Optimal Debt Policy Under Asymmetric Risk
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Optimal Debt Policy Under Asymmetric Risk
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Author : Mr.Julio Escolano
language : en
Publisher: International Monetary Fund
Release Date : 2016-08-26
Optimal Debt Policy Under Asymmetric Risk written by Mr.Julio Escolano 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 2016-08-26 with Business & Economics categories.
In the paper we show that, most of the time, smooth reduction in the debt ratio is optimal for tax-smoothing purposes when fiscal risks are asymmetric, with large debt-augmenting shocks more likely than commensurate debt reducing shocks. Asymmetric risks are a feature of 200 years of data for the U.S. and the U.K.: rare but recurrent large surges of the debt-to-GDP ratio, followed by very gradual but persistent declines over long periods. More informal evidence from many other countries suggests that asymmetry is a general feature of fiscal shocks. The gradual smooth reduction in the public debt to GDP ratio is not a response to past developments. Instead it is optimal given recurrent fiscal risks and the empirical characteristics of fiscal shocks. The behavior of the debt-to-GDP ratio in the U.K. and the U.S. seems roughly compatible with the prescriptions of the tax-smoothing model.
Agency Theory Information And Incentives
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Author : Günter Bamberg
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Agency Theory Information And Incentives written by Günter Bamberg 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 2012-12-06 with Business & Economics categories.
Agency Theory is a new branch of economics which focusses on the roles of information and of incentives when individuals cooperate with respect to the utilisation of resources. Basic approaches are coming from microeco nomic theory as well as from risk analysis. Among the broad variety of ap plications are: the many designs of contractual arrangements, organiza tions, and institutions as well as the manifold aspects of the separation of ownership and control so fundamental for business finance. After some twenty years of intensive research in the field of information economics it might be timely to present the most basic issues, questions, models, and applications. This volume Agency Theory, Information, and Incentives offers introductory surveys as well as results of individual rese arch that seem to shape that field of information economics appropriately. Some 30 authors were invited to present their subjects in such a way that students could easily become acquainted with the main ideas of informa tion economics. So the aim of Agency Theory, Information, and Incentives is to introduce students at an intermediate level and to accompany their work in classes on microeconomics, information economics, organization, management theory, and business finance. The topics selected form the eight sections of the book: 1. Agency Theory and Risk Sharing 2. Information and Incentives 3. Capital Markets and Moral Hazard 4. Financial Contracting and Dividends 5. External Accounting and Auditing 6. Coordination in Groups 7. Property Rights and Fairness 8. Agency Costs.
The Debt Equity Choice
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Author : Ronald W. Masulis
language : en
Publisher:
Release Date : 1988
The Debt Equity Choice written by Ronald W. Masulis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Business & Economics categories.
Analyzing And Managing Fiscal Risks Best Practices
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2016-04-05
Analyzing And Managing Fiscal Risks Best Practices written by International Monetary Fund. Fiscal Affairs 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 2016-04-05 with Business & Economics categories.
Comprehensive analysis and management of fiscal risks can help ensure sound fiscal public finances and macroeconomic stability. This has been underscored by the global financial crisis and the more recent collapse in commodity prices, which starkly illustrate the vulnerability of public finances to risk. Indeed, over the past quarter century, governments experienced on average an adverse fiscal shock of 6 percent of GDP once every 12 years, with some of the largest stemming from financial crises. Countries need a more complete understanding of these potential threats to their fiscal position. Existing fiscal risk disclosure and analysis practices tend to be incomplete, fragmented, and qualitative in nature. A more comprehensive and integrated assessment of the potential shocks to government finances, in the form of a fiscal stress test, can help policymakers simulate the effects of shocks to their central forecasts and their implications for government solvency, liquidity, and financing needs. Comprehensive, reliable, and timely fiscal data covering all public entities, stocks, and flows are a necessary foundation for such analysis. Countries should also enhance their capacity to mitigate and manage fiscal risks. Fiscal risk management practices are often blunt, ad hoc, and too focused on imposing limits on the creation of exposures. Countries need to expand their toolkits for fiscal risk management and adopt the use of instruments to transfer, share, or provision for risks. In doing so, countries need to weigh the possible benefits from reducing their exposure to shocks against the financial and other costs of the policies that may be needed. Finally, countries should make greater use of probabilistic forecasting methods when setting long-run objectives and medium-term targets for fiscal policy. The paper illustrates how simple probabilistic tools can be used to map the uncertainty around medium-term trajectories for public debt. In combination with fiscal stress tests, these tools can provide valuable information regarding the probabilities that a country will stay within the debt ceilings embedded in their fiscal rules. The Fund is playing an important role in supporting improvements in fiscal risk analysis and management among its members. This includes technical assistance in constructing public sector balance sheets; developing institutions and capacity to identify specific fiscal risks and to quantify their potential impact; undertaking fiscal stress tests; and integrating risks into the design of medium-term fiscal targets.
Strengthening The Credibility Of Public Finances
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2021-10-13
Strengthening The Credibility Of Public Finances 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 2021-10-13 with Business & Economics categories.
Chapter 1 argues that fiscal policy should remain nimble and strengthen its medium-term frameworks, as countries face highly uncertain and differentiated prospects. Vaccination has saved lives and is helping fuel a nascent recovery, but risks are elevated amidst new virus variants, high debt, and poverty. In advanced economies, the shift in fiscal support toward medium-term packages to “build back better” will have overall positive effects globally. Emerging markets and low-income developing countries face a more challenging outlook, with permanent economic scarring and revenue losses. They need international support to increase vaccine availability and financing to achieve the Sustainable Development Goals. Many countries find themselves in a situation where fiscal support is still invaluable to protect lives and livelihoods. At the same time, governments are also facing questions on their elevated debt and gross financing needs. Chapter 2 provides countries with guidance on how they can both avoid withdrawing fiscal support too early, and yet signal to the public that their debt levels are sustainable in the long run. To commit to future deficit reduction, governments have several instruments, including undertaking structural fiscal reforms (such as pension reform or subsidies reform), pre-legislating changes to taxes or spending, committing to fiscal rules that lead to deficit reduction in the future. Countries that follow debt rules, for instance, manage to reduce debt faster that other countries, although fiscal rules should also provide enough flexibility to spend in times of need. Overall, governments that commit to sound public finances and that achieve high levels of fiscal transparency reap meaningful benefits: their budgets are more credible, their announcements are better perceived by the media, and they pay lower interest rates on their debt.
Back To The Future Fiscal Rules For Regaining Sustainability
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Author : Mr.Serhan Cevik
language : en
Publisher: International Monetary Fund
Release Date : 2019-11-07
Back To The Future Fiscal Rules For Regaining Sustainability written by Mr.Serhan Cevik 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 2019-11-07 with Business & Economics categories.
This paper assesses the cyclicality and sustainability of fiscal policy in Belize and applies a stochastic simulation model to determine the optimal set of fiscal rules. The empirical analysis shows that fiscal policy in Belize has been significantly procyclical and unsustainable much of the period since 1976. While the government’s recent commitment to maintain a primary surplus of at least 2 percent of GDP until 2021 is supporting debt reduction, stochastic simulations indicate that further improvement in the primary balance is necessary to reliably bring the debt-to-GDP ratio to a sustainable path. Given Belize’s history of large economic shocks, this paper proposes explicit fiscal rules designed for countercyclical policy and debt sustainability. It recommends integrating such rules into a well-designed fiscal responsibility law and establishing an independent fiscal council to improve accountability and transparency.
Second Generation Fiscal Rules
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Author : Luc Eyraud
language : en
Publisher: International Monetary Fund
Release Date : 2018-04-13
Second Generation Fiscal Rules written by Luc Eyraud 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.
Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog
The Value Of Money
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Author : Matteo Scotto
language : en
Publisher: Villa Vigoni Editore | Verlag
Release Date : 2021-03-10
The Value Of Money written by Matteo Scotto and has been published by Villa Vigoni Editore | Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-10 with Business & Economics categories.
Thanks to the collaboration with renowned economists and policymakers, the publication compares Italian and German macro-economic cultures and performances. When the Bretton Woods system crumbled and currencies lost their direct link to the dollar and their indirect link to gold, these two countries embarked upon strongly different monetary policies. This divergence was reflected in the evolution of the exchange rates: the value of one D-Mark increased from 170 Italian lira under Bretton Woods to 990 Italian lira at the start of European Monetary Union: an astounding devaluation of about 85 per cent for the lira! Firstly, the volume describes the German and the Italian economic and, specifically, monetary models, with major attention paid to institutions such as Deutsche Bundesbank and Banca d'Italia, analysing their development in a diachronic perspective. Secondly, these paradigms are contextualized within a broader European context, which is fundamental to reflect upon possible future scenarios. Das Buch versammelt renommierte Ökonomen und Politiker, hauptsächlich (aber nicht nur) aus Italien und Deutschland. Die Autoren vergleichen die makroökonomischen Kulturen und die Leistungsfähigkeit der beiden Länder. Seit dem Zusammenbruch des Bretton-Woods-Systems verfolgen beide Länder sehr unterschiedliche Geldpolitiken. Die Divergenz spiegelte sich auch in der Entwicklung der Wechselkurse: Der Wert der D-Mark stieg von 170 italienischen Lire unter Bretton Woods-Bedingungen auf 990 italienische Lire zu Beginn der Europäischen Währungsunion – eine atemberaubende Abwertung der Lira um rund 85 Prozent! Der Sammelband beschreibt das deutsche und das italienische Wirtschafts- und insbesondere das Geldmodell. Institutionen wie die Bundesbank und die Banca d'Italia stehen im Zentrum. Der historische Hintergrund wird ebenfalls ausgeleuchtet. In einem zweiten Schritt werden diese Modelle in einem breiteren europäischen Kontext analysiert, auch um mögliche künftige Szenarien aufzuzeigen. Mit Beiträgen von: Pierluigi Ciocca, Lorenzo Codogno, Fabio Colasanti, Federico Fubini, Daniel Gros, Otmar Issing, Harold James, Hans-Helmut Kotz, Ivo Maes, Klaus Masuch, Thomas Mayer, Stefano Micossi, Pier Carlo Padoan, Francesco Papadia, Lucio Pench, Tobias Piller, André Sapir, Gunther Schnabl, Ludger Schuhknecht, Sabine Seeger, Giulio Tremonti, Gertrude Tumpel-Gugerell. Vorwort von Jean-Claude Trichet
Proceedings Of The 2022 5th International Conference On Humanities Education And Social Sciences Ichess 2022
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Author : Augustin Holl
language : en
Publisher: Springer Nature
Release Date : 2023-01-13
Proceedings Of The 2022 5th International Conference On Humanities Education And Social Sciences Ichess 2022 written by Augustin Holl and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-01-13 with Education categories.
This is an open access book. ICHESS started in 2018, the last four sessions of ICHESS have all been successfully published. ICHESS is to bring together innovative academics and industrial experts in the field of Humanities Education and Social Sciences to a common forum. And we achieved the primary goal which is to promote research and developmental activities in Humanities Education and Social Sciences, and another goal is to promote scientific information interchange between researchers, developers, engineers, students, and practitioners working all around the world. 2022 5th International Conference on Humanities Education and Social Sciences (ICHESS 2022) was held on October 14-16, 2022 in Chongqing, China. ICHESS 2022 is to bring together innovative academics and industrial experts in the field of Humanities Education and Social Sciences to a common forum. The primary goal of the conference is to promote research and developmental activities in Humanities Education and Social Sciences and another goal is to promote scientific information interchange between researchers, developers, engineers, students, and practitioners working all around the world. The conference will be held every year to make it an ideal platform for people to share views and experiences in Humanities Education and Social Sciences and related areas.
Philippines
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Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2017-11-10
Philippines 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 2017-11-10 with Business & Economics categories.
This Selected Issues paper assesses potential spillover effects to the Philippines from US policy shifts and lower growth in China. The US fiscal expansion affects the Philippine economy through the interest rate and the trade channels. The net spillover impact on Philippine GDP is negative in the short term. Compared with the productive case, in which the net output impact is positive, the US nominal policy rate rises by less, but faster normalization of the US term premium leads to higher real interest rates. On the other hand, the gain from trade is smaller owing to the weaker domestic demand expansion in the United States.
