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Public Investment, Growth, and Debt Sustainability; Putting together the Pieces
Berg, Andrew; Portillo, Rafael; Buffie, Edward F.; … - International Monetary Fund (IMF) - 2012
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)...
Persistent link: https://www.econbiz.de/10011242330
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The Puzzle of Persistently Negative Interest Rate-Growth Differentials; Financial Repression or Income Catch-Up?
Shabunina, Anna; Escolano, Julio; Woo, Jaejoon - International Monetary Fund (IMF) - 2011
The interest rate-growth differential (IRGD) shows a marked correlation with GDP per capita. It has been on average around 1 percentage point for large advanced economies during 1999-2008; but below -7 percentage points among non-advanced economies - exerting a powerful stabilizing influence on...
Persistent link: https://www.econbiz.de/10009370559
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Specification of a Stochastic Simulation Model for Assessing Debt Sustainability in Emerging Market Economies
Karam, Philippe D; Hostland, Doug - International Monetary Fund (IMF) - 2006
This paper documents the specification of a model that was constructed to assess debt sustainability in emerging market economies. Key features of the model include external and fiscal sectors, which allow assessment of external and public debt in a unified framework; public and external debt,...
Persistent link: https://www.econbiz.de/10005768779
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A Risk-Based Debt Sustainability Framework; Incorporating Balance Sheets and Uncertainty
Gray, Dale F.; Loukoianova, Elena; Malone, Samuel W.; … - International Monetary Fund (IMF) - 2008
sustainability analysis which-although it has many useful applications-suffers from the inability to measure risk exposures, default …
Persistent link: https://www.econbiz.de/10005605043
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Macroeconomic Volatility; The Policy Lessons From Latin America
Singh, Anoop - International Monetary Fund (IMF) - 2006
The recent recovery in Latin America has been impressive but also raises the question whether this represents a fundamental break with the region's history of boom-bust cycles. The paper traces how this history of macroeconomic volatility and financial crisis over the past century has adversely...
Persistent link: https://www.econbiz.de/10005605362
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Why Do Emerging Economies Borrow in Foreign Currency?
Jeanne, Olivier - International Monetary Fund (IMF) - 2003
minimize their probability of default. Decreasing monetary credibility can induce firms to dollarize their liabilities, even …
Persistent link: https://www.econbiz.de/10005825620
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Sudden stops, time inconsistency, and the duration of sovereign debt
Hatchondo, Juan Carlos; Martinez, Leonardo - International Monetary Fund (IMF) - 2013
We study the sovereign debt duration chosen by the government in the context of a standard model of sovereign default …
Persistent link: https://www.econbiz.de/10010790324
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Optimal Maturity Structure of Sovereign Debt in Situation of Near Default
Desgranges, Gabriel; Rochon, Céline - International Monetary Fund (IMF) - 2014
We study the relationship between default and the maturity structure of the debt portfolio of a Sovereign, under … uncertainty. The Sovereign faces a trade-off between a future costly default and a high current fiscal effort. This results into a … uncertainty about future fundamentals is then a source of default through its effect on long term interest rates and the optimal …
Persistent link: https://www.econbiz.de/10010959469
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On Price Stability and Welfare
Yehoue, Etienne B. - International Monetary Fund (IMF) - 2012
The financial crisis in the advanced countries that began in 2007 has led central bankers to adopt unconventional policy measures as policy interest rates neared the zero bound. One suggestion (Blanchard, Dell’Ariccia, and Mauro, 2010) has been to raise inflation targets to provide more...
Persistent link: https://www.econbiz.de/10011141999
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The Benefits of International Policy Coordination Revisited
Benes, Jaromir; Kumhof, Michael; Laxton, Douglas; Muir, Dirk - International Monetary Fund (IMF) - 2013
This paper uses two of the IMF’s DSGE models to simulate the benefits of international fiscal and macroprudential policy coordination. The key argument is that these two policies are similar in that, unlike monetary policy, they have long-run effects on the level of GDP that need to be...
Persistent link: https://www.econbiz.de/10011142005