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Fiscal Policy During Business Cycles in Developing Countries: The Case of Africa
Leibfritz, Willi; Rottmann, Horst - CESifo - 2013
Fiscal positions of African countries have improved significantly during the past decade. Higher economic growth, better terms of trade, improved donor support notably through debt relief and better control of expenditure contributed to this improvement. But at the same time government revenue...
Persistent link: https://www.econbiz.de/10010718528
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Catching-up and Inflation in Europe: Balassa-Samuelson, Engel's Law and other Culprits
Egert, Balazs - CESifo - 2010
This study analyses the impact of economic catching-up on annual inflation rates in the European Union with a special … Balassa-Samuelson effect is not an important driver of inflation rates. By contrast, we find that the initial price level and … regulated prices strongly affect inflation outcomes in a nonlinear manner and that the extension of Engel’s Law may hold during …
Persistent link: https://www.econbiz.de/10008596582
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Inflation and Inflation Uncertainty in the Euro Area
Caporale, Guglielmo Maria; Onorante, Luca; Paesani, Paolo - CESifo - 2009
This paper estimates a time-varying AR-GARCH model of inflation producing measures of inflation uncertainty for the … policy regime change associated with the start of EMU in 1999. The main findings are as follows. Steady-state inflation and … inflation uncertainty have declined steadily since the inception of EMU, whilst short-run uncertainty has increased, mainly …
Persistent link: https://www.econbiz.de/10005013037
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The Euro and Inflation Uncertainty in the European Monetary Union
Caporale, Guglielmo Maria; Kontonikas, Alexandros - CESifo - 2006
This paper investigates the relationship between inflation and inflation uncertainty in twelve EMU countries. A time …-varying GARCH model is estimated to distinguish between short-run and steady-state inflation uncertainty. The effects of the …-state inflation has generally remained stable, steady-state inflation uncertainty and inflation persistence have both increased, and …
Persistent link: https://www.econbiz.de/10005406171
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The Quantity Theory of Money: An Assessment of its Real Linchpin Prediction
Hillinger, Claude; Süßmuth, Bernd - CESifo - 2010
find evidence of its linchpin prediction that is not limited to periods of high inflation. …
Persistent link: https://www.econbiz.de/10008534035
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Is the Relationship between Financial Development and Economic Growth Monotonic? Evidence from a Sample of Middle Income Countries
Samargandi, Nahla; Fidrmuc, Jan; Ghosh, Sugata - CESifo - 2014
We revisit the relationship between financial development and economic growth in a panel of 52 middle income countries over the 1980-2008 period, using pooled mean group estimator in a dynamic heterogeneous panel setting. We show that financial development does not have a linear positive...
Persistent link: https://www.econbiz.de/10010757725
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The Volatility Curse: Revisiting the Paradox of Plenty
Ploeg, Frederick Van der; Poelhekke, Steven - CESifo - 2009
The volatility of unanticipated output growth in income per capita is detrimental to long-run development, controlling for initial income per capita, population growth, human capital, investment, openness and natural resource dependence. This effect is significant and robust over a wide range of...
Persistent link: https://www.econbiz.de/10005000394
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Financial Development and Sectoral Output Growth in 19th Century Germany
Diekmann, Katharina; Westermann, Frank - CESifo - 2010
In this paper we re-evaluate the hypothesis that the development of the financial sector was an essential factor behind economic growth in 19th century Germany. We apply a structural VAR framework to a new annual data set from 1870 to 1912 that was initially recorded by Walther Hoffmann (1965)....
Persistent link: https://www.econbiz.de/10008833900
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Fiscal Autonomy and Fiscal Sustainability: Subnational Taxation and Public Indebtedness in Contemporary Spain
Larin, Benjamin; Süssmuth, Bernd - CESifo - 2014
This study assesses fiscal sustainability in contemporary Spain at the regional level. Spain consists of 17 autonomous regions, two fiscal regimes differing in taxing autonomy, and two path-dependent types of communities with more and less legislatively recognized autonomy. Three of the 17...
Persistent link: https://www.econbiz.de/10010756168
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Volatility of Exchange Rates in Selected New EU Members: Evidence from Daily Data
Fidrmuc, Jarko; Horváth, Roman - CESifo - 2007
, and Slovakia) using GARCH and TARCH models between 1999 and 2006. Despite these countries adopted inflation targeting …
Persistent link: https://www.econbiz.de/10005765724