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The author aims to empirically determine the significant factors that affect the levels of budget deficits of central governments across time and across countries. He empirically tests two prominent theories of budget deficits-the Barro (1979) tax-smoothing approach, and the still-untested...
Persistent link: https://www.econbiz.de/10005141410
In analyzing the institutional environment for macroeconomic management, the author discusses monetary policy, fiscal policy, and subnational borrowing. In analyzing the macroeconomic dimensions of securing an economic union, he discusses the regulatory environment, tax coordination, transfer...
Persistent link: https://www.econbiz.de/10005141560
The federal authority for macroeconomic management in Brazil has experienced a profound change as a result of the institutional changes that culminated with the promulgation of a new Federal Constitution in October of 1988. This paper examines the implications of the new fiscal arrangements for...
Persistent link: https://www.econbiz.de/10005141872
The current economic crisis in Argentina is only partly the result of inappropriate domestic policies to cope with the recent external shocks. Years of inappropriate policies have damaged Argentina's economy. Even if no external shocks had occurred, the country would still have to change the...
Persistent link: https://www.econbiz.de/10005141685
Current attempts at reform in Eastern European countries raise important issues of macroeconomic management in the transition from central planning to a market or mixed economy. This paper develops simple models, reviews empirical evidence and discusses policy issues associated with traditional...
Persistent link: https://www.econbiz.de/10005030526
Korea is an interesting case study in long-term and short-term adjustment. The country's rate of economic growth after 1965 was high at a time of rapid, fundamental economic restructuring. It's open, export-oriented economy was exposed to oil price shocks and interest rate hikes. To keep up the...
Persistent link: https://www.econbiz.de/10005115799
Fiscal adjustment is an illusion when it lowers the budget deficit or public debt but leaves the government's net worth unchanged, says the author. Conventional measures of the budget deficit largely measure the change in explicit public sector liabilities (debt). A more appropriate measure of...
Persistent link: https://www.econbiz.de/10004989889
In practice, conventional measures of the fiscal deficit exclude the activities of public financial institutions. As a result, fiscal policies may be applied inappropriately when these institutions - especially the central bank - run large losses (the quasi-fiscal deficit). The macroeconomic...
Persistent link: https://www.econbiz.de/10005128914
The debate on fiscal policy in Europe centers on how to let automatic stabilizers work while achieving fiscal consolidation. There is significant agreement on the importance of using fiscal policy as a counter-cyclical instrument, as monetary policy can no longer play this role. In contrast,...
Persistent link: https://www.econbiz.de/10005129104
Did the World Bank's policy-based lending to Kenya in the 1980s allow Kenya to undertake adjustment, or to postpone it? The answer is mixed, says the author. Success was greatest in trade liberalization (and exchange rate depreciation), and to a lesser extent in export development -- and these...
Persistent link: https://www.econbiz.de/10005129279