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Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1451957033
Category : Business & Economics
Languages : en
Pages : 181
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Book Description
This paper examines effects of economic growth and speed of adjustment on openness, human development, and fiscal policies. The model developed in this paper postulates that learning through experience raises labor productivity with three major consequences. First, the steady-state growth rate of output becomes endogenous and is influenced by government policies. Second, the speed of adjustment to steady-state growth increases and enhanced learning further reduces adjustment time. Third, both steady-state growth and the optimal net rate of return to capital are higher than the sum of the exogenous rates of technical change and population growth.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1451957033
Category : Business & Economics
Languages : en
Pages : 181
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Book Description
This paper examines effects of economic growth and speed of adjustment on openness, human development, and fiscal policies. The model developed in this paper postulates that learning through experience raises labor productivity with three major consequences. First, the steady-state growth rate of output becomes endogenous and is influenced by government policies. Second, the speed of adjustment to steady-state growth increases and enhanced learning further reduces adjustment time. Third, both steady-state growth and the optimal net rate of return to capital are higher than the sum of the exogenous rates of technical change and population growth.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1451973306
Category : Business & Economics
Languages : en
Pages : 158
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Book Description
This paper focuses on the payments system reforms and monetary policy in emerging market economies in Central and Eastern Europe. The reforms in the payments system are viewed as closely interrelated with the development of money and foreign exchange markets and the instruments of monetary policy used by the central banks. The paper shows that although starting from similar origins, there were significant variations in experiences of the countries studied in transforming their payments systems after the start of the reforms toward a market economy, from which certain lessons can be drawn.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1462328334
Category : Business & Economics
Languages : en
Pages : 176
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Book Description
The paper presents a model of optimum currency areas using a general equilibrium approach with regionally differentiated goods. The choice of a currency union depends upon the size of the underlying disturbances, the correlation between these disturbances, the costs of transactions across currencies, factor mobility across regions, and the interrelationships between demand for different goods. It is found that, while a currency union can raise the welfare of the regions within the union, it unambiguously lowers welfare for those outside the union. [JEL F33, F36]
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 145194716X
Category : Business & Economics
Languages : en
Pages : 217
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Book Description
Primary commodities still account for the bulk of exports in many developing countries. However, real commodity prices have been declining almost continuously since the early 1980s. The appropriate policy response to a terms of trade shock depends importantly on whether the shock is perceived to be temporary or permanent. Our results indicate that the recent weakness in commodity prices is mostly secular, stressing the need for commodity exporting countries to concentrate on export diversification and other structural policies. There is, however, scope for stabilization funds and the use of hedging strategies, since the evidence also suggests commodity prices have become more volatile.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1451957092
Category : Business & Economics
Languages : en
Pages : 268
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Book Description
This paper extends a standard growth model and obtains consistent panel data estimates of the growth retarding effects of military spending via its adverse impact on capital formation and resource allocation. Simulation experiments suggest that a substantial long-term “peace dividend”—in the form of higher capacity output—may result from markedly lower military expenditure levels achieved in most regions during the late 1980s, and the further military spending cuts that would be possible if global peace could be secured.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1451957068
Category : Business & Economics
Languages : en
Pages : 244
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Book Description
This paper provides a critical survey of the literature on politico-institutional determinants of the government budget. We organize our discussion around two questions: Why did certain OECD countries, but not others, accumulate large public debts? Why did these fiscal imbalances appear in the last twenty years rather than sooner? We begin by discussing the “tax smoothing” model and conclude that this approach alone cannot provide complete answers to these questions. We then proceed to a discussion of political economy models, which we organize into six groups: (1) models based upon opportunistic policy makers and naive voters with “fiscal illusion”; (2) models of intergenerational redistributions; (3) models of debt as a strategic variable, linking the current government with the next one; (4) models of coalition governments; (5) models of geographically dispersed interests; and (6) models emphasizing the effects of budgetary institutions. We conclude by briefly discussing policy implications.
Author: International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781463915476
Category : Business & Economics
Languages : en
Pages : 194
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Book Description
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1451956274
Category : Business & Economics
Languages : en
Pages : 229
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Book Description
This paper analyses possible approaches to a model of world trade and payments. Any world economic model resulting from linking national models together will inevitably have some of the characteristics of these national models. Since the national models that are to be connected are, overall, constructed so as to explain short-run variations in aggregate economic magnitudes such as economic activity, employment, and over-all price levels, the resulting world economic model will be best suited to explain short-term variations in trade and financial flows and the relationships between these flows and the policies conducted in the various countries with respect to the adjustment of demand and economic activity in the short run. Any model intended to explain the trade flows among many countries and regions must have strong microeconomic features it must be more nearly Walrasian than Keynesian. The practicability of building into a trade model the appropriate microeconomic features of this sort is, of course, a function of the size and degree of disaggregation of the model.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 145195669X
Category : Business & Economics
Languages : en
Pages : 185
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Book Description
This paper illustrates the important consequences of the choice of reserve assets. It considers hypothetical international reserve systems based on gold, on one or several national currencies, on an international financial asset that is not a national currency, and on a combination of these assets. The functioning and macroeconomic consequences of these reserve systems depend very much on the predominant exchange rate regime and on the flexibility of countries' prices and wages. The paper concludes that, because a considerable degree of exchange rate flexibility must be expected for some time to come, a gold-standard system does not offer a viable solution and should be ruled out. Under managed floating, with wages and prices inflexible downward, regulation of the amount of reserve creation, either through appropriately functioning market forces or through international surveillance, could make an important contribution to international economic stability. The patterns of private holding and use of historical reserve assets raise the question of whether there can be an important role for the special drawing rights in a future reserve system as long as its potential as a private asset remains undeveloped.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1451974558
Category : Business & Economics
Languages : en
Pages : 116
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Book Description
This economic journal contains theoretical and empirical analyses of varous macroeconomic issues. The studies are prepapred by IMF research staff or consultants. Subjects covered inclulde balance of payments and exchange rates, monetary systems and policies, public finances, international trade, economic growth, and some sectoral analyses. The last issue of the year contains an index to the volume. Approximately 200 pages in each issue.
