Similar Search Results

A cycle-adjusted fiscal rule for sustainable and more equitable growth in Argentina

Zúñiga, Jimena; Capello, Marcelo; Butler, Inés; … - 2013

This paper seeks to identify the most promising fiscal strategy to boost long-term economic growth in Argentina and quantify its effects. To this end, the authors updated a growth-diagnostics study for Argentina and corroborated that low appropriability of social returns and insufficient public...

Persistent link: https://www.econbiz.de/10011303821

Normative fiscal policy and growth : some quantitative implications for the Chilean economy

Espino, Emilio; González Rozada, Martín - 2013

This paper explores the qualitative and quantitative implications of optimal taxation in a developing economy when … economic growth is endogenously determined. We differentiate this class of economies from a developed economy in two aspects … equilibrium allocations and Ramsey allocations in the context of a small open economy in which the interest rate is endogenously …

Persistent link: https://www.econbiz.de/10011303820

International crises and policy responses in the Southern cone

Borensztein, Eduardo; Castilleja, Liliana; Hernaiz, Daniel - 2012

This document analyzes the patterns of fiscal and monetary policy in five economies of the Latin American Southern Cone (Argentina, Brazil, Chile, Paraguay and Uruguay) during four episodes of international crises: 1994, 1997-1999, 2001 and 2008. In contrast with earlier episodes when most...

Persistent link: https://www.econbiz.de/10011303276

The role of institutional quality on the effects of fiscal stimulus

Avellán, Leopoldo; Galindo Andrade, Arturo José; … - 2020

This paper provides evidence on the effect of fiscal stimulus on economic activity in countries with different degrees of institutional quality. The identification strategy makes use of data on military expenditure to instrument government consumption using local lineal projections as presented...

Persistent link: https://www.econbiz.de/10012238283

Tight money-tight credit : coordination failure in the conduct of monetary and financial policies

Carrillo, Julio A.; Mendoza, Enrique G.; Nuguer, Victoria; … - 2019

Violations of Tinbergen's Rule and strategic interaction undermine monetary and financial policies significantly in a New Keynesian model with the Bernanke-Gertler accelerator. Welfare costs of risk shocks are large because of efficiency losses and income effects of costly monitoring, but they...

Persistent link: https://www.econbiz.de/10012127412

Growth-friendly fiscal rules? : safeguarding public investment from budget cuts through fiscal rule design

Ardanaz, Martín; Cavallo, Eduardo A.; Izquierdo, Alejandro - 2020

We show that some types of fiscal rules can mitigate the well-known procyclical bias in public capital expenditures. Past research has found that fiscal adjustment episodes coincide with large public investment cuts, a pattern we also document in a sample of 75 advanced and emerging economies...

Persistent link: https://www.econbiz.de/10012167402

Dealing with the Dutch disease : fiscal rules and macro-prudential policies

Garcia-Cicco, Javier; Kawamura, Enrique - 2015

domestic lending. A DSGE model of a small open economy is developed, with a sectoral decomposition that features three …

Persistent link: https://www.econbiz.de/10011316665

A fiscal rule to achieve debt sustainability in Colombia

Arbeláez, María Angélica; Benítez, Miguel; Steiner, … - 2021

In order to enhance fiscal sustainability and regain “investment grade” credit rating, in 2011 Colombia implemented a fiscal rule (FR) on the Central Government's structural balance. Investment grade was rapidly attained, and FR targets were complied with, until 2019. Using the Synthetic...

Persistent link: https://www.econbiz.de/10012586878

The output effects of fiscal consolidations : does spending composition matter?

Ardanaz, Martin; Cavallo, Eduardo A.; Izquierdo, Alejandro - 2021

This paper studies whether changes in the composition of public spending affect the macroeconomic consequences of fiscal consolidations. Based on a sample of 44 developing countries and 26 advanced economies during 1980-2019, results show that while fiscal consolidations tend to be on average,...

Persistent link: https://www.econbiz.de/10014516596

The monetary and fiscal history of Brazil, 1960-2016

Ayres, Joao; Garcia, Márcio Gomes Pinto; Guillen, Diogo; … - 2019

Brazil has had a long period of high inflation. It peaked around 100 percent per year in 1964, decreased until the first oil shock (1973), but accelerated again afterward, reaching levels above 100 percent on average between 1980 and 1994. This last period coincided with severe balance of...

Persistent link: https://www.econbiz.de/10012008408