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A Diagnostic on the Greek Fiscal Crisis
Quah, Chee-Heong - 2011
This paper explores primarily the level of international competitiveness of Greece and the degree of fit between the conditions prescribed by the optimal currency areas (OCA) theory with the actual situation in Greece. Given that Greece now shares the same currency with Germany, the de facto...
Persistent link: https://www.econbiz.de/10013119087
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Fiscal and Currency Union with Default and Exit
Ferrari, Alessandro - 2020
Countries which share a common currency potentially have strong incentives to share macroeconomic risks through a system of transfers to compensate for the loss of national monetary policy. However, the option to leave the currency union and regain national monetary policy can place severe...
Persistent link: https://www.econbiz.de/10012825641
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The Progressive Value Added Tax (Fiscal Policy) as a Tool of Inflation Targeting : Is a Higher Inflation Target Plausible?
Altamirano, Julio - 2017
power of income index and the Fisher Equation allows up to a 15% inflation target without the costs of inflation? It is a … most of the costs of inflation including the relative price distortion through the price tag (by disclosing the nominal … of inflation targeting that can combat the Global Financial Crisis. The impetus for its adoption across the developed …
Persistent link: https://www.econbiz.de/10012968860
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Monetary Policy Rule, Exchange Rate Regime, and Fiscal Policy Cyclicality in a Developing Oil Economy
Algozhina, Aliya - 2016
reveals that the best policy combination is a countercyclical fiscal stance and CPI inflation monetary targeting under a … flexible exchange rate regime to stabilize equally the domestic price inflation, aggregate output, and real exchange rate in a …
Persistent link: https://www.econbiz.de/10012978673
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Fiscal Policy, Relocation of Firms, and the Exchange Rate
Johdo, Wataru - 2019
This study incorporates international firm mobility into a new open economy macroeconomic model to analyze the question of how allowing for the international relocation of firms affects the impact of government spending shock on consumption and exchange rate. The study shows that the government...
Persistent link: https://www.econbiz.de/10012858529
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Real Exchange Rate Appreciation in Emerging Markets : Can Fiscal Policy Help?
Moreno Badia, Marialuz - 2014
A number of emerging markets have experienced substantial real exchange rate appreciationin recent years, generating concerns about competitiveness and prompting policymakers torespond with a combination of mitigating policies. This paper shows that fiscal policy can play a role in alleviating...
Persistent link: https://www.econbiz.de/10013059856
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Assessment of the impact of fiscal policy on the current account : the twin deficit hypothesis in the case of Macedonian economy
Stojcevska, Vesna; Miteski, Mite - Narodna Banka na Republika Makedonija - 2016
For a small open economy with fixed exchange rate regime, the twin deficit hypothesis is always an interesting and relevant research topic. The aim of this research is to evaluate the effects of the government budget shocks on the current account movement in the case of the Macedonian economy,...
Persistent link: https://www.econbiz.de/10011623579
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Postponing Global Adjustment : An Analysis of the Pending Adjustment of Global Imbalances
Truman, Edwin M. - 2005
Halving the US current account deficit as a share of GDP is likely to impose a burden of $2,350 per capita on the United States, which explains why US policymakers want to postpone adjustment. The rest of the world relies on the economic stimulus of a widening US external deficit, which explains...
Persistent link: https://www.econbiz.de/10014063503
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Fiscal Regimes and the Exchange Rate
Mirkov, Nikola; Alberola, Enrique; Cantú, Carlos; … - 2022
In this paper, we argue that the effect of monetary and fiscal policies on the exchange rate depends on the fiscal regime. A contractionary monetary (expansionary fiscal) shock can lead to a depreciation, rather than an appreciation, of the domestic currency if debt is not backed by future...
Persistent link: https://www.econbiz.de/10013308762
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The Russian economy amidst the war and sanctions
Astrov, Vasily; Kochnev, Artem; Stamer, Vincent; Teti, … - 2024
The marked turnaround in Russia's foreign trade in 2023 exerted strong downward pressure on the Russian rouble, which lost around 30% of its value. Global oil prices were declining in the first half of the year, the EU import embargo on Russian oil depressed prices even further; and on top of...
Persistent link: https://www.econbiz.de/10015065596