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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: 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: 1451930933
Category : Business & Economics
Languages : en
Pages : 212
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Book Description
This paper reviews recent theoretical and empirical work on controls over International capital movements. Theoretical contributions reviewed focus on “second-best “ arguments for capital market restrictions, as well as arguments based on multiple equilibria. The empirical literature suggests that controls have been “effective “ in the narrow sense of influencing yield differentials. But there is little evidence that controls have helped governments meet policy objectives, with the exception of reducing the governments’ debt-service costs, and no evidence that controls have enhanced economic welfare in a manner suggested by theory.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1451973446
Category : Business & Economics
Languages : en
Pages : 188
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Book Description
This paper examines the volatility and predictability of emerging stock markets. A range of measures suggests that, despite perceptions to the contrary, the volatility of emerging markets may have fallen rather than risen on average. Also, although the autocorrelations in emerging market returns appear to turn negative at horizons of a year or more, the magnitude of these return reversals is not that much larger than reversals in some mature markets. One interpretation of the results would be that emerging markets have not consistently been subject to fads or bubbles, or at least no more so than in some industrial countries.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1451956223
Category : Business & Economics
Languages : en
Pages : 211
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Book Description
An earlier version of this paper was presented to a conference on the topic “Is the Business Cycle Obsolete?” organized by the Social Science Research Council and held in London, England, on April 3–7, 1967.
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: 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: 9781589064195
Category : Business & Economics
Languages : en
Pages : 156
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Book Description
This first issue of IMF Staff Papers for 2005 contains 7 papers that discuss: whether output recovered after the Asian crisis; the value of a country's trading partners to its own economic growth; whether interdependence is a factor in understanding the spread of currency crises; can remittance payments from expatriates be a reliable source of capital for economic development?; total factor productivity; designing a VAT for the energy trade in Russia and Ukraine; and lastly, a discussion of the reasons for central bank intervention in ERM-I since 1993
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1451968590
Category : Business & Economics
Languages : en
Pages : 180
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Book Description
The purpose of this paper is to bring monetary events, monetary data, and monetary problems within the framework of income analysis. The study tries to bridge gaps between: the views widely held on the relation between financial policies and payments questions; and the analytical tools used to explain payments developments. The failure to accommodate monetary factors in the analysis probably becomes most evident when questions are raised concerning the effects of specified monetary changes on income or on the balance of payments. The tools used in the economic analysis of situations are necessarily simplifications of a more general economic theory—simplifications which bring into focus the factors that seem most important in the classes of situation studied. The decision to treat domestic credit expansion as an autonomous variable is dictated by the purposes of the analysis. As statistically measured, credit expansion is a net concept, the difference between credit outstanding at the end and at the beginning of a period. Part of the repayments that occur during a period may be caused by new loans granted during this or a preceding period.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1589067223
Category : Business & Economics
Languages : en
Pages : 220
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Book Description
In this issue, a team of economists look at approaches to modeling the use of IMF resources in order to gauge whether the recent decline in credit outstanding is a temporary or permanent phenomenon. Era Dabla-Norris and Gabriela Inchauste examine what drives the growth of firms, with a focus on informality and regulations. Evan Tanner and Issouf Samake use a vector autoregression approach to examine the probabilistic sustainability of public debt in Brazil. Mexico, and Turkey. And Rachel Glennerster and Yongseok Shin ask whether transparency pays?that is, does the frequency and accuracy of macroeconomic information released to the public lead to lower borrowing costs in sovereign debt markets?
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 145195624X
Category : Business & Economics
Languages : en
Pages : 193
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Book Description
From the Foreword to the first issue: “Among the responsibilities of the International Monetary Fund, as set forth in the Articles of Agreement, is the obligation to ‘act as a center for the collection and exchange of information on monetary and financial problems,’ and thereby to facilitate ‘the preparation of studies designed to assist members in developing policies which further the purposes of the Fund.’ The publications of the Fund are one way in which this responsibility is discharged. “Through the publication of Staff Papers, the Fund is making available some of the work of members of its staff. The Fund believes that these papers will be found helpful by government officials, by professional economists, and by others concerned with monetary and financial problems. Much of what is now presented is quite provisional. On some international monetary problems, final and definitive views are scarcely to be expected in the near future, and several alternative, or even conflicting, approaches may profitably be explored. The views presented in these papers are not, therefore, to be interpreted as necessarily indicating the position of the Executive Board or of the officials of the Fund.” The authors of the papers in this issue have received considerable assistance from their colleagues on the staff of the Fund. This general statement of indebtedness may be accepted in place of a detailed list of acknowledgments. Subscription: US$6.00 a volume or the approximate equivalent in the currencies of most countries. Three numbers constitute a volume. Single copies may be purchased at $2.50. Special rate to university libraries, faculty members, and students: $3.00 a volume; $1.00 a single copy. Subscriptions and orders should be sent to: THE SECRETARY International Monetary Fund 19th and H Streets, N.W. Washington, D. C. 20431
