Essays On Fiscal Policy Issues In Small Open Economies
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Essays On Fiscal Policy Issues In Small Open Economies
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Author : Sekar Utami Setiastuti
language : en
Publisher:
Release Date : 2018
Essays On Fiscal Policy Issues In Small Open Economies written by Sekar Utami Setiastuti and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Essays On Fiscal Policies In Open Economies
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Author : Ahiteme Nicodeme Houndonougbo
language : en
Publisher:
Release Date : 2014
Essays On Fiscal Policies In Open Economies written by Ahiteme Nicodeme Houndonougbo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Business cycles categories.
Investigating various fiscal policy issues in the context of an open economy, this dissertation consists of three essays. The first essay addresses the question of the volatility of foreign aid and its impact on resource-constrained developing economies. A small open-economy business cycle model is developed that accounts for the effect of external shocks specific to developing economies. The model produces business cycle patterns consistent with the data and key stylized facts. The model is calibrated to reflect the structural empirical regularities of an aid-dependent developing country. The parameters of the exogenous stochastic shocks are estimated using Bayesian methods and 50 years of data for Cote d'Ivoire. The results suggest that foreign aid's unpredictability helps explain business cycles' volatility in developing countries. In the second essay, a dynamic stochastic general equilibrium model (DSGE) is used to analyze the effects of fiscal stimuli, such as investment tax credits (ITC) and wage subsidies, in a small open economy. Various cost-equivalent fiscal schemes are considered in response to an economic downturn. The baseline open-economy model's results are also contrasted with a closed economy case to highlight the role the current account plays during recession and recovery episodes. The results suggest that wage subsidies have faster but shorter effects on production and employment while ITCs have slower but longer lasting impacts. The persistence of fiscal shocks appears to play a significant role in the initial response of investment. The third essay provides empirical evidence to address a question heavily debated among lawmakers yet hardly ever investigated in the empirical literature: Does increasing taxes on the rich hurt or help employment growth? Proponents of tax hikes on the rich reject the idea that such taxes, which some refer to as "millionaire" taxes, have any negative impact on jobs. Critics, on the other hand, believe taxing the rich, whom they consider "job creators," hurts the economy by hampering job creation. Using newly constructed time series based on the IRS Statistics of Income, this study finds strong and statistically significant positive effects in the short run and some evidence of negative effects in the long run.
Essays On Optimal Fiscal Policy In A Small Open Economy Microform
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Author : Constantine Angyridis
language : en
Publisher: Library and Archives Canada = Bibliothèque et Archives Canada
Release Date : 2005
Essays On Optimal Fiscal Policy In A Small Open Economy Microform written by Constantine Angyridis and has been published by Library and Archives Canada = Bibliothèque et Archives Canada this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
In the final essay, I utilize the model developed in the previous one, in order to further investigate the effect of lending and borrowing constraints on the government's implemented fiscal policy. It is demonstrated that the transition from a balanced-budget policy regime to one in which the government is allowed to borrow and lend in order to smooth taxes across time generates significant welfare gains. However, these gains diminish as the persistence of the stochastic process for government expenditures increases. Under a particular assumption regarding the determination of asset prices in the model, it is shown that compared to the two previous policy regimes, overall welfare can be improved upon further if the government is allowed to issue state-contingent debt. This thesis consists of three essays on the conduct of optimal fiscal policy in the context of a stochastic small open economy. In all cases, the model employed to conduct the analysis is characterized by an asymmetry between the government and the representative household with respect to their accessibility to financial markets. In particular, the government is allowed to borrow and lend at a risk-free interest rate, while the household is assumed to have access to complete financial markets. The first essay discusses the restrictions that need to be placed in the presence of shocks to technology on the specification of the production and utility functions, in order for the optimal tax rate on capital income to be zero in all periods (except the initial one). The second essay considers an environment similar to that in Aiyagari et al. (2002) for a closed economy, with no capital and stochastic government expenditures. Using the same parameterization as these authors, it is shown that assuming away market completeness with respect to the public sector of the economy only, is sufficient to yield equilibrium outcomes that are consistent with Barro's (1979) "tax smoothing" result.
Essays On Fiscal And Monetary Policy In Open Economies
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Author : Ayse Zeyneti Kabukcuoglu
language : en
Publisher:
Release Date : 2013
Essays On Fiscal And Monetary Policy In Open Economies written by Ayse Zeyneti Kabukcuoglu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
In the first chapter, I quantify the welfare effect of eliminating the U.S. capital income tax under international financial integration. I employ a two-country, heterogeneous-agent incomplete markets model calibrated to represent the U.S. and the rest of the world. Short-run and long-run factor price dynamics are key: after the tax reform, post-tax interest rate increases less under financial openness relative to autarky. Therefore the wealth-rich households gain less. Post-tax wages also fall less, so the wealth-poor are hurt less. Hence, the fraction in favor of the reform increases, although the majority still prefers the status quo. Aggregate welfare effect to the U.S. is a permanent 0.2 % consumption equivalent loss under financial openness which is 85.5 % smaller than the welfare loss under autarky. The second chapter aims to answer two questions: What helps forecast U.S. inflation? What causes the observed changes in the predictive ability of variables commonly used in forecasting US inflation? In macroeconomic analysis and inflation forecasting, the traditional Phillips curve has been widely used to exploit the empirical relationship between inflation and domestic economic activity. Atkeson and Ohanian (2001), among others, cast doubt on the performance of Phillips curve-based forecasts of U.S. inflation relative to naive forecasts. This indicates a difficulty for policy-making and private sectorâs long term nominal commitments which depend on inflation expectations. The literature suggests globalization may be one reason for this phenomenon. To test this, we evaluate the forecasting ability of global slack measures under an open economy Phillips curve. The results are very sensitive to measures of inflation, forecast horizons and estimation samples. We find however, terms of trade gap, measured as HP-filtered terms of trade, is a good and robust variable to forecast U.S. inflation. Moreover, our forecasts based on the simulated data from a workhorse new open economy macro (NOEM) model indicate that better monetary policy and good luck (i.e. a remarkably benign sample of economic shocks) can account for the empirical observations on forecasting accuracy, while globalization plays a secondary role.
International Monetary Problems And Supply Side Economics
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Author : G. Harcourt
language : en
Publisher: Springer
Release Date : 1986-09-29
International Monetary Problems And Supply Side Economics written by G. Harcourt and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986-09-29 with Business & Economics categories.
Essays On Dynamic Implications Of Fiscal And Monetary Policies In Small Open Economies
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Author : Amartya Lahiri
language : en
Publisher:
Release Date : 1995
Essays On Dynamic Implications Of Fiscal And Monetary Policies In Small Open Economies written by Amartya Lahiri and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Monetary policy categories.
Essays On Monetary Fiscal And Macroprudential Policy Nexus In Indonesia
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Author : Danny Hermawan Adiwibowo
language : en
Publisher:
Release Date : 2014
Essays On Monetary Fiscal And Macroprudential Policy Nexus In Indonesia written by Danny Hermawan Adiwibowo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Credit/GDP to avoid the buildup of excessive risks, macro prudential policies become quantitatively more important. The second chapter based on premise that monetary policy has played a prominent stabilization role in many countries during the global financial crises, but fiscal policy has been seen as either sub-optimal or less effective. There has been renewed interest in fiscal policy in small open economies such as the UK and European periphery where austerity took place amidst low inflation and accompanied by internal or external imbalances. In an emerging economy, a larger expected share of nonRicardian agents and extent of real and nominal rigidities would be expected to create a larger potential role for fiscal policy in macro-economic stabilization and strengthening the resilience of the economy. Since we focused on monetary and fiscal policy only, there is no financial friction here but instead we developed a small open economy model. The model is estimated for the Indonesian economy, using a Bayesian approach to explore the role of fiscal policy in the existence of nonRicardian households. The model also features sticky prices and wages, nonRicardian agents and tax distortions to explore (i) the potential role for fiscal policy in stabilization, and (ii) monetary policy and fiscal policy interaction more generally. We found that fiscal policy does contribute to macroeconomic stabilization in Indonesia with its countercyclical policy in terms of fiscal expenditure and a tax response to debt that ensures solvency. However, fiscal policy should thanks to a large estimated share of nonRicardians households because they create an important role for fiscal policy, while price and wage rigidities and distortionary taxes are not. The fiscal debt also plays an important shock absorber role, allowing active fiscal stabilization and absorption of exchange rate valuation effects on the stocks of debt and reserves. In the third chapter, we assessed the problem of large and persistent global imbalances in the recent years that have changed the behavior of capital flows across countries, particularly in the emerging market. After the global financial crisis in the late 2000s, the emerging market has experienced massive capital inflows due to the strong countercyclical policy in the advanced economy. These inflows lead to excessive credit growth and booms in asset prices in the emerging market, including Indonesia. In general, this massive global financial cycle has amplified the business cycle and one of the option to deal with the so-called enhanced trillema is focus on the excessive leverage and credit growth as well as some forms of capital control such as tax on non-core liabilities. Therefore, in this chapter, we combine the model from the first and second chapters, mainly the macro prudential policy and non Ricardian households issue, and develop a New-Keynesian DSGE model for a small open economy, and estimate it for the Indonesian economy. The parameter estimation process uses Bayesian approach to explore the role of macro prudential policy and tax in non-core liabilities as one form of the capital control policy. Therefore, with those policy options, this research explores the potential role of each policy to mitigate the massive amplification of the domestic business cycle and finding an optimal policy choice c 2014 Danny Hermawan Adiwibowo ALL RIGHTS RESERVED.
Essays In Fiscal And Monetary Policy
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Author : Michael J. Artis
language : en
Publisher: Oxford ; New York : Oxford University Press
Release Date : 1981
Essays In Fiscal And Monetary Policy written by Michael J. Artis and has been published by Oxford ; New York : Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1981 with Business & Economics categories.
Compilation of essays on design, measurement and effects of fiscal policy and monetary policy in the UK - using econometric models, analyses short term and long term effects in a closed economy, on an open economy under alternative exchange rates, and the assumptions concerning capital flow. Bibliography pp. 186 to 193, graphs, references and statistical tables.
Essays On Monetary Policy In Small Open Economies
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Author : Gennady Lyakir
language : en
Publisher:
Release Date : 2008
Essays On Monetary Policy In Small Open Economies written by Gennady Lyakir and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Economic Globalization And Asia
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Author : Ramkishen S. Rajan
language : en
Publisher: World Scientific
Release Date : 2003
Economic Globalization And Asia written by Ramkishen S. Rajan and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Political Science categories.
The term OC economic globalizationOCO has been discussed extensively in the popular press, by business executives and by policy-makers all over the world. While academic economists have made some excellent contributions to specific, technical aspects of economic globalization, there appears to be a need for economists to discuss the broader aspects of the issue in a more accessible manner. Failing this, the general debate will be informed only by the writings of non-economists. That is the motivation for this book, which is a collection of essays on various aspects of economic globalization in general, but with specific reference to Asia. Contents: Economic Globalization: Finance, Trade and Taxation: Economic Globalization and Small and Open Economies: Finance, Trade and Taxation; International Monetary and Financial Issues in East Asia: International Capital Flows and Regional Contagion: Boom and Bust in East Asia in the 1990s; Liquidity-Enhancing Measures and Monetary Cooperation in East Asia: Rationale and Progress; Choosing the Right Exchange Rate Regime for Small and Open Economies in East Asia; International Trade Issues in Asia: The Nexus Between Trade Liberalization and Poverty in Asia; India''s Decade-Long Trade Reforms: How Does It Compare with Its East Asian Neighbours? (with Rahul Sen); Singapore''s Drive to Form Cross-Regional Trade Pacts: Rationale and Implications (with Rahul Sen); International Trade in Infrastructural Services in East Asia: Telecommunications and Finance; International Tax Issues in Asia: Economic Globalization and Taxation: With Particular Reference to Southeast Asia (with Mukul Asher). Readership: Policy-makers, businessmen, professionals and others with an interest in international economic affairs and international economic policy."