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International Monetary Fund - 1989

This paper highlights key issues pertinent for the understanding of international effects of domestic tax policies and of international tax harmonization. The analytical framework adopts the saving-investment balance approach to the analysis of international economic interdependence focusing on...

Persistent link: https://www.econbiz.de/10014396181

Commodity Price Volatility and the Sources of Growth

International Monetary Fund - 2012

as on the three main growth channels: total factor productivity, physical capital accumulation, and human capital …

Persistent link: https://www.econbiz.de/10014396933

Toward a Framework for Safeguarding Financial Stability

International Monetary Fund - 2004

This paper examines the emergence of financial stability as a key policy objective. It discusses the underlying trends in the financial system, as well as the role of finance in relation to money, the real economy, and public policy. Financial stability is defined in terms of its ability to help...

Persistent link: https://www.econbiz.de/10014404178

A General Equilibrium Model with Informal Financial Markets

International Monetary Fund - 1991

The paper presents a general equilibrium framework for short-run macroeconomic analysis in a developing country context where controls on interest rates and foreign exchange restrictions lead to the emergence of informal financial markets. The complexity of the model precludes an analytical...

Persistent link: https://www.econbiz.de/10014397805

The Coordination of Domestic Public Debt and Monetary Management in Economies in Transition : Issues and Lessons From Experience

International Monetary Fund - 1994

In economies in transition, the development of financial markets is a common objective linking the monetary and fiscal authorities, while monetary and public debt management cannot be strictly separated. This calls for close coordination of objectives and instruments of monetary and debt...

Persistent link: https://www.econbiz.de/10014398325

Interpreting Real Exchange Rate Movements in Transition Countries

International Monetary Fund - 2001

that these appreciations reflect underlying productivity gains in the tradable sector. Using panel data over the period … 1993-98, the results show clear evidence of productivity-driven exchange rate movements in the central and eastern European … expect to experience further productivity-driven real exchange rate appreciations. Evidence from a large cross-section of non …

Persistent link: https://www.econbiz.de/10014403602

Monetary Policy Interaction within the EMS

International Monetary Fund - 1989

A simple two-country stochastic model is used to analyze monetary policy interaction in a system of exchange rate bands such as the EMS, in the context of internationally-integrated financial markets. We consider the widely-acknowledged asymmetry of the system, as it pertains to member...

Persistent link: https://www.econbiz.de/10014396204

Budget Processes and Commitment to Fiscal Discipline

International Monetary Fund - 1996

This paper develops a political-economy model of the budget process focusing on the common pool problem of the public budget. We show that the externality arising from the fact that public spending tends to be targeted at individual groups in society while the tax burden is widely dispersed...

Persistent link: https://www.econbiz.de/10014398060

Credibility. Capital Controls, and the EMS

International Monetary Fund - 1989

A common rationale for EMS membership is that it enhances the credibility of a central bank’s commitment to stable monetary growth. In this paper we consider this idea in the light of two features of the system, namely, the existence of exchange rate bands and the prevalence of capital...

Persistent link: https://www.econbiz.de/10014396035

Optimal Taxation Policies in the EMS : A Two-Country Model of Public Finance

International Monetary Fund - 1989

This paper analyzes, in a public finance context, how the optimal use of the inflation and the consumption tax is affected by incorporating into the model constraints on policy decisions that are likely to develop in the context of the EMS by 1992. Two main questions are addressed: first, how...

Persistent link: https://www.econbiz.de/10014396346