty alleviation outcomes in the Third World.
Download or read book Handbook of Emerging Economies written by Robert E. Looney and published by Routledge. This book was released on 2014-03-21 with total page 858 pages. Available in PDF, EPUB and Kindle. Book excerpt: A major new volume in the Routledge International Handbooks series analysing emerging and newly emerged economies, including the BRICS countries (Brazil, Russia, India, China and South Africa) and other likely (Turkey, Indonesia, Mexico, and South Korea) as well as possible (Vietnam, The Philippines, Nigeria, Pakistan, Egypt, Colombia and Argentina) candidates for emerging economy status. Chapters on theories surrounding emerging markets (including the Beijing/Washington Consensus debate) offer an overview of current issues in development economics, in addition to providing an integrated framework for the country case studies. Written by experts, this handbook will be invaluable to academics and students of economics and emerging economies, as well as to business people and researchers seeking information on economic development and the accelerating pace of globalization.
Download or read book Interest Rate Targeting in a Small Open Economy written by Mr.Guillermo Calvo and published by International Monetary Fund. This book was released on 1990-03-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Open Economy Monetary Economics written by M.L. Burnstein and published by Springer. This book was released on 1989-06-18 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
