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This paper examines the role of tax policy reforms in enhancing fiscal shock smoothing in a panel of 13 OECD economies during the period 1980-2017. The results suggest that tax reforms, in particular those that broaden the tax base, significantly enhance the ability of fiscal policy to mitigate...
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This paper examines the pattern of excess liquidity in sub-Saharan Africa and its consequences for the effectiveness of … monetary policy. The paper argues that understanding the consequences of excess liquidity requires quantifying the extent to … which commercial bank holdings of excess liquidity exceed levels required for precautionary purposes. It proposes a …
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The provision of foreign exchange liquidity by emerging market central banks during the global shock of 2008-09 departs … from the domestic liquidity lender of last resort role described by Bagehot in his classic ""Lombard Street."" This paper … documents and analyzes the foreign exchange liquidity providing measures of the Banco Central do Brasil (BCB) in response to …
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