Macroeconomic Policy Research Papers - Academia.edu (original) (raw)

Top Papers
Most Cited Papers
Most Downloaded Papers
Newest Papers
People
- by
- •
- Capital Flows, Macroeconomic Policy

Downloadable! Poverty in Bolivia continues to be among the highest in Latin America despite decades of concerted national and international efforts to reduce it. Bolivia has meticulously followed the recommendations of the Washington... more

- by Lykke Andersen
- •
- Foreign Direct Investment, Human Capital, Social Mobility, Latin America
- by Romain Wacziarg
- •
- Economics, Economic Growth, Papers, Trade Policy
- by Vimal Balasubramaniam
- •
- China, International Finance, Applied Economics, Monetary Policy

A szakirodalom nagy része által elfogadott tény, hogy a globalizáció hatással van a jóléti államra. A kormányok kettős szorítással szembesülnek, megnőttek ugyanis a kiadások iránti igények, ugyanakkor a bevételi források lecsökkentek. A globalizáció által kiváltott azonos kihívásra a jóléti államok eltérő válaszokat
adtak. A tanulmány célja elsősorban két lehetséges irány leíró jellegű bemutatása Svédország és Franciaország példáján keresztül. Míg a svéd jóléti rendszeren radikális átalakításokat hajtottak végre, amelyek javították is az ország teljesítményét, addig Franciaországban nem következett be alapvető változás, csupán kisebb reformokat vezettek be.
Majority of the literature accept that globalization has an impact on the welfare state. Governments face a double jeopardy as demand for government expenditure has increased and at the same time sources of revenue have decreased. Welfare states had different answers to the same challenge caused by globalization. The primary aim of the study is the descriptive introduction of two possible directions through the examples of Sweden and France. While the Sweden welfare system was radically changed that ameliorated the country's performance, in France, instead of fundamental change, minor reforms were undertaken.

- by Marietta Kiss
- •
- Globalization, Welfare State, Taxation, Unemployment

Singapore consistently ranks high among 'most attractive countries for international business' and has achieved a per capita GDP level comparable to levels of developed western nations. Though the economy was affected by Asian financial crisis, the country's sound macroeconomic fundamentals, as well as the government's efforts to cut business costs, resulted in economic rebound in 1999 and 2000. However, from

- by Sudha Menon
- •
- International Trade, Economy, Financial Services, Macroeconomic Policy

The difficulties most Latin American countries have experienced in returning to sustained growth after the world recession and debt crisis of 1982 have surprised and frustrated many observers. Concern is increasingly expressed about the social costs of this period of recession and adjustment, especially for the poorest sectors of the population. Nowhere is this concern better placed than Brazil, with roughly 45 million people living in households below the poverty line in1987. By effectively failing to adjust internal demand to the decline in external funds, Brazil set records with respect to its neighbors in per capita growth and inflation between 1982-88. Brazil, by choosing an expansionary fiscal path, traded growth in the middle years of the decade for inflation and a larger debt three years later. This study looks at the impact of that tradeoff on poverty alleviation in Brazil. Macroeconomic policy affects few people directly. Instead, macroeconomic policy operates through fact...

- by Louise Fox
- •
- Economics, Economic Theory, Economic policy, Inequality

The article analyzes and deals with the problems associated to exclusion of persons with disabilities from the workforce based on the impact it has in the context of economic and social dimensions, considering the fact that it results in high cost because of such exclusion. Specifically, it estimates the macroeconomic cost to the Spanish economy by modeling the incorporation of this collective into the job market. Varying types of inclusion are proposed, which are defined in terms of the different barriers that this collective encounters when attempting to access the job market. In this article, these barriers are divided between those that result from a labor gap and those that result from an education gap. The study then quantifies the macroeconomic benefits resulting from an increased participation of persons with disabilities in the workforce.

- by Rosa Santero-Sánchez
- •
- Disability Studies, Exclusion, Input-Output Analysis, Integration

This paper uses a computable general equilibrium model (CGE) to assess the gains from unilateral trade liberalization in Costa Rica within a comparative statics framework. The paper considers recent economic policies in Costa Rica and the structure of the economy. We then present a brief description of the economic scenarios we intend to analyze, in the context of the current economic situation in Costa Rica. The structure of the CGE is presented and data sources outlined. Simulations scenarios are described in detail and the results analyzed. Relevant policy conclusions are drawn.

- by Raul Hinojosa
- •
- Economics, Economic policy, Trade Liberalization, Computable General Equilibrium

This paper reassesses the macroeconomic policy responses of advanced capitalist economies to the Great Recession. It firstly shows that the various responses had a strikingly similar configuration, namely a strong monetary reaction combined with a perceptible but limited (in terms of both scope and time) fiscal expansion. Although the specific monetary and fiscal policies chosen as well as their relative strength varied, this general pattern repeated itself in countries that otherwise were characterized by different political and economic conditions. What stands behind this similar configuration of macroeconomic policy responses? Existing explanations point towards the ubiquitous political power of austerity ideas and the all-pervasive power of financial interests. Without denying the influence of these factors, I argue that no less important was the influence of a common "monetarist" institutional context of macroeconomic policymaking in advanced economies. Monetarist institutions, which were consolidated in the decades preceding the crisis, gave preference to price stability as the main macroeconomic goal, defined monetary policy as the main macroeconomic instrument, and set central banks as the main macroeconomic policymaker. I explain why monetarism, as an institutional structure, supports the adoption of a common macroeconomic policy configuration and why it gives preference to "austerity" ideas and the interests of the financial sector

- by Ronen Mandelkern
- •
- Macroeconomic Policy, Great Recession, Monetarism
- by Reinhard Neck
- •
- Economics, Fiscal policy, Monetary Policy, Public Debt
- by Stephanie Seguino
- •
- Economics, Feminist Economics, International Relations, Political Science
- by Muhammad Javid
- •
- Economics, Economic Growth, Foreign Aid, Developing Country

Venezuela is currently immersed in a severe economic crisis as a result of years of domestic mismanagement and the recent reversal in oil prices. Against this backdrop this paper attempts to formulate a proposal for stabilization and recovery which includes upfront key policy actions to deal with the drastic foreign exchange constraint. A logical and obvious priority is the redesign of the foreign exchange regime. The recovery of readily available foreign currency liquidity is of paramount importance since it will allow the lift of the exchange control and the implementation stable and competitive real exchange rate (SCRER), but also will provide the required level of liquid foreign exchange that the economy needs to remove shortages across the board and promote the recovery in economic activity. The recovery of domestic output will also require supply-side relief in the form of broad deregulation, institutional changes and a sensible policy to lift price controls. We argue that to maintain a stable and competitive exchange rate, very rapid suppression of inflation and the causal mechanisms built through the years is needed. We propose a plan that comprises three steps: (i) a rapid return to a non-inflationary vector of relative prices through price liberalization (ii) a fiscal and monetary strategy centered on the correct monitoring of the demand for money and (iii) the introduction of unit of indexed value and a new currency to deal with inflationary persistence. The support of monetary and fiscal policy for successful stabilization and recovery efforts is also discussed.

- by Leonardo Vera
- •
- Stabilization, Macroeconomic Policy, Venezuelan Economy
- by Seid Hassan
- •
- Finance, Economic Growth, Foreign Direct Investment, Panel Data
- by Diego Moccero
- •
- European Union, Monetary Policy, Macroeconomic Policy, Institutional Environment
- by Pauline Jones Luong
- •
- Political Science, Resource Curse, Macroeconomic Policy, Developing World
- by guido tabellini
- •
- Economics, Political Science, Rational Choice, Economic policy

Relying on the Autoregressive Distributed Lag cointegration technique, this paper assesses the comparative effectiveness of the fiscal and monetary policy on output growth in Turkey for the period 2003:q1-2019:q1. The empirical evidence shows that both policies are effective in promoting output growth but with varying degrees, revealing that the impact of monetary policy on output growth is greater than that of fiscal policy. Overall, based on our empirical evidence, it can be suggested that the Turkish authorities should set sight on monetary policy to achieve higher output growth while seeking ways to improve the output growth-enhancing role of fiscal policy. To that end, among many others, budgetary flexibility can be increased through creating fiscal space and growth-friendly tax and spending reforms can be undertaken without jeopardizing the
trade-off between growth and equity while giving priority to proper coordination
of fiscal policy with monetary policy.

- by Hüseyin Şen and +1
- •
- Turkey, Fiscal policy, Monetary Policy, Macroeconomics, fiscal and monetary policies

In this paper we investigate to what extent tax incentives are effective in attracting investment in Sub-Saharan Africa. We test the neo-classical investment theory prediction that tax incentives, by lowering the user cost of capital, raise investment. Next to tax incentives, we also estimate the impact on investment of other investment climate variables that are under direct control of the government, such as the transparency and complexity of the tax system, and the legal protection of foreign investors. In developing countries these variables might be as important as or even more important than the tax variables themselves. Therefore, we analyze the policy changes in tax incentives and in the other investment climate variables for 12 CFA Franc Zone countries over the period 1994–2006. Because of their common currency (the CFA Franc) and common language (French) these countries constitute an exceptional basis of comparison to evaluate their ‘policy experiments’. The use of panel data econometrics with fixed country and year effects allows us to isolate the impact of the policy changes on investment, as if it were a difference in differences analysis with multiple policy changes. We find no robust positive relationship between tax holidays and investment in the CFA Franc zone. However, increasing the number of legal guarantees for foreign investors and reducing the complexity of the tax system helps to attract investment.

- by Sebastian James
- •
- Climate variability, Foreign Direct Investment, Developing Countries, Panel Data
- by Alonso Ibarra
- •
- Economics, Open Access, Food Policy, Peru
- by Sanjeev Sanyal
- •
- Economics, Macroeconomics, Macroeconomic Policy, Oil Price

Economic theory undoubtedly proved the crucial importance of agricultural sector of a country in case of its economic transition. A timely flow of agricultural credit can meet farmers demand to ensure agricultural productivity. The aim of this study is to explore the pattern of present trend of agricultural credit flow over the recent years. This study reveals that formal sector has flourished in recent years in disbursing agricultural credit where previously informal sector dominated the rural credit market for agriculture. NGOs have a stronger network throughout the country and many local private commercial banks and foreign banks are using these channels to provide agricultural credit. Recently, although PCBs (include domestic and foreign commercial banks) are increasingly contributing a significant amount to total formal sector agricultural credit, the share of their contribution to total agricultural credit disbursed were almost stagnant over the past decades. This Study will also entail discussion about the problem involved in case of agricultural loan disbursement as well as some policy recommendation that will minimize the leakage in distributing agricultural credit to the rural farmers.

- by Md. Alauddin
- •
- International Economics, Econometrics, Applied Econometrics, Agricultural Economics
- by Masahiro Kawai
- •
- Applied Economics, Financial System, Macroeconomic Policy, Exchange rate
- by Maleeha Quershi
- •
- Development Economics, Rural Development, Applied Economics, IT adoption
- by Pankaj Vashisht
- •
- Supply Chain, Quantitative analysis, Field Survey, Macroeconomic Policy
- by Matias Vernengo
- •
- Poverty Reduction, Macroeconomic Policy

Aquaculture production in Africa has remained low despite the huge potential that exists on the continent. In order for this potential to be realized, it is necessary to refocus the direction of aquaculture development. This paper concludes that for further growth to occur it is necessary to: (i) widen the range of production systems; (ii) increase production intensities and efficiencies;

- by Daniel Jamu
- •
- Macroeconomic Policy, Private Sector, Production System, Target Localization

The 2008 global financial and economic crisis, which continues to fester, elicited a strong, globally coordinated policy response orchestrated by G20 Leaders. The near-term impact was spectacular, but after about five years
the global economy and financial system are still in a shambles in most advanced economies. A new and dangerous fault line has opened up in the Euro Zone. This has generated an animated debate over whether the policy
response was entirely appropriate, whether the protracted use of essentially
short-term policy instruments has negative medium- to long-term consequences, and what should be the appropriate policy stance going forward. Concerns over public debt, growth and inflation down the road have divided economists and policymakers into two major camps. Those who give precedence to growth favour continuing with macroeconomic stimulus; those that give precedence to the damaging impact of sustained public deficits and debt favour austerity. If monetary policy is ineffective, and public finances are dangerously strained but can also not be repaired without growth, where is the policy space and what are the possible policy instruments to get growth back on track? When and how should these extraordinary policies be rolled back? Finally, what are the policy lessons for emerging markets and developing
countries from the recent experience and debate in advanced countries?

- by Alok Sheel
- •
- Finance, Macroeconomics, Fiscal policy, Fiscal Policy and debt Management
- by Peter Barron
- •
- Violence, Primary Health Care, Politics, Prejudice

This paper analyses the evolution of fiscal and monetary variables in Ghana, from the discovery of oil in 2007 through to 2014. It documents the deterioration of fiscal and monetary discipline over this period, which resulted in a rebound of debt, a deterioration of the external balance, and a decrease in public investment. The paper goes on to analyse the potential causes of this deterioration, including the political economy context, and the fiscal and monetary institutional framework. The suggested causes include the politics of Ghana's dominant two-party system. Finally, the paper discusses what Ghana could have done differently to avoid the various damaging effects associated with the oil discovery. It does not aim to provide specific fiscal policy recommendations for Ghana, but rather to give an empirical account of Ghana's experience that may be useful for other countries that discover oil.

- by Håvard Halland
- •
- Ghana, Oil and gas, Fiscal policy, Macroeconomic Policy

An half a century has just passed since the creation of the Bretton Woods Institutions, the IMF and World
Bank. As in the past decades, both institutions are still on the economic as well as political agenda of a number of
countries, in particular, developing countries. This paper gives the analytical descriptions of both the IMF and World
Bank approaches to macro-economic management in LDCs.

- by Mark Weisbrot
- •
- Macroeconomic Policy
- by Ayhan Kose
- •
- Developing Countries, Economic policy, Emerging Markets, Developing Country
- by melinda cenuse
- •
- Economics, European Union, Economic integration, Macroeconomic Policy

It is difficult at this point in time, with little benefit of hindsight and still in the midst of crisis, to say whether we are passing through yet another of those financial crises that have punctuated economic history from time to time or whether we are indeed at a historic tipping point, a watershed that will fundamentally transform the global economy, the conduct of macroeconomic policy, financial regulation, and international financial institutions. The magnitude of the macroeconomic policy response is nevertheless already apparent.

- by Stijn Claessens
- •
- Economic Growth, Emerging Economies, Internationalization, Financial Markets
- by Anwar Nasution
- •
- Asian Studies, Multidisciplinary, Monetary Policy, Dutch Disease
- by Augustine Arize
- •
- Economics, Applied Economics, Middle East, System Approach
- by Patrick Fontaine and +3
- •
- Economic History, Macroeconomics, Macroeconomic Policy, Inflation Targeting
- by Jayati Ghosh
- •
- Development Economics, Political Economy, Development Studies, Poverty
- by Adeolu Ayanwale
- •
- Finance, Economic Growth, Foreign Direct Investment, Economic Development

The Forum of February 4, 2021 on: THE NEW EUROPEAN INDUSTRIAL STRATEGY AFTER THE GREAT FINANCIAL CRISIS AND THE COVID CRISIS ORIENTED TO THE NEW CITIZENS NEEDS AND THE TERRITORY
must intervene in a very incisive way and with innovative proposals by the world of economic research, so that the EU Recovery Plan in Italy and in Europe adopts a rigorous methodology. The epidemic has frightened and disoriented everyone, not only for the danger of death, but also for the economic crisis and the loss of employment and that has created so much uncertainty and mistrust, to postpone investment and consumption decisions and also it has led to fragmentation and isolation at the international scale. However, this crisis will be perhaps a healthy "shock" and could lead to ask questions about the real needs of people and to impose a "disruptive" change or innovations in the organizational models, in the companies and the public administration, in production technologies and in consumption models. As Carlo Cattaneo (Milano, 15 June 1801 – Lugano, 6 February 1869: philosopher, patriot and founding of the Politecnico di Milano) said, economic development depends on "intelligence / rationality" and "will / courage" and therefore it requires the contribution by the economists and by the intellectuals as well as a political vision and leadership, in order to promote the necessary innovation and investments by the economic actors and also by the workers and citizens.

Sovereign wealth funds represent a large and growing pool of savings. An increasing number of these funds are owned by natural resource-exporting countries and have a variety of objectives, including intergenerational equity and macroeconomic stabilization. Traditionally, these funds have invested in external assets, especially securities traded in major markets. But the persistent infrastructure financing gap in developing countries has motivated some governments to encourage their sovereign wealth funds to invest domestically. This paper proposes some basic elements of a conceptual framework to create a system of checks and balances to help ensure that the sovereign wealth funds do not undermine macroeconomic management or become a vehicle for politically driven "investments." First, the risks and opportunities of domestic investment by sovereign wealth funds are analyzed. Central issues are the relationship of sovereign wealth fund financing to the budget process and to the procurement systems of sector ministries, as well as the establishment of appropriate benchmarks and safeguards to ensure the integrity of investment decisions. The paper argues that a well-governed sovereign wealth fund, with a sound mandate and professional management and staffing, can possibly improve the quality of the public investment program. But its mandate should not duplicate that of other government institutions with investment mandates, such as the budget, the national development bank, the investment authority, and state-owned enterprises. Establishing rules on the type of investment (for example, commercial and/or quasi-commercial) and its modalities (for example, no controlling stakes, leveraging private investment) is one way to ensure separation between the activities of the sovereign wealth fund and those of other institutions. The critical issue remains that of limiting the sovereign wealth fund's investment scope to that appropriate for a wealth fund. If investments that generate quasi-market returns are permitted, the size of the home bias should be clearly stipulated and these investments should be reported separately.

- by Håvard Halland
- •
- Public Finance, Fiscal policy, Infrastructure, Investment