This paper examines whether the decline in loans to the private sector in Trinidad and Tobago from mid-2009 was caused by a demand-induced or the credit crunch phenomenon. The study presents an alternative methodology for estimating the credit crunch. The new methodology emphasizes an aggregate...

This paper examines the financial and real effects of excess reserves in a New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model with monopoly banking, credit market imperfections and a cost channel. The model explicitly accounts for the fact that banks hold excess reserves and they...

This paper examines the financial and real effects of excess reserves in a New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model with monopoly banking, credit market imperfections and a cost channel. The model explicitly accounts for the fact that banks hold excess reserves and they...

This paper examines whether the decline in loans to the private sector in Trinidad and Tobago from mid-2009 was caused by a demand-induced or the credit crunch phenomenon. The study presents an alternative methodology for estimating the credit crunch. The new methodology emphasizes an aggregate...

This paper examines the financial and real effects of excess reserves in a New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model with monopoly banking, credit market imperfections and a cost channel. The model explicitly accounts for the fact that banks hold excess reserves and they...

The scope for increasing public spending to meet Bulgaria’s development needs is limited by low revenue. Increasing the efficiency of spending is, therefore, crucial. This paper discusses how this can be achieved in four areas (public investment, social protection, health, and education). The...

How do countries mobilize large tax revenue-defined as an average increase in the tax-to-GDP ratio of 0.5 percent per year over three years or more? To answer this question, we build a novel dataset covering 55 episodes of large tax revenue mobilization in low-income countries and emerging...