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Author: Mr.Ke-young Chu
Publisher: International Monetary Fund
ISBN: 1451961065
Category : Business & Economics
Languages : en
Pages : 34
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Book Description
This paper discusses the role of government expenditure policies in the decline in aggregate output in European transition economies. It is argued that there is little evidence for the hypothesis that more expansionary expenditure policies would have helped to mitigate the output decline. While measurement problems allow for very preliminary conclusions, it appears that government expenditures were, generally, not a binding constraint for output. In those cases where it could be argued that government expenditures were a binding constraint, they were usually not the only one. Government expenditure levels still remain on the high side, at least when compared with European market-based economies, and there exists few reasons for pursuing expansionary expenditure policies to lift European transition economies out of the “transitional recession.” While raising expenditure levels per se is an unappealing policy choice, a further reordering of expenditure priorities is desirable. In particular, increases in the share of government expenditures on capital--human and physical--are needed to improve long-run output potential.
Author: Mr.Ke-young Chu
Publisher: International Monetary Fund
ISBN: 1451961065
Category : Business & Economics
Languages : en
Pages : 34
Get Book Here
Book Description
This paper discusses the role of government expenditure policies in the decline in aggregate output in European transition economies. It is argued that there is little evidence for the hypothesis that more expansionary expenditure policies would have helped to mitigate the output decline. While measurement problems allow for very preliminary conclusions, it appears that government expenditures were, generally, not a binding constraint for output. In those cases where it could be argued that government expenditures were a binding constraint, they were usually not the only one. Government expenditure levels still remain on the high side, at least when compared with European market-based economies, and there exists few reasons for pursuing expansionary expenditure policies to lift European transition economies out of the “transitional recession.” While raising expenditure levels per se is an unappealing policy choice, a further reordering of expenditure priorities is desirable. In particular, increases in the share of government expenditures on capital--human and physical--are needed to improve long-run output potential.
Author: Gerd Schwartz
Publisher:
ISBN:
Category :
Languages : en
Pages : 34
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Book Description
This paper discusses the role of government expenditure policies in the decline in aggregate output in European transition economies. It is argued that there is little evidence for the hypothesis that more expansionary expenditure policies would have helped to mitigate the output decline. While measurement problems allow for very preliminary conclusions, it appears that government expenditures were, generally, not a binding constraint for output. In those cases where it could be argued that government expenditures were a binding constraint, they were usually not the only one. Government expenditure levels still remain on the high side, at least when compared with European market-based economies, and there exists few reasons for pursuing expansionary expenditure policies to lift European transition economies out of the quot;transitional recession.quot; While raising expenditure levels per se is an unappealing policy choice, a further reordering of expenditure priorities is desirable. In particular, increases in the share of government expenditures on capital--human and physical--are needed to improve long-run output potential.
Author: Mr.Abdul Abiad
Publisher: International Monetary Fund
ISBN: 1484361555
Category : Business & Economics
Languages : en
Pages : 26
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Book Description
This paper provides new evidence of the macroeconomic effects of public investment in advanced economies. Using public investment forecast errors to identify the causal effect of government investment in a sample of 17 OECD economies since 1985 and model simulations, the paper finds that increased public investment raises output, both in the short term and in the long term, crowds in private investment, and reduces unemployment. Several factors shape the macroeconomic effects of public investment. When there is economic slack and monetary accommodation, demand effects are stronger, and the public-debt-to-GDP ratio may actually decline. Public investment is also more effective in boosting output in countries with higher public investment efficiency and when it is financed by issuing debt.
Author: R. Holzmann
Publisher: Springer Science & Business Media
ISBN: 940110283X
Category : Political Science
Languages : en
Pages : 386
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Book Description
The first phase of transition to a market economy in Central and Eastern Europe was characterized by a sharp output decline. The fall in real GDP exceeded 20% while real industrial production decreased even by 40%. Output Decline in Eastern Europe aims at providing comprehensive, multi-factor explanations for this unique, painful experience. Various hypotheses are analyzed: credit and fiscal policies may have been too tight; the collapse of the CMEA and the USSR came as a shock; domestic producers were neither experienced, nor flexible enough to adjust the output to new patterns of demand. Output Decline in Eastern Europe contains a unique combination of authors from East and West who extensively analyze new data based on country studies. Understanding the causes of recent output decline, the subject matter of this volume may help to assess the prospects for Eastern Europe. The book is addressed to researchers and students as well as interested officials who deal with the transition of formerly centrally planned economies in Central and Eastern Europe.
Author: Branko Milanovi?
Publisher: World Bank Publications
ISBN: 9780821339947
Category : Business & Economics
Languages : en
Pages : 256
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Book Description
World Bank Technical Paper No. 394. Joint Forest Management (JFM) has emerged as an important intervention in the management of Indias forest resources. This report sets out an analytical method for examining the costs and benefits of JFM arrangements. Two pilot case studies in which the method was used demonstrate interesting outcomes regarding incentives for various groups to participate. The main objective of this study is to develop a better understanding of the incentives for communities to participate in JFM.
Author: Stanley Fischer
Publisher: MIT Press
ISBN: 9780262560801
Category : Business & Economics
Languages : en
Pages : 340
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Book Description
This is the ninth in a series of annuals from the National Bureau of Economic Research that are designed to stimulate research on problems in applied economics, to bring frontier theoretical developments to a wider audience, and to accelerate the interaction between analytical and empirical research in macroeconomics. Contents On the Speed of Transition in Eastern Europe, Philippe Aghion and Olivier Jean Blanchard * The Costs of Business Cycles with Incomplete Markets, Andrew Atkeson and Christopher Phelan * The U.S. Fiscal Problem: Where We Are, How We Got Here and Where We Are Going, Alan Auerbach * The East Asian Miracle Economies, John Page * What Ends Recessions? Christina Romer and David Romer * Toward a Modern Macroeconomic Model Usable for Policy Analysis, Christopher Sims and Eric Leeper
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451850956
Category : Business & Economics
Languages : en
Pages : 86
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Book Description
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Author: John Dodsworth
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 72
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Book Description
The paper explores the pattern of transition of the Vietnamese economy, the policies that were applied, and the reasons for the country's success. In particular, it focuses on output performance; state-owned enterprises; foreign direct investment; determinants of inflation; dollarization and problems of economic management; international integration and exchange rate policy; growth and diversification of trade, trade reform, exchange reform, and exchange rate policy.
Author: Mr.Ruben Atoyan
Publisher: International Monetary Fund
ISBN: 1498367453
Category : Social Science
Languages : en
Pages : 48
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Book Description
This paper analyses the impact of large and persistent emigration from Eastern European countries over the past 25 years on these countries’ growth and income convergence to advanced Europe. While emigration has likely benefited migrants themselves, the receiving countries and the EU as a whole, its impact on sending countries’ economies has been largely negative. The analysis suggests that labor outflows, particularly of skilled workers, lowered productivity growth, pushed up wages, and slowed growth and income convergence. At the same time, while remittance inflows supported financial deepening, consumption and investment in some countries, they also reduced incentives to work and led to exchange rate appreciations, eroding competiveness. The departure of the young also added to the fiscal pressures of already aging populations in Eastern Europe. The paper concludes with policy recommendations for sending countries to mitigate the negative impact of emigration on their economies, and the EU-wide initiatives that could support these efforts.
Author:
Publisher:
ISBN:
Category : Finance
Languages : en
Pages : 710
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Book Description
