Download or read book Sources of Debt Accumulation in a Small Open Economy written by Mr.Abdelhak Senhadji and published by International Monetary Fund. This book was released on 1997-10-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the borrowing behavior of a small open economy of a developing country that relies heavily on imports for its capital formation and faces an upward-sloping supply function of foreign loans. Decision makers face uncertainty about the longevity of external shocks. That uncertainty generates forecast errors that lead to substantial debt accumulation. It is found that the assumption of an upward-sloping supply function of foreign loans, which is a more realistic formulation for developing countries than the usual perfect elasticity, offers an alternative to the Uzawa-type utility function for analyzing asset accumulation in the small open economy framework.
Download or read book Sources of Debt Accumulation in a Small Open Economy written by Abdelhak Senhadji and published by . This book was released on 2006 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the borrowing behavior of a small open economy of a developing country that relies heavily on imports for its capital formation and faces an upward-sloping supply function of foreign loans. Decision makers face uncertainty about the longevity of external shocks. That uncertainty generates forecast errors that lead to substantial debt accumulation. It is found that the assumption of an upward-sloping supply function of foreign loans, which is a more realistic formulation for developing countries than the usual perfect elasticity, offers an alternative to the Uzawa-type utility function for analyzing asset accumulation in the small open economy framework.
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 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 Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Download or read book Dynamic Adjustment and Debt Accumulation in a Small Open Economy written by Alex Cornelis Meijdam and published by . This book was released on 1988 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book External Debt and Capital Accumulation in a Small Open Economy written by Yacov Sheinin and published by . This book was released on 1985 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Open Economy Macroeconomics written by Martín Uribe and published by Princeton University Press. This book was released on 2017-04-04 with total page 646 pages. Available in PDF, EPUB and Kindle. Book excerpt: A cutting-edge graduate-level textbook on the macroeconomics of international trade Combining theoretical models and data in ways unimaginable just a few years ago, open economy macroeconomics has experienced enormous growth over the past several decades. This rigorous and self-contained textbook brings graduate students, scholars, and policymakers to the research frontier and provides the tools and context necessary for new research and policy proposals. Martín Uribe and Stephanie Schmitt-Grohé factor in the discipline's latest developments, including major theoretical advances in incorporating financial and nominal frictions into microfounded dynamic models of the open economy, the availability of macro- and microdata for emerging and developed countries, and a revolution in the tools available to simulate and estimate dynamic stochastic models. The authors begin with a canonical general equilibrium model of an open economy and then build levels of complexity through the coverage of important topics such as international business-cycle analysis, financial frictions as drivers and transmitters of business cycles and global crises, sovereign default, pecuniary externalities, involuntary unemployment, optimal macroprudential policy, and the role of nominal rigidities in shaping optimal exchange-rate policy. Based on courses taught at several universities, Open Economy Macroeconomics is an essential resource for students, researchers, and practitioners. Detailed exploration of international business-cycle analysis Coverage of financial frictions as drivers and transmitters of business cycles and global crises Extensive investigation of nominal rigidities and their role in shaping optimal exchange-rate policy Other topics include fixed exchange-rate regimes, involuntary unemployment, optimal macroprudential policy, and sovereign default and debt sustainability Chapters include exercises and replication codes
Download or read book External Debt Statistics written by International Monetary Fund and published by International Monetary Fund. This book was released on 2003-06-25 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Guide provides clear, up-to-date guidance on the concepts, definitions, and classifications of the gross external debt of the public and private sectors, and on the sources, compilation techniques, and analytical uses of these data. The Guide supersedes the previous international guidance on external debt statistics available in External Debt: Definition, Statistical Coverage, and Methodology (known as the Gray Book), 1988. The Guides conceptual framework derives from the System of National Accounts 1993 and the fifth edition of the IMFs Balance of Payments Manual(1993). Preparation of the Guide was undertaken by an Inter-Agency Task Force on Finance Statistics, chaired by the IMF and involving representatives from the BIS, the Commonwealth Secretariat, the European Central Bank, Eurostat, the OECD, the Paris Club Secretariat, UNCTAD, and the World Bank.
Download or read book Guidelines for Public Debt Management Amended written by International Monetary Fund and published by International Monetary Fund. This book was released on 2003-09-12 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Download or read book Developing Countries written by Thomas Melito and published by DIANE Publishing. This book was released on 2000-11 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1996, the World Bank & the Internat. Monetary Fund (IMF) agreed to undertake a comprehensive approach, called the Heavily Indebted Poor Countries Initiative (HIPCI), for providing debt relief to the poorest & most indebted countries in the world. In Sept. 1999 the World Bank & the IMF agreed to enhance this initiative. This report: (1) assesses whether the enhanced HIPCI is likely to free up resources for poverty reduction & achieve the goal of debt sustainability; (2) describes the strategy to strengthen the link between debt relief & poverty reduction & how this strategy is to be implemented; & (3) describes the challenges creditors face in funding the 1999 initiative. Charts & tables.
Download or read book External Debt Histories of Ten Low Income Developing Countries written by Saqib Rizavi and published by International Monetary Fund. This book was released on 1998-05-01 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt: The external debt burden of many low-income developing countries has increased significantly since the 1970s. Developments in a sample of ten countries show that the main factors behind the buildup of debt were (1) exogenous (adverse terms of trade shocks or weather), (2) a lack of sustained macroeconomic adjustment and structural reforms, (3) nonconcessional lending arid refinancing policies of creditors, (4) inadequate debt management, and (5) political factors (civil war and social strife). Future policies should limit the need for external financing and create an environment conducive to diversifying export growth, managing debt more prudently, and basing economic projections on more cautious assumptions.
Download or read book Developing Countries written by United States. General Accounting Office and published by . This book was released on 2000 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Capital Accumulation and Economic Growth in a Small Open Economy written by Stephen J. Turnovsky and published by Cambridge University Press. This book was released on 2009-08-20 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: An investigation of the process of economic growth in a small open economy by one of the world's leading economists.
Download or read book Debt Sustainability Public Investment and Natural Resources in Developing Countries written by Mr.Giovanni Melina and published by International Monetary Fund. This book was released on 2014-04-01 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents the DIGNAR (Debt, Investment, Growth, and Natural Resources) model, which can be used to analyze the debt sustainability and macroeconomic effects of public investment plans in resource-abundant developing countries. DIGNAR is a dynamic, stochastic model of a small open economy. It has two types of households, including poor households with no access to financial markets, and features traded and nontraded sectors as well as a natural resource sector. Public capital enters production technologies, while public investment is subject to inefficiencies and absorptive capacity constraints. The government has access to different types of debt (concessional, domestic and external commercial) and a resource fund, which can be used to finance public investment plans. The resource fund can also serve as a buffer to absorb fiscal balances for given projections of resource revenues and public investment plans. When the fund is drawn down to its minimal value, a combination of external and domestic borrowing can be used to cover the fiscal gap in the short to medium run. Fiscal adjustments through tax rates and government non-capital expenditures—which may be constrained by ceilings and floors, respectively—are then triggered to maintain debt sustainability. The paper illustrates how the model can be particularly useful to assess debt sustainability in countries that borrow against future resource revenues to scale up public investment.
Download or read book IMF Staff papers Volume 45 No 1 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1998-01-01 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes some leading indicators of currency crises, and proposes a specific early warning system. This system involves monitoring the evolution of several indicators that tend to exhibit an unusual behavior in the periods preceding a crisis. When an indicator exceeds a certain threshold value, this is interpreted as a warning “signal” that a currency crisis may take place. The variables that have the best track record within this approach include exports, deviations of the real exchange rate from trend, and the ratio of broad money to gross international reserves, output, and equity prices.
Download or read book In the Red written by Zsofia Barta and published by University of Michigan Press. This book was released on 2018-03-06 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: Insightful study that identifies the underlying factors contributing to countries continually accumulating immense debt
