Growth Governance And Fiscal Policy Transmission Channels In Low Income Countries

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Private investment is the principal transmission channel through which fiscal policy affects growth in high-income countries. In low-income countries, governance and also other considerations suggest that the primary channel is factor productivity. Empirical results reported in this paper confirm this expectation: in low-income countries, factor productivity is some four times more effective than investment as a channel for increasing growth through fiscal policy. Although the private investment response to fiscal contraction may be minor, high-deficit, low-income countries can nonetheless benefit from a reduction in unsustainable fiscal deficits because of governance-related factor productivity responses that increase growth.

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Genre : Business & Economics
Author : Naoko C. Kojo
Publisher : International Monetary Fund
Release : 2003-12-01
File : 40 Pages
ISBN-13 : 9781451875737


Growth Governance And Fiscal Policy Transmission Channels In Low Income Countries

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BOOK EXCERPT:

Private investment is the principal transmission channel through which fiscal policy affects growth in high-income countries. In low-income countries, governance and also other considerations suggest that the primary channel is factor productivity. Empirical results reported in this paper confirm this expectation: in low-income countries, factor productivity is some four times more effective than investment as a channel for increasing growth through fiscal policy. Although the private investment response to fiscal contraction may be minor, high-deficit, low-income countries can nonetheless benefit from a reduction in unsustainable fiscal deficits because of governance-related factor productivity responses that increase growth.

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Genre :
Author : Emanuele Baldacci
Publisher :
Release : 2006
File : 39 Pages
ISBN-13 : OCLC:1291216190


Monetary And Fiscal Policy Design Issues In Low Income Countries

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Considers possible adjustments in the design of Fund-supported programs, drawing on the experience of low-income countries that have successfully addressed the most apparent domestic macroeconomic imbalances.

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Genre : Business & Economics
Author : International Monetary Fund. Policy Development and Review Dept.
Publisher : International Monetary Fund
Release : 2005-08-08
File : 70 Pages
ISBN-13 : 9781498331296


Macroeconomic Developments And Selected Issues In Small Developing States

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This report builds on the work in the 2013 Board paper on Fund Engagement with Small States, the 2013 background papers on Asian and Pacific small states and Caribbean small states, and the 2014 staff guidance note. It provides a deeper analysis and policy recommendations in respect of three challenges identified in these papers. Looking ahead, the paper also analyses the impact and possible policy responses to two global economic trends—lower oil prices and diverse movements in major currencies.

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Genre : Business & Economics
Author : International Monetary Fund
Publisher : International Monetary Fund
Release : 2015-09-03
File : 112 Pages
ISBN-13 : 9781498344852


Exploring The Output Effect Of Fiscal Policy Shocks In Low Income Countries

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What do we know about the output effects of fiscal policy in low income countries (LICs)? There are very few empirical studies on the subject. This paper fills this gap by estimating the output effects of government spending shocks in LICs. Our analysis—based on the local projection method—finds that the output effects in LICs are markedly lower than those in AEs and marginally smaller than those in EMs. We also find that in LICs, the output effects are larger (i) during recessions; (ii) under a fixed exchange rate regime; and/or (iii) with higher quality of institutions. Our analysis could not confirm any statistically significant output effect under floating exchange rate regimes. For the estimation of the output effects of fiscal spending shocks, it is thus important to consider the state of the economy and the country’s structural characteristics. Our results imply that the output costs of fiscal adjustment in LICs may not be as large as previously thought, especially if adopted outside of a recession, based on cutting public consumption, and accompanied by reform to enhance institutions.

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Genre : Business & Economics
Author : Mr.Jiro Honda
Publisher : International Monetary Fund
Release : 2020-01-17
File : 28 Pages
ISBN-13 : 9781513526034


Publications Catalog

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Genre : International finance
Author : International Monetary Fund
Publisher :
Release : 2004
File : 128 Pages
ISBN-13 : IND:30000122799616


Social Spending Human Capital And Growth In Developing Countries

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Genre : Economic development
Author :
Publisher :
Release : 2004
File : 48 Pages
ISBN-13 : UCSD:31822032281362


Public Finance And Public Policy

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The second edition of Public Finance and Public Policy retains the first edition's themes of investigation of responsibilities and limitations of government. The present edition has been rewritten and restructured. Public choice and political economy concepts and political and bureaucratic principal-agent problems are introduced at the beginning for application to later topics. Fairness, envy, hyperbolic discounting, and other concepts of behavioral economics are integrated throughout. The consequences of asymmetric information and the tradeoff between efficiency and ex-post equality are recurring themes. Key themes investigated are markets and governments, institutions and governance, public goods, public finance for public goods, market corrections (externalities and paternalist public policies), voting, social justice, entitlements and equality of opportunity, choice of taxation, and the need for government. The purpose of the book is to provide an accessible introduction to the use of public finance and public policy to improve on market outcomes.

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Genre : Business & Economics
Author : Arye L. Hillman
Publisher : Cambridge University Press
Release : 2009-04-06
File : 861 Pages
ISBN-13 : 9781139475372


Handbook Of Governance In Small States

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This volume covers a wide spectrum of governance issues relating to small states in a global context. While different definitions of governance are given in the chapters, most authors associate governance with the setting and implementation of policies aimed at managing a country or territory, and with the related institutional structures and interventions by political actors. Generally, good governance is associated with concepts such as policy effectiveness, accountability, transparency, control of corruption, encouragement of citizens’ voice and gender equality—factors which are, in turn, linked with democracy. What emerges from the book is that the societies of small states are being re-shaped by various forces outside their control, including the globalization process and climate change, rendering their governance ever more complex. These problems are not solely faced by small states, but small country size tends to lead to a higher degree of exposure to external factors. The chapters are grouped into four sections broadly covering political, environmental, social and economic governance. Governance is influenced by many, often intertwined, factors; the division of the book into four parts therefore does not detract from the fact that governance is multifaceted, and such division was based on the primary focus of each particular study and its main disciplinary background. The expert authors have, moreover, used a variety of approaches in the studies, the subject of small states being well suited to scholarly work from different disciplines using qualitative, quantitative and mixed approaches to arrive at useful conclusions.

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Genre : Political Science
Author : Lino Briguglio
Publisher : Routledge
Release : 2020-12-18
File : 484 Pages
ISBN-13 : 9780429590122


Sudan

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This 2013 Article IV Consultation highlights that Sudan’s economic performance in 2012 was unfavorable despite the introduction in June 2012 of a package of reforms. Non-oil real GDP growth slowed to 4.6 percent, inflation rose to 44.4 percent by the end of the year, and the gap between the official and curb market exchange rates remained at about 20 percent by end-December. The outlook for 2013 and the medium term are unfavorable. Non-oil real GDP growth is projected to slow further to 2.3 percent in 2013, and to remain below potential at about 3 percent over the medium term.

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Genre : Business & Economics
Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
Release : 2013-11-01
File : 104 Pages
ISBN-13 : 9781475527131