Download or read book New Evidence on Fiscal Adjustment and Growth in Transition Economies written by Alejandro Simone and published by International Monetary Fund. This book was released on 2006-10 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the relationship between fiscal adjustment and real GDP growth in a panel of 26 transition economies during 1992-2001. Unlike most previous studies using cross-country regressions, the paper finds a positive and statistically significant relationship between fiscal adjustment and growth that is robust to different model specifications and estimation methods. The paper also presents country experiences to delve deeper into the mechanisms that may underlie this statistical relationship.

Download or read book Fiscal Adjustment in Transition Countries written by MissCatriona Purfield and published by International Monetary Fund. This book was released on 2003-02-01 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the 1990s, transition countries underwent large adjustments to address fiscal imbalances. This paper examines whether the factors identified in the literature on advanced economies, the size and composition of adjustment, are important in transition economies. It finds that larger consolidations were more successful in addressing fiscal imbalances on a durable basis. Policies focusing on expenditure reductions were more successful than those relying on revenue increases. There is little evidence of expansionary fiscal contractions, but fiscal contractions did not have a significantly negative impact on growth either. Few fiscal stimuli succeeded in boosting growth.

Download or read book Fiscal Adjustment in Transition Countries written by Catriona Purfield and published by . This book was released on 2007 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the 1990s, transition countries underwent large adjustments to address fiscal imbalances. This paper examines whether the factors identified in the literature on advanced economies, the size and composition of adjustment, are important in transition economies. It finds that larger consolidations were more successful in addressing fiscal imbalances on a durable basis. Policies focusing on expenditure reductions were more successful than those relying on revenue increases. There is little evidence of expansionary fiscal contractions, but fiscal contractions did not have a significantly negative impact on growth either. Few fiscal stimuli succeeded in boosting growth.

Download or read book Crisis Stabilization and Growth written by Patrick J. Conway and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: List of Figures. List of Tables. List of Symbols. List of Country Acronyms. Foreword and Acknowledgements. I. The Transition Economies. II. Saving, by Plan and in the Market. III. Considering the Competing Explanations of Transition in Inflation and Economic Growth. IV. The Inflationary Explosion Following Price Liberalization. V. The Crisis Years. VI. Directed Credits and Financial Repression in Belarus. VII. Stabilization in Transition Economies. VIII. Ukraine in the Stabilization Phase. IX. Georgia: from Crisis to Stabilization .. and Then? X. The Fallout of the Russian Financial C.

Download or read book Walking Hand in Hand written by Mr.Carlo Cottarelli and published by International Monetary Fund. This book was released on 2012-05-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Implementation of fiscal consolidation by advanced economies in coming years needs to take into account the short and long-run interactions between economic growth and fiscal policy. Many countries must reduce high public debt to GDP ratios that penalize longterm growth. However, fiscal adjustment is likely to hurt growth in the short run, delaying improvements in fiscal indicators, including deficits, debt, and financing costs. Revenue and expenditure policies are also critical in affecting productivity and employment growth. This paper discusses the complex relationships between fiscal policy and growth both in the short and in the long run.

Download or read book From Transition to Market written by Mr.Stanley Fischer and published by International Monetary Fund. This book was released on 1998-04-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents evidence on the behavior of output and inflation in the transition economies during 1992–95. A regression analysis explores the differences in output performance across the transition economies during this period. The paper then engages in a numerical, somewhat speculative, exercise to assess the long-run growth potential of the transition economies. It concludes that it should take about 20 years for the faster reformers to reach current OECD per capita levels.

Download or read book Fiscal Adjustment in IMF Supported Programs written by International Monetary Fund. Independent Evaluation Office and published by International Monetary Fund. This book was released on 2003-11-17 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a cross-country sample of 169 IMF-supported programs and detailed studies of 15 programs, this evaluation report examines various aspects of fiscal adjustment in IMF-supported programs. It presents evidence that does not support some critics’ view that IMF-supported programs typically adopt a one-size-fits-all approach to fiscal adjustment, nor the perception that programs always involve austerity by targeting reductions in public spending. The report also proposes a number of recommendations for IMF surveillance and program design in the future.

Download or read book Stabilization and Growth in Transition Economies written by Mr.Stanley Fischer and published by International Monetary Fund. This book was released on 1996-04 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the growth and stabilization experience in 26 transition economies in eastern Europe, the former Soviet Union, and Mongolia for the period 1989-1994. Inflation rates have declined significantly in most countries following an inflation stabilization program. Growth resumes after stabilization occurs, typically with a lag of about two years. Reducing inflation thus appears to be a precondition for growth. An econometric analysis of the short-run determinants of inflation and growth illustrates the key roles of fixed exchange rates, improved fiscal balances, and structural reforms in spurring growth and lowering inflation, and confirms that inflation stabilization programs have been beneficial for growth even after controlling for structural reforms.

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 Fiscal Policy and Long Term Growth written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-04-20 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Fiscal Adjustment in IMF Supported Programs written by and published by Lippincott Williams & Wilkins. This book was released on 2003-11-17 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a cross-country sample of 169 IMF-supported programs and detailed studies of 15 programs, this evaluation report examines various aspects of fiscal adjustment in IMF-supported programs. It presents evidence that does not support some critics’ view that IMF-supported programs typically adopt a one-size-fits-all approach to fiscal adjustment, nor the perception that programs always involve austerity by targeting reductions in public spending. The report also proposes a number of recommendations for IMF surveillance and program design in the future.

Download or read book The Effectiveness of Fiscal Policy in Stimulating Economic Activity written by Richard Hemming and published by International Monetary Fund. This book was released on 2002-12 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.

Download or read book Expansionary Austerity New International Evidence written by Mr.Daniel Leigh and published by International Monetary Fund. This book was released on 2011-07-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Disinflation in Transition Economies written by Ms.Sharmini Coorey and published by International Monetary Fund. This book was released on 1996-12-01 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: In light of the persistence of moderate inflation in many transition economies, this paper analyzes whether inflation resulted from insufficiently tight financial policies and wage pressures or from the protracted adjustment of relative prices. Using a new database for 21 countries, the effect of relative price variability on inflation is estimated within a framework controlling for nominal and real shocks. Money and wage growth were the most important determinants of inflation; relative price variability had a sizable effect at high inflation during initial liberalization and a small effect at moderate inflation. Cost recovery may contribute to variability, particularly in the advanced stages of the transition.

Download or read book Handbook of the Economics and Political Economy of Transition written by Paul Hare and published by Routledge. This book was released on 2013-05-02 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: Transition from central planning to a market economy, involving large-scale institutional change and reforms at all levels, is often described as the greatest social science experiment in modern times. As more than two decades have passed since the fall of the Berlin Wall and the collapse of the Soviet Union, it is now an excellent time to take stock of how the transition process has turned out for the economies that have moved on from socialism and the command economy. This new handbook assembles a team of leading experts, many of whom were closely involved in the transition process as policymakers and policy advisors, to explore the major themes that have characterized the transition process. After identifying the nature of initial conditions and the strengths and weaknesses of institutions, the varying paths and reforms countries have taken are fully analyzed – from the shock therapy, privatization or gradualism of the early years to the burning issues of the present including global integration and sustainable growth. Topics covered include the socialist system pre-transition, economic reforms, institutions, the political economy of transition, performance and growth, enterprise restructuring, and people and transition. The country coverage is also extensive, from the former socialist countries of the USSR and the satellite states of Central and Eastern Europe to the Asian countries of China, Vietnam and others. The rise of China as a key actor in the drama is chronicled, along with the emergence of a new, more confident, oil-rich Russia. The comparative prosperity of the Central European countries such as Poland and the Czech Republic is contrasted with the mixed fortunes of the former USSR, where some countries are stagnating while others boom. This Handbook of the Economics and Political Economy of Transition is the definitive guide to this new order of things in the former Communist world.

Download or read book Prosperity without Growth written by Tim Jackson and published by Taylor & Francis. This book was released on 2016-12-08 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: What can prosperity possibly mean in a world of environmental and social limits? The publication of Prosperity without Growth was a landmark in the sustainability debate. Tim Jackson’s piercing challenge to conventional economics openly questioned the most highly prized goal of politicians and economists alike: the continued pursuit of exponential economic growth. Its findings provoked controversy, inspired debate and led to a new wave of research building on its arguments and conclusions. This substantially revised and re-written edition updates those arguments and considerably expands upon them. Jackson demonstrates that building a ‘post-growth’ economy is a precise, definable and meaningful task. Starting from clear first principles, he sets out the dimensions of that task: the nature of enterprise; the quality of our working lives; the structure of investment; and the role of the money supply. He shows how the economy of tomorrow may be transformed in ways that protect employment, facilitate social investment, reduce inequality and deliver both ecological and financial stability. Seven years after it was first published, Prosperity without Growth is no longer a radical narrative whispered by a marginal fringe, but an essential vision of social progress in a post-crisis world. Fulfilling that vision is simply the most urgent task of our times.

Download or read book Fiscal Rules Anchoring Expectations for Sustainable Public Finances written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2009-12-11 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sharp increase in fiscal deficits and public debt in most advanced and several developing economies has raised concerns about the sustainability of public finances and highlighted the need for a significant adjustment over the medium term. This paper assesses the usefulness of fiscal rules in supporting fiscal consolidation, discusses the design and implementation of rules based on a new data base spanning the whole Fund membership, and explores the fiscal framework that could be adopted as countries emerge from the crisis.