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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 … by 1992. Two main questions are addressed: first, how the constraint of having to share a common inflation tax, in order … to preserve fixed-exchange rates, influences the optimal policy decisions concerning the inflation tax; secondly, how the …
Persistent link: https://www.econbiz.de/10014396346
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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
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Optimal Fiscal Policy and Government Provision of Contingent Liabilities : The Example of Government Loan and Deposit Guarantees
International Monetary Fund - 1989
The optimal provision of loan guarantees or deposit insurance is examined in the context of an overlapping generations model. It is demonstrated that even in the face of a market imperfection that precludes diversification of the private sector’s loan portfolio to eliminate risk, full...
Persistent link: https://www.econbiz.de/10014395814
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Adopting the Euro in Central Europe; Challenges of the Next Step in European Integration
International Monetary Fund (IMF); International … - 2005
Upon entry into the European Union, countries become members of the Economic and Monetary Union (EMU), with a derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national currency with the euro, but can choose when to request...
Persistent link: https://www.econbiz.de/10005767345
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European Policy Convergence and the EMS
International Monetary Fund - 1990
In this paper we analyze the degree of policy convergence of EMS member countries relative to that of some non-EMS countries. Interestingly, we find convergence for the nominal and real exchange rates and money supplies of the EMS members but not for the non-EMS countries. We also provide some...
Persistent link: https://www.econbiz.de/10014396029
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Economic and Monetary Union in Europe and Constraintson National Budgetary Policies
International Monetary Fund - 1990
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
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Indonesia: selected issues
Heenan, Geoffrey; Benedek, Dora; Zhou, Sarah; Chivakul, Mali - 2011
This study estimated Indonesia's potential growth rate and examined its underlying determinants. Implementing a comprehensive program to address key influencing issues can improve the effectiveness of monetary policy, increase financial stability, and support capital market development. This...
Persistent link: https://www.econbiz.de/10009510804
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Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments
International Monetary Fund - 2017
Persistent link: https://www.econbiz.de/10014408258
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International Aspects of Budget Deficits with Distortionary Taxes
International Monetary Fund - 1987
Much of the recent research of the international economic consequences of budget deficit has been conducted under the assumption that taxes are lump sum. It has thus abstracted from important issues that arise in the context of distortionary tax systems. Our analysis deals with the international...
Persistent link: https://www.econbiz.de/10014396501
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Assessing Fiscal Space : An Initial Consistent Set of Considerations
International Monetary Fund - 2016
Fiscal space is a multi-dimensional concept reflecting whether a government can raise spending or lower taxes without endangering market access and debt sustainability. Making such a determination requires a comprehensive approach considering, among other things, initial economic and structural...
Persistent link: https://www.econbiz.de/10014408615