Macroeconomic Policy Frameworks of Small States PDF Download

Author: Gérard Adonis
Publisher: Commonwealth Secretariat
ISBN: 1849290636
Category : Business & Economics
Languages : en
Pages : 74

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Book Description
This book reviews the implementation of macroeconomic policies in Malta, identifying the key issues, lessons learnt and best practices which could be adapted by other small states. It also sets out the country's challenges for the future, including attending to the conflicting demands of environmental conservation and economic development.

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498344062
Category : Business & Economics
Languages : en
Pages : 74

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Book Description
Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.

Author: Signe Krogstrup
Publisher: International Monetary Fund
ISBN: 1513511955
Category : Business & Economics
Languages : en
Pages : 58

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Book Description
Climate change is one of the greatest challenges of this century. Mitigation requires a large-scale transition to a low-carbon economy. This paper provides an overview of the rapidly growing literature on the role of macroeconomic and financial policy tools in enabling this transition. The literature provides a menu of policy tools for mitigation. A key conclusion is that fiscal tools are first in line and central, but can and may need to be complemented by financial and monetary policy instruments. Some tools and policies raise unanswered questions about policy tool assignment and mandates, which we describe. The literature is scarce, however, on the most effective policy mix and the role of mitigation tools and goals in the overall policy framework.

Author: International Monetary Fund. Monetary and Capital Markets Department
Publisher: International Monetary Fund
ISBN: 1498339174
Category : Business & Economics
Languages : en
Pages : 33

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Book Description
MCM conducted a survey in December 2010 to take stock of international experiences with financial stability and the evolving macroprudential policy framework. The survey was designed to seek information in three broad areas: the institutional setup for macroprudential policy, the analytical approach to systemic risk monitoring, and the macroprudential policy toolkit. The survey was sent to 63 countries and the European Central Bank (ECB), including all countries in the G-20 and those subject to mandatory Financial Sector Assessment Programs (FSAPs). The target list is designed to cover a broad range of jurisdictions in all regions, but more weight is given to economies that are systemically important (see Annex for details). The response rate is 80 percent. This note provides a summary of the survey’s main findings.

Author: Arnold McIntyre
Publisher: International Monetary Fund
ISBN: 1484351010
Category : Business & Economics
Languages : en
Pages : 23

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Book Description
The paper considers concepts of economic diversification with respect to exports (including service sectors) for small states. We assessed the economic performance of different groups of 34 small states over the period of 1990-2015 and found those more diversified experienced lower output volatility and higher average growth than most other small states. Our findings are consistent with conventional economic theories but we found that export diversification has a more significant impact on reducing output volatility than improving long run growth in small states. Diversification requires fundamental changes and should be contemplated in the context of a cohesive development strategy.

Author: Laurent Goetschel
Publisher: Springer Science & Business Media
ISBN: 9780792382805
Category : Political Science
Languages : en
Pages : 306

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Book Description
Small States in and outside the European Union offers a broad overview of the small states problematic in Europe. It touches upon definition issues, history, security policy, neutrality, EU institutional aspects and also includes contributors from Central and Eastern European countries. It presents a thorough analysis of different scenarios for EU institutional reform and their repercussions on the influence of small member states. The comparative results are visualized in tables. The work contains several contributions from practitioners who give insight into policy games and issues of national sensitivity not usually covered by purely scholarly publications. The European environment has changed dramatically through the processes of regional integration and rising interdependence. Relations between European states both inside and outside the EU are governed as never before by rules, norms, and fixed procedures. The book investigates the consequences of these developments on the foreign and security policy of small states. Academics and professionals from Austria, Denmark, Finland, Ireland, Lithuania, Luxembourg, Slovenia, Sweden, and Switzerland, as well as from the European Commission and the Council of Ministers, elaborate on these issues. Institutional regulations and traditional power politics as well as the foreign and security policy traditions of the states concerned, including the question of neutrality, are investigated. In addition, the book identifies the main interests of small states in today's Europe and offers an overview of different strategies these states apply in the realm of foreign and security policy. The book is interesting for the case studies it offers as well as for the reflections it contains regarding fundamental questions of the essence of statehood in today's Europe.

Author: Yair Listokin
Publisher: Harvard University Press
ISBN: 0674976053
Category : Law
Languages : en
Pages : 281

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Book Description
A distinguished Yale economist and legal scholar’s argument that law, of all things, has the potential to rescue us from the next economic crisis. After the economic crisis of 2008, private-sector spending took nearly a decade to recover. Yair Listokin thinks we can respond more quickly to the next meltdown by reviving and refashioning a policy approach whose proven success is too rarely acknowledged. Harking back to New Deal regulatory agencies, Listokin proposes that we take seriously law’s ability to function as a macroeconomic tool, capable of stimulating demand when needed and relieving demand when it threatens to overheat economies. Listokin makes his case by looking at both positive and cautionary examples, going back to the New Deal and including the Keystone Pipeline, the constitutionally fraught bond-buying program unveiled by the European Central Bank at the nadir of the Eurozone crisis, the ongoing Greek crisis, and the experience of U.S. price controls in the 1970s. History has taught us that law is an unwieldy instrument of macroeconomic policy, but Listokin argues that under certain conditions it offers a vital alternative to the monetary and fiscal policy tools that stretch the legitimacy of technocratic central banks near their breaking point while leaving the rest of us waiting and wallowing.

Author: Mr.Olivier J. Blanchard
Publisher: International Monetary Fund
ISBN: 1484365860
Category : Business & Economics
Languages : en
Pages : 26

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Book Description
This note explores how the economic thinking about macroeconomic management has evolved since the crisis began. It discusses developments in monetary policy, including unconventional measures; the challenges associated with increased public debt; and the policy potential, risks, and institutional challenges associated with new macroprudential measures. Rationale: The note contributes to the ongoing debate on several aspects of macroeconomic policy. It follows up on the earlier “Rethinking” paper, refining the analysis in light of the events of the past two years. Given the relatively fluid state of the debate (e.g., recent challenges to central bank independence), it is useful to highlight that while many of the tenets of the pre-crisis consensus have been challenged, others (such as the desirability of central bank independence) remain valid.

Author: International Monetary Fund
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781513558769
Category : Business & Economics
Languages : en
Pages : 54

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Book Description
Policymakers often face difficult tradeoffs in pursuing domestic and external stabilization objectives. The paper reflects staff’s work to advance the understanding of the policy options and tradeoffs available to policymakers in a systematic and analytical way. The paper recognizes that the optimal path of the IPF tools depends on structural characteristics and fiscal policies. The operational implications of IPF findings require careful consideration. Developing safeguards to minimize the risk of inappropriate use of IPF policies will be essential. Staff remains guided by the Fund’s Institutional View (IV) on the Liberalization and Management of Capital Flows.

Author: David Peretz
Publisher: Commonwealth Secretariat
ISBN: 9780850926736
Category : Business & Economics
Languages : en
Pages : 628

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Book Description
This collection of papers presented to the Commonwealth Secretariat/World Bank Joint Task Force conferences sets out an agenda for future national, regional and international actions to address economic vulnerabilities of small states.