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The paper argues that international differences in fiscal conditions influence the relative attractiveness of locating production facilities in different countries and could prove to be a troublesome source of instability for the European economies. Even though physical capital movements tend to...
Persistent link: https://www.econbiz.de/10014396443
The issue of whether constraints should be placed on fiscal policies when moving to European monetary union is examined in the context of the use of fiscal policy for macroeconomic stabilization purposes. Examples of shocks hitting French and German economies are considered: an appreciation of...
Persistent link: https://www.econbiz.de/10014396463
This paper reviews the pros and cons of institutionalized constraints limiting the freedom of national budgetary policies within an Economic and Monetary Union (EMU) in Europe. The issue is approached from three angles: the influence of EMU on (i) budget discipline; (ii) intergenerational equity...
Persistent link: https://www.econbiz.de/10014396369
This 2005 Article IV Consultation highlights that economic activity in the Eastern Caribbean Currency Union (ECCU) has accelerated since mid-2003 owing to an acceleration of activity in the tourism and construction sectors. Inflation has been stable and monetary aggregates have been expanding...
Persistent link: https://www.econbiz.de/10014405878
The staff report on discussions with regional institutions of the West African Economic and Monetary Union is presented. The region faced a number of challenges in 2011, with the intensification of the political crisis in Côte d’Ivoire and a large increase in global food and fuel prices. A...
Persistent link: https://www.econbiz.de/10014396911
This is the first of three Debt Reports for 2022 to be published online over the course of the year to provide users with data and analysis on external and public debt of low- and middle-income countries. Debt Report 2022 First Edition present summary analyses of the composition of external debt...
Persistent link: https://www.econbiz.de/10013255301
Persistent link: https://www.econbiz.de/10012644934
Public-private partnerships (PPPs) can sometimes be perceived as a means for delivering infrastructure for free. A more nuanced but still inexact view is that they are a mechanism to overcome fiscal constraints. Some argue, perhaps rightly, that often governments enter PPP contracts without...
Persistent link: https://www.econbiz.de/10014249803
Real GDP expanded by 17.7 percent in 2022, with per capita incomes surpassing the pre-pandemic levels. On the supply side, accommodation, transport, and commerce explained 60 percent of growth. On the demand side, exports (mainly tourism) and private consumption accounted for growth. The rebound...
Persistent link: https://www.econbiz.de/10014366505
This paper follows up on the Executive Board's December 2002 discussion of the design of the Sovereign Debt Restructuring Mechanism and seeks to make further progress on the formulation of a concrete proposal for a statutory sovereign debt restructuring mechanism
Persistent link: https://www.econbiz.de/10014409727