共查询到20条相似文献,搜索用时 31 毫秒
1.
John Lewis 《International Economics and Economic Policy》2007,4(1):15-31
This paper analyses the evolution of fiscal policy in central and eastern European countries during the EU accession process,
testing for country and time specific effects. This is done by constructing Taylor-type policy rules and by calculating three
measures of fiscal stance. A key finding is that the differences across countries are more significant than those across time.
Baltic countries tended to have had tighter fiscal policy which responded to the output gap, larger central European countries
had more lax (and increasingly lax) fiscal policies which were unresponsive to the output gap. These differences correlate
closely with cross-country differences in exchange rate regimes and no link is found to either spending composition or political
variables. Taken together the results suggest that the exchange rate regime is by far the most significant determinant of
fiscal performance. These results suggest that the “soft power” of the prospect of EU entry did not act as a spur to greater
fiscal discipline and that higher budget deficits in recent years cannot be blamed on costs of accession.
相似文献
John LewisEmail: |
2.
Leonor Coutinho 《Open Economies Review》2008,19(1):81-120
In this paper we extend the open-economy stochastic framework of Obstfeld and Rogoff (Q J Econ. 117:503–36, 2002) to include distortionary taxation, when prices are flexible but wages are sticky. We use the model to analyze the optimal
design of tax rules that respond to productivity shocks, under non-cooperation and cooperation between the fiscal authorities,
and evaluate the gains from coordination. We show that, although monetary policy would be preferred to fiscal policy as a
stabilization tool both under competition (Nash) and under cooperation, there is a role for procyclical fiscal stabilization
in a monetary union where the monetary authority cannot respond to asymmetric shocks. Moreover, we show that in the Nash game
there will be an incentive for the fiscal authorities to try to manipulate the terms-of-trade in their favor, and we estimate
the potential gains from fiscal policy coordination. The size of the gains depends crucially on the value of the Frisch elasticity
of labor supply. For lower values of the Frisch elasticity (more in line with microeconometric estimates) the gains are relatively
small, but for more elastic labor supplies (more in agreement with the business cycle literature) the gains can be very large.
相似文献
Leonor CoutinhoEmail: |
3.
Three main features characterize the international financial integration of China and India. First, while only having a small
global share of privately-held external assets and liabilities, these countries are large holders of official reserves. Second,
their international balance sheets are highly asymmetric: both are “short equity, long debt.” Third, China and India have
improved their net external positions over the last decade although neoclassical models would predict them to be net borrowers.
We argue that domestic financial policies are key to understanding these patterns and the future role of China in the international
financial system.
相似文献
Sergio L. SchmuklerEmail: |
4.
We analyze the role of fiscal-monetary policy interactions and fiscal coordination in EMU under the assumption of strategic
wage setting in unionized labour markets. We find that production subsidies and real wage distortions are strategic complements.
The literature on macroeconomic stabilisation policies and policy games usually neglects this point and reaches overoptimistic
conclusions about the desirable effects of accommodating fiscal policies. Central bank preferences also affect the desirability
of fiscal coordination in a monetary union. In fact, contrary to Beetsma and Bovenberg (1998), we find that fiscal coordination improves outcomes in the case of a conservative central banker, whereas it leads to worse
outcomes with a populist one.
相似文献
Patrizio TirelliEmail: |
5.
Yifan Hu 《International Economics and Economic Policy》2006,3(1):27-42
A growing number of countries have anchored their monetary policy to an explicit numerical rate or range of inflation since
such an inflation targeting framework was first adopted by New Zealand in 1989. This paper empirically investigates economic
structure and institutional factors associated with a country’s choice of inflation targeting using a dataset of 66 countries
for the period of 1980–2000. It is found that a sound fiscal position is significantly and positively associated with the
choice of inflation targeting framework; the central bank is more likely to adopt inflation targeting with greater financial
depth; institutional capacity including central bank autonomy and flexible exchange rate regime is important for the choice
of inflation targeting.
相似文献
Yifan HuEmail: |
6.
This paper assesses China’s “natural” place in the world economy with a new set of trade integration indicators, which are
used as a benchmark in order to examine whether China’s share in international trade is consistent with fundamentals such
as economic size, location and other relevant factors. They constitute a better measure of trade integration that incorporates
many more factors than traditional openness ratios. The model tracks international trade well and confirms that China is already
well integrated in world markets, particularly with North America, several Latin American and East Asian emerging markets
and most euro area countries.
相似文献
Matthieu BussièreEmail: |
7.
Kristin Langwasser 《International Economics and Economic Policy》2009,6(2):115-133
Although the euro area is not one of the major players in current global imbalances, the rebalancing of the current global
imbalances is coupled with a significant appreciation of the euro against. In this paper, I present estimations of trade equations
for individual euro area countries using a vector error correction model. Each euro area member has got a different trade
elasticity, in the short as well as in the short run. Results show that exchange rate innovations affect individual euro area
countries at different rates, complicating the response of the euro area’s one-size-fits-all monetary policy.
相似文献
Kristin LangwasserEmail: |
8.
Kazuhiro Ohnishi 《International Economics and Economic Policy》2008,4(4):421-432
This paper examines an international mixed model in which a social-welfare-maximizing domestic public firm competes against
a profit-maximizing foreign private firm. First, the public firm can adopt either a lifetime employment contract or a wage-rise
contract as strategic commitments. Second, the foreign private firm decides whether or not to enter the market. Third, if
the foreign private firm enters, each firm independently chooses its actual output, while if the foreign private firm does
not enter, the public firm acts as a monopolist. The paper shows the equilibrium of the international mixed model.
相似文献
Kazuhiro OhnishiEmail: |
9.
In recent years, Europe has witnessed an accelerated process of economic integration. This paper analyzes how increased economic
integration has affected labor and product markets. We use a panel of Belgian manufacturing firms to estimate price-cost margins
and union bargaining power and show how various measures of globalization affect them. Import competition puts pressure on
both markups and union bargaining power, especially when there is increased competition from low wage countries. This suggests
that increased globalization is associated with a moderation of wage claims in unionized countries, which should be associated
with positive effects on employment.
相似文献
Stijn VanormelingenEmail: |
10.
Arslan Razmi 《Review of World Economics》2009,145(2):361-372
Using simple, modified versions of the factor proportions framework, and focusing on structural features within developing economies, this paper attempts to reconcile puzzling developments observed in many post-reform, post-liberalization
countries whereby increasing income inequality has emerged side-by-side with informalization of the economy. Measures undertaken
to enhance public sector efficiency and attract investment in an import-intensive export sector may increase rental–wage and
skilled–unskilled wage gaps, contra the predictions of the simple Heckscher–Ohlin–Stolper–Samuelson (HOSS) framework regarding
skill- and capital-scarce countries. The common thread generating our interesting results is the presence of sectors that
are even more labor-intensive than those producing traded goods.
相似文献
Arslan RazmiEmail: |
11.
Juha Tervala 《International Economics and Economic Policy》2008,5(3):255-268
This paper analyses the welfare effects of fiscal policy in a small open economy, where private and government consumption
are substitutes in terms of private utility. The main findings are as follows: fiscal policy raises output, bringing it closer
to its efficient level, but is not welfare-improving even though government spending directly affects private utility. The
main reason for this is that the introduction of useful government spending implies a larger crowding-out effect on private
consumption, when compared with the ‘pure waste’ case. Utility decreases since one unit of government consumption yields less
utility than one unit of private consumption. In any case, the marginal rate of substitution between private and government
consumption is a key parameter in governing the welfare effects of fiscal policy.
相似文献
Juha TervalaEmail: |
12.
In this paper we apply a static version of a New Keynesian macromodel to a monetary union (see Bofinger et al., J Econ Educ,
37:98–117 (2006), Walsh, J Econ Educ, 33:333–346 (2002)). We show in particular that a harmonious functioning of a monetary
union critically depends on the correlation of shocks that hit the currency area. Additionally a high degree of integration
in product markets is advantageous for the ECB as it prevents national interest rates from driving a wedge between macroeconomic
outcomes across member states. In particular small countries are in need for fiscal policy as an independent stabilization
agent with room to breath.
相似文献
Eric Mayer (Corresponding author)Email: |
13.
This paper investigates how innovations in income taxes and government expenditures originating in the US affect the US economy,
and how these effects are transmitted to the Canadian economy. Using a semi-structural VAR model and data for both countries
for the 1961:1–2004:3 period, we find that fiscal policy innovations originating in the US are transmitted to the Canadian
economy by international trade and capital flows through interest rate and exchange rate channels. Unanticipated shocks to
US government expenditures have beggar thy neighbor effects on Canada. US output increases and Canadian output decreases in response to a positive shock to US government expenditures.
In response to an unanticipated increase in US income taxes, US output declines while US and Canadian real interest rates
rise. The response of Canadian output, however, is not significantly different from zero.
相似文献
Faik Koray (Corresponding author)Email: |
14.
Christiaan Hogendorn 《International Economics and Economic Policy》2007,4(2):185-208
“Network neutrality” and “open access” are two policies designed to preserve openness on the Internet. Open access mandates
openness of conduits (e.g. television cable and DSL) to intermediaries (e.g. America Online), while network neutrality mandates
openness to advanced content (streaming video, interactive e-commerce, etc.). We develop a systems model with free entry and
competition in all three industry segments (conduits, intermediaries, and content) and examine the effects of the two types
of regulation. We find that open access does not necessarily result in more openness of content and is not a substitute for
network neutrality.
相似文献
Christiaan HogendornEmail: |
15.
This paper provides evidence for an aspect of trade often disregarded in international trade research: countries’ sectoral
export diversification. The results of our semiparametric empirical analysis show that, on average, countries do not specialize;
on the contrary, they diversify. Our results are robust for different statistical indices used to measure trade specialization,
for the level of sectoral aggregation, and for the level of smoothing in the nonparametric term associated with per capita
income. Using a generalized additive model (GAM) with country-specific fixed effects it can be shown that, controlling for
countries’ heterogeneity, sectoral export diversification increases with income.
相似文献
Massimo Tamberi (Corresponding author)Email: |
16.
Friedrich Heinemann 《International Economics and Economic Policy》2006,3(1):11-26
This paper aims at explaining the declining level of public investment in OECD countries. The theoretical framework hints
to the relevance of a number of demand and supply factors—ranging from the yield of public investment to institutions like
the EU deficit limits. The econometric results indicate that the decline is due to three developments: first to the increase
in the public capital stock; second to the pile-up of public debt which has restricted the ability to finance new investment;
and third to the increasing mobility of factors adding to the financing difficulties. In contrast to that neither the privatisation
process nor EU deficit restrictions of the Maastricht Treaty have a robustly significant impact.
相似文献
Friedrich HeinemannEmail: URL: www.zew.de |
17.
Charles A. E. Goodhart 《Atlantic Economic Journal》2007,35(1):1-21
Whilst there are many sizeable benefits from currency union, the main disadvantage is often the difficulty of adjusting to
an asymmetric shock. Such adjustment is easier when the separate countries (regions) in such a union have flexible labour
markets, and when there is a federal fiscal system to ease the adjustment process. The euro-zone has neither. We show that
the trends in relative unit labour costs have in several recent cases been worsening relative competitiveness, thereby putting
the euro-zone under greater centrifugal pressure. Nevertheless the costs of ‘exit’ are so high that it would only probably
occur as a consequence of political mis-calculation.
相似文献
Charles A. E. GoodhartEmail: |
18.
International Risk Sharing and Government Moral Hazard 总被引:2,自引:0,他引:2
Wolf Wagner 《Open Economies Review》2007,18(5):577-598
This paper analyzes incentive problems caused by international risk sharing. They arise because international risk sharing
contributes to the insurance of domestic consumption and thus lowers governments’ incentives to increase output. We show that
the resulting distortions can lead to substantial efficiency losses. Complete risk sharing is, therefore, undesirable and
the optimal degree of risk sharing may be low. Furthermore, we show that households’ risk sharing decisions are socially inefficient
and are effectively maximizing government moral hazard. As a result, financial innovation and integration may reduce welfare
by increasing households’ risk sharing opportunities.
相似文献
Wolf WagnerEmail: |
19.
This paper compares the importance of precautionary and mercantilist motives in the hoarding of international reserves by
developing countries. Overall, empirical results support precautionary motives; in particular, a more liberal capital account
regime increases international reserves. Theoretically, large precautionary demand for international reserves arises as a
self-insurance to avoid costly liquidation of long-term projects when the economy is susceptible to sudden stops. The welfare
gain from the optimal management of international reserves is of a first-order magnitude, reducing the welfare cost of liquidity
shocks from a first-order to a second-order magnitude.
相似文献
Jaewoo Lee (Corresponding author)Email: |
20.
Hsiu-Li Chen 《Atlantic Economic Journal》2009,37(1):23-35
It is generally believed that the existence of gray channels hurts authorized retailers because gray marketers often free-ride
on the marketing activities performed by authorized retailers. However, the effect on manufacturers’ profits is still rather
vague. This paper sets up a two-stage sub-game perfect equilibrium model to examine the effects of gray goods on authorized
retailers and manufacturers. It is found that manufacturers who are against parallel importation are likely to be those whose
product has a low gray good penetration ratio, low price elasticity of demand, high cross-price elasticity of demand, or a
high demand convexity.
相似文献
Hsiu-Li ChenEmail: |