Showing 21 - 30 of 97
The paper analyzes the bearing of Islamic teachings on the conduct of fiscal policy. It is shown that Islamic teachings do not prescribe any rigid system of public finance. The major emphasis is on the state’s responsibility to assure at least a basic minimum standard of living for all...
Persistent link: https://www.econbiz.de/10014396236
Market-oriented economic reforms in centrally planned economies have altered the functions and objectives of key policy instruments, particularly in the case of fiscal policy. As a result of reform, economic management requires the use of “indirect” levers to regulate the behavior of...
Persistent link: https://www.econbiz.de/10014396291
The choice of assigning monetary or fiscal policy to external balance is complicated when the authorities are concerned with both the current account balance and the exchange rate. A strategy of using monetary policy to control the current account via the exchange rate may fail, because the...
Persistent link: https://www.econbiz.de/10014396345
Although the deficit is a useful construct for Keynesian analyses of fiscal policy, the deficit appears to be a less useful measure of fiscal policy within all but a restricted class of intertemporal neoclassical models. This paper suggests that the nature of deficits in a simple certainty model...
Persistent link: https://www.econbiz.de/10014396350
The paper argues that the endogenous behavior of monetary authorities provides an important channel through which fiscal policy influences financial variables, and that growing internationalization has increased the sensitivity of financial conditions to fiscal policy. The core of the argument...
Persistent link: https://www.econbiz.de/10014396354
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 paper reviews implications for financial and fiscal programming of different treatments of external debt rescheduling. Adjustment formulas are derived to ensure invariance of the macroeconomic outcome. An important consideration is the impact on the income position of the central bank. The...
Persistent link: https://www.econbiz.de/10014396374
In designing policy measures, including possible social safety nets, targeted to the poor, it is important to fully understand the efficiency implications of these measures. There is abundant macroeconomic literature on their negative effects on the poor’s work effort. The literature, however,...
Persistent link: https://www.econbiz.de/10014396380
International coordination of macroeconomic policies has attracted much attention in recent years. The main issue has been whether economic performance can be improved by coordination Although it is still a controversial issue many economists have argued that coordination would make a positive...
Persistent link: https://www.econbiz.de/10014396391
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