Showing 1 - 8 of 8
linking social spending, human capital, and growth in a system of equations. The paper finds that both education and health … spending have a positive and significant direct impact on the accumulation of education and health capital, and thus can lead …
Persistent link: https://www.econbiz.de/10005263905
Persistent link: https://www.econbiz.de/10005264274
The paper develops a simple model of sovereign debt where default both through direct repudiation and through inflation are possible and give rise to (endogenous) constraints on the currency composition and the level of public debt. This set up allows to show that procyclicality of fiscal policy...
Persistent link: https://www.econbiz.de/10005769307
This paper studies the effects of fiscal policy response in 118 episodes of systemic banking crisis in advanced and emerging market countries during 1980-2008. It finds that timely countercyclical fiscal measures contribute to shortening the length of crisis episodes by stimulating aggregate...
Persistent link: https://www.econbiz.de/10008528701
Exchange rate reforms in developing countries have often aimed at floating the exchange rate in an attempt to unify the official and parallel markets for foreign exchange. This paper examines the anticipatory dynamics associated with such reforms. The analysis shows that if the future unified...
Persistent link: https://www.econbiz.de/10005605084
This paper analyzes the experience of 99 advanced and developing economies in restoring fiscal sustainability during 1980 - 2008 after banking crises, which led to large accumulation of public debt. It finds that successful debt reductions have relied chiefly on generation of large primary...
Persistent link: https://www.econbiz.de/10008680272
This paper develops a new index which provides early warning signals of fiscal sustainability problems for advanced and emerging economies. Unlike previous studies, the index assesses the determinants of fiscal stress periods, covering public debt default as well as near-default events. The...
Persistent link: https://www.econbiz.de/10009019579
Over the past two decades, most emerging market economies witnessed two key developments. A marked process of financial integration with the rest of the world, arguably turning these economies more vulnerable to global financial shocks; and an improvement of macroeconomic fundamentals, helping...
Persistent link: https://www.econbiz.de/10011242368