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Intergenerational implications of fiscal consolidation in Japan
Tokuoka, Kiichi - 2012
In Japan, intergenerational inequality in lifetime resources is substantial, with a heavier fiscal burden on the young than the old. Moreover, given the need for fiscal consolidation, the inequality is even worse than existing policy would suggest. However, this does not mean that fiscal...
Persistent link: https://www.econbiz.de/10009621690
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On Impatience and Policy Effectiveness
Sgherri, Silvia - 2009
An increasing body of evidence suggests that the behavior of the economy has changed in many fundamental ways over the last decades. In particular, greater financial deregulation, larger wealth accumulation, and better policies might have helped lower uncertainty about future income and lengthen...
Persistent link: https://www.econbiz.de/10012677705
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Tradeoff between the Output and Current Account Effects of Pension Reform.
Catalán, Mario - 2012
We compare the long-term output and current account effects of pension reforms that increase the retirement age with those of reforms that cut pension benefits, conditional on reforms achieving similar fiscal targets. We show the presence of a policy trade-off. Pension reforms that increase the...
Persistent link: https://www.econbiz.de/10012690159
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Social Security Reforms, Retirement and Sectoral Decisions
Delalibera, Bruno - 2025
In many countries, the regulations governing pension systems, hiring procedures, and job contracts differ between the public and private sectors. Public sector employees tend to have longer tenures and higher wages compared to workers in the private sector. As such, social security reforms can...
Persistent link: https://www.econbiz.de/10015328072
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Inflation Indexation in Public Finances: A Global Dataset on Current Practices
Balasundharam, Vybhavi - 2023
This paper presents a new global dataset on current practices for four budget items in terms of indexation to the price … related literature as well as conducting a survey among IMF country desks of 190 country-members, we show how indexation is …. The dataset shows that while indexation policies vary significantly across economies, some trends can be identified. For …
Persistent link: https://www.econbiz.de/10015058808
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Brazil’s Capital Market; Current Status and Issues for Further Development
International Monetary Fund (IMF); International … - 2012
markets are still facing a number of challenges including prevalent short-term indexation, investors’ risk aversion to long …
Persistent link: https://www.econbiz.de/10011242406
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Managerial Incentives and Financial Contagion
Chakravorti, Sujit; Lall, Subir - International Monetary Fund (IMF) - 2004
This paper proposes a framework for comovements of asset prices with seemingly unrelated fundamentals, as an outcome of optimal portfolio strategies by fund managers. In emerging markets, dedicated managers outperforming a benchmark index and global managers maximizing absolute returns lead to...
Persistent link: https://www.econbiz.de/10005769103
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Pricing Growth-Indexed Bonds
Mauro, Paolo; Chamon, Marcos - International Monetary Fund (IMF) - 2005
Growth-indexed bonds have been suggested as a way of reducing the procyclicality of emerging-market countries' fiscal policies and the likelihood of costly debt crises. Investor attitude surveys suggest that pricing difficulties are seen as a considerable obstacle. In an effort to reduce such...
Persistent link: https://www.econbiz.de/10005599424
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Sovereign ESG Bond Issuance: A Guidance Note for Sovereign Debt Managers
Lindner, Peter - 2023
to provide issuers and other stakeholders with a comprehensive view of the ESG bond marketplace …
Persistent link: https://www.econbiz.de/10015059620
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Green Bond Pricing and Greenwashing under Asymmetric Information
Schmittmann, Jochen M. - 2022
We analyze the corporate green bond market under a rational framework without an innate green preference, using a …, false or exaggerated claims of being green. The extent of greenwashing in the market is a function of the green bond premium …. A swift and gradual implementation of carbon pricing generates a small green bond premium and a low level of …
Persistent link: https://www.econbiz.de/10015059920