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Import-Reducing Effect of Trade Barriers : A Cross-Country Investigation

Wang, Qing - 2001

A comprehensive empirical investigation is carried out to ascertain the import-reducing effect of trade protection barriers. We first present a statistical summary of the status of global trade protection. Then, based on a monopolistic competition trade model and 1994 cross-country data on trade...

Persistent link: https://www.econbiz.de/10014401148

Can inheritances Alleviate the Fiscal Burden of An Aging Population?

Lueth, Erik - 2001

With pay-as-you-go schemes in place, population aging will impose a heavy fiscal burden on young and future cohorts. However, these cohorts may also profit from larger inheritances as the number of heirs declines. The aim of this paper is to explore the compensating potential of private...

Persistent link: https://www.econbiz.de/10014401154

Decentralization and Macroeconomic Management

Ter-Minassian, Teresa - 1997

The literature on fiscal federalism has amply discussed both the potential efficiency and welfare gains from decentralization and the potential trade-offs between decentralization and income redistribution. By contrast, it has generally put less emphasis on the effects of decentralization on...

Persistent link: https://www.econbiz.de/10014401198

Corruption, Public Investment, and Growth

Tanzi, Vito - 1997

public investment projects. The degree of distortions is higher with weaker auditing institutions. The evidence presented … shows that higher corruption is associated with (i) higher public investment; (ii) lower government revenues; (iii) lower … corruption increases public investment while reducing its productivity. These are five channels through which corruption lowers …

Persistent link: https://www.econbiz.de/10014401205

The Stock Market Channel of Monetary Policy

Cosimano, Thomas F. - 1999

This paper argues that the stock market is an important channel of monetary policy. Monetary policy affects real economic activity because inflation levies a property tax on stocks in addition to an income tax on dividend payments. Inflation thus taxes stocks more heavily than it does bonds....

Persistent link: https://www.econbiz.de/10014401209

Intra-Industry Trade of Arab Countries : An Indicator of Potential Competitiveness

Kunzel, Peter - 1997

Recent and ongoing agreements to liberalize trade between the European Union (EU) and Arab countries raises the question as to how the latter will fare in a more competitive environment. This paper uses the Grubel-Lloyd intra-industry trade (IIT) index as an indicator of the degree of industrial...

Persistent link: https://www.econbiz.de/10014401214

Exogenous Shocks, Deposit Runs and Bank Soundness : A Macroeconomic Framework

Bléjer, Mario I. - 1997

In a model where all banks are initially solvent, an exogenous shock affects confidence, causing a flight from deposits into domestic and foreign currency. Real interest rates increase unexpectedly, affecting firms and raising the share of the banks’ nonperforming assets. This increase causes...

Persistent link: https://www.econbiz.de/10014401216

Derivatives Effecton Monetary Policy Transmission

Vrolijk, Coenraad - 1997

This paper examines changes in the monetary policy transmission mechanism in the presence of derivatives markets. The effect of adding derivatives markets is analyzed independently for each of the main channels of monetary policy transmission: interest rates, credit, and exchange rates....

Persistent link: https://www.econbiz.de/10014401217

Money-Based Versus Exchange-Rate-Based Stabilization : Is there Space for Political Opportunism?

Aisen, Ari - 2004

In response to high and chronic inflation, countries have adopted different stabilization policies. However, the extent to which these stabilization programs were designed for political motives is not clear. Since exchange-rate-based stabilizations (ERBS) create an initial consumption boom...

Persistent link: https://www.econbiz.de/10014401223

An Investigation of Output Variance Before and During Inflation Targeting

Nadal-De Simone, Francisco - 2001

Since Taylor estimated a trade-off between inflation and output variance, it has been widely accepted that efforts to keep the inflation rate “too low and stable” will likely result in relatively larger output fluctuations. Following the generalized reduction in inflation variance in the...

Persistent link: https://www.econbiz.de/10014401227