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How Loose, How Tight? A Measure of Monetary and Fiscal Stance for the Euro Area
Batini, Nicoletta - 2020
This paper builds a model-based dynamic monetary and fiscal conditions index (DMFCI) and uses it to examine the evolution of the joint stance of monetary and fiscal policies in the euro area (EA) and in its three largest member countries over the period 2007-2018. The index is based on the...
Persistent link: https://www.econbiz.de/10012828229
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The Tax Cuts and Jobs Act : An Appraisal
Chalk, Nigel - 2018
This paper assesses the landmark Tax Cuts and Jobs Act (TCJA), from the perspective of both the U.S. itself and the wider world. The reform has many positive aspects including steps to broaden the base of, and reduce marginal rates under, the personal income tax (PIT), reduce distortions to...
Persistent link: https://www.econbiz.de/10012912481
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Debt Build-Up in Frontier Low-Income Developing Countries (Lidcs) Since 2012 : Global or Country-Specific Factors and Way Forward?
de Soyres, Constance - 2019
This paper focuses on the debt build-up that frontier low-income developing countries (LIDCs) have faced since 2012. First, it documents a 20-percentage point increase in the external and government debt-to-GDP ratios, a composition shift toward higher non-concessional debt, and a rise in...
Persistent link: https://www.econbiz.de/10012889153
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Instruments of Debtstruction : A New Database of Interwar Debt
End, Nicolas - 2019
We construct a new, comprehensive instrument-level database of sovereign debt for 18 advanced and emerging countries over the period 1913-46. The database contains data on amounts outstanding for some 3,800 individual debt instruments as well as associated qualitative information, including...
Persistent link: https://www.econbiz.de/10012858955
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Budgetary Transparency for Public Expenditure Control
Reviglio, Franco - 2021
This paper explains why EMU countries seem unable or unwilling to undertake structural reforms of public expenditure. One of the reasons is political. What public expenditure reforms might be pursued without changing the political system? Without political reforms, technical improvements made to...
Persistent link: https://www.econbiz.de/10013317969
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Fiscal Sustainability and Monetary Versus Fiscal Dominance : Evidence from Brazil, 1991-2000
Tanner, Evan; Ramos, Alberto - 2021
Under a monetary dominant (MD) regime, the primary surplus adjusts to limit debt growth, permitting monetary policy to be conducted independently of fiscal financing requirements. In Brazil, some evidence favors an MD regime for 1995-97, but not for the decade of the 1990s as a whole. While...
Persistent link: https://www.econbiz.de/10013317976
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It is Only Natural : Europe's Low Interest Rates
Arena, Marco - 2020
Estimates of the natural interest rate are often useful in the analysis of monetary and other macroeconomic policies. The topic gathered much attention following the great financial crisis and the Euro Area debt crisis due to the uncertainty regarding the timing of monetary policy normalization...
Persistent link: https://www.econbiz.de/10012827588
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Decomposing the Inflation Dynamics in the Philippines
Guo, Si - 2019
Inflation rates rose sharply in the Philippines during 2018. Understanding the demand and supply sources of inflation … pressures is key to monetary policy response. Qualitatively, indicators have pointed to evidence of inflation pressures from …-structural model to decompose the contributions of various shocks to inflation. Our main findings are (1) supply factors (mainly global …
Persistent link: https://www.econbiz.de/10012864114
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Riding the Storm : Fiscal Sustainability in the Caribbean
Cevik, Serhan - 2020
Fiscal sustainability remains a paramount challenge for small economies with high debt and greater vulnerability to climate change. This paper applies the model-based sustainability test for fiscal policy in a panel of 16 Caribbean countries during the period 1980-2018. The results indicate that...
Persistent link: https://www.econbiz.de/10012840607
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Fiscal Policy and the Economic Restructuring of Economies in Transition
Tanzi, Vito - 2006
This paper discusses major fiscal issues faced by the previously centrally planned economies in their transition to market economies. It focuses on three main topics: (a) the extent to which the budget deficit should be a guide to policy; (b) the reforms that must be carried out in tax...
Persistent link: https://www.econbiz.de/10012781764