Kooperativer Bibliotheksverbund

UID:

Format: Online-Ressource (54 p)

Edition: Online-Ausg.

ISBN: 1475504071 , 9781475504071

Series Statement: IMF Working Papers Working Paper No. 12/144

Content: We develop a model to study the macroeconomic effects of public investment surges in low-income countries, making explicit: (i) the investment-growth linkages; (ii) public external and domestic debt accumulation; (iii) the fiscal policy reactions necessary to ensure debt-sustainability; and (iv) the macroeconomic adjustment required to ensure internal and external balance. Well-executed high-yielding public investment programs can substantially raise output and consumption and be self-financing in the long run. However, even if the long run looks good, transition problems can be formidable when concessional financing does not cover the full cost of the investment program. Covering the resulting gap with tax increases or spending cuts requires sharp macroeconomic adjustments, crowding out private investment and consumption and delaying the growth benefits of public investment. Covering the gap with domestic borrowing market is not helpful either: higher domestic rates increase the financing challenge and private investment and consumption are still crowded out. Supplementing with external commercial borrowing, on the other hand, can smooth these difficult adjustments, reconciling the scaling up with feasibility constraints on increases in tax rates. But the strategy may be also risky. With poor execution, sluggish fiscal policy reactions, or persistent negative exogenous shocks, this strategy can easily lead to unsustainable public debt dynamics. Front-loaded investment programs and weak structural conditions (such as low returns to public capital and poor execution of investments) make the fiscal adjustment more challenging and the risks greater

Additional Edition: Erscheint auch als Druck-Ausgabe Berg, Andrew Public Investment, Growth, and Debt Sustainability: Putting together the Pieces Washington, D.C. : International Monetary Fund, 2012 ISBN 9781475504071

Language: English

DOI: 10.5089/9781475504071.001

URL: kostenfrei

URL: kostenfrei

UID:

Format: 1 online resource (vi, 400 pages) : , digital, PDF file(s).

Edition: 1st ed.

ISBN: 1-107-12065-9 , 0-511-04622-7 , 0-511-30256-8 , 1-280-15476-4 , 0-511-51068-3 , 0-511-11874-0 , 0-521-00426-8 , 0-511-15641-3

Content: Trade Policy in Developing Countries is aimed at academics, graduate students and professional, policy-oriented economists. It is the first work in the field to analyze trade policy in an integrated theoretical framework based on optimizing dynamic models that pay careful attention to the structural features of developing country economies. Following a thorough critique of the debate on inward- vs. outward-oriented trade regimes, Buffie examines the main issues of concern to less developed countries in the areas of optimal commercial policy, trade liberalization and direct foreign investment. In addition to many new and important results, the book contains systematic reviews of the empirical evidence and three expositional chapters that show the reader how to use the technical machinery of economic theory to construct and manipulate multi-sector dynamic general equilibrium models.

Note: Title from publisher's bibliographic system (viewed on 05 Oct 2015). , Introduction -- , Tools and Tricks of the Trade, Part I: Duality Theory -- , The Trade Policy Debate -- , Tools and Tricks of the Trade, Part II: Linear Differential Equations and Dynamic Optimization -- , Underemployment, Underinvestment, and Optimal Trade Policy -- , Liberalization and the Transition Problem, Part I: Transitory Unemployment -- , Tools and Tricks of the Trade, Part III: The Dynamics of Temporary Shocks -- , Liberalization and the Transition Problem, Part II: Credibility and the Balance of Payments -- , Direct Foreign Investment, Economic Development, and Welfare -- , Suggestions for Future Research. , English

Additional Edition: ISBN 0-521-78223-6

Additional Edition: ISBN 0-511-01416-3

Language: English

Subjects: Economics

URL: Volltext  (lizenzpflichtig)

URL: https://doi.org/10.1017/CBO9780511510687

UID:

Format: VI, 400 S. : graph. Darst.

Edition: 1. publ.

ISBN: 0-521-78223-6 , 0-521-00426-8

Language: English

Subjects: Economics

Keywords: Außenhandelspolitik ; Ökonometrisches Modell

UID:

Format: Online-Ressource (40 p)

Edition: Online-Ausg.

ISBN: 1451867441 , 9781451867442

Series Statement: IMF Working Papers Working Paper No. 07/180

Content: Since the turn of the century, aid flows to Africa have increased on average and become more volatile. As a result, policymakers, particularly in post-stabilization countries where inflation has only recently been brought under control, have been increasingly preoccupied with how best to deploy the available instruments of monetary policy without yielding on hard-won inflation gains. We use a stochastic simulation model, in which private sector currency substitution effects play a central role, to examine the properties of alternative monetary and fiscal policy strategies in the face of volatile aid flows. We show that simple monetary rules, specifically an (unsterilized) exchange rate crawl and a ''reserve buffer plus float''-under which the authorities set a time-varying reserve target corresponding to the unspent portion of aid financing and allow the exchange rate to float freely once this reserve target is satisfied-have attractive properties relative to a range of alternative strategies including those involving heavy reliance on bond sterilization or a commitment to a ''pure'' exchange rate float

Additional Edition: Erscheint auch als Druck-Ausgabe Buffie, Edward Monetary Policy Rules for Managing Aid Surges in Africa Washington, D.C. : International Monetary Fund, 2007 ISBN 9781451867442

Language: English

DOI: 10.5089/9781451867442.001

URL: kostenfrei

URL: kostenfrei

UID:

Format: Tab. Lit. S. 134-135

ISSN: 1020-7635

In: Internationaler Währungsfonds, IMF staff papers, Basingstoke : Palgrave, 1999, 50(2003), 1, Seite 115-135, 1020-7635

Language: English

UID:

Format: IV, 248 S.

Note: Kopie, erschienen im Verl. Univ. Microfilms Internat., Ann Arbor, Mich. , New Haven, Conn., Yale Univ., Diss., 1981

Language: English

Keywords: Hochschulschrift

UID:

Format: 1 online resource (408 pages)

Edition: 1st ed.

ISBN: 9780521782234 , 9780511156410

Content: Trade Policy in Developing Countries is aimed at academics, graduate students and professional, policy-oriented economists. It is the first work in the field to analyze trade policy in an integrated theoretical framework based on optimizing dynamic models that pay careful attention to the structural features of developing country economies

Note: Cover -- Half-title -- Title -- Copyright -- Contents -- CHAPTER 1 Introduction -- 1.1 Overview of the Book -- CHAPTER 2 Tools and Tricks of the Trade, Part I: Duality Theory -- 2.1 Duality Theory and Supply -- 2.1.1 The Cost Function -- 2.1.1.1 INPUT DEMANDS AND FACTOR SUBSTITUTION PATTERNS -- 2.1.1.2 THE COST FUNCTION UNDER CONSTANT RETURNS TO SCALE -- 2.1.2 The Revenue or GNP Function -- 2.1.2.1 MODIFYING THE REVENUE FUNCTION TO ALLOW FOR DISTORTIONS -- 2.2 Duality Theory, Welfare, and Demand -- 2.2.1 The Indirect Utility Function -- 2.2.2 The Expenditure Function -- 2.2.2.1 HOMOTHETIC PREFERENCES AGGREGATION, AND WELFARE -- 2.2.3 The Indirect Utility Function and the Expenditure Function for the CES-CRRA Utility Function -- 2.3 Examples -- Solution -- CHAPTER 3 The Trade Policy Debate -- 3.1 A Quick Overview of LDC Trade Policy -- 3.2 The Argument that Free Trade Is First-Best -- 3.2.1 The Principle of Targeting -- 3.2.2 Limitations of the Principle of Targeting -- 3.2.2.1 ADMINISTRATIVE COSTS -- Underemployment and the Optimal Tariff vs. the Optimal Employment Subsidy -- A. Calibration of the Model -- B. Numerical Solutions -- 3.2.2.2 ENDOGENOUS VS. EXOGENOUS DISTORTIONS -- Comparisons of the Optimal Tariff and the Optimal Employment Subsidy -- A. Numerical Solutions -- Further Considerations -- 3.2.3 Is Free Trade Always First-Best? -- 3.3 Import Substitution vs. Export Promotion: The Main Elements of the Debate -- 3.3.1 The Infant Industry Argument -- 3.3.1.1 THE EMPIRICAL EVIDENCE -- 3.3.2 Factor Market Distortions -- 3.3.2.1 UNEMPLOYMENT UNDEREMPLOYMENT AND THE FORMAL SECTOR WAGE PREMIUM -- 3.3.2.2 CAPITAL MARKET DISTORTIONS -- 3.3.2.3 PROTECTION REAL WAGES AND UNDEREMPLOYMENT: THE CONVENTIONAL WISDOM -- 3.3.3 Scale Economies and Procompetitive Effects -- 3.3.3.1 A SIMPLE GENERAL EQUILIBRIUM MODEL OF PROTECTION AND IMPERFECT COMPETITION , 5.4.4 Protection Plus Export Promotion -- 5.5 The Optimal Structure of Protection -- 5.6 The Full Optimal Solution -- 5.7 Incorporating Distributional/Poverty-Reduction Objectives into the Social Welfare Function -- 5.8 Further Remarks on the Nature of Optimal Trade Policy -- 5.9 Concluding Observations -- CHAPTER 6 Liberalization and the Transition Problem, Part I: Transitory Unemployment -- 6.1 The Problem of Transitory High Unemployment -- 6.2 Compensated Devaluation, Wage Rigidity, and Unemployment -- 6.2.1 The Short-Run Effect on Sectoral Employment -- 6.2.2 The Transition Path -- 6.2.3 Short-Run vs. Long-Run Effects on the Balance of Payments -- 6.2.3.1 SOCIAL SAFETY NETS AND THE TRADE BALANCE -- 6.2.4 Credibility and Transitory Unemployment -- 6.2.5 The Welfare Costs of Transitory Unemployment -- 6.2.5.1 THE OPTIMAL EX ANTE TARIFF VS. THE OPTIMAL STOPPING POINT -- 6.3 Liberalization via Increased Quotas -- 6.3.1 Larger Quotas for Imports of Intermediates in the Export Sector -- 6.3.2 Larger Quotas for Imports of Intermediates in the Industrial Sector -- 6.3.3 Foreign Exchange Auctions and Liberalization -- 6.4 Concluding Observations -- CHAPTER 7 Tools and Tricks of the Trade, Part III: The Dynamics of Temporary Shocks -- 7.1 The General Methodology -- 7.2 An Example -- Solution -- CHAPTER 8 Liberalization and the Transition Problem, Part II: Credibility and the Balance of Payments -- 8.1 Temporary Liberalization and the Saving Distortion -- 8.2 A More General Analysis of Temporary Liberalization -- 8.2.1 The Optimal Policy Rule -- 8.2.2 Model Calibration -- 8.2.3 Numerical Solutions -- 8.2.4 Temporary Quota Liberalization -- 8.3 Payments Deficits, Multiple Equilibria, and Self-Fulfilling Failures -- 8.3.1 The Model -- 8.3.2 Sustained Liberalization -- 8.3.3 Temporary Liberalization and Self-Fulfilling Failures , 8.3.4 Some Numerical Solutions -- 8.3.4.1 RESERVE CUSHIONS AND UNIQUENESS: THE PRICE OF PURCHASING CREDIBILITY -- 8.3.5 The Outcome under an Open Capital Account -- 8.4 Fiscal Deficits, Payments Deficits, and Credibility -- 8.4.1 Weak Credibility May Itself Be the Cause of Fiscal Deficits -- 8.4.2 Inadequate Fiscal Adjustment Disguised as Fiscal Surpluses -- 8.5 Concluding Observations on the General Nature of the Transition Problem -- CHAPTER 9 Direct Foreign Investment, Economic Development, and Welfare -- 9.1 The Benchmark Model: Plain Vanilla Foreign Investment -- 9.1.1 The Transition Paths for Investment and the Capital Stock -- 9.1.2 The Steady-State Equilibrium -- 9.1.3 Model Calibration -- 9.2 Plain Vanilla Foreign Investment in the Domestic Manufacturing Sector -- 9.2.1 Short-vs. Long-Run Effects on Underemployment -- 9.2.2 The Dynamics of Domestic Capital Accumulation -- 9.2.3 Welfare -- 9.3 Plain Vanilla FI in an Enclave -- 9.3.1 The Adjustment Process and Domestic Welfare -- 9.4 Plain Vanilla FI in the Primary Export Sector -- 9.5 Export Requirements -- 9.5.1 Long-Run Effects on Capital Accumulation and Underemployment -- 9.5.2 The Transition Path -- 9.5.3 Welfare -- 9.6 Joint Ventures -- 9.6.1 Joint Ventures in the Domestic Manufacturing Sector -- 9.6.1.1 THE STEADY-STATE OUTCOME -- Domestic and Foreign Technology are Equally Labor Intensive... -- Same Output-Capital Ratio at Domestic and Foreign Plants... -- Foreign Technology Is More Labor-Intensive... -- 9.6.1.2 THE TRANSITION PATH -- 9.6.1.3 WELFARE -- 9.6.2 Joint Ventures in an Export Enclave -- 9.7 Technology Transfer -- 9.7.1 Welfare -- 9.8 Allowing for Capital Accumulation in Other Sectors -- 9.9 Summary and Guidelines for Policy -- Appendix -- CHAPTER 10 Suggestions for Future Research -- Optimal Commercial Policy -- Liberalization -- Direct Foreign Investment -- References -- Index , No Entry -- Free Entry -- 3.3.3.2 OTHER SCENARIOS -- 3.3.3.3 THE EMPIRICAL EVIDENCE -- 3.3.4 Productivity Growth -- 3.3.4.1 PROTECTION X-EFFICIENCY AND THE QUIET LIFE -- 3.3.4.2 IMPORT BOTTLENECKS -- 3.3.4.3 TECHNOLOGY TRANSFER AND TRADE -- 3.3.4.4 ENDOGENOUS GROWTH MODELS OF TRADE AND RESEARCH AND DEVELOPMENT -- 3.3.4.5 THE EMPIRICAL EVIDENCE -- 3.4 Concluding Observations -- CHAPTER 4 Tools and Tricks of the Trade, Part II: Linear Differential Equations and Dynamic Optimization -- 4.1 Linear Differential Equations -- 4.1.1 Constructing Phase Diagrams -- 4.1.2 Saddlepoint Dynamics: Obtaining Explicit Solutions -- 4.1.3 Higher Order Systems -- 4.1.3.1 PHASE DIAGRAMS IN SYSTEMS WITH TWO STATE VARIABLES -- The Method of Eigenvector Rays -- Dixit's Trick -- 4.2 Dynamic Optimization -- 4.2.1 Saddlepoint Solutions and Optimal Control -- 4.3 An Extended Example -- Solution -- CHAPTER 5 Underemployment, Underinvestment, and Optimal Trade Policy -- 5.1 The Model -- 5.1.1 Goods and Factor Prices -- 5.1.2 Technology and Factor Demands -- 2.1.3 Consumption,Investment, and Capital Accumulation -- 5.1.4 The Government Budget Constraint -- 5.1.5 The Market Clearing Conditions -- 5.2 A Sketch of the General Solution Procedure -- 5.2.1 The Private Agent's Optimization Problem -- 5.2.2 The Steady-State Equilibrium -- 5.2.3 Pinning Down the Transition Path -- 5.2.4 The Welfare Outcome and Optimal Policy -- 5.2.5 Iteration and the Criterion for Convergence to the Optimum -- 5.3 Calibration of the Model -- 5.3.1 Choice of Parameter Values -- 5.3.2 The Steady-State Equilibrium in Level Form -- 5.4 The Impact of Small Policy Changes at Free Trade -- 5.4.1 Long-Run Effects on Capital Accumulation, High-Wage Employment, and Real Output -- 5.4.2 The Speed of Adjustment -- 5.4.3 Real Wages and Underemployment -- 5.4.3.1 THE TRANSITIONAL DYNAMICS

Additional Edition: Print version Buffie, Edward F. Trade Policy in Developing Countries Cambridge : Cambridge University Press,c2001 ISBN 9780521782234

Language: English

Keywords: Electronic books

URL: FULL  ((OIS Credentials Required))

UID:

Format: Tab. Lit. S. 134-135

ISSN: 1020-7635

In: Internationaler Währungsfonds, IMF staff papers, Basingstoke : Palgrave, 1999, 50(2003), 1, Seite 115-135, 1020-7635

In: volume:50

In: year:2003

In: number:1

In: pages:115-135

Language: English

UID:

Format: 53 p.

Edition: Electronic reproduction. Ann Arbor, MI : ProQuest, 2015. Available via World Wide Web. Access may be limited to ProQuest affiliated libraries.

Series Statement: IMF working paper ; 12/144

Language: English

Keywords: Electronic books.

URL: Click to View

UID:

Format: vi, 400 p. : , ill.

Edition: Electronic reproduction. Ann Arbor, MI : ProQuest, 2015. Available via World Wide Web. Access may be limited to ProQuest affiliated libraries.

Language: English

Keywords: Electronic books.

URL: Click to View