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The Portfolio Theory of Inflation (PIT) proposed in this study investigates the role of global financial markets in determining the effectiveness of macroeconomic policy in open and fully financial integrated economies. The PIT adopts a modified version of the portfolio balance approach to...
Persistent link: https://www.econbiz.de/10011993202
There have been attempts to resurrect the fiscal theory of the price revel (FTPL). The original FTPL rests on a fundamental compounded fallacy: confusing the intertemporal budget constraint (IBC) of the State, holding with equality and with sovereign bonds priced at their contractual values,...
Persistent link: https://www.econbiz.de/10011732317
This study revisits and tests empirically the Portfolio Theory of Inflation (PTI), which analyzes how the effectiveness of macroeconomic policy in open and globally financially integrated economies is influenced by global investor decisions (Bossone, The portfolio theory of inflation and policy...
Persistent link: https://www.econbiz.de/10012144424
public tasks. But not all countries with a low tax ratio automatically fall into this cat-egory. This paper presents an … influencing factors, such as regional patterns, non-tax revenue and governance. Findings on individual countries or groups of … countries should put governments, donors and international organisations in a better position to decide on tax reform programmes …
Persistent link: https://www.econbiz.de/10010307968