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Local governments’ fiscal balance, privatization, and banking sector reform in transition countries
Crivelli, Ernesto - 2012
liberalization, privatization, and stabilization reforms. Theory predicts that decentralization may aggravate fiscal imbalances … over 19 years to address a central question of fact: Did privatization help to promote local governments' fiscal discipline …? The answer is clearly 'no' for privatization considered in isolation. However, privatization and subnational f …
Persistent link: https://www.econbiz.de/10009618582
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The Evolution of Output in Transition Economies : Explaining the Differences
Sahay, Ratna - 1999
What are the relative roles of macroeconomic variables, structural policies, and initial conditions in explaining the time path of output in transition and the large observed differences in output performance across transition economies? Using a sample of 26 countries, this paper follows a...
Persistent link: https://www.econbiz.de/10014400551
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Local Governments’ Fiscal Balance, Privatization, and Banking Sector Reform in Transition Countries
Crivelli, Ernesto - 2012
liberalization, privatization, and stabilization reforms. Theory predicts that decentralization may aggravate fiscal imbalances … over 19 years to address a central question of fact: Did privatization help to promote local governments’ fiscal discipline …? The answer is clearly ‘no’ for privatization considered in isolation. However, privatization and subnational fiscal …
Persistent link: https://www.econbiz.de/10014396436
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The macroeconomic impact of foreign exchange intervention : some cross-country empirical findings
Jin, Zhongxia; Wang, Haobin; Zhao, Yue - 2021
Based on VAR analyses across 26 countries, we show that, although foreign exchange intervention (FXI) is effective in stabilizing the nominal exchange rate in the short run, its impacts on the real exchange rate are less significant: Limitations on nominal exchange rate flexibility may induce...
Persistent link: https://www.econbiz.de/10012613705
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Resolving China's corporate debt problem
Maliszewski, Wojciech; Arslanalp, Serkan; Caparusso, John; … - 2016
Corporate credit growth in China has been excessive in recent years. This credit boom is related to the large increase in investment after the Global Financial Crisis. Investment efficiency has fallen and the financial performance of corporates has deteriorated steadily, affecting asset quality...
Persistent link: https://www.econbiz.de/10011715497
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On the determinants of fiscal non-compliance : an empirical analysis of Spain’s regions
Delgado-Téllez, Mar; Lledó, Victor D.; Pérez, Javier J. - 2017
This paper proposes an empirical framework that distinguishes voluntary from involuntary compliance with fiscal deficit targets on the basis of economic, institutional, and political factors. The framework is applied to Spain's Autonomous Communities (regions) over the period 2002-2015. Fiscal...
Persistent link: https://www.econbiz.de/10011716402
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Subsidy Reforms and Poverty Alleviation
Bhambhri, Chandra Prakash - 2001
This paper presents a general framework for characterizing the optimal pattern of subsidies for poverty alleviation under budgetary constraints and suggests possible reforms for the existing pattern of subsidies. The government may subsidize or tax goods in order to meet its objectives. The...
Persistent link: https://www.econbiz.de/10014400878
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Subnational Health Spending and Soft Budget Constraints in OECD Countries
Crivelli, Ernesto - 2010
Government spending on health has grown as a percent of GDP over the last 40 years in industrialized countries. Widespread decentralization of healthcare systems has often accompanied this increase in spending. In this paper, we explore the effect of soft budget constraints on subnational health...
Persistent link: https://www.econbiz.de/10014402715
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On the Solvency of Nations : Are Global Imbalances Consistent with Intertemporal Budget Constraints?
Mendoza, Enrique G. - 2010
Theory predicts that a nation''s stochastic intertemporal budget constraint is satisfied if net exports (NX) and net foreign assets (NFA) satisfy an error-correction specification with a residual integrated of any finite order. We test this hypothesis using data for 21 industrial and 29 emerging...
Persistent link: https://www.econbiz.de/10014402804
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Assessing Fiscal Sustainability in Theory and Practice
Chalk, Nigel Andrew - 2000
The main purpose of this paper is to provide an overview of approaches to assessing fiscal sustainability. It summarizes the general analytical background, focusing on the present value budget constraint, which is the benchmark against which solvency is determined, tests of sustainability...
Persistent link: https://www.econbiz.de/10014399921