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In this paper we analyze the ability of an open economy version of the neoclassical model to account for the time-series evidence on fiscal policy transmission. In a first step, we identify government spending shocks within a vector autoregression model. We find that i) government spending...
Persistent link: https://www.econbiz.de/10008793608
Based on panel data of 58 countries, of which 22 Inflation Targeters and 36 non Inflation Targeters, over the period 1980-2003, this paper highlights the effect of Inflation Targeting – IT- on Fiscal Discipline –FD-. We make four contributions to the literature. Firstly, by applying the 2SLS...
Persistent link: https://www.econbiz.de/10008794278
Contrasting with the 1929 great crisis, authorities intervened forcefully in 2008 to stop the disintegration of the financial system. Governments and central banks then sought to revise the prudential regulation in depth. It would be optimistic, however, to believe that prudential measures,...
Persistent link: https://www.econbiz.de/10008794219
Cet article présente les liens entre développement des marchés et croissance économique. Il examine d'abord comment un certain nombre de préalables idéologiques et politiques ont dû être surmontés pour rendre légaux les principaux instruments financiers et leur échange. Il montre...
Persistent link: https://www.econbiz.de/10008792776
Les obligations catastrophe sont apparues dans les années 1990 avec l'émergence des dérivés financiers. Ces Cat bonds …
Persistent link: https://www.econbiz.de/10010898718
's distinction between three alternative valuations of an individual position: desire (which leads to action), interest, and …'s reactivity to pleasure, and his preference for present (compared to future) pleasures. On the contrary, interest and happiness do … valuation only coincides with interest in the case of what Hume called a “calm passion”, which gives birth to the greatest …
Persistent link: https://www.econbiz.de/10008790949
Information and Risk in the Medieval Doctrine of Usury during the Thirteenth Century
Persistent link: https://www.econbiz.de/10010898670
Restructuring practices belong to today's organizational life. Even if the phenomenon is not new it significantly … decisions. Much debated in popular medias, restructuring issues have been also inspiring scholars from various fields (sociology … hardly contributed in understanding the deep complexity and the multiple hidden dimensions of restructuring situations. We …
Persistent link: https://www.econbiz.de/10010679658
The recent boom and bust in commodity prices has renewed the policymakers' interest in three complementary issues: i …-run volatility of imported commodities hurts tax revenues through trade and consumption taxes, while price medium-run volatility of … export hurts tax revenues through both indirect and direct taxes. These findings point at the detrimental effect of commodity …
Persistent link: https://www.econbiz.de/10009399193
To what extent differences across developing countries in their domestic tax mobilization can be explained, in addition to the traditional determinants, by political economy factors and particularly by the political regime? Using a panel of 66 developing countries over the period 1990-2005, this...
Persistent link: https://www.econbiz.de/10008793998