This paper provides an empirical review of the dynamics of international capital áows, with a focus on emerging Asia. Next, it outlines the various channels by which international capital flows affect domestic financial conditions in the host economies. Finally, it explores the implications for...

We examine whether the cross-country incidence and severity of the 2008-2009 global recession is systematically related to pre-crisis macroeconomic and financial factors. We find that the pre-crisis level of development, increases in the ratio of private credit to GDP, current account deficits,...

We analyse the role of fiscal policy both in the emergence and the unwinding of external imbalances. Furthermore, we probe whether there is a role for fiscal policy in the prevention of excessive external imbalances. Finally, we ask whether fiscal policy could in practice successfully fulfill...

The period preceding the global financial crisis was characterized by a substantial widening of current account imbalances across the world. Since the onset of the crisis, these imbalances have contracted to a significant extent. In this paper, we analyze the ongoing process of external...

Europe experienced substantial cross-country variation in domestic credit growth and cross-border capital flows during the pre-crisis period. We investigate the inter-relations between domestic credit growth and international capital flows over 1993-2008, with a special focus on the 2003-2008...

Pro-cyclicality in Irish fiscal policy has contributed to macroeconomic volatility over recent decades. Accordingly, this paper seeks to identify institutional mechanisms that can improve the performance of fiscal policy in macroeconomic stabilisation in Ireland. We propose a new fiscal...

International financial integration allows countries to become net creditors or net debtors with respect to the rest of the world. In this paper, we show that a small set of fundamentals--shifts in relative output levels, the stock of public debt and demographic factors--can do much to explain...

A striking feature of the Irish economic resurgence since 1987 has been a major factor income shift away from labour towards capital. (The profit share has increased from 25.1 percent in 1987 to 34.8 percent in 1996.) In this paper, we examine the role of the national stratey of wage moderation...

CONTENTS Opening Address B Whelan Chapter 1 Budget 2000: A Macroeconomic Perspective D Duffy 2 Income Tax and Social Welfare Policies T Callan, B Nolan, J Walsh, R Nestor 3 The Role of Budgetary Policy in Social Consensus J Durkan 4 Current Perspectives on Corporate Taxation T McCarthy 5...

Smooth adjustment to real exchange rate shifts is one of the major challenges facing the Irish economy under EMU. Rather than assume purchasing power parity, the long-run real exchange rate is modelled as time-varying, being determined by relative output levels, the terms of trade and the net...