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A Model-Based Fiscal Taylor Rule and a Toolkit to Assess the Fiscal Stance

Fournier, Jean-Marc - 2020

This paper presents a model-based fiscal Taylor rule and a toolkit to assess the fiscal stance, defined as the change in the structural primary balance. This is built on the normative buffer-stock model of the government (Fournier, 2019) which includes key channels like hysteresis,...

Persistent link: https://www.econbiz.de/10012839319

Fiscal Crises

Gerling, Kerstin - 2017

A key objective of fiscal policy is to maintain the sustainability of public finances and avoid crises. Remarkably, there is very limited analysis on fiscal crises. This paper presents a new database of fiscal crises covering different country groups, including low-income developing countries...

Persistent link: https://www.econbiz.de/10012956473

The Fiscal Stance in Japan : A Model-Based Analysis

Fournier, Jean-Marc; Hisanaga, Takuma; Nguyen, Anh D.M - 2022

This paper assesses Japan’s fiscal stance in the past and the future with a stochastic structural model called the Buffer-Stock Model of the Government. Our retrospective analysis suggests that the fiscal stance in the 1990s and the early 2000s was overall looser than the model...

Persistent link: https://www.econbiz.de/10014077412

Transmission Mechanisms of Monetary Policy in Armenia : Evidence from VAR Analysis

Dabla-Norris, Era - 2007

This paper examines monetary policy transmission in Armenia in light of the authorities' intention to shift to an …

Persistent link: https://www.econbiz.de/10012778207

Spillovers from Global and Regional Shocks to Armenia

Ayvazyan, Knarik - 2016

Using a structural vector auto-regression (SVAR) model, this paper examines the size, geographical sources, and transmission channels of global and regional shocks to the Armenian economy. Results show that Armenian economic activity is strongly influenced by global demand shocks and changes in...

Persistent link: https://www.econbiz.de/10012999760

The Ararat Fiscal Strategy Model : A Structural Framework for Fiscal Policy Analysis in Armenia

Babajanyan, Victoria; Baksa, Daniel; Fukac, Martin; … - 2022

This paper presents an overview of the Ararat Fiscal Strategy Model (AFSM), which is a structural, New-Keynesian, DSGE, small open economy model with a rich fiscal block that includes several expenditure and revenue instruments, and types of debt. The AFSM is now a formal part of the Ministry of...

Persistent link: https://www.econbiz.de/10014081629

Raising Armenia's Export Potential

Akepanidtaworn, Klakow; Karapetyan, Lili; Reyes, Nathalie; … - 2022

Raising Armenia’s long-term growth prospects is critical to meet the pressing need for jobs, achieve higher living … standards, and arrest emigration. Armenia’s long-term growth prospects have weakened since the global COVID-19 crisis, while … the potential of the tradable sector by focusing on products with higher complexity to sustainably increase Armenia …

Persistent link: https://www.econbiz.de/10014238500

Supporting Sustainable Financing and Access to Finance in Armenia

Atamanchuk, Maria; Tokuoka, Kiichi - 2023

In Armenia, both external and domestic financing face challenges. Armenia’s share of inward foreign direct investment … (FDI) in private external financing has declined significantly over the past decade. Access to domestic finance in Armenia … are reported among major challenges for increasing access to finance for firms in Armenia. This paper finds that to …

Persistent link: https://www.econbiz.de/10014258215

Stock-Flow Adjustments, Government's Integrated Balance Sheet and Fiscal Transparency

Seiferling, Mike - 2013

This paper re-examines the stock-flow discrepancies of government debt and deficits and correlation with fiscal transparency. Applying the fully integrated relationship between financial stocks and flows allows for a more refined analysis of the deterministic components that make up the...

Persistent link: https://www.econbiz.de/10013084471

A Modern History of Fiscal Prudence and Profligacy

Mauro, Paolo - 2013

We draw on a newly collected historical dataset of fiscal variables for a large panel of countries — to our knowledge, the most comprehensive database currently available — to gauge the degree of fiscal prudence or profligacy for each country over the past several decades. Specifically, our...

Persistent link: https://www.econbiz.de/10013085975