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Bond yields in emerging economies : it matters what state you are in
Jaramillo, Laura; Weber, Anke - 2012
While many studies have looked into the determinants of yields on externally issued sovereign bonds of emerging economies, analysis of domestically issued bonds has hitherto been limited, despite their growing relevance. This paper finds that the extent to which fiscal variables affect domestic...
Persistent link: https://www.econbiz.de/10009621689
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Fiscal Deficits and Current Account Deficits
Kumhof, Michael - 2009
The effectiveness of recent fiscal stimulus packages significantly depends on the assumption of non-Ricardian savings behavior. We show that, under the same assumption, fiscal deficits can have worrisome implications if they turn out to be permanent. First, if they occur in large countries they...
Persistent link: https://www.econbiz.de/10012677897
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The Fiscal Stance in Japan: A Model-based Analysis
Fournier, Jean-Marc - 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 recommendations....
Persistent link: https://www.econbiz.de/10015060166
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Sovereign Risk, Fiscal Policy, and Macroeconomic Stability
Kuester, Keith; Mueller, Gernot J.; Corsetti, Giancarlo; … - International Monetary Fund (IMF) - 2012
This paper analyzes the impact of strained government finances on macroeconomic stability and the transmission of fiscal policy. Using a variant of the model by Curdia and Woodford (2009), we study a "sovereign risk channel" through which sovereign default risk raises funding costs in the...
Persistent link: https://www.econbiz.de/10009650633
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Financial Stability and Fiscal Crises in a Monetary Union
Jahjah, Samir - International Monetary Fund (IMF) - 2001
help prevent or minimize the risk of fiscal crises and the corresponding risk of central bank financing and inflation. …
Persistent link: https://www.econbiz.de/10005826053
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Asymmetric Effects of Government Spending; Does the Level of Real Interest Rates Matter?
Choi, Woon Gyu; Devereux, Michael B. - International Monetary Fund (IMF) - 2005
conducive to short-run growth when real rates are low. It also finds asymmetric effects on interest rates and inflation, and …
Persistent link: https://www.econbiz.de/10005768903
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Public Debt and Household Inflation Expectations
Grigoli, Francesco - 2023
inflation expectations. We find that people underestimate public debt levels and increase inflation expectations when informed … the central bank considerably reduces the sensitivity of inflation expectations to public debt. We also show that people … associate high public debt with stagflationary effects and that the sensitivity of inflation expectations to public debt is …
Persistent link: https://www.econbiz.de/10015059618
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Expenditure Composition, Fiscal Adjustment, and Growth in Low-Income Countries
Clements, Benedict J.; Gupta, Sanjeev; Baldacci, Emanuele; … - International Monetary Fund (IMF) - 2002
This paper assesses the effects of expenditure composition as well as fiscal adjustment on economic growth in a sample of 39 low-income countries during the 1990s. The paper finds that strong budgetary positions and fiscal consolidation are generally associated with higher economic growth in...
Persistent link: https://www.econbiz.de/10005264087
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How Should Subnational Government Borrowing Be Regulated? Some Cross-Country Empirical Evidence
Plekhanov, Alexander; Singh, Raju Jan - International Monetary Fund (IMF) - 2005
Countries have adopted various institutional responses to subnational government borrowing. Using a sample of 44 countries 1982-2000, this paper provides a panel data analysis to determine the most effective borrowing constraints for containing local fiscal deficits. The results suggest that no...
Persistent link: https://www.econbiz.de/10005264111
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Should Advanced Countries Adopt a Fiscal Responsibility Law?
Lienert, Ian - International Monetary Fund (IMF) - 2010
Fiscal Responsibility Laws (FRLs) appear to be more popular in middle-income countries than advanced countries, even though their success is limited. The reasons why few advanced countries have a FRL include: the existing legal framework for the budget system is adequate; supranational rules and...
Persistent link: https://www.econbiz.de/10008727812