2 edition of External imbalances and fiscal policy in the group of three countries found in the catalog.
External imbalances and fiscal policy in the group of three countries
International Monetary Fund.
|Statement||prepared by Jeroen j. M. Kremers.|
|Series||IMF working paper -- WP/89/81|
|Contributions||Kremers, J. M. Jeroen., International Monetary Fund. European Dept.|
|The Physical Object|
|Pagination||17 p. --|
|Number of Pages||17|
contractionary monetary policy, they will still work to correct the internal and external imbalances. The reason is that fiscal policy is relatively more effective in dealing with the internal imbalance while monetary policy is relatively more efficient in correcting the external imbalance. Twin Deficits and the Feldstein Horioka Puzzle: A Comparison of the EU Member States and Candidate Countries and new EU member states and candidate countries (EU12+3) in the & period. Public finance imbalances The EU15 group’s fiscal policy Cited by:
Get this from a library! External imbalances and public finances in the EU. [Salvador Barrios; European Commission. Directorate-General for Economic and Financial Affairs.;] -- The global financial crisis induced a sharp deterioration in EU countries. Economic Policy Coordination in the Economic and Monetary Union From Maastricht via the SGP to the Fiscal Pact rates of inflation were also low and external imbalances limited. The debates were policy of the participating countries .
Internal and External Balance. Second, that country’s external imbalance must be consistent with and equal to the external imbalance of the rest of the world at all times. or an imbalance in one country can force imbalances onto other countries. External Imbalances and Financial Crises Alan M. Taylor NBER Working Paper No. December JEL No. E3,E4,E5,F3,F4,N1 ABSTRACT In broad perspective, there have been essentially two Cited by:
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This book is concerned with the use of fiscal and monetary policies to overcome three major obstacles to development commonly faced by less developed countries: inadequate investment; misallocation of investment resources; and internal and external imbalances Format: Paperback.
External Imbalances and Fiscal Policy in the Group of Three Countries: the Role of Stock-Flow Dynamics. [International Monetary Fund.] -- This paper discusses recent empirical research on the interplay between fiscal policies and external imbalances in the G3 countries.
monetary policies) and exchange rate policy on external balances in Africa, especially the three largest African economies, namely Nigeria, South Africa and Egypt, henceforth NSE countries.
These countries are chosen due to the size of their economies (gross domestic product. In this paper a model is developed to determine the fiscal impact of three sets of factors in a less developed country setting: large‐scale public sector capital outlays, foreign trade, and foreign aid.
It was found that, in the Jordanian case, the first of these three factors adds more to current expenditures than to domestic revenues indicating a fiscal imbalance, while the two external Cited by: toggle Part V Fiscal Policy Issues in Selected Countries.
12 Effects of a Budget Deficit on the Current Account Balance: The Case of the Philippines; 13 The Inflationary Process in Israel, Fiscal Policy, and the Economic Stabilization Plan. Downloadable. 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.
A study of these countries requires a broader view of internal and external imbalances, and not only the context of the recent financial crisis (economic, fiscal). For this reason, the aim of this paper is to Cited by: 1.
[Show full abstract] monetary-fiscal policy mix in the first half of consisted of a restrictive fiscal policy and a monetary policy which had - within the bounds of price stability - some. Turning to the role of fiscal policy in macroeconomic management, Samir El-Khouri in Chapter 8 specifies three main functions of fiscal policy: the allocation function—the process of dividing total resource use between private and social goods and choosing the mix of social goods.
Role of Fiscal Policy in Developing Countries. The fiscal policy in developing countries should apparently be conducive to rapid economic development. In a poor country, fiscal policy can no longer remain a compensatory fiscal policy.
Fiscal Policy Interactions and Imbalances in a Monetary Union 3 2 Model Households The world is composed of two countries, denoted H (Home) and F (Foreign). There are respectively n and 1 n households in each of these countries.
calibrated macroeconomic policy mix is necessary to support rebalancing. Deficit countries can help by adopting growth-friendly fiscal consolidation, while surplus economies should seek to reduce imbalances by deploying available fiscal space and avoiding overreliance on accommodative monetary policies.
Downloadable (with restrictions). This paper argues that large external imbalances pose significant macroeconomic risks. While New Zealand has coped well in recent years, the global financial crisis has underlined the vulnerability of large-deficit countries to financial shocks.
We analyse how the macroeconomic policy. Fiscal policy, public debt and monetary policy in EMEs: an overview M 1S Mohanty 1. Introduction During the s and s, the vulnerability of EMEs to shocks was often exacerbated by high fiscal.
external imbalances for the success of fiscal consolidations plans to be implemented in the coming years, drawing on past experiences for EU countries and a sample of OECD Size: 1MB. External Imbalances and Fiscal Fragility in the Euro Area The analysis shows that a lack in competitiveness is the main explanation for the external deficits of the countries that are at the.
Under fixed exchange rates, which combinations of internal and external imbalance are dilemmas to address with a single focused expenditure-changing policy A) Inflation and surplus (case 1 in text); and recession and deficit (case 3. external imbalances.
Second, regardless of the source of an external imbalance, ﬁscal policy may have a role to play in the external adjustment process. Third, ﬁscal policy may have a preventive role in guarding against the emergence of sub-optimal external imbalances.
In a by now classic article, R.A. Mundell demonstrated that an open economy could maintain internal and external balance without using the exchange rate as a policy tool.
This, he showed, could be done by using fiscal policy to produce internal balance, and interest rate policy to produce an imbalance on the capital account to offset whatever imbalance Cited by: 1. External Imbalances and Financial Crises Alan M.
Taylor. NBER Working Paper No. Issued in December NBER Program(s):Development of the American Economy, International Finance and. check. Finally, Section 5 summarizes the paper and provides some policy implications.
2. External imbalances in a monetary union – their determinants and their significance. In the recent years, growing and persistent imbalances. What impact will fiscal policy have on current-account imbalances in the years to come?
Using data from a large and diverse panel of countries, this column finds that a strengthening in the fiscal balance by 1 percentage point of GDP is, on average, associated with a current-account improvement of .External imbalances of the Greek economy: the role of fiscal and structural policies - Georgios Moschovis & Mateo Capo Servera (91 kB) This Country Focus discusses the factors underlying the external imbalances .