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Author: Guillermo E. Perry Publisher: World Bank Publications ISBN: 0821370855 Category : Business & Economics Languages : en Pages : 354
Book Description
Fiscal policy in Latin America has been guided primarily by short-term liquidity targets whose observance was taken as the main exponent of fiscal prudence, with attention focused almost exclusively on the levels of public debt and the cash deficit. Very little attention was paid to the effects of fiscal policy on growth and on macroeconomic volatility over the cycle. Important issues such as the composition of public expenditures (and its effects on growth), the ability of fiscal policy to stabilize cyclical fluctuations, and the currency composition of public debt were largely neglected. As a result, fiscal policy has often amplified cyclical volatility and dampened growth. 'Fiscal Policy, Stabilization, and Growth' explores the conduct of fiscal policy in Latin America and its consequences for macroeconomic stability and long-term growth. In particular, the book highlights the procyclical and anti-investment biases embedded in the region's fiscal policies, explores their causes and macroeconomic consequences, and asesses their possible solutions.
Author: Guillermo E. Perry Publisher: World Bank Publications ISBN: 0821370855 Category : Business & Economics Languages : en Pages : 354
Book Description
Fiscal policy in Latin America has been guided primarily by short-term liquidity targets whose observance was taken as the main exponent of fiscal prudence, with attention focused almost exclusively on the levels of public debt and the cash deficit. Very little attention was paid to the effects of fiscal policy on growth and on macroeconomic volatility over the cycle. Important issues such as the composition of public expenditures (and its effects on growth), the ability of fiscal policy to stabilize cyclical fluctuations, and the currency composition of public debt were largely neglected. As a result, fiscal policy has often amplified cyclical volatility and dampened growth. 'Fiscal Policy, Stabilization, and Growth' explores the conduct of fiscal policy in Latin America and its consequences for macroeconomic stability and long-term growth. In particular, the book highlights the procyclical and anti-investment biases embedded in the region's fiscal policies, explores their causes and macroeconomic consequences, and asesses their possible solutions.
Author: Anis Chowdhury Publisher: Routledge ISBN: 1134838980 Category : Business & Economics Languages : en Pages : 304
Book Description
The issue of economic development and monetary stability has produced one of the most passionate debates in economic literature. Yet, much of the evidence employed in this debate is contradictory. Monetary and Financial Policies in Developing Countries: Growth and Stabilization brings together diverse views on the subject within a coherent framework. The work includes: * a balanced assessment of empirical findings and their theoretical foundations on the role of money and growth * a discussion of financial liberalization reform in developing countries * an analysis of monetary policy as an instrument of economic stabilization * an examination of the monetary supply and demand process in developing countries * a study of the relationship between money, credit, the balance of payments, inflation and the exchange rate system * a reflection on market failures and the role of government.
Author: Joseph Stiglitz Publisher: OUP Oxford ISBN: 019153711X Category : Business & Economics Languages : en Pages : 364
Book Description
There is growing dissatisfaction with the economic policies advocated by the IMF and other international financial institutions - policies that have often resulted in stagnating growth, crises, and recessions for client countries. This book presents an alternative to "Washington Consensus" neo-liberal economic policies by showing that both macro-economic and liberalization policy must be sensitive to the particular circumstances of developing countries. One-size-fits-all policy prescriptions are likely to fail given the vast differences between countries. This book discusses how alternative approaches to economic policy can better serve developing countries both in ordinary times and in times of crisis.
Author: World Institute for Development Economics Research Publisher: MIT Press ISBN: 9780262022798 Category : Business & Economics Languages : en Pages : 452
Book Description
Rampant inflation is a major economic problem in many of the less developed countries; two out of three attempts to stabilize these economies fail. Inflation Stabilization provides a valuable description and a critical analysis of the disinflation programs introduced in Argentina, Bolivia, Brazil, and Israel in 1985-86, and discusses the possibility of such a program in Mexico. It documents the initial steps in stabilization as well as the reasons for failure.As architects of the programs, several of the authors are in key positions to assess which aspects were critical in getting the programs accepted and where to look for difficulties and failures. In Israel, inflation was halted without recession. The challenge to policy makers today is in shifting from stabilization to the revival of sustained growth. This experience is described fully by Michael Bruno and Sylvia Piterman, who examine the critical issue of exchange rates, and by Alex Cukierman, who uses modeling to analyze the interaction of money, wages, prices, and activity under rational expectations that take the government's policy objectives into account.Endemic inflation and a sudden increase in external debt burden Argentina's economy, raising the wider issues of high inflation economies and stabilization that are discussed in the chapter by José Luis Machinea and that by Guido Di Tella and Alfredo Canavese.Eduardo Modiano and Mario Simonsen take up issues of wages in Brazil, particularly the problem of finding an equitable way to deal with a wage freeze; Simonsen develops an ambitious game theoretic rationalization of incomes policy as a coordinating device for imperfectly competitive economies. Bolivia did reach hyperinflation (price increases of more than 50 percent each month) before stabilizing. Juan Antonio Morales shows how stabilizing the exchange rate, in an economy where all pricing was already geared to the dollar, achieved stabilization without a wage or price freeze. And Francisco Gil Diaz asks whether an incomes-policy based program could work to control ever increasing inflation in Mexico.
Author: Commission on Growth and Development Publisher: World Bank Publications ISBN: 0821374923 Category : Business & Economics Languages : en Pages : 198
Book Description
The result of two years work by 19 experienced policymakers and two Nobel prize-winning economists, 'The Growth Report' is the most complete analysis to date of the ingredients which, if used in the right country-specific recipe, can deliver growth and help lift populations out of poverty.
Author: Blanca Moreno-Dodson Publisher: World Bank Publications ISBN: 0821396315 Category : Business & Economics Languages : en Pages : 285
Book Description
The effects of fiscal policy measures, both taxes and public spending, adopted by developing countries in response to the 2009 global crisis are still uncertain. This book discusses them using an analytical framework that allows for distilling possible implications on growth and social welfare.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1498344658 Category : Business & Economics Languages : en Pages : 257
Book Description
This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
Author: Hassan Bougrine Publisher: Edward Elgar Publishing ISBN: 1786439573 Category : Business & Economics Languages : en Pages : 361
Book Description
Hassan Bougrine, Louis-Philippe Rochon and the expert contributors to this book explore issues of economic growth and full employment; presenting a clear explanation to stagnation, recessions and crises, including the latest Global Financial Crisis of 2007-8. With a central focus on the role played by government spending, deficits and debt as well as the setting of interest rates, the chapters propose alternative policies that can be used by central banks and fiscal authorities to deal with problems of income inequality, unemployment and slow productivity.
Author: Guillermo E. Perry
Author: Guillermo E. Perry
Author: Anis Chowdhury
Author: Joseph Stiglitz
Author: World Institute for Development Economics Research
Author: Commission on Growth and Development
Author: Lance Taylor
Author: L. Taylor
Author: Blanca Moreno-Dodson
Author: International Monetary Fund
Author: Hassan Bougrine