Developing Countries Anti Cyclical Policies In A Globalized World
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Developing Countries Anti Cyclical Policies In A Globalized World
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Author : José Antonio Ocampo
language : en
Publisher: CEPAL/ECLAC
Release Date : 2000
Developing Countries Anti Cyclical Policies In A Globalized World written by José Antonio Ocampo and has been published by CEPAL/ECLAC this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Political Science categories.
From the mid-1970s to the end of the 1980s, Latin America and other regions in the developing world experienced a long boom-bust cycle, the most severe since the 1920s and 1930s. The 1990s have experienced shorter but intense boom-bust cycles. This paper looks at the role of developing countries domestic policies in managing the pro-cyclical effects of externally generated boom-bust cycles. It draws on the recent literature and the experience of Latin America in the 1990s. It is divided into seven sections. The first two look at the international asymmetries that lie behind and the specific macroeconomics of boom-bust cycles in the developing world. The following sections look at the exchange rate regime, liability policies, prudential regulation and supervision and, fiscal stability. Brief conclusions are given in the final section.
Fiscal Policy In Developing Countries
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Author : Roberto Perotti
language : en
Publisher: World Bank Publications
Release Date : 2007
Fiscal Policy In Developing Countries written by Roberto Perotti and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Economic development categories.
This paper surveys fiscal policy in developing countries from the point of view of long-run growth. The first section reviews existing methodologies to estimate the effects of fiscal policy shocks and of systematic fiscal policy, with time series or with cross-sectional methods, and their applicability to developing countries. The second section surveys optimal fiscal policy in developing countries, by considering the role of the intertemporal government budget, and sustainability and solvency. It also reviews the fuzzy debate on "fiscal space" and "macroeconomic space" - and the usefulness (or lack thereof) of these terms for policy analysis. The third section asks what theory tells us about the optimal cyclical behavior of fiscal policy in developing countries. It shows that it very much depends on the assumptions about the interactions between credit market imperfections at the individual, firms, or government level, and on the supply of external funds to the country. Different sets of assumptions lead to different implications about optimal cyclical behavior. The available evidence on the cyclical behavior of fiscal policy, and possible reasons for the observed prevalence of a procyclical behavior in developing countries, is also reviewed. If one agrees that fiscal policy is indeed less countercyclical than we think is optimal, the issue is how to correct the problem. One obvious question is why government do not self-insure, i.e. why they do not accumulate assets in upturns and decumulate them in downturns. This leads to the analysis of fiscal rules and stabilization funds, in the fourth section. The last section concludes with what the author considers important research and policy questions in each part.
The Washington Consensus Reconsidered
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Author : Narcís Serra
language : en
Publisher: OUP Oxford
Release Date : 2008-04-24
The Washington Consensus Reconsidered written by Narcís Serra and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-04-24 with Political Science categories.
This volume brings together many of the leading international figures in development studies, such as Jose Antonio Ocampo, Paul Krugman, Dani Rodrik, Joseph Stiglitz, Daniel Cohen, Olivier Blanchard, Deepak Nayyar and John Williamson to reconsider and propose alternative development policies to the Washington Consensus. Covering a wide range of issues from macro-stabilization to trade and the future of global governance, this important volume makes a real contribution to this important and ongoing debate. The volume begins by introducing the Washington Consensus, discussing how it was originally formulated, what it left out, and how it was later interpreted, and sets the stage for a formulation of a new development framework in the post-Washington Consensus era. It then goes on to analyze and offer differing perspectives and potential solutions to a number of key development issues, some which were addressed by the Washington Consensus and others which were not. The volume concludes by looking toward formulating new policy frameworks and offers possible reforms to the current system of global governance.
Cyclical Behavior Of Fiscal Policy
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Author : Tony Li
language : en
Publisher:
Release Date : 2022
Cyclical Behavior Of Fiscal Policy written by Tony Li and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Fiscal policy categories.
Fiscal policy is often procyclical in many developing countries. In addition to borrowing constraints and political distortions, the possibility of sovereign default and the associated risk premium in bad times play an important role in this procyclical behavior for countries with a high debt level. Self-insurance by reducing debt and accumulating reserves could increase the scope for countercyclical fiscal policy in response to the global slowdown. Developing countries with adequate international reserves and low debt level are more likely to conduct countercyclical policy because they can mitigate the concern about default risk, and have the higher credit rating and the lower risk premium on external financing. The finding is consistent with recent empirical evidence that developing countries with more countercyclical fiscal policies have higher international reserve holdings.
Globalization And Development
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Author : Jose Antonio Ocampo
language : en
Publisher: World Bank Publications
Release Date : 2003-09-29
Globalization And Development written by Jose Antonio Ocampo and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-09-29 with Business & Economics categories.
Award winning title! 'Globalization and Development' was selected as a 2003 'Notable Government Document' by the American Librarian Association (ALA) and GODORT (Government Documents Round Table). In this book, the UNECLAC (United Nations Economic Commission for Latin America and the Caribbean) draws upon the Latin American and Caribbean region's experience in order to formulate a historical and multidimensional assessment of the globalization process from the perspectives of developing countries.
Globalization And Development
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Author : José Antonio Ocampo
language : en
Publisher: Stanford University Press
Release Date : 2003
Globalization And Development written by José Antonio Ocampo and has been published by Stanford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
Globalization and Development draws upon the experiences of the Latin American and Caribbean region to provide a multidimensional assessment of the globalization process from the perspective of developing countries. Based on a study by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC), this book gives a historical overview of economic development in the region and presents both an economic and noneconomic agenda that addresses disparity, respects diversity, and fosters complementarity among regional, national, and international institutions. For orders originating outside of North America, please visit the World Bank website for a list of distributors and geographic discounts at http://publications.worldbank.org/howtoorder or e-mail [email protected].
International Asymmetries And The Design Of The International Financial System
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Author : José Antonio Ocampo
language : en
Publisher: Santiago, Chile : Naciones Unidas
Release Date : 2001
International Asymmetries And The Design Of The International Financial System written by José Antonio Ocampo and has been published by Santiago, Chile : Naciones Unidas this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
The paper argues that the design of the international financial system should take into consideration three problems: financial market instability; basic macroeconomic and financial asymmetries which characterise the international economy; and the additional problems generated by the current globalization process. A distinction is drawn between systemic issues, and centre-periphery issues. Based on this distinction, the paper proposed a broad agenda which relates both to the organisational structure of international financial institutions, and the services provided by them.
International Reserves And Fiscal Policy In Developing Countries
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Author : Yan Zhou
language : en
Publisher:
Release Date : 2009
International Reserves And Fiscal Policy In Developing Countries written by Yan Zhou and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
This paper investigates empirically the relationship between the pattern of fiscal policy and the demand for international reserves in developing countries, and how this relationship is associated with political risk and conditional access to global capital markets. It finds evidence that for developing countries with low political risk, countercyclical (procyclical) fiscal policies are associated with higher (lower) international reserve holdings in economic downturns. The relationship is stronger when the countries with low political risk rely heavily on external financing. For developing countries with high political risk, the link between reserves holdings and fiscal policy pattern is not clear-cut.
Fiscal Policy In The European Union
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Author : J. Ferreiro
language : en
Publisher: Springer
Release Date : 2008-11-27
Fiscal Policy In The European Union written by J. Ferreiro and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-11-27 with Business & Economics categories.
This book provides a comprehensive analysis of national fiscal policies in the European Union and in the European Monetary Union. Adopting a critical perspective, the book offers a deep insight into the consequences of the current strategy of national fiscal policies on economic activity.
The Global Financial Crisis
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Author : Anita Doraisami
language : en
Publisher:
Release Date : 2011
The Global Financial Crisis written by Anita Doraisami and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Fiscal policy categories.
Several countries have employed countercyclical fiscal policy to ameliorate the impact of the global financial crisis. This study identifies some of the issues and policy implications associated with this policy response in developing countries. Included are case studies of four developing countries in the Asian region - Malaysia, Indonesia, the Philippines, and Singapore. The findings point to a rich diversity in both the size and composition of fiscal stimulus and the challenges which are confronted. This study suggests several steps that countries might take to improve the impact of expansionary fiscal policy in response to future downturns. These include (i) embedding automatic stabilizing impulses through the provision of social safety nets; (ii) increasing tax revenues collected from personal and corporate taxes, by reducing labor market informality through improvements in the business environment; (iii) safeguarding fiscal sustainability; (iv) rebalancing growth by strengthening other sectors of the economy; (v) reducing expenditures on subsidies; and (vi) ensuring smooth and efficient budget execution - Abstract.