Money Based Versus Exchange Rate Based Stabilization With Endogenous Fiscal Policy
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Money Based Versus Exchange Rate Based Stabilization With Endogenous Fiscal Policy
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Author : Aaron Tornell
language : en
Publisher:
Release Date : 1995
Money Based Versus Exchange Rate Based Stabilization With Endogenous Fiscal Policy written by Aaron Tornell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Economic stabilization categories.
We present a standard intertemporal model in which fiscal policy is determined by an optimizing but non-benevolent fiscal authority. If the fiscal authority is impatient, a money-based stabilization provides more fiscal discipline and higher welfare for the representative agent than does an exchange rate-based stabilization. Data for Latin American stabilizations in the last quarter-century seem to confirm the notion that stabilizing by using money rather than the exchange rate helps induce politicians to reduce the fiscal deficit.
Exchange Rate Based Stabilization
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Author : Mr.A. Javier Hamann
language : en
Publisher: International Monetary Fund
Release Date : 1999-10-01
Exchange Rate Based Stabilization written by Mr.A. Javier Hamann 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 1999-10-01 with Business & Economics categories.
Do exchange-rate-based stabilizations generate distinctive economic dynamics? To address this question, this paper identifies stabilization episodes using criteria that differ from those in previous empirical studies of exchange-rate-based stabilizations. We find that, while some differences can be detected between exchange-rate-based stabilizations and stabilizations where the exchange rate is not the anchor, the behavior of important variables does not appear to differ—especially output growth, which is good in both cases. There is also no evidence that fiscal discipline is enhanced by adopting an exchange-rate anchor, or that there are any systematic differences in the success records of stabilizations that use the exchange rate as a nominal anchor and those that do not.
The Role Of Fiscal Policy In Sustainable Stabilization
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Author : Mr.Gerd Schwartz
language : en
Publisher: International Monetary Fund
Release Date : 1997-08-01
The Role Of Fiscal Policy In Sustainable Stabilization written by Mr.Gerd Schwartz 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 1997-08-01 with Business & Economics categories.
This paper reviews the role of fiscal policy in a number of stabilization programs in Latin America since the early 1980s. The paper highlights the importance of sustainable fiscal adjustment in stabilization efforts, and discusses the main issues that arise in this context. By reviewing the Latin American experience, it is argued that responsibility for failed stabilization attempts can be traced to four main factors: inconsistent policy mixes; excessive reliance on temporary factors of improvement in the fiscal accounts; failure to implement fundamental fiscal reforms; and lack of complementary structural reforms.
New Political Economy Of Exchange Rate Policies And The Enlargement Of The Eurozone
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Author : Christian H. Fahrholz
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-11-17
New Political Economy Of Exchange Rate Policies And The Enlargement Of The Eurozone written by Christian H. Fahrholz and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-11-17 with Business & Economics categories.
This work examines the political economy of exchange-rate policies in the eastward expansion of the eurozone. Analysis shows that prospective members of the EMU are likely to pass on some costs of convergence to the current EMU members. The mechanism is an altered exchange-rate policy that utilizes a "threaten-thy-neighbour" strategy. This could ensure a stabilization of the CEECs' convergence toward the EMU, and a successful eastward enlargement of the eurozone.
Nber Macroeconomics Annual 1995
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Author : Ben S. Bernanke
language : en
Publisher: MIT Press
Release Date : 1996
Nber Macroeconomics Annual 1995 written by Ben S. Bernanke and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.
Contents : Wage Inequality and Regional Unemployment Persistence: U.S. vs. Europe, Guiseppe BErtola and Andreas Ichino. Capital Utilization and Returns to Scale, Craig Burnside, Martin Eichenbaum, and Sergio Rebelo. Banks and Derivatives, Gary Gorton and Richard Rosen. Exchange-Rate-Based Stabilizations: Theory and Evidence, Sergio Rebelo and Carlos Vegh. Inflation Indicators and Inflation Policy, Stephen Cecchetti. Recent Central Bank Reforms and the Role of Price Stability as the Sole Objective of Monetary Policy, Carl Walsh. Is Central Bank Independence (and Low Inflation) the Result of Effective Financial Opposition to Inflation?, Adam Posen. The Unending Quest for Monetary Salvation, Stanley Fischer.
Exchange Rate Based Stabilization
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Author : A. Javier Hamann
language : en
Publisher:
Release Date : 1999
Exchange Rate Based Stabilization written by A. Javier Hamann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Economic stabilization categories.
The Currency Game
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Author : Jeffry A. Frieden
language : en
Publisher: IDB
Release Date : 2001
The Currency Game written by Jeffry A. Frieden and has been published by IDB this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
"Written by a distinguished group of economists and political scientists from around the hemisphere, the essays in this book include analytical perspectives, a cross-national statistical study, and a series of detailed country studies ... [and bring an] important new theoretical insights and epmpirical evidence to that debate in order to best address a policy issue critical to the future of Latin American development"--Preface.
The Political Economy Of Reform
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Author : Federico Sturzenegger
language : en
Publisher: MIT Press
Release Date : 1998
The Political Economy Of Reform written by Federico Sturzenegger and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.
In this book, Federico Sturzenegger and Mariano Tommasi propose formal models to answer some of the questions raised by the recent reform experience of many Latin American and eastern European countries.
Do Fixed Exchange Rates Induce More Fiscal Discipline
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Author : Mr.Yan Sun
language : en
Publisher: International Monetary Fund
Release Date : 2003-04-01
Do Fixed Exchange Rates Induce More Fiscal Discipline written by Mr.Yan Sun 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 2003-04-01 with Business & Economics categories.
Conventional wisdom has held that a fixed exchange rate regime induces more fiscal discipline, but Tornell and Velasco (1995, 1998) argue the opposite. Using a dynamic model with fragmented fiscal policymaking, this paper evaluates the two arguments in a single framework and shows that (1) future punishment against fiscal laxity exists under both fixed and flexible regimes; (2) fiscal authorities have a greater incentive to spend more today under fixed rates than under flexible rates; (3) in the presence of both factors above, fixed rates will induce more fiscal discipline only if the future punishment is sufficiently stronger than under flexible rates; and (4) neither fixed nor flexible rates could resolve the structural distortions caused by fragmented policymaking, and fiscal centralization needs to be undertaken to strengthen fiscal discipline.
Monetary Orders
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Author : Jonathan Kirshner
language : en
Publisher: Cornell University Press
Release Date : 2018-08-06
Monetary Orders written by Jonathan Kirshner and has been published by Cornell University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-08-06 with Political Science categories.
Wherever there is money, there is money politics-a subject demanding ever greater attention at a time when monetary policies lead and the real economy follows. A principal defining characteristic of the contemporary global economy, Jonathan Kirshner contends, is the rise and preeminence of monetary phenomena—international financial crises, Central Bank Independence and inflation fighting, the creation of the euro, and monetary reform in emerging economies, to name only a few. Moreover, unlike most debates in political economy (such as those regarding trade policy), which are generally recognized as political, monetary phenomena and macroeconomic policies are typically represented as expressly apolitical. In Monetary Orders, a distinguished group of scholars explores the inescapable political origins of choices about money. The essays in Monetary Orders each address a specific issue or puzzle relating to money and its management. Their authors focus on markedly disparate cases but share a common observation: for most policy choices about money, market forces and economic logic can rule out certain options, but are indeterminate in explaining why one policy rather than another will be chosen. Ultimately, political factors are essential to explain fundamental and consequential choices about money.