Macroeconomic Management When Policy Space Is Constrained

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Macroeconomic Management When Policy Space Is Constrained

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Author : Vitor Gaspar
language : en
Publisher: International Monetary Fund
Release Date : 2016-09-28

Macroeconomic Management When Policy Space Is Constrained 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 2016-09-28 with Business & Economics categories.

The recovery in GDP growth since the global financial crisis has been halting and weak. Concern is widespread that countercyclical policies have run out of space or lack the power to raise growth or deal with the next negative shock. This note argues that room exists for effective policies and that it should be used if appropriate. The most promising route involves a comprehensive, consistent, and coordinated approach to policy making. Comprehensive policy actions within a country exploit synergies, making the whole greater than the sum of parts. Consistent policy frameworks anchor long-term expectations while allowing decisive short- to medium-term accommodation whenever necessary. Coordinated policies across major economies amplify the helpful effects of individual policy actions through positive cross-border spillovers. The findings of this paper indicate that policy coordination adds particular value if the current approach falls short of reviving growth, or in the event of a further downward shock.

Macroeconomic Management When Policy Space Is Constrained

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Author : Vitor Gaspar
language : en
Publisher: International Monetary Fund
Release Date : 2016-09-28

Macroeconomic Management When Policy Space Is Constrained 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 2016-09-28 with Business & Economics categories.

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Challenges For Global Macroeconomic Stability And The Role Of The G7

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Author : Fabrizio Saccomanni
language : en
Publisher: Edizioni Nuova Cultura
Release Date : 2017-05-18

Challenges For Global Macroeconomic Stability And The Role Of The G7 written by Fabrizio Saccomanni and has been published by Edizioni Nuova Cultura this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-18 with categories.

In view of the Italian Presidency of the Group of Seven (G7) in 2017, the Istituto Affari Internazionali (IAI) conducted a research project on “Major Challenges for Global Macroeconomic Stability and the Role of the G7” together with a major policy think tank in each of the other G7 member countries: Center for International Governance Innovation (CIGI, Canada); Centre d’Etudes Prospectives et d’Information Internationales (CEPII, France); Kiel Institute for the World Economy (IfW, Germany); Japan Institute for International Affairs (JIIA, Japan); Royal Institute for International Affairs (Chatham House, United Kingdom); Peterson Institute for International Economics (PIIE, United States).The project covered the following three subjects, representing major challenges for G7 policy-makers: macroeconomic policy coordination; international trade relations; global financial stability. Each participating think tank prepared a paper addressing all or some of the issues from the perspective of its own country, outlining areas of possible consensus for joint actions to be achieved within the Group and offering independent policy recommendations for the G7 deliberations. The seven papers have been presented at an international conference held in Rome on 27-28 March 2017 and have been discussed by a broad range of experts from academia and international institutions. The proceedings of the conference are presented in this volume. A broad consensus emerged from the T7 papers and the contributions of the discussants on the need to reduce policy uncertainty, preventing a resurgence of financial tensions in capital and foreign exchange markets. Boosting public investment in infrastructures and new technologies; defining a “better trade agenda” with adequate social protections and completing the financial regulatory reform were also indicated as top priorities for the G7.

International Monetary Fund Annual Report 2017

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2017-10-05

International Monetary Fund Annual Report 2017 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 2017-10-05 with Business & Economics categories.

During the past financial year, the IMF’s 189 member countries faced a number of pressing challenges. IMF work on these challenges - slower trade, declining productivity, gender inequality, inclusive growth, and debt management - is a central focus of this 2017 Annual Report.

Australia

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Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2017-02-09

Australia written by International Monetary Fund. Asia and Pacific 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 2017-02-09 with Business & Economics categories.

This Selected Issues paper examines the adjustment of Australian labor markets to the recent adverse shocks. Australia’s labor markets were not severely impacted by the global financial crisis and are adjusting smoothly to the sizeable commodity prices bust and mining investment downturn. However, some labor market indicators suggest persistent weaknesses. There does not appear to be a significant increase in structural employment in the wake of the commodity prices bust and mining investment decline. Increased flexibility in average hours per worker has likely moderated employment reduction in downturns and prevented a larger increase in unemployment in the wake of the mining investment downturn. At the same time, elevated underemployment signals additional slack, and is likely weighing down wage growth.

Japan S Public Sector Balance Sheet

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Author : Yugo Koshima
language : en
Publisher: International Monetary Fund
Release Date : 2019-10-04

Japan S Public Sector Balance Sheet written by Yugo Koshima 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 2019-10-04 with Business & Economics categories.

This paper compiles and reviews the evolution of Japan’s Public Sector Balance Sheet (PSBS). In the past, large crossholdings of assets and liabilities within the public sector played a role in sustaining a high level of public debt and low interest rates. The Fiscal Investment and Loan Fund (FILF) channeled all postal deposits and pension savings to financing of public sector borrowing. After the FILF refrom in 2000, however, the Post Bank and pension funds shifted their assets to the portfolio investments and are seeking to maximize risk-adjusted returns. This has changed the implications of crossholdings for public debt management. In the future, population aging is expected to add more pressures on the PSBS, which already saw a considerable decrease of net worth over the last three decades.

Republic Of Korea

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Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2018-02-13

Republic Of Korea written by International Monetary Fund. Asia and Pacific 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 2018-02-13 with Business & Economics categories.

This Selected Issues chapter outlines a strategy to facilitate this and navigate the more challenging monetary environment, involving enhanced communication of policy interest rate intentions and inflation-forecast targeting. The reduction in the inflation target by a percentage point to 2 percent in January 2016 weakened the nominal anchor. Monetary policy can play a role rebuilding the credibility of the anchor more rapidly through the adoption of inflation-forecast targeting. This strengthening of the monetary policy framework involves enhancing communications. An effective, credible monetary policy cannot address all macroeconomic challenges facing Korea. Rather, it can foster robust growth with low inflation, providing a stable and predictable environment that allows other policies to work more effectively. These other policies play a complementary role. Fiscal policy can reinforce the effectiveness of monetary policy, as illustrated by model scenarios. Structural policies can also support monetary policy by, for example, boosting potential growth.

A Central Fiscal Stabilization Capacity For The Euro Area

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Author : Mr.Nathaniel G Arnold
language : en
Publisher: International Monetary Fund
Release Date : 2018-03-26

A Central Fiscal Stabilization Capacity For The Euro Area written by Mr.Nathaniel G Arnold 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 2018-03-26 with Business & Economics categories.

This note outlines a concrete proposal for a euro area CFC that could help smooth both country-specific and common shocks. Specifically, it proposes a macroeconomic stabilization fund financed by annual contributions from countries used to build up assets in good times and make transfers to countries in bad times, as well as a borrowing capacity in case large or persistent shocks exhaust the fund’s assets. The note also discusses several features aimed at avoiding permanent transfers between countries and making the CFC function as automatically as possible—to limit the scope for disputes over its operation—both of which are important points to make it politically acceptable.

Collect More Spend Better

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Author : Mr.Manuk Ghazanchyan
language : en
Publisher: International Monetary Fund
Release Date : 2017-01-24

Collect More Spend Better written by Mr.Manuk Ghazanchyan 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 2017-01-24 with Business & Economics categories.

We use a dynamic small open economy model to explore the macroeconomic impact of alternative public investment scaling-up scenarios, analyzing how improving the efficiency of capital spending and of tax revenue collection affect growth and debt sustainability for three fast-growing Southeast Asian economies: Cambodia, Sri Lanka, and Vietnam. We show that a gradual public investment profile is more favorable than front-loading capital spending because we assume governments are able to gradually learn how to invest more efficiently, accelerating public capital accumulation and therefore growth. We discuss the pros and cons of alternative financing options and identify the financing mix that generates the best macroeconomic outcome. Sometimes overlooked, improving the efficiency of revenue collection over time may ease the burden of fiscal adjustment, achieving higher GDP growth with substantially lower debt-to-GDP ratios, and will help policymakers efficiently meet the challenge of addressing large infrastructure gaps while maintaining debt sustainability.

Cross Country Spillovers Of Fiscal Consolidations In The Euro Area

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Author : Mr.Tigran Poghosyan
language : en
Publisher: International Monetary Fund
Release Date : 2017-06-30

Cross Country Spillovers Of Fiscal Consolidations In The Euro Area written by Mr.Tigran Poghosyan 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 2017-06-30 with Business & Economics categories.

This paper revisits the issue of cross-country spillovers from fiscal consolidations using an innovative empirical methodology. We find evidence in support of fiscal spillovers in 10 euro area countries. Fiscal consolidation in one country not only reduces domestic output (direct effect), but also the output of other member countries (indirect/spillover effect). Fiscal spillovers are larger for: (i) more closely located and economically integrated countries, and (ii) fiscal shocks originating from relatively larger countries. On average, 1 percent of GDP fiscal consolidation in 10 euro area countries reduces the combined output by 0.6 percent on impact, out of which half is driven by indirect effects from fiscal spillovers. The impact peters out and becomes insignificant over the medium-term. It is largely driven by tax measures, which have a relatively stronger effect on output compared to expenditure measures. The results are robust to alternative measures of bilateral links across countries.