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Fiscal Policies, the Current Account and Ricardian Equivalence
Nickel, Christiane - 2008
fiscal deficit leads to a higher current account deficit. For very high debt countries this relationship however turns …This paper analyses the empirical relationship between fiscal policy and the current account of the balance of payments … allowed to alter according to the government debt to GDP ratio. The results show that for countries with debt to GDP ratios up …
Persistent link: https://www.econbiz.de/10012770620
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Excess burden and the cost of inefficiency in public services provision
Afonso, António; Gaspar, Vítor - 2006
In this paper we revisit the literature on the economic consequences from inefficiency in public services provision. Following Dupuit (1844) and Pigou (1947) we argue that it is important to take the financing side explicitly into account. The fact that public expenditure financing must rely on...
Persistent link: https://www.econbiz.de/10011604647
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Rational expectations and near rational alternatives: How best to form expectations
Beeby, Mike; Hall, Stephan George; Henry, Brian S. - 2001
Learning rules are increasingly being used in macroeconomic models. However one criticism that has been levelled at this assumption is that the choice of variables for inclusion in the learning rule, and the actual specification of the learning rule itself, is arbitrary. In this paper we test...
Persistent link: https://www.econbiz.de/10011604132
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"New" views on the optimum currency area theory: what is EMU telling us?
Mongelli, Francesco Paolo - 2002
This paper surveys the optimum currency area (OCA) literature. It is organised into four phases: the 'pioneering phase' which put forward the OCA theory and its properties, the 'reconciliation phase' when its diverse facets were combined, the 'reassessment phase' that led to the 'new OCA theory'...
Persistent link: https://www.econbiz.de/10011604184
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European integration: what lessons for other regions? The case of Latin America
Dorrucci, Ettore; Firpo, Stefano; Mongelli, Francesco Paolo - 2002
This paper tests for the hypothesis that institutional integration interacts with economic integration at the regional level. In particular, we ask what lessons can be drawn from the European experience with regional integration for Latin America. Several indicators of institutional and economic...
Persistent link: https://www.econbiz.de/10011604231
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International risk-sharing and the transmission of productivity shocks
Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - 2004
A central puzzle in international finance is that real exchange rates are volatile and, in stark contradiction to effcient risk-sharing, negatively correlated with cross-country consumption ratios. This paper shows that incomplete asset markets and a low price elasticity of tradables can account...
Persistent link: https://www.econbiz.de/10011604354
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Has the Euro affected the choice of invoicing currency?
Ligthart, Jenny E.; Werner, Sebastian E. V. - 2012
We present a new approach to study empirically the effect of the introduction of the euro on the pattern of currency invoicing. Our approach uses a compositional multinomial logit model, in which currency choice is explained by both currency-specific and country-specific determinants. We use...
Persistent link: https://www.econbiz.de/10011605459
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Internal devaluation in currency unions: The role of trade costs and taxes
Petroulakis, Filippos - 2017
trade costs and taxes in internal devaluations, which have been brought to the fore of international policy during the … Keynesian small open economy model with sticky wages and prices, incorporating trade costs and indirect taxes (allowing for VAT … the euro periphery fiscal devaluation programs, and show that it can account for the most salient features of the data …
Persistent link: https://www.econbiz.de/10011667219
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Has the Euro Affected the Choice of Invoicing Currency?
Ligthart, Jenny E. - 2012
We present a new approach to study empirically the effect of the introduction of the euro on the pattern of currency invoicing. Our approach uses a compositional multinomial logit model, in which currency choice is explained by both currency-specific and country-specific determinants. We use...
Persistent link: https://www.econbiz.de/10013112497
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Internal Devaluation in Currency Unions : The Role of Trade Costs and Taxes
Petroulakis, Filippos - 2017
trade costs and taxes in internal devaluations, which have been brought to the fore of international policy during the … Keynesian small open economy model with sticky wages and prices, incorporating trade costs and indirect taxes (allowing for VAT … the euro periphery fiscal devaluation programs, and show that it can account for the most salient features of the data …
Persistent link: https://www.econbiz.de/10012956287