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Is China Over-Investing and Does it Matter?
Lee, Il Houng; Syed, Murtaza H.; Xueyan, Liu - International Monetary Fund (IMF) - 2012
Now close to 50 percent of GDP, this paper assesses the appropriateness of China’s current investment levels. It finds that China’s capital-to-output ratio is within the range of other emerging markets, but its economic growth rates stand out, partly due to a surge in investment...
Persistent link: https://www.econbiz.de/10011142176
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Dissecting Saving Dynamics; Measuring Wealth, Precautionary, and Credit Effects
Carroll, Christopher; Sommer, Martin; Slacalek, Jiri - International Monetary Fund (IMF) - 2012
We argue that the U.S. personal saving rate’s long stability (from the 1960s through the early 1980s), subsequent steady decline (1980s - 2007), and recent substantial increase (2008 - 2011) can all be interpreted using a parsimonious ‘buffer stock’ model of optimal...
Persistent link: https://www.econbiz.de/10011242291
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Factor Endowment, Structural Coherence, and Economic Growth
Che, Natasha Xingyuan - International Monetary Fund (IMF) - 2012
This paper studies the linkage between structural coherence and economic growth. Structural coherence is defined as the degree that a country's industrial structure optimally reflects its factor endowment fundamentals. The paper found that at least for the overall capital, the shares of capital...
Persistent link: https://www.econbiz.de/10010878416
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Chile's Structural Fiscal Surplus Rule; A Model-Based Evaluation
Kumhof, Michael; Laxton, Douglas - International Monetary Fund (IMF) - 2009
output volatility (relative to inflation volatility) in his/her objective function. A more aggressive countercyclical fiscal … rule can attain lower output volatility, but there is a trade-off with (somewhat) higher inflation volatility and (much …) higher volatility of fiscal variables. Second, given its current stock of government assets, Chile's adoption of a 0 …
Persistent link: https://www.econbiz.de/10004999965
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Germany; Selected Issues
International Monetary Fund (IMF); International … - 2004
This Selected Issues paper on Germany reviews investment trends and business capital stock in Organization for Economic Co-operation and Development (OECD) countries. Sharp wage increases are found to boost capital formation in the short term as employers substitute capital for labor at a...
Persistent link: https://www.econbiz.de/10005591372
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A Solution to Two Paradoxes of International Capital Flow
Wei, Shang-Jin; Ju, Jiandong - International Monetary Fund (IMF) - 2006
International capital flows from rich to poor countries can be regarded as either too low (the Lucas paradox in a one-sector model) or too high (when compared with the logic of factor price equalization in a two-sector model). To resolve the paradoxes, we introduce a non-neoclassical model which...
Persistent link: https://www.econbiz.de/10005768844
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Managing Risks in Financial Market Development; The Role of Sequencing
International Monetary Fund (IMF); International … - 2003
This paper proposes an integrated and risk-based approach to the sequencing and coordination of reforms to develop domestic financial markets. The paper argues that there is a hierarchy of financial markets that reflects the complexity of risks in each market and the interlinkages among markets....
Persistent link: https://www.econbiz.de/10005768863
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Capital Flows and Demographics; An Asian Perspective
Lueth, Erik - International Monetary Fund (IMF) - 2008
with the yen carry-trade; and that China is key to understanding Asia's demographic impact on the world. It also finds that …
Persistent link: https://www.econbiz.de/10005768978
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Fundamental Determinants of the Effects of Fiscal Policy
Kumar, Manmohan S.; Botman, Dennis P. J. - International Monetary Fund (IMF) - 2006
We explore the underlying determinants of the macroeconomic effects of fiscal policy and tax and social security reform using the Global Fiscal Model (GFM). We show that the planning horizon of consumers, access to financial markets, and the elasticity of labor supply, as well as the...
Persistent link: https://www.econbiz.de/10005769145
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Are Developing Countries Better off Spending their Oil Wealth Upfront?
Takizawa, H.; Gardner, E. H.; Ueda, Kenichi - International Monetary Fund (IMF) - 2004
We question the conventional view that it is optimal for government to maintain a stable level of spending out of oil wealth. We compare this conventional policy recommendation with one where government spends all of its oil revenues upfront, at the same rate as oil is extracted. Using a...
Persistent link: https://www.econbiz.de/10005769156