Fiscal R Star Fiscal Monetary Tensions And Implications For Policy
DOWNLOAD
Download Fiscal R Star Fiscal Monetary Tensions And Implications For Policy PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Fiscal R Star Fiscal Monetary Tensions And Implications For Policy book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Fiscal R Star Fiscal Monetary Tensions And Implications For Policy
DOWNLOAD
Author : Marijn A. Bolhuis
language : en
Publisher: International Monetary Fund
Release Date : 2024-08-09
Fiscal R Star Fiscal Monetary Tensions And Implications For Policy written by Marijn A. Bolhuis 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 2024-08-09 with categories.
Since the Global Financial Crisis, fiscal policy in advanced economies has become more “active” – that is, increasingly unresponsive to rising debt levels. This paper explores tensions between active fiscal and monetary policies by introducing the concept of “fiscal r-star,” which is the real interest rate required to stabilize debt levels when the primary balance is set exogenously, output is growing at potential, and inflation is at target. It is proposed that the difference between monetary r-star and fiscal r-star—referred to as the “fiscal monetary gap”—is a proxy for fiscal-monetary policy tensions. An analysis of over 140 years of data from 16 advanced economies shows that larger fiscal-monetary gaps are associated with rising debt levels, higher inflation, financial repression, lower real returns on bonds and cash, with elevated risks of future debt, inflation, currency, housing, and systemic crises. Current estimates indicate that fiscal-monetary tensions are at historic highs. Given the tepid growth outlook, growth-enhancing reforms and fiscal consolidation, among other policy adjustments, may be needed to attenuate fiscal-monetary tensions over time.
World Economic Outlook October 2013
DOWNLOAD
Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2013-10-08
World Economic Outlook October 2013 written by International Monetary Fund. Research Dept. 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 2013-10-08 with Business & Economics categories.
Global growth is in low gear, and the drivers of activity are changing. These dynamics raise new policy challenges. Advanced economies are growing again but must continue financial sector repair, pursue fiscal consolidation, and spur job growth. Emerging market economies face the dual challenges of slowing growth and tighter global financial conditions. This issue of the World Economic Outlook examines the potential spillovers from these transitions and the appropriate policy responses. Chapter 3 explores how output comovements are influenced by policy and financial shocks, growth surprises, and other linkages. Chapter 4 assesses why certain emerging market economies were able to avoid the classical boom-and-bust cycle in the face of volatile capital flows during the global financial crisis.
Global Waves Of Debt
DOWNLOAD
Author : M. Ayhan Kose
language : en
Publisher: World Bank Publications
Release Date : 2021-03-04
Global Waves Of Debt written by M. Ayhan Kose 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 2021-03-04 with Business & Economics categories.
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
The Liquidation Of Government Debt
DOWNLOAD
Author : Ms.Carmen Reinhart
language : en
Publisher: International Monetary Fund
Release Date : 2015-01-21
The Liquidation Of Government Debt written by Ms.Carmen Reinhart 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 2015-01-21 with Business & Economics categories.
High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or belowmarket real interest rates. After WWII, capital controls and regulatory restrictions created a captive audience for government debt, limiting tax-base erosion. Financial repression is most successful in liquidating debt when accompanied by inflation. For the advanced economies, real interest rates were negative 1⁄2 of the time during 1945–1980. Average annual interest expense savings for a 12—country sample range from about 1 to 5 percent of GDP for the full 1945–1980 period. We suggest that, once again, financial repression may be part of the toolkit deployed to cope with the most recent surge in public debt in advanced economies.
Advancing The Frontiers Of Monetary Policy
DOWNLOAD
Author : Tobias Adrian
language : en
Publisher: International Monetary Fund
Release Date : 2018-04-13
Advancing The Frontiers Of Monetary Policy written by Tobias Adrian 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 2018-04-13 with Business & Economics categories.
Contributors working at the International Monetary Fund present 14 chapters on the development of monetary policy over the past quarter century through the lens of the evolution of inflation-forecast targeting. They describe the principles and practices of inflation-forecast targeting, including managing expectations, the implementation of a forecasting and policy analysis system, monetary operations, monetary policy and financial stability, financial conditions, and transparency and communications; aspects of inflation-forecast targeting in Canada, the Czech Republic, India, and the US; and monetary policy challenges faced by low-income countries and how inflation-forecast targeting can provide an anchor in countries with different economic structures and circumstances.
And Yet It Moves
DOWNLOAD
Author : David Miles
language : en
Publisher: Geneva Reports on the World Ec
Release Date : 2018-10-30
And Yet It Moves written by David Miles and has been published by Geneva Reports on the World Ec this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-10-30 with Business & Economics categories.
Over the last decade, the developed world has been hit by the deepest recession since the Great Depression and a rollercoaster in commodity prices. And yet, core inflation has been both low and fairly stable. A rule of thumb that inflation is always near 2%, though more often than not just a bit below, has been quite reliable. The young, or those with short memories, could be forgiven for looking condescendingly at their older friends who speak of inflation as a major economic problem. But, like Galileo Galilei told his contemporaries who thought the Earth was immovable, "Eppur si muove" ("and yet it moves"). Since most societies regard stable inflation as a goal, it is tempting to describe this solid anchoring of inflation as a great achievement of monetary policy. But what if it was just luck? Will the great anchoring soon lead a great bout of inflation, just as the Great Moderation was followed by the Great Recession? Do we need to change the way in which policy is set to better handle changed circumstances since the financial crash? The 19th Geneva Report on the World Economy starts by analysing outcomes across countries for the last ten years. Inflation is compared with its behaviour in the period before the financial crash to assess the extent to which it really has been stable, what the proximate causes are, and whether it will stay low in future. The report then assesses theories of inflation in light of these facts, and tries to make sense of them. Next, the report turns to the question we posed at the start: was it good policy or good luck that prevented severe deflation and kept inflation relatively steady? A description of what policies were adopted and how they interacted with economic shocks informs the conclusions on appropriate policies--both monetary and fiscal--for the future. The report pays particular attention tothe role of central banks and the extent of their activities.
Emerging Market Economies And Financial Globalization
DOWNLOAD
Author : Leonardo E. Stanley
language : en
Publisher:
Release Date : 2018
Emerging Market Economies And Financial Globalization written by Leonardo E. Stanley and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with BUSINESS & ECONOMICS categories.
In the past, foreign shocks arrived to national economies mainly through trade channels, and transmissions of such shocks took time to come into effect. However, after capital globalization, shocks spread to markets almost immediately. Despite the increasing macroeconomic dangers that the situation generated at emerging markets in the South, nobody at the North was ready to acknowledge the pro-cyclicality of the financial system and the inner weakness of "decontrolled" financial innovations because they were enjoying from the "great moderation." Monetary policy was primarily centered on price stability objectives, without considering the mounting credit and asset price booms being generated by market liquidity and the problems generated by this glut. Mainstream economists, in turn, were not majorly attracted in integrating financial factors in their models. External pressures on emerging market economies (EMEs) were not eliminated after 2008, but even increased as international capital flows augmented in relevance thereafter. Initially economic authorities accurately responded to the challenge, but unconventional monetary policies in the US began to create important spillovers in EMEs. Furthermore, in contrast to a previous surge in liquidity, funds were now transmitted to EMEs throughout the bond market. The perspective of an increase in US interest rates by the FED is generating a reversal of expectations and a sudden flight to quality. Emerging countries' currencies began to experience higher volatility levels, and depreciation movements against a newly strong US dollar are also increasingly observed. Consequently, there are increasing doubts that the "unexpected" favorable outcome observed in most EMEs at the aftermath of the Global Financial Crisis (GFC) would remain.
Gold And The International Monetary System
DOWNLOAD
Author : André Astrow
language : en
Publisher: Chatham House Report
Release Date : 2012
Gold And The International Monetary System written by André Astrow and has been published by Chatham House Report this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Business & Economics categories.
"To assess what contribution, if any, gold could make to the current international monetary system in the wake of the global financial crisis, Chatham House set up a global Taskforce of experts in 2011. The Taskforce explored the advantages and disadvantages of reintroducing gold in the system and identified a number of possible scenarios for reform. For gold to play a more formal role in the international monetary system, it would be imperative that it neither hinders the system's performance nor creates unacceptable constraints on national economic policies; Although the discipline a gold standard imposes on monetary policy may have been helpful in limiting the reckless banking and excessive debt accumulation of the past decade, the rigidity of a fixed price for gold would likely have been a serious handicap with the onset of the financial crisis when a much more flexible monetary response was required; There is no clear-cut role for gold as a policy indicator. The historical behaviour of the gold price does not provide a particularly good indicator for either monetary or fiscal policy. In fact, since the financial crisis, the rise in the gold price has indicated the need for tighter policies which, if implemented, could have been deeply damaging; Gold can serve as a hedge against declining values of key fiat currencies, and can also be useful for central banks, but its role as a hedge is not cost free. Indeed, a major downside of holding gold is that its price can be extremely volatile. Also, it generates no yield, other than capital gains which are only realised when it is sold. Gold, therefore, can form part of a portfolio of assets that spreads valuation risk, but on the other hand, it is not very effective as a sole reserve asset."--Publisher description.
World Economic Outlook October 2018
DOWNLOAD
Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2018-10-09
World Economic Outlook October 2018 written by International Monetary Fund. Research Dept. 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 2018-10-09 with Business & Economics categories.
Global growth for 2018–19 is projected to remain steady at its 2017 level, but its pace is less vigorous than projected in April and it has become less balanced. Downside risks to global growth have risen in the past six months and the potential for upside surprises has receded. Global growth is projected at 3.7 percent for 2018–19—0.2 percentage point lower for both years than forecast in April. The downward revision reflects surprises that suppressed activity in early 2018 in some major advanced economies, the negative effects of the trade measures implemented or approved between April and mid-September, as well as a weaker outlook for some key emerging market and developing economies arising from country-specific factors, tighter financial conditions, geopolitical tensions, and higher oil import bills. The balance of risks to the global growth forecast has shifted to the downside in a context of elevated policy uncertainty. Several of the downside risks highlighted in the April 2018 World Economic Outlook (WEO)—such as rising trade barriers and a reversal of capital flows to emerging market economies with weaker fundamentals and higher political risk—have become more pronounced or have partially materialized. Meanwhile, the potential for upside surprises has receded, given the tightening of financial conditions in some parts of the world, higher trade costs, slow implementation of reforms recommended in the past, and waning growth momentum.
Bulletin Of The Atomic Scientists
DOWNLOAD
Author :
language : en
Publisher:
Release Date : 1992-05
Bulletin Of The Atomic Scientists written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-05 with categories.