Financial Sector Reforms, Macroeconomic Instability and the Order of Economic Liberalization PDF Download
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Author: Sylvanus I. Ikhide
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 52
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Book Description
Author: Sylvanus I. Ikhide
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 52
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Book Description
Author: Dwayne Wrightsman
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 366
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Book Description
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451844239
Category : Business & Economics
Languages : en
Pages : 33
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Book Description
Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.
Author: Georgy Yordanov Ganev
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
As more central banks across Central and Eastern Europe (CEE) move towards inflation control - either in the form of direct inflation targeting or indirectly through informal targets - good knowledge of transmission mechanism in the economy becomes crucial for implementing good policies. So far the volume of studies in the region devoted to this issue is not overly impressive. There have been no attempts made to study the issue in a comparative context of several economies. In the case of CEE, this research field, like many others, is naturally constrained by at least two important factors. The first is the lack of data in terms of both length of time series and of quality and reliability. The second is the constant institutional changes in the studied environment which renders the different models and techniques structurally unstable and the results - generally volatile. The purpose of this study is to review the existing literature on transmission mechanism in CEE and put it in a broader context of the problems related to research on monetary policy. Also, we attempted to conduct empirical analysis for 10 transition economies using analogous methodology for the same sample period 1995-2000. In this comparative framework a series of Granger causality tests and impulse response analysis were carried out to asses the strength of two major transmission channels: interest rate and exchange rate channel. Also in the empirical part, we tried to look for the existence of long-run relationships between the basic set of macroeconomic variables in the countries under investigation. The paper is composed as follows. Chapter 2 briefly reviews the transmission mechanism research in CEE with special emphasis on the origin of studies, methods used and general inferences. Then, chapter 3 presents a problembased discussion of issues related to transmission mechanism in the special context of transition economies. Goals, targets and tools of monetary policy as well a exchange rate regimes are reviewed and discussed. Chapters 4 and 5 present empirical results. Chapter 4 describes core inflation estimates and selection process as well as presents all remaining variables and tests for the level of integration. Chapter 5 includes the empirical analysis of transmission mechanism through Granger causality and impulse responses as well as cointegration analysis. Finally, chapter 7 concludes the paper with summary of results.
Author: Emmanuel Elakhe
Publisher: GRIN Verlag
ISBN: 366857491X
Category : Business & Economics
Languages : en
Pages : 43
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Book Description
Master's Thesis from the year 2016 in the subject Economics - Other, grade: 3.67, , course: Development Economics, language: English, abstract: The study examined the impact of government fiscal and monetary policies on economic growth within the period of 33 years (1981-2014). Time series data were derived from the Central Bank of Nigeria statistical bulletin, while the method of analysis was the Johansen Cointegration test, vector error correction method and the Wald test of coefficient. The result of the findings showed that there is a significant relationship between explanatory variables (government expenditure, interest rate and money supply) taken jointly and the dependent variable (real gross domestic product) in the long run. The coefficient of error correction term is -0.02 showing a 2% yearly adjustment towards the long run equilibrium. This proves that there is a relationship between the dependent variable- real gross domestic product and the independent variables - government expenditure, money supply and interest rate in the long run. The estimated coefficients of the short run model indicate no significant relationship between the dependent variable real gross domestic product and independent variables government expenditure, money supply and interest rates taken together but individually a short run relationship exist between the fiscal variable (government expenditure) and real GDP and between the monetary variable (money supply and interest rate) and real GDP. The policy implication of these findings is that more strategies needs to be put in place in order to ensure that monetary and fiscal policies taken jointly positively impacts on economic growth the in the shortrun.
Author: Ramesh Chandra Das
Publisher: Emerald Group Publishing
ISBN: 1789733197
Category : Business & Economics
Languages : en
Pages : 429
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Book Description
The Impacts of Monetary Policy in the 21st Century illustrates the effect of financial policies upon global economic indicators, with special reference made to issues effecting East Asian nations generally and with a particular focus on Indian economic development since 2000.
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: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498344658
Category : Business & Economics
Languages : en
Pages : 257
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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: Mr.Thomas Baunsgaard
Publisher: International Monetary Fund
ISBN: 1451857330
Category : Business & Economics
Languages : en
Pages : 38
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Book Description
Fiscal policy in oil-producing countries can be profoundly affected by oil revenue uncertainty and volatility. Policy formulation should factor in the exhaustibility of the natural resources and aim at reducing oil revenue volatility passed on to the economy. Past fiscal policy in Nigeria has not been successful in this regard, since both revenue and expenditure have been highly volatile, to a large extent reflecting oil price developments. The paper discusses the role an appropriately designed fiscal rule, nested within the long-run sustainable use of oil revenue, could have in providing a more stable framework for fiscal policy formulation. It also highlights practical implementation and transitional issues.
Author: Ngozi Okonjo-Iweala
Publisher:
ISBN: 9780979037658
Category : Nigeria
Languages : en
Pages : 28
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Book Description
"Following years of economic stagnation, Nigeria embarked on a comprehensive reform program during the second term of the Obasanjo administration. The program was based on the National Economic Empowerment and Development Strategy (NEEDS) and focused on four main areas: improving the macroeconomic environment, pursuing structural reforms, strengthening public expenditure management, and implementing institutional and governance reforms. This paper reviews Nigeria's recent experience with economic reforms and outlines major policy measures that have been implemented. Although there have been notable achievements under the program, significant challenges exist, particularly in translating the benefits of reforms into welfare improvements for citizens, in improving the domestic business environment, and in extending reform policies to states and local governments." The authors argue that the reform program must be considered as 'initial steps on a long journey'; consequently, they have outlined a number of outstanding issues that need to be addressed by future Nigerian administrations.
