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In this paper we discuss fiscal and monetary policy issues facing heavily-indebted poor countries (HIPCs) who receive … to which the initiative provides significant debt relief; (ii) depending on the response of monetary policy to an …
Persistent link: https://www.econbiz.de/10005710347
celebrity mass advocacy campaign, and decisions by Western leaders to make Africa a major foreign policy priority. This survey …
Persistent link: https://www.econbiz.de/10005777960
land policy helped stabilize the national government's financial position and put the U.S. on a sound credit footing by the …
Persistent link: https://www.econbiz.de/10005025634
This paper studies the cross-country variation of the fiscal stimulus and the exchange rate adjustment propagated by the global crisis of 2008-9, identifying the role of economic structure in accounting for the heterogeneity of response. We find that greater de facto fiscal space prior to the...
Persistent link: https://www.econbiz.de/10009294890
economics and reality. More precisely, it asks how reality in the form empirical evidence does or does not influence economic … from general to specific. For the general perspective, I examine the following four points of view. First, economics is a … science. Second, economics is an art. Third, economics is a competition. Forth, economics politics. I then examine four …
Persistent link: https://www.econbiz.de/10008674229
From 1980 to 1992, emerging and developing countries grew by 3.4 percent per year. Their annual rate of growth increased to 5.4 percent between 1993 and 2012. No such increase occurred for advanced nations, whose average growth from 1980-2012 was roughly constant (excluding the impact of the...
Persistent link: https://www.econbiz.de/10010950775
Paths into the Asian Crisis of 1997-98 and the recent global financial crisis were similar, but the roads out could not be more different. Common wisdom has it that on impact Asia endured fiscal austerity imposed by the IMF whereas the IMF recommended stimulus in the case of the advanced nations...
Persistent link: https://www.econbiz.de/10010796692
We use variation in oil output among Brazilian municipalities to investigate the effects of resource windfalls. We find muted effects of oil through market channels: offshore oil has no effect on municipal non-oil GDP or its composition, while onshore oil has only modest effects on non-oil GDP...
Persistent link: https://www.econbiz.de/10008610984
We provide explicit solutions for government spending multipliers during a liquidity trap and within a fixed exchange regime using standard closed and open-economy models. We confirm the potential for large multipliers during liquidity traps. For a currency union, we show that self-financed...
Persistent link: https://www.econbiz.de/10010969259
This paper is about the effectiveness of qualitative easing; a government policy that is designed to mitigate risk … asset prices. Further, I prove that a policy in which the central bank stabilizes fluctuations in the stock market is Pareto …
Persistent link: https://www.econbiz.de/10010950771