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Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies

Guzman, Juan Pablo Medina; Soto, Claudio - International Monetary Fund (IMF) - 2014

In this paper, we analyze how lack of credibility and transparency of monetary and fiscal policies undermines the … credible and lack transparency. If policies are imperfectly credible, then transparency helps private agents to learn the …-country evidence that monetary policy transparency and fiscal credibility reduce the incidence of export price volatility on output …

Persistent link: https://www.econbiz.de/10010790403

Spillovers in the Nordic Countries

Mircheva, Borislava; Muir, Dirk - International Monetary Fund (IMF) - 2015

Denmark, Finland, Norway, and Sweden form a tightly integrated region which has strong ties with the euro area as well … of integration among the four Nordic economies. These differences are driven by the fact that Denmark and Finland have no … independent monetary policy, and Denmark and Norway are net energy exporters while Finland and Sweden are energy importers. We …

Persistent link: https://www.econbiz.de/10011242239

Household Debt and Borrower-Based Measures in Finland: Insights from a Heterogeneous Agent Model

Nakamura, Fumitaka - 2023

We analyze the effects of borrower-based macroprudential tools in Finland. To evaluate the efficiency of the tools, we …

Persistent link: https://www.econbiz.de/10015058844

Spillovers to and from the Nordic Economies: A Macroeconometric Model Based Analysis

Vitek, Francis - International Monetary Fund (IMF) - 2013

This paper analyzes the transmission of shocks and policies among and across the Nordic economies and the rest of the world. This spillover analysis is based on a pair of estimated structural macroeconometric models of the world economy, disaggregated into thirty five national economies. We find...

Persistent link: https://www.econbiz.de/10010790263

The Game of Anchors : Studying the Causes of Currency Crises in Belarus

Miksjuk, A. Ju.; Ouliaris, Sam; Pranovich, Mikhail - 2015

Belarus experienced a sequence of currency crises during 2009-2014. Our empirical results, based on a structural econometric model, suggest that the activist wage policy and extensive state program lending (SPL) conflicted with the tightly managed exchange rate regime and suppressed monetary...

Persistent link: https://www.econbiz.de/10014407962

Fiscal Coverage in the Countries of the Middle East and Central Asia : Current Situation and a Way Forward

Zakharova, Daria - 2008

This paper reviews some broad principles of fiscal coverage, building on cross-country experience. It discusses the level of coverage that would be appropriate to conduct good quality fiscal analysis, while striking the right balance between the costs and the benefits of expanding the coverage....

Persistent link: https://www.econbiz.de/10014409028

Calculating Sustainable Non-mineral Balances as Benchmarks for Fiscal Policy : The Case of Botswana

Clausen, Jens - 2008

Assuming a social welfare function that smoothes expenditure, this paper calculates a sustainability benchmark for the non-mineral balance in Botswana that is based on a notion of a "permanent income" from non-renewable resources. It is derived by constructing a hypothetical annuity from...

Persistent link: https://www.econbiz.de/10014409030

Government Size and Output Volatility : Should We Forsake Automatic Stabilization?

Pisani-Ferry, Jean - 2008

The paper takes stock of the debate on the positive link between output volatility and the size of government-which reflects automatic stabilizers. After a survey of the literature, we show that the contribution of automatic stabilizers to output stability may have disappeared since the 1990s....

Persistent link: https://www.econbiz.de/10014409031

Original Sin and Procylical Fiscal Policy : Two Sides of the Same Coin?

Adler, Gustavo - 2008

The paper develops a simple model of sovereign debt where default both through direct repudiation and through inflation are possible and give rise to (endogenous) constraints on the currency composition and the level of public debt. This set up allows to show that procyclicality of fiscal policy...

Persistent link: https://www.econbiz.de/10014409058

Creating Sustainable Fiscal Space for Infrastructure : The Case of Tanzania

Ter-Minassian, Teresa - 2008

A common dilemma facing governments around the world is how to meet the sizeable fiscal costs of providing and maintaining infrastructure networks. Over the past decade, developed and developing countries have looked to fiscal rules, budgetary reforms, tax policy and administration measures,...

Persistent link: https://www.econbiz.de/10014409074