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In exchange rate-based stabilization programs, credibility often follows a distinct time pattern. At first it rises as … credibility of the program falls, sometimes precipitously. This paper develops a political-economy model that focuses on the … evolution of credibility over time, and is consistent with the pattern just described. Inflation inertia and costly budget …
Persistent link: https://www.econbiz.de/10014395781
's expectations reflect this possibility. In the paper, credibility is assumed to depend on the probability that the authorities will … leading to price stability are presented. Its credibility varies over time, depending on the paths for output and inflation …
Persistent link: https://www.econbiz.de/10014398014
In this paper, we analyze how lack of credibility and transparency of monetary and fiscal policies undermines 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/10014411151
This paper provides a brief and selective overview of research on the links between macroeconomic policies and poverty reduction. Using the Human Development Index as a measure of well-being, the progress made by 100 countries during 1975–98 is presented, and its association with macroeconomic...
Persistent link: https://www.econbiz.de/10014401618
The paper deals with the two parts of the short-run adjustment problem in developing countries: the improvement of the current account and the reduction of inflation, the main cause in both cases being usually a fiscal deficit. It is shown how the two parts are related. Distinctions are made...
Persistent link: https://www.econbiz.de/10014396270
Understanding the sources of inflation persistence is crucial for monetary policy. This paper provides an empirical assessment of the influence of inflation expectations' anchoring on the persistence of inflation. We construct a novel index of inflation expectations' anchoring using survey-based...
Persistent link: https://www.econbiz.de/10011978669
This paper considers the problem of allocation of investment for a debtor country that faces a ceiling on the amount of foreign debt it can accumulate. It shows that it is optimal for the debtor country to create a more open economy by favoring investment in the export sector over investment in...
Persistent link: https://www.econbiz.de/10014396037
Export credit agencies (ECAs) have played a critical role in financing for developing countries in recent years, and officially supported export credits have been growing in volume. The current export credit exposure to developing countries and economies in transition has reached almost half a...
Persistent link: https://www.econbiz.de/10014403344
Persistent link: https://www.econbiz.de/10009425648
Persistent link: https://www.econbiz.de/10009419634