Fiscal Policies And Increased Trade Openness
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Fiscal Policies And Increased Trade Openness
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Author : Sara A. Wong
language : en
Publisher:
Release Date : 2018
Fiscal Policies And Increased Trade Openness written by Sara A. Wong 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.
This research quantifies the effects on poverty in Ecuador of bilateral trade liberalization with the U.S. and fiscal changes (value added tax and direct taxes) which seek to compensate tariff revenue losses, so that the government deficit remains constant. This is a very important issue for Ecuador because it adopted the U.S. dollar as its currency in 2000, forgoing the use of monetary and exchange rate policy instruments. This paper highlights labor market effects and fiscal policies as the main mechanisms through which trade impacts poverty. The paper combines a reduced-form micro household income and occupational choice model (using the 2005/6 Ecuadorian household survey) with a standard single-country computable general equilibrium model (employing a 2004 Social Accounting Matrix). A sequential approach that simulates the full income and distributional impact of trade and tax policies is followed. The impact of these policy changes on the economy is small. Indigence and in- come distribution effects are small but positive. There are mixed results on poverty. The best poverty reduction outcomes are attained when only direct taxes are used for making up tariff revenue losses and the worst when a flat VAT rate is employed, including the elimination of current VAT exemptions (mostly for agricultural goods). A key contribution of this research is to illustrate the significance for poverty of policy choices available to the government.
Openness Human Development And Fiscal Policies
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Author : Delano Villanueva
language : en
Publisher: International Monetary Fund
Release Date : 1993-07-01
Openness Human Development And Fiscal Policies written by Delano Villanueva 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 1993-07-01 with Business & Economics categories.
The model developed here postulates that learning through experience plays a critical role in raising labor productivity over time, with three major consequences. First, the steady-state growth rate (of output) becomes endogenous and is influenced by government policies. Second, the speed of adjustment to steady-state growth is faster, and enhanced learning further reduces adjustment time. Third, both steady-state growth and the optimal net rate of return to capital are higher than the sum of exogenous rates of technical change and population growth. Simulation results confirm the model’s faster speed of adjustment, while regression analysis explains a large part of divergent growth patterns across countries in terms of the extent of openness and human development and of the quality of fiscal policies.
Managing Openness
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Author : Mona Haddad
language : en
Publisher: World Bank Publications
Release Date : 2011
Managing Openness written by Mona Haddad 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 2011 with Business & Economics categories.
The global financial crisis triggered a broad reassessment of economic integration policies in developed and developing countries worldwide. The crisis-induced collapse in trade was the sharpest ever since World War II, affecting all countries and all product categories. A huge shock to the trading system, combined with severe macroeconomic instability, makes it natural for policymakers to call into question the basic underlying assumptions of trade liberalization and openness. In particular, outward-oriented or export-led growth strategies are being reassessed as openness is increasingly associated with greater volatility. However, it is crucial not to lose sight of the dynamic benefits that openness can offer. Examples include technology transfer, increased competitive pressure that reduces markups and improves efficiency, and economies of scale. The real question is how to manage outward-oriented strategies so as to maximize the benefits of openness while minimizing risks. This book aims to contribute to this important and ongoing policy debate, bringing together recent empirical work on the trade collapse, its causes and consequences, and the broader trade policy agenda in the post-crisis environment. It addresses critical policy issues revolving around the topic of outward-oriented growth strategy, including policy instruments that help manage risks associated with outward-orientation, lessons learned from the crisis for particular countries and regions, and how emerging trade policy issues such as climate change, commodities, global production networking, and migration affect the prospects for recovery and outward-oriented growth.
The Fiscal Implications Of Trade Liberalization
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1988-11-23
The Fiscal Implications Of Trade Liberalization 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 1988-11-23 with Business & Economics categories.
Trade liberalization affects not only the external sector, production, and prices, but also the fiscal balance, through changes in tariff revenue, and through the sensitivity of the budget to induced changes in the exchange rate and in the level and distribution of income and employment. This paper discusses the effects of liberalization on the budget, which may differ in the short- and long-run. The short-run cost of adjustment to open trade could force the government to reverse the liberalization even if longer-term benefits could be realized. Long-run budget gains are more likely when the tax and transfer systems are broad, neutral, and efficiently administered.
Fiscal Policy In Open Developing Economies
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Author : Mr.Vito Tanzi
language : en
Publisher: International Monetary Fund
Release Date : 1990-06-15
Fiscal Policy In Open Developing Economies written by Mr.Vito Tanzi 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 1990-06-15 with Business & Economics categories.
Based on papers presented at the 44th Congress of the international Institute of Public Finance, this book, edited by Vito Tanzi, deals with public finance and macroeconomic policy in open, developing economies, with case studies of Chile, Mexico, Turkey, Korea, and the Arab oil exporting countries.
Revisiting The Countercyclicality Of Fiscal Policy
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Author : João Tovar Jalles
language : en
Publisher: International Monetary Fund
Release Date : 2023-04-29
Revisiting The Countercyclicality Of Fiscal Policy written by João Tovar Jalles 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 2023-04-29 with Business & Economics categories.
This paper provides a novel dataset of time-varying measures on the degree of countercyclicality of fiscal policies for advanced and developing economies between 1980 and 2021. The use of time-varying measures of fiscal stabilization, with special attention to potential endogenity issues, overcomes the major limitation of previous studies and alllows the analysis to account for both country-specific as well as global factors. The paper also examines the key determinants of countercyclicality of fiscal policy with a focus on factors as severe crises, informality, financial development, and governance. Empirical results show that (i) fiscal policy tends to be more counter-cyclical during severe crises than typical recessions, especially for advanced economies; (ii) fiscal counter-cyclicality has increased over time for many economies over the last two decades; (iii) discretionary and automatic countercyclicality are both strong in advanced economies but acyclical (at times procyclical) in low-income countries, (iv) fiscal countercyclicality operates primarily through the expenditure channel, particularly for social benefits, (vi) better financial development, larger government size and stronger institutional quality are associated with larger countercyclical effects of fiscal policy. Our results are robust to various specifications and endogeneity checks.
The Gains And Pains Of Financial Integration And Trade Liberalization
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Author : Rajib Bhattacharyya
language : en
Publisher: Emerald Group Publishing
Release Date : 2019-11-26
The Gains And Pains Of Financial Integration And Trade Liberalization written by Rajib Bhattacharyya and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-11-26 with Business & Economics categories.
Geared towards policy makers, researchers, academics, and business and management professionals, The Gains and Pains of Financial Integration and Trade Liberalization helps readers develop new theories and models for analysing the future trends in finance and trade-related issues.
The Order Of Economic Liberalization
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Author : Ronald I. Mckinnon
language : en
Publisher: JHU Press
Release Date : 1993-10
The Order Of Economic Liberalization written by Ronald I. Mckinnon and has been published by JHU Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993-10 with Business & Economics categories.
Can knowledge of financial policies in developing countries over four decades help the socialist economies of Asia and Eastern Europe become open market economies in the 1990s? In all these countries the loss of fiscal and monetary control has often resulted in high inflation that undermines the liberalization process itself. In the second edition of The Order of Economic Liberalization, Ronald McKinnon builds on his influential work on the liberalization of financial markets in less developed countries and outlines the progression necessary to move from a "repressed" to an open economy. New to this edition are chapters that contrast the gradual Chinese approach to liberalizing domestic and foreign trade with the "big bang" approach followed by some Eastern European countries and republics of the former Soviet Union. Financial control and macroeconomic stability, McKinnon argues, are more critical to a successful transition than is any crash program to privatize state-owned industrial assets and the banking system.
Fiscal Policy In Open Interdependent Economies
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Author : Willem H. Buiter
language : en
Publisher:
Release Date : 1984
Fiscal Policy In Open Interdependent Economies written by Willem H. Buiter and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with Debts, Public categories.
How Does Trade Openness Influence Budget Deficits In Developing Countries
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Author : Tahsin Saadi-Sedik
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2006-01-01
How Does Trade Openness Influence Budget Deficits In Developing Countries written by Tahsin Saadi-Sedik 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 2006-01-01 with Budget categories.
This paper analyzes the effects of trade openness on budget balances by distinguishing the effects of natural openness from those of trade-policy induced openness. Using the GMMsystem estimator, the econometric analysis focuses on 66 developing countries during 1974-98. The results show that trade openness increases a country's exposure to external shocks regardless of its underlying causes. This reinforces the adverse effects of terms of trade instability on budget balances. However, trade openness also influences budget balances through several other channels: corruption, income inequalities, etc. The paper shows that these additional effects of natural openness and trade-policy induced openness on budget balances go in opposite directions: the former deteriorates budget balances whereas the latter improves them.