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On Fixed and Variable Fiscal Surplus Rules

Basci, Erdem; Ekinci, Mehmet Fatih; Yulek, Murat - EconWPA - 2004

Fiscal rules are being increasingly used by both emerging and developed economies. This paper analyzes two alternative fiscal policy rules in terms of their impact on debt sustainability: a rule that fixes the ratio of primary surplus to GDP (“fixed surplus rule”) and one that sets the...

Persistent link: https://www.econbiz.de/10005412792

External Debt Sustainability: Theory and Empirical Evidence

Arnone, Marco; Bandiera, Luca; Presbitero, Andrea - EconWPA - 2005

This paper is a review of the different approaches on external debt sustainability. The Heavily Indebted Poor Country (HIPC) Initiative was launched to assure a permanent exit from debt dependence. However, the IMF-World Bank program is not without faults, in particular for what concerns debt...

Persistent link: https://www.econbiz.de/10005556649

A better way to account for fiat money at the Central Bank

Colignatus, Thomas - EconWPA - 2005

Proper monetary accounting rules are: (1) Central Banks should conform to the practice of the US Federal Reserve to distinguish its Balance Sheet from its Statement of Conditions. (2) Fiat money should not appear as a liability in a Balance Sheet. (3) The Central Bank should not record more...

Persistent link: https://www.econbiz.de/10005408128

A Unified Approach to Credit Crunches, Financial Instability, and Banking Crises

Peter, Goetz von - EconWPA - 2003

We link banking and asset prices in a simple monetary macroeconomic model. Our main innovation is to consider how wide …-spread default affects the banking system. We find that the interaction of credit, asset prices, and loan losses explains a complete … whether a capital crunch, financial instability, or a banking crisis occurs. But self-fulfilling capital crunches and banking …

Persistent link: https://www.econbiz.de/10005412610

THE BALANCE OF PAYMENTS AS A MONETARY PHENOMENON:AN ECONOMETRIC CASE STUDY OF NIGERIA

NWAOBI, GODWIN CHUKWUDUM - EconWPA - 2003

THE THRUST OF THIS PAPER HAS BEEN TO INVESTIGATE THE THEORETICAL PROPOSITION OF THE MONETARY APPROACH TO THE THEORY OF BALANCE OF PAYMENTS ADJUSTMENT MECHANISM. THE ESSENCE OF THE APPROACH IS A CONSISTENT INSISTENCE THAT BALANCE OF PAYMENTS IS A MONETARY AND NOT A REAL PHENOMENON AS POSITED BY...

Persistent link: https://www.econbiz.de/10005408148

How Did Malawi Accumulate External Debt

Stambuli, P. Kalonga - EconWPA - 2003

Further to investigation of how Malawi accumulated external debts amounting to $2.7 billion, without a corresponding growth in the economy, exports capability or poverty reduction this paper much of the borrowing contracted during 1973-82 was consumed by balance of payments deficits caused by...

Persistent link: https://www.econbiz.de/10005062708

Do efficient banking sectors accelerate economic growth in transition countries?

Koivu, Tuuli - EconWPA - 2002

banking sectors using the margin between lending and deposit interest rates. Our second variable for the level of financial … accelerate economic growth. The main reasons behind this result could be the numerous banking crises the transition countries …

Persistent link: https://www.econbiz.de/10005561315

Bank loans, start-up subsidies and the survival of the new firms: an econometric analysis at the entrepreneur level

Bruno, CREPON; Emmanuel, DUGUET - EconWPA - 2004

We evaluate the impact of bank loans and start-up subsidies on the survival of the new firms. This work relies on the SINE94 survey that provides rich information on the entrepreneurs and their start-up projects. We use the propensity score matching methodology, in the case of multiple...

Persistent link: https://www.econbiz.de/10005408373

Experience of Asian Asset Management Companies (AMCs): Do they Increase Moral Hazard? - Evidence from Thailand

Terada-Hagiwara, Akiko; Pasadilla, Gloria - EconWPA - 2004

This paper examines the performances of Asian asset management companies (AMCs). The analysis reveals that AMCs vary in their design and performance. Asset management companies can trigger moral hazard- inspired bank lending. Empirical examination of the Thai experience reveals that the moral...

Persistent link: https://www.econbiz.de/10005134678

China’s banking reform: An assessment of its evolution and possible impact

Garcia-Herrero, Alicia; Gavila, Sergio; Santabarbara, Daniel - EconWPA - 2005

desired structure of the Chinese banking system. Bank recapitalization should be completed immediately, not only to ensure …The Chinese banking system, characterized by massive government intervention, poor asset quality and low capitalization … further. China’s huge financing needs, to maintain high economic growth, and its commitment to fully open up its banking …

Persistent link: https://www.econbiz.de/10005134818

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