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Liquidity Trap and Excessive Leverage
Korinek, Anton; Simsek, Alp - International Monetary Fund (IMF) - 2014
' exante leverage and insurance decisions are associated with aggregate demand externalities. The competitive equilibrium … inferior to macroprudential policy in addressing excessive leverage, and it can even have the unintended consequence of … increasing leverage. …
Persistent link: https://www.econbiz.de/10010800974
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Public Investment as an Engine of Growth
Warner, Andrew M. - International Monetary Fund (IMF) - 2014
This paper looks at the empirical record whether big infrastructure and public capital drives have succeeded in accelerating economic growth in low-income countries. It looks at big long-lasting drives in public capital spending, as these were arguably clear and exogenous policy decisions. On...
Persistent link: https://www.econbiz.de/10010959467
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Public Investment, Public Finance, and Growth: The Impact of Distortionary Taxation, Recurrent Costs, and Incomplete Appropriability
Adam, Christopher; Bevan, David - International Monetary Fund (IMF) - 2014
Effective public investment requires governments to address the "recurrent cost problem" to ensure operations and maintenance (O&M) expenditures are sufficient to sustain the flow of productive public capital services to private factors of production. Building on the model of Buffie et al...
Persistent link: https://www.econbiz.de/10010790277
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Efficient Energy Investment and Fiscal Adjustment in Senegal
Issoufou, Salifou; Buffie, Edward F.; Diop, Mouhamadou Bamba - International Monetary Fund (IMF) - 2014
Senegal's fiscal deficit and public debt have been on the rise in recent years owing partly to an ailing and inefficient oil-based energy sector. In this paper we use a two-sector, open-economy, dynamic general equilibrium model to investigate the effects of varying fiscal policy instruments one...
Persistent link: https://www.econbiz.de/10010790369
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Surging Investment and Declining Aid: Evaluating Debt Sustainability in Rwanda
Clark, Will; Arnason, Birgir - International Monetary Fund (IMF) - 2014
Rwanda is a unique case among its Sub-Saharan African peers in that it has already undergone a large scaling-up of public investment. The Rwandan government has made clear its desire to lower its reliance on foreign aid while still maintaining high public investment levels. We use the model of...
Persistent link: https://www.econbiz.de/10010790412
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Debt Sustainability, Public Investment, and Natural Resources in Developing Countries: the DIGNAR Model
Melina, Giovanni; Yang, Shu-Chun S.; Zanna, Luis-Felipe - International Monetary Fund (IMF) - 2014
This paper presents the DIGNAR (Debt, Investment, Growth, and Natural Resources) model, which can be used to analyze the debt sustainability and macroeconomic effects of public investment plans in resource-abundant developing countries. DIGNAR is a dynamic, stochastic model of a small open...
Persistent link: https://www.econbiz.de/10011123850
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Investment Scaling-up and the Role of Government: the Case of Benin
Ghilardi, Matteo; Sola, Sergio - International Monetary Fund (IMF) - 2015
This paper studies the fiscal implications for the Beninese economy of scaling up of public investment when the government is subject to inefficiencies on the spending and on the tax collection side. While scaling up of public investments results in higher long-run output and consumption levels,...
Persistent link: https://www.econbiz.de/10011242315
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Taxation and Corporate Debt: Are Banks any Different?
Heckemeyer, Jost; Mooij, Ruud A. de - International Monetary Fund (IMF) - 2013
conditional leverage distribution. For nonbanks, we find a U-shaped relationship between asset size and tax responsiveness …, although this pattern does not hold universally across the conditional leverage distribution. For banks, in contrast, the tax … high conditional leverage ratios feature a significant, positive tax response. …
Persistent link: https://www.econbiz.de/10010790235
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Spring Forward or Fall Back? The Post-Crisis Recovery of Firms
Medina, Leandro - International Monetary Fund (IMF) - 2012
cross-sectional analysis, the results show that pre-crisis leverage and short-term debt have had negative effects on the … speed of the recovery, while asset tangibility has had positive effects. The negative effect of leverage is non …-linear, being particularly strong in firms with high pre-crisis leverage. Furthermore, the effects are different for advanced and …
Persistent link: https://www.econbiz.de/10010790315
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Taxation, Bank Leverage, and Financial Crises
Mooij, Ruud A. de; Keen, Michael; Orihara, Masanori - International Monetary Fund (IMF) - 2013
leverage, and that this in turn is associated with a significantly greater chance of crisis. The implication is that tax bias …
Persistent link: https://www.econbiz.de/10011123854