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Harnessing windfall revenues : optimal policies for resource-rich developing economies

Ploeg, Frederick van der; Venables, Anthony - 2009

, investment, and the distribution of funds for consumption, particularly if the windfall is both anticipated and temporary. We … show that the permanent income hypothesis prescription of an ever-lasting increase in consumption financed by borrowing … is large relative to initial foreign debt, is it optimal to build a SWF. The optimal time profile of consumption is …

Persistent link: https://www.econbiz.de/10003813611

Fiscal policy and Dutch disease

Ploeg, Frederick van der - 2011

In this paper we revisit the Dutch disease paying particular attention to the role of specific factors of production and capital stock dynamics. The main insight is that if the natural resource rich windfall is substantial but not large enough for the country to become a rentier, capital goods...

Persistent link: https://www.econbiz.de/10009011986

Saving Alberta's resource revenues : role of intergenerational and liquidity funds

Bremer, Ton S. van den; Ploeg, Frederick van der - 2016

We use a welfare-based intertemporal stochastic optimization model and historical data to estimate the size of the optimal intergenerational and liquidity funds and the corresponding resource dividend available to the government of the Canadian province Alberta. To first-order of approximation,...

Persistent link: https://www.econbiz.de/10011541123

Post-Thatcher fiscal strategies in the UK : an interpretation

Hughes Hallett, Andrew (contributor) - 2004

Fiscal policy in Britain has changed radically since the Keynesianism of the 1960s and 1970s. After a passive period under monetarism of the 1980s, fiscal policy is said to have adopted a leadership role with long term objectives (low debt, the provision of public services/ investment, and...

Persistent link: https://www.econbiz.de/10002524201

Is Norway's bird-in-hand stabilization fund prudent enough? : fiscal reactions to hydrocarbon windfalls and graying populations

Harding, Torfinn; Ploeg, Frederick van der - 2009

We estimate fiscal reaction functions for non-hydrocarbon tax and public spending shares of national income and for debt management strategies adopted by Norway and compare these with rules that would prevail under the permanent income hypothesis and bird-in-hand rule. We conclude that the...

Persistent link: https://www.econbiz.de/10003897374

Debt, deficits, and the accession of the new member States to the Euro

Hughes Hallett, Andrew; Lewis, John - In: European journal of political economy 23 (2007) 2, pp. 316-337

Persistent link: https://www.econbiz.de/10003485366

Partial fiscal decentralization and sub-national government fiscal discipline : empirical evidence from OECD countries

Asatryan, Zareh; Feld, Lars P.; Geys, Benny - 2015

Recent theoretical research suggests that financing sub-national governments’ expenditure out of own revenue sources is linked to more responsible budgeting, because the financial implications of spending decisions then are internalized within a jurisdiction. We test this proposition...

Persistent link: https://www.econbiz.de/10010498622

Balanced budget rules and fiscal outcomes : evidence from historical constitutions

Asatryan, Zareh; Castellón, César; Stratmann, Thomas - 2016

This paper studies the long-run fiscal consequences of balanced budget rules (BBR) that are enshrined in a country's constitution. Using historical data dating back to the 19th century and applying a difference-in-difference approach we find that the introduction of a constitutional-BBR reduces...

Persistent link: https://www.econbiz.de/10011474674

An independent central bank faced with elected governments

Demertzis, Maria; Hughes Hallett, Andrew; Viegi, Nicola - In: European journal of political economy 20 (2004) 4, pp. 907-922

Persistent link: https://www.econbiz.de/10002372018

Austerity and distributional policy

Alpino, Matteo; Asatryan, Zareh; Blesse, Sebastian; … - 2020

What are the eﬀects of austerity on distributional policy? We exploit the autonomy of Italian municipalities in setting non-linear income taxes and the exogenous introduction of a ﬁscal rule to show that austerity increases tax progressivity. Consistent with this evidence, we ﬁnd that in a...

Persistent link: https://www.econbiz.de/10012304292