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Some policy lessons from country applications of the DIG and DIGNAR models

Gurara, Daniel Zerfu; Melina, Giovanni; Zanna, Luis-Felipe - 2019

Over the past seven years, the DIG and DIGNAR models have complemented the IMF and World Bank debt sustainability …

Persistent link: https://www.econbiz.de/10012009611

Public investment, growth, and debt sustainability : putting together the pieces

Buffie, Edward E.; Berg, Andrew; Pattillo, Catherine A.; … - 2012

We develop a model to study the macroeconomic effects of public investment surges in low-income countries, making explicit: (i) the investment-growth linkages; (ii) public external and domestic debt accumulation; (iii) the fiscal policy reactions necessary to ensure debt-sustainability; and (iv)...

Persistent link: https://www.econbiz.de/10009618586

Government spending effects in low-income countries

Shen, Wenyi; Yang, Shu-Chun S.; Zanna, Luis-Felipe - 2015

Despite the voluminous literature on fiscal policy, very few papers focus on low-income countries (LICs). This paper develops a new-Keynesian small open economy model to show, analytically and through simulations, that some of the prevalent features of LICs-different types of financing including...

Persistent link: https://www.econbiz.de/10011445535

Debt sustainability, public investment, and natural resources in developing countries : the DIGNAR model

Melina, Giovanni; Yang, Shu-Chun S.; Zanna, Luis-Felipe - 2014

Persistent link: https://www.econbiz.de/10010388597

Loss-of-learning and the post-Covid recovery in low-income countries

Buffie, Edward F.; Adam, Christopher S.; Zanna, Luis-Felipe - 2022

We analyze the medium-term macroeconomic impact of the Covid-19 pandemic and associated lock-down measures on low-income countries. We focus on the impact over the medium-run of the degradation of health and human capital caused by the pandemic and its aftermath, exploring the trade-offs between...

Persistent link: https://www.econbiz.de/10013170278

Public investment in resource-abundant developing countries

Berg, Andrew; Portillo, Rafael; Yang, Shu-Chun S.; … - 2012

Natural resource revenues provide a valuable source to finance public investment in developing countries, which frequently face borrowing constraints and tax revenue mobilization problems. This paper develops a dynamic stochastic small open economy model to analyze the macroeconomic effects of...

Persistent link: https://www.econbiz.de/10012671561

Debt, investment, and growth in developing countries with segmented labor markets

Buffie, Edward F.; Zanna, Luis-Felipe; Adam, Christopher S. - 2020

than investment in infrastructure in promoting long-run economic development when investments earn their average estimated …

Persistent link: https://www.econbiz.de/10012252029

Optimal fiscal spending and reserve accumulation policies under volatile aid

Moldovan, Ioana R.; Yang, Shu-Chun S.; Zanna, Luis-Felipe - 2019

This paper assesses the optimal setting of fiscal spending and foreign exchange rate intervention policies in response to volatile foreign aid, in a small open economy model that incorporates typical features of low-income countries. Within a class of policy rules, it jointly considers the...

Persistent link: https://www.econbiz.de/10012102039

Inflation targeting and exchange rate management in less developed countries

Airaudo, Marco; Buffie, Edward F.; Zanna, Luis-Felipe - 2016

We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that management of the exchange rate greatly enhances the efficacy of inflation...

Persistent link: https://www.econbiz.de/10011705444

Budget Institutions and Fiscal Performance in Low-Income Countries

Gollwitzer, Sophia - 2010

This paper presents, for the first time, multi-dimensional indices of the quality of budget institutions in low … provides preliminary empirical support for the hypotheses that strong budget institutions help improve fiscal balances and … public external debt outcomes; and countries with stronger fiscal institutions have better scope to conduct countercyclical …

Persistent link: https://www.econbiz.de/10014402805