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Independent fiscal councils : recent trends and performance
Beetsma, Roel; Debrun, Xavier; Fang, Xiangming; Kim, Young - 2018
Countries increasingly rely on independent fiscal councils to constrain policymakers' discretion and curb the bias towards excessive deficits and pro-cyclical policies. Since fiscal councils are often recent and heterogeneous across countries, assessing their impact is challenging. Using the...
Persistent link: https://www.econbiz.de/10012252768
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Fiscal councils : rationale and effectiveness
Beetsma, Roel; Debrun, Xavier - 2016
The paper discusses the effectiveness of independent fiscal institutions-or fiscal councils-in taming the deficit bias that emerged in the 1970s. After a review of the main theoretical arguments and recent trends about fiscal councils, we develop a stylized model showing how a fiscal council can...
Persistent link: https://www.econbiz.de/10011705672
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The political economy of fiscal transparency and independent fiscal councils
Beetsma, Roel; Debrun, Xavier; Sloof, Randolph - 2017
The global surge in independent fiscal councils (IFCs) raises three related questions: How can IFCs improve the conduct of fiscal policy? Are they simultaneously desirable for voters and elected policymakers? And are they resilient to changes in political conditions? We build a model in which...
Persistent link: https://www.econbiz.de/10011799662
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Selected WTO Rules and Some Implications for Fund Policy Advice
Buchs, Thierry D. - 1996
The paper surveys six WTO agreements selected on the basis of their potential relevance for Fund-supported programs, namely Customs Valuation, Subsidies, Safeguards, Antidumping, Trade-Related Investment Measures, and Trade in Services. It offers a critical reading of the rules, and highlights...
Persistent link: https://www.econbiz.de/10014396287
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Optimal prudential regulation of banks and the political economy of supervision
Tressel, Thierry; Verdier, Thierry - 2014
Persistent link: https://www.econbiz.de/10010388760
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Elements of Optimal Monetary Policy Committee Design
Vandenbussche, Jérôme - 2006
The move from individual decision making to committee decision making is widely seen as a major evolution in contemporary central banking. This paper reviews the relevant economics and social psychology literatures with a view to providing some insights into the question of optimal monetary...
Persistent link: https://www.econbiz.de/10014400188
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A Political Agency Theory of Central Bank Independence
Eggertsson, Gauti B. - 2003
We propose a theory to explain why, and under what circumstances, a politician gives up rent and delegates policy tasks … to an independent agency. We apply this theory to monetary policy by extending a standard dynamic ""New …-Keynesian"" stochastic general equilibrium model. This model gives a new theory of central bank independence that is unrelated to the …
Persistent link: https://www.econbiz.de/10014400234
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The Political Economy of Redistributive Social Security
Pestieau, Pierre - 1999
Population aging puts significant pressure on social security systems that are based mainly on a pay-as-you-go (PAYG) formula and determined by the political process in which both retirees and future retirees participate. This paper demonstrates that in an economic and demographic steady state,...
Persistent link: https://www.econbiz.de/10014400549
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Rent Seeking
Chakraborty, Shankha - 2005
This paper examines the relationship between rent seeking and economic performance when governments cannot enforce property rights. With imperfect credit markets and a fixed cost of rent seeking, only wealthy agents choose to engage in it, since it enables them to protect their wealth from...
Persistent link: https://www.econbiz.de/10014401029
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Political Risk Aversion
Valderrama, Laura - 2009
This paper studies the effect of individual uncertainty on collective decision-making to implement innovation. We show how individual uncertainty creates a bias for the status quo even under irreversible voting decisions, in contrast with Fernandez and Rodrik (1991). Blocking innovation is...
Persistent link: https://www.econbiz.de/10014402381