共查询到14条相似文献,搜索用时 15 毫秒
1.
Granting central banks independence is widely assumed to decreaseinflation by increasing the credibility of commitments to pricestability. This paper analyzes public- and private-sector behaviorin a sample of 17 OECD countries for evidence of variationsin disinflationary credibility with monetary institutions. Thepaper does not find evidence that the costs of disinflationare lower in countries with independent central banks. It alsofinds no evidence that independence inhibits collection of seignoragerevenues or electoral manipulation of policy. These resultsraise questions about some explanations of the negative correlationbetween central bank independence and inflation. 相似文献
2.
This paper examines the performance of Turkey's inflation targeting (IT) experience. We find the IT regime to be an effective framework. Our judgment is based on three broad conclusions supported by empirical analyses. First, fiscal stability is an effective tool for a successful monetary policy. Second, the overnight policy of the Central Bank of Turkey rate is a significant determinant of the changes in market lending rates, which is the preliminary step in the monetary transmission mechanism. Third, recent developments on the broader issue of the effectiveness of interest rate policy in controlling inflation through aggregate demand management and through other channels are encouraging. Based on our findings, we argue that the impact of policy rate changes on economic activity and inflation have become more predictable and changed in the direction in line with theory, improving the transmission capacity of monetary policy. 相似文献
3.
This paper presents an empirical analysis of central bank intervention during the 10-month period following the Louvre Accord. We first examine whether the Bank of Japan and the Federal Reserve adopted a target zone in order to stabilize the yen–dollar exchange rate, by using daily foreign exchange intervention data. We then estimate the expected future exchange rate and the expected rate of devaluation in order to verify if there was a credible target zone. On the basis of these two tests, we conclude that the central banks did adopt a target zone during the period following the Louvre Accord, but that the target zone for the yen–dollar exchange rate was not credible. 相似文献
4.
The rapid expansion of social protection in the South provides a rich diversity of experiences and lessons on how best to reduce poverty and ultimately eradicate it. Knowledge on how best to ‘grow’ social assistance, understood as long-term institutions responsible for reducing and preventing poverty, is at a premium. This article examines the expansion of social assistance in Brazil and South Africa, two of the middle income countries widely perceived to have advanced furthest in ‘growing’ social protection. It examines three aspects: the primacy of politics in explaining the expansion of social protection and assistance, the tensions between path-dependence and innovation in terms of institutions and practices, and the poverty and inequality outcomes of social assistance expansion. The article concludes by drawing the main lessons for other developing countries. 相似文献
5.
Education plays an important role in development, especially in a developing country. To develop the skills and knowledge of the large percentage of the people outside the reach of formal education, and to offer education programmes which can easily adapt and respond to the specific and immediate needs of a developing community, out‐of‐school programmes should be considered. This article explains how non‐formal education, that is organized and systematic education offered outside the framework of the formal education system, could complement formal education, and should be organized to support integrated, community‐based development Briefly discussed guidelines for the planning of non‐formal education are the horizontal and vertical integration of all activities, extensive community involvement, a self‐help approach, the use of front line workers and the maximum utilization of existing facilities. 相似文献
6.
The lack of adequate telecommunications infrastructure in developing regions makes wireless systems the most feasible solution for providing Internet connectivity. With the global migration of television (TV) systems from analogue to digital, the TV spectrum is expected to be shared between broadcasting and broadband services. However, the absence of suitable regulatory policies for TV band sharing and low average revenue per user experienced by wireless network operators makes it difficult to deploy broadband networks in developing regions, especially in rural areas. This article presents a co-evolution analysis of three key domains of change (policy, technology and business) in providing broadband connectivity focusing on the Southern African Development Community region. Furthermore, the article proposes public–private partnership and public–private–people partnership models for deploying wireless broadband networks in developing regions. This article is useful to various stakeholders, including policy-makers, governments, the wireless communications industry and academia, by addressing the digital divide in developing regions. 相似文献
7.
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.
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8.
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
9.
This paper documents that a large fraction of trade flows at the firm level consists of simultaneous imports and exports in identical products, narrowly defined at the 8-digit product classification, which we call pass- on trade (POT). We use data on imports and exports at the firm and product level for Slovenian manufacturing firms in the period 1994–2008, to show that, on average, 70 % of all exporting firms engage in POT. This corresponds to more than 50 % of all exported products. Thus, imported products that are exported again by the same firm is a statistical regularity of trade of Slovenian manufacturing firms. We document that the use of POT is increasing in firm size, product diversification, multinational status as well as firm productivity and profitability. We offer and explore empirically a number of explanations for POT. Among possible explanations, we find evidence on the importance of firms’ multinational networks and demand complementarities between firms’ own and POT products. The latter confirms the theoretical explanations for carry- along trade (CAT) as developed by the recent work of Bernard et al. ( 2012). 相似文献
10.
Forecasting nominal exchange rates remains a remarkably difficult task, despite the proliferation of new floating currencies,
the maturation of the floating rate period, the deepening of financial markets, and the development of more sophisticated
econometric tests that make use of today’s more powerful computing possibilities. Despite these advances, the basic results
of Meese and Rogoff in the 1980s stand up remarkably well—it is still extremely difficult to forecast exchange rates. To the
extent that there is any forecasting power, the most promising models are those based on purchasing power parity or the current
account, although it must be noted that these mainly predict the real exchange rate, rather than the nominal exchange rate.
Thus, some of the adjustment takes place in prices. Finally, it should be noted that panel methods help in exchange rate forecasting,
albeit mainly by allowing better estimation of nonstructural factors such as shift parameters.
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11.
This article tests the efficient market hypothesis and the profitability of a simple betting strategy in college football. All games are examined that have a point spread for inter-conference matches involving a Power Five/Automatic Qualifying team from September 2003 through January 2016. The tests reject the efficient market hypothesis for these matchups, with a large subset of matches driving this result. The betting strategy evidence suggests it is nonrandom but it is not particularly profitable for the entire sample. However, there is evidence that betting on certain conferences to cover the point spread (win the bet) results in profitable returns over the period. 相似文献
12.
This paper examined the effects of the financial liberalization strategy adopted on the African continent over 25 years ago in promoting new business entry using data from 22 sub‐Saharan African (SSA) countries in 2006–2017. Results from the dynamic generalized method of moments models show that: financial development via a policy of financial liberalization does not have a uniform effect on entrepreneurship; the interest rate gap significantly undermines the entrance of new firms; the ratio of broad money/gross domestic product (GDP) was positive and statistically significant while real interest rate had mixed findings; interactive effects of interest rate spread and real interest rate with regulatory quality was negative; the interaction of interest rate spread and real interest rate with natural resources confirms its destabilizing effect, although there was evidence suggesting that natural resources do not directly undermine entrepreneurship growth. Other results show real GDP and private credit have a significantly positive effect, and the cost of getting electricity significantly undermines entrepreneurship. The study calls for the need to deepen the financial sector though targeted reforms across SSA countries to reap its growth‐inducing effects on economic outcomes, while promoting institutional quality and efficient use of natural resources to achieve a non‐declining infusion of SMEs on the continent. 相似文献
13.
In Bolivia, Peru and Ecuador informal potato seed systems are much more important than formal systems. National seed projects recognize complementarities between the two systems and are seeking to link them. Arguments used to underpin linkages are assessed in the light of available evidence and accepted with some reservations. Project strategies have ranged from seed injection with minimum intervention to extensive reform ofthe informal system. All of the projects have met with some success. A number of general lessons are drawn for trapping the potential of informal seed systems. 相似文献
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