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Fiscal and monetary policies and the cost of sudden stops

Hutchison, Michael M.; Noy, Ilan; Wang, Lidan - 2007

This article investigates the effects of macroeconomic policy (monetary and fiscal) on output growth during financial crises characterized by a sudden stop" in net capital inflows in developing and emerging market economies. We investigate 83 sudden stop crises in 77 countries over 1982-2003...

Persistent link: https://www.econbiz.de/10010285311

Globalization and the sustainability of large current account imbalances: Size matters

Aizenman, Joshua; Sun, Yi - 2007

This paper evaluates the sustainability of large current account imbalances in the era when the Chinese GDP growth rate and current account/GDP exceed 10%. We investigate the size distribution and the durability of current account deficits during 1966-2005, and report the results of a simulation...

Persistent link: https://www.econbiz.de/10010285339

Identifying the depreciation rate of durables from marginal spending responses

Cao, Jin; Cui, Chao; Dinger, Valeriya; Holm, Martin Blomhoff - 2022

This paper presents a novel method to estimate the depreciation rate of durable goods using a combination of identified marginal and average spending shares. We apply our method to Chinese spending responses to disposable income changes induced by monetary policy in 2008-2009. The marginal...

Persistent link: https://www.econbiz.de/10013373831

The size of fiscal multipliers and the stance of monetary policy in developing economies

Ojeda-Joya, Jair N.; Guzman, Oscar E. - 2017

In this paper we estimate the effect of government consumption shocks on GDP using a panel of 21 developing economies … consumption shocks are usually followed by monetary policy tightening in developing economies with flexible regimes. Our … hand, we find that government consumption shocks imply higher multipliers in developing economies during fixed regimes …

Persistent link: https://www.econbiz.de/10011926731

Fiscal Policy and the Monetary Transmission Mechanism

Caramp, Nicolas - 2020

I study the role of fiscal policy in the monetary transmission mechanism. I present a novel decomposition of the equilibrium that links the wealth effect, i.e. the revaluation of households' financial and human wealth, to the fiscal response to monetary policy. When monetary policy has fiscal...

Persistent link: https://www.econbiz.de/10012655884

Financial versus monetary mercantilism-long-run view of large international reserves hoarding

Aizenman, Joshua; Lee, Jaewoo - 2006

The sizable hoarding of international reserves by several East Asian countries has been frequently attributed to a modern version of monetary mercantilism - hoarding international reserves in order to improve competitiveness. From a long-run perspective, manufacturing exporters in East Asia...

Persistent link: https://www.econbiz.de/10010322713

Economic growth with constraints on tax revenues and public debt: Implications for fiscal policy and cross-country differences

Aizenman, Joshua; Kletzer, Kenneth; Pinto, Brian - 2007

This paper evaluates optimal public investment and fiscal policy for countries characterized by limited tax and debt capacities. We study a non stochastic CRS endogenous growth model where public expenditure is an input in the production process, in countries where distortions and limited...

Persistent link: https://www.econbiz.de/10010322715

China and India: A Tale of Two Trade Integration Approaches

Kowalski, Przemyslaw - 2008

The comparison of the key features of trade integration processes and the economic outcomes in China and India reveals that while much has already been achieved in both these economies, the Chinese reforms, especially with respect to manufacturing trade, have gone further and that this is likely...

Persistent link: https://www.econbiz.de/10011807627

Financial versus monetary mercantilism: Long-run view of large international reserves hoarding

Aizenman, Joshua; Lee, Jaewoo - 2007

The sizable hoarding of international reserves by several East Asian countries has been frequently attributed to a modern version of monetary mercantilism hoarding international reserves in order to improve competitiveness. From a long-run perspective, manufacturing exporters in East Asia...

Persistent link: https://www.econbiz.de/10010285324

Economic growth with constraints on tax revenues and public debt: Implications for fiscal policy and cross-country differences

Aizenman, Joshua; Kletzer, Kenneth; Pinto, Brian - 2007

Persistent link: https://www.econbiz.de/10010285326

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