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The Chicago Plan revisited : conference paper
Benes, Jaromir; Kumhof, Michael - 2014
At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving...
Persistent link: https://www.econbiz.de/10010481421
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Sovereign debt standstills
Hatchondo, Juan Carlos; Martinez, Leonardo; Sosa … - 2020
As a response to economic crises triggered by COVID-19, sovereign debt standstill proposals emphasize debt payment suspensions without haircuts on the face value of debt obligations. We quantify the effects of standstills using a standard default model. We find that a one-year standstill...
Persistent link: https://www.econbiz.de/10012486150
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Recognizing the Bias : Financial Cycles and Fiscal Policy
Budina, Nina - 2015
This paper argues that asset price cycles have significant effects on fiscal outcomes. In particular, there is evidence of debt bias—the tendency of debt to increase over the cycle— that is significantly larger for house price cycles than stand-alone business cycles. Automatic stabilizers...
Persistent link: https://www.econbiz.de/10012418037
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Private and public debt : are emerging markets at risk?
Bernardini, Marco; Forni, Lorenzo - 2017
Using a dataset covering a large sample of emerging economies (EMEs), we study the relationship between debt and economic performance in bad times. While previous research has shown that private debt buildups exacerbate the duration and intensity of recessions in advanced economies (AEs), we...
Persistent link: https://www.econbiz.de/10011716770
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Fiscal buffers, private debt, and stagnation : the good, the bad and the ugly
Batini, Nicoletta; Melina, Giovanni; Villa, Stefania - 2016
We revisit the empirical relationship between private/public debt and output, and build a model that reproduces it. In the model, the government provides financial assistance to credit-constrained agents to mitigate deleveraging. As we observe in the data, surges in private debt are potentially...
Persistent link: https://www.econbiz.de/10011711380
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Debt service and default : calibrating macroprudential policy using micro data
Nier, Erlend W.; Popa, Radu; Shamloo, Maral; Voinea, Liviu - 2019
We provide empirical evidence to support the calibration of a limit on household indebtedness levels, in the form of a cap on the debt-service-to-income (DSTI) ratio, in order to reduce the probability of borrower defaults in Romania. The analysis establishes two findings that are new to the...
Persistent link: https://www.econbiz.de/10012103621
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Fiscal policy challenges for Latin America during the next stages of the pandemic : the need for a fiscal pact
Cárdenas S., Mauricio; Ricci, Luca Antonio; Roldós, … - 2021
The fiscal policy response to the COVID-19 shock in most LAC countries was much larger than during the GFC, suggesting fiscal space was not as tight as expected. We argue that it is feasible and desirable, though not without risks, to embark in a more gradual consolidation path than currently...
Persistent link: https://www.econbiz.de/10012518923
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Assessing the macroeconomic impact of structural reforms in Ukraine
Ari, Anil; Pula, Gábor - 2021
Ukraine's economic performance has been anemic since the early 1990s. A major impediment to productivity growth has been low investment, held back by lack of strong and independent institutions. This paper aims to assess the major areas of institutional weakness in Ukraine and quantify the...
Persistent link: https://www.econbiz.de/10012604788
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Evidenceon the Fiscal and Macroeconomic Impact of Privatization
Barnett, Steven - 2000
This paper empirically investigates the relationship between privatization and measures of fiscal and macroeconomic … performance. One of the main findings is that privatization proceeds transferred to the budget tend to be saved. Specifically …. However, by construction, this part of the study is restricted to privatization proceeds transferred to the budget, leaving …
Persistent link: https://www.econbiz.de/10014399828
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What Do Remittances Do? : Analyzing the Private Remittance Transmission Mechanism in El Salvador
Cáceres, Luis René - 2006
Family remittances are important for El Salvador''s economy. This paper analyzes the impact of remittances on El Salvador''s economy and the spillover effects on the other Central American countries. A vector autoregression (VAR) model is formulated, consisting of real and monetary variables....
Persistent link: https://www.econbiz.de/10014400284