Do Fiscal Spillovers Matter
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Do Fiscal Spillovers Matter
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Author : Anna Ivanova
language : en
Publisher: International Monetary Fund
Release Date : 2011-09-01
Do Fiscal Spillovers Matter written by Anna Ivanova and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-09-01 with Business & Economics categories.
The paper assesses the impact of fiscal spillovers on growth in the context of a coordinated exit from crisis management policies. We find that despite potentially sizeable domestic effects from consolidation, aggregate negative spillovers to other countries are likely to be contained in 2011-2012 unless fiscal multipliers and/or imports elasticities are very large. Small and open European economies, however, will be substantially affected in any case. In contrast, the coordinated exit from fiscal stimulus will have limited direct effect on European peripheral countries since they are relatively closed, with the notable exception of Ireland.
Fiscal Spillovers
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Author : Patrick Blagrave
language : en
Publisher: International Monetary Fund
Release Date : 2017-10-18
Fiscal Spillovers written by Patrick Blagrave and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-18 with Business & Economics categories.
Are fiscal spillovers today as large as they were during the global financial crisis? How do they depend on economic and policy conditions? This note informs the debate on the cross-border impact of fiscal policy on economic activity, shedding light on the magnitude and the factors affecting transmission, such as the fiscal instruments used, cyclical positions, monetary policy conditions, and exchange rate regimes. The note assesses spillovers from five major advanced economies (France, Germany, Japan, United Kingdom, United States) on 55 advanced and emerging market economies that represent 85 percent of global output, looking at government-spending and tax revenue shocks during expansion and consolidation episodes. It finds that fiscal spillovers are economically significant in the presence of slack and/or accommodative monetary policy—and considerably smaller otherwise, which suggests that spillovers are large when domestic multipliers are also large. It also finds that spillovers from government-spending shocks are larger and more persistent than those from tax shocks and that transmission may be stronger among countries with fixed exchange rates. The evidence suggests that although spillovers from fiscal policies in the current environment may not be as large as they were during the crisis, they may still be important under certain economic circumstances.
Looking Through And Past Covid 19
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Author :
language : en
Publisher:
Release Date : 2021
Looking Through And Past Covid 19 written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
The main thrust of fiscal and monetary responses to the pandemic in the EU and the US are contrasted. Estimates of the spillovers from US fiscal policy to Europe are estimated. They are found to be significant but economically modest. Consequences for debt and debt sustainability in the long-run are also examined. Concerns over debt sustainability in the EU and the US are warranted. Observers advocating much higher debt levels need to consider lessons from history. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 21 June 2021.
How Big Small Are Fiscal Multipliers
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Author : Ethan Ilzetzki
language : en
Publisher: International Monetary Fund
Release Date : 2011-03-01
How Big Small Are Fiscal Multipliers written by Ethan Ilzetzki and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-03-01 with Business & Economics categories.
We contribute to the intense debate on the real effects of fiscal stimuli by showing that the impact of government expenditure shocks depends crucially on key country characteristics, such as the level of development, exchange rate regime, openness to trade, and public indebtedness. Based on a novel quarterly dataset of government expenditure in 44 countries, we find that (i) the output effect of an increase in government consumption is larger in industrial than in developing countries, (ii) the fisscal multiplier is relatively large in economies operating under predetermined exchange rate but zero in economies operating under flexible exchange rates; (iii) fiscal multipliers in open economies are lower than in closed economies and (iv) fiscal multipliers in high-debt countries are also zero.
Global Growth And Financial Spillovers And The South African Macro Economy
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Author : Mthuli Ncube
language : en
Publisher: Palgrave Macmillan
Release Date : 2015-12-20
Global Growth And Financial Spillovers And The South African Macro Economy written by Mthuli Ncube and has been published by Palgrave Macmillan this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-12-20 with Business & Economics categories.
To what extent is South Africa affected by G8 economies and BRIC growth shocks? This book identifies channels that amplify these shock effects, the relevance of third country transmission effects and the effects of the first and second rounds of US quantitative easing. The changing reactions of South African variables over time to financial shocks emanating from the US and selected countries in the Euro area, is presented. The book quantifies the effects of capital flow shocks, determines the counterfactuals of asset prices and economic growth variables, and compares the contribution of capital flows and domestic macro factors on asset prices. The effects of the exchange rate depreciation are contrasted to the decline in investment as key drivers of the trade balance. Stock market interdependence is determined amongst South African, Indian and Brazilian equities. The contributions of stock price returns and volatility on South African economic growth are contrasted. The authors construct a financial stress index for South Africa and determine how it amplifies shocks.
Fiscal Politics
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Author : Vitor Gaspar
language : en
Publisher: International Monetary Fund
Release Date : 2017-04-07
Fiscal Politics written by Vitor Gaspar and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-04-07 with Business & Economics categories.
Two main themes of the book are that (1) politics can distort optimal fiscal policy through elections and through political fragmentation, and (2) rules and institutions can attenuate the negative effects of this dynamic. The book has three parts: part 1 (9 chapters) outlines the problems; part 2 (6 chapters) outlines how institutions and fiscal rules can offer solutions; and part 3 (4 chapters) discusses how multilevel governance frameworks can help.
Germany
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2012-07-03
Germany written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-03 with Business & Economics categories.
This 2012 Article IV Consultation reports that the German economy’s performance has been remarkable despite facing considerable headwinds. Several conditions are now in place in Germany for a domestic demand-led recovery. Employment creation has been robust and unemployment at 5.3 percent is at a postreunification low. Executive Directors have commended Germany’s strong macroeconomic management, which has resulted in a favorable economic performance despite the uncertain external environment. Directors have underscored Germany’s pivotal role in reducing euro area and global imbalances.
Belgium
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2012-03-20
Belgium written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-03-20 with Business & Economics categories.
This Selected Issues Paper on Belgium provides an overview of the extent of trade and financial openness of Belgium and the links to particular countries. With an export-to-GDP ratio of 79 percent, Belgium belongs to the most open economies in Europe and also globally. Its exports are highly concentrated with a share of three-fourths of total merchandise exports accounted for by the European Union, of which close to two-thirds go to Germany, France, and the Netherlands.
Tests Of German Resilience
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Author : Fabian Bornhorst
language : en
Publisher: International Monetary Fund
Release Date : 2012-10-02
Tests Of German Resilience written by Fabian Bornhorst and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-10-02 with Business & Economics categories.
From its early post-war catch-up phase, Germany’s formidable export engine has been its consistent driver of growth. But Germany has almost equally consistently run current account surpluses. Exports have powered the dynamic phases and helped emerge from stagnation. Volatile external demand, in turn, has elevated German GDP growth volatility by advanced countries’ standards, keeping domestic consumption growth at surprisingly low levels. As a consequence, despite the size of its economy and important labor market reforms, Germany’s ability to act as global locomotive has been limited. With increasing competition in its traditional areas of manufacturing, a more domestically-driven growth dynamic, especially in the production and delivery of services, will be good for Germany and for the global economy. Absent such an effort, German growth will remain constrained, and Germany will play only a modest role in spurring growth elsewhere.
Germany In An Interconnected World Economy
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Author : Mr.Ashoka Mody
language : en
Publisher: International Monetary Fund
Release Date : 2013-04-10
Germany In An Interconnected World Economy written by Mr.Ashoka Mody and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-10 with Business & Economics categories.
Germany has been a central player in discussions on the future architecture of Europe, and has been called on to play a larger role in supporting global and, especially, European recovery from the financial crisis that triggered the Great Recession. This book focuses on the possible economic role of Germany and shows that the quantitative effects of a German fiscal stimulus would be small on the heavily indebted euro area periphery countries that most need the boost. The book finds that Germany itself faces a growth challenge and that efforts to raise its own growth potential are important for Germany, and that more rapid growth of domestic demand will more powerfully stimulate European economic growth through its expanded demand for imports.