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Growing Apart, Losing Trust? The Impact of Inequality on Social Capital

Gould, Eric D. - 2016

There is a widespread perception that trust and social capital have declined in United States as well as other advanced economies, while income inequality has tended to increase. While previous research has noted that measured trust declines as individuals become less similar to one another,...

Persistent link: https://www.econbiz.de/10012977787

Trust What You Hear : Policy Communication, Expectations, and Fiscal Credibility

End, Nicolas; Hong, Gee Hee - 2022

How do policy communications on future f iscal targets af fect market expectations and beliefs about the future conduct of f iscal policy? In this paper, we develop indicators of f iscal credibility that quantify the degree to which policy announcements anchor expectations, based on the...

Persistent link: https://www.econbiz.de/10013295113

A Behavioral Approach to Financial Supervision, Regulation, and Central Banking

Khan, Ashraf - 2018

This paper describes how behavioral elements are relevant to financial supervision,regulation, and central banking. It focuses on (1) behavioral effects of norms (social, legal,and market); (2) behavior of others (internalization, identification, and compliance); and(3) psychological biases. It...

Persistent link: https://www.econbiz.de/10012912488

Legal Protection : Liability and Immunity Arrangements of Central Banks and Financial Supervisors

Khan, Ashraf - 2018

This paper argues that central bank legal protection contributes to safeguarding a central bank and its financial supervisor's independence, especially for conducting monetary and financial stability policy. However, such legal protection also entails enhanced accountability. To this end, the...

Persistent link: https://www.econbiz.de/10012912490

Macro-Fiscal Management Practices in Eastern and Southern Africa

Battersby, Bryn; Lienert, Ian - 2021

This paper examines the institutional arrangements of the macro-fiscal function in 16 African countries. Most ministries of finance (MoFs) have established a macro-fiscal department or unit, but their functions, size, structure and outputs vary considerably. Based on a survey, we present data on...

Persistent link: https://www.econbiz.de/10013243056

Country Stress Events : Does Governance Matter?

Caceres, Carlos - 2012

This paper analyzes the linkages between governance quality and country stress events. It focuses on two types of events: fiscal and political stress events, for which two innovative stress indicators are introduced. The results suggest that weaker governance quality is associated with a higher...

Persistent link: https://www.econbiz.de/10013102285

Exiting from Lockdowns : Early Evidence from Reopenings in Europe

Franks, Jeffrey Richard; Gruss, Bertrand; Mulas … - 2021

European authorities introduced stringent lockdown measures in early 2020 to reduce the transmission of COVID-19. As the first wave of infection curves flattened and the outbreak appeared controlled, most countries started to reopen their economies albeit using diverse strategies. This paper...

Persistent link: https://www.econbiz.de/10013314836

Confidence as a Driver of Private Investment in Selected Countries of Central America

Janada, Carlos Alfredo; Teodoru, Iulia Ruxandra - 2021

This paper argues that structural weaknesses may make private investment particularly sensitive to business confidence … relative to other traditional investment drivers and global shocks. It gauges the importance of confidence over recent years in …, including a set of investment drivers (interest rates, unit labor costs, and confidence) is analyzed. The findings suggest that …

Persistent link: https://www.econbiz.de/10013250091

The Rewards of Fiscal Consolidation : Sovereign Spreads and Confidence Effects

David, Antonio C. - 2019

announcements. These results constitute direct evidence that confidence effects, in the form of lower sovereign spreads, are an … important transmission channel of fiscal shocks. We also find that the role of confidence effects increases with the level of …

Persistent link: https://www.econbiz.de/10012865832

Inequality and the Structure of Countries’ External Liabilities

Harms, Philipp; Hoffmann, Mathias; Kohl, Miriam; … - 2022

In this paper, we present empirical evidence that higher income inequality is associated with a greater equity share in countries' external liabilities, and we develop a theoretical model that can explain this observation: In a small open economy with traded and nontraded goods, entry barriers...

Persistent link: https://www.econbiz.de/10014079898