Download or read book Public Finance in Small Open Economies written by Michael Howard and published by Bloomsbury Publishing USA. This book was released on 1992-11-24 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents an analysis of Caribbean fiscal problems, with particular emphasis on the relationship between high levels of public expenditure and balance of payments problems. The study examines deficit financing, public expenditure growth, and IMF stabilization policies. Other issues raised relate to income distribution and problems of taxation and tax reform. The work focuses on Jamaica, Guyana, Barbados, and Trinidad and Tobago. The economies of the Organization of Eastern Caribbean States are also considered. This work will interest scholars in economics and economic policy-making, especially those in developing countries.
Download or read book Monetary and Fiscal Rules in an Emerging Small Open Economy written by Nicoletta Batini and published by International Monetary Fund. This book was released on 2009-01-01 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a optimal rules-based interpretation of the 'three pillars macroeconomic policy framework': a combination of a freely floating exchange rate, an explicit target for inflation, and a mechanism than ensures a stable government debt-GDP ratio around a specified long run. We show how such monetary-fiscal rules need to be adjusted to accommodate specific features of emerging market economies. The model takes the form of two-blocs, a DSGE emerging small open economy interacting with the rest of the world and features, in particular, financial frictions It is calibrated using Chile and US data. Alongside the optimal Ramsey policy benchmark, we model the three pillars as simple monetary and fiscal rules including and both domestic and CPI inflation targeting interest rate rules alongside a 'Structural Surplus Fiscal Rule' as followed recently in Chile. A comparison with a fixed exchange rate regime is made. We find that domestic inflation targeting is superior to partially or implicitly (through a CPI inflation target) or fully attempting to stabilizing the exchange rate. Financial frictions require fiscal policy to play a bigger role and lead to an increase in the costs associated with simple rules as opposed to the fully optimal policy.
Download or read book Monetary and Fiscal Coordination in Small Open Economies written by DeLisle Worrell and published by International Monetary Fund. This book was released on 2000-03 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper is concerned with the design of institutional arrangements for low inflation in small open economies. In the real world of information asymmetries, uncertain expectations and changeable preferences, it is not enough to create an autonomous and publicly accountable central bank. In addition, the central bank and the treasury must work together on the design, implementation, monitoring and, when necessary, the revision of macroeconomic policy, and on providing the public with information on ongoing economic developments and interpretation of the macroeconomic strategy.
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 2016-09-07 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 Economics of public finance written by and published by Atlantic Publishers & Distri. This book was released on 1974 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Dynamics of Devaluation and Equivalent Fiscal Policies for a Small Open Economy written by International Monetary Fund and published by International Monetary Fund. This book was released on 1989-01-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: In pursuing a steady-state reserve target, policymakers in small open economies can resort to devaluation or to temporary increases in public saving. This paper contrasts the dynamic implications of these alternative policies in a model with optimizing agents who possess perfect foresight. In general, the private sector cannot be insulated from the effects of the government’s reserve-accumulation policies. The dynamic effects of devaluation depend on the fiscal policy rule in effect. In contrast to devaluation, the “equivalent” fiscal policies imply discontinuities in private consumption and temporary tax increases may cause key macroeconomic variables to overshoot their steady-state values.
Download or read book Growth External Debt and Sovereign Risk in a Small Open Economy written by International Monetary Fund and published by International Monetary Fund. This book was released on 1989-06-23 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper constructs and analyzes an optimizing model of a highly-indebted small open economy. An important innovation in the model is the incorporation of sovereign risk through the specification of an upward-sloping foreign debt supply function. The model is used to examine the interaction between external debt and growth in response to various policies and exogenous disturbances. It is shown that structural policies intended to reduce the fiscal deficit or increase productivity can lead to tradeoffs in their effect on capital accumulation and the stock of debt.
Download or read book Public Finance An International Perspective Revised Edition written by Joshua E Greene and published by World Scientific. This book was released on 2020-11-27 with total page 538 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing from current examples from a variety of countries, Public Finance: An International Perspective addresses the main issues in contemporary public finance, including fiscal sustainability, state enterprises, and a variety of subsidies. There are relatively few textbooks on public finance, and many of them focus on the experience and issues facing the United States. This book sets out to address the critical issues from other countries, particularly those from the developing world or emerging market countries, who have received less attention in other texts. Written in a highly accessible manner, this book is a useful reference for students and practitioners alike.
Download or read book Growth Debt and Sovereign Risk in a Small Open Economy written by Jagdeep S. Bhandari and published by World Bank Publications. This book was released on 1989 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a macroeconomic model for a small, open, developing economy that borrows abroad - to study the dynamic interaction between debt and growth and the impacts of various policies and exogenous shocks on the rate of capital accumulation, the current account, and debt. Adjustment policies that increase productivity and efficient use of capital increase both growth and the stock of external debt - but the new level of debt may be sustainable in the long run.
Download or read book Government Spending Effects in Low income Countries written by Ms.Wenyi Shen and published by International Monetary Fund. This book was released on 2015-12-30 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the voluminous literature on fiscal policy, very few papers focus on low-income countries (LICs). This paper develops a new-Keynesian small open economy model to show, analytically and through simulations, that some of the prevalent features of LICs—different types of financing including aid, the marginal efficiency of public investment, and the degree of home bias—play a key role in determining the effects of fiscal policy and related multipliers in these countries. External financing like aid increases the resource envelope of the economy, mitigating the private sector crowding out effects of government spending and pushing up the output multiplier. The same external financing, however, tends to appreciate the real exchange rate and as a result, traded output can respond quite negatively, reducing the overall output multiplier. Although capital scarcity implies high returns to public capital in LICs, declines in public investment efficiency can substantially dampen the output multiplier. Since LICs often import substantial amounts of goods, public investment may not be as effective in stimulating domestic production in the short run.
Download or read book The Gambia written by Mr.Michael T. Hadjimichael and published by International Monetary Fund. This book was released on 1992-09-15 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Gambia, one of the least developed countries in Africa, has been pursuing corrective economic policies since 1985, aimed at restroing financial stability and laying the basis for strong and sustainable economic growth. Supported by IMF policy advice and financing. The Gambia's economic performance has improved considerably since 1985. This study discusses Gambian adjustment policies and their benefits.
Download or read book Fiscal Policy Effectiveness in a Small Open Economy written by Mr.Antonio David and published by International Monetary Fund. This book was released on 2017-03-22 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents estimates of fiscal multipliers in Paraguay following different econometric techniques and identification approaches. The results point to multipliers for capital expenditure that are substantially higher than multipliers for current expenditure. In addition, the evidence suggests that tax multipliers are close to zero when using conventional identification approaches, but estimates can be much larger when considering the “narrative” approach. One implication of the results is that the balanced budget multiplier for Paraguay i.e. the effect of on output of an increase in expenditures (in particular capital expenditure) financed by taxes is likely to be positive.
Download or read book Public Finance in Developing Countries written by Vito Tanzi and published by . This book was released on 1991 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: This lively and accessible book discusses the real world fiscal issues in developing countries within a realistic macroeconomic and social framework. It represents the best synthesis currently available of the link between public finance and macroeconomics in developing countries, with emphasis on positive rather than normative aspects. The first part of the book emphasizes the reasons why normatively prescribed policy objectives are often not achieved. The second part includes various chapters that show the close link that exists between developments in the public finances and in the macroeconomic situation of these countries. The impact on inflation and of the real exchange rate on tax revenue is highlighted. The third part discusses various aspects of taxation and the requirements for successful tax reform.
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 Public Finance written by Carl Sumner Shoup and published by Chicago : Aldine Publishing Company. This book was released on 1969 with total page 678 pages. Available in PDF, EPUB and Kindle. Book excerpt: Treatise on the theory and practice of public finance. The first part deals with the effects of a public finance measure and describes the criteria by which these measures are commonly appraised. Part two concerns micro public finance and discusses the theory of public goods in general. The final part considers the major goals of public finance policy.
Download or read book Tax policy in small open economies written by and published by . This book was released on 1994 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Recent Developments on Money and Finance written by Gabriele Camera and published by Springer Science & Business Media. This book was released on 2006-01-09 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Assembles theoretical contributions to monetary theory, banking and finance. This book includes papers spanning themes from monetary policy to the optimal design of financial systems, and from the study of the causes of financial crises to payment systems design. It serves as a reference to researchers interested in the study of financial systems.
