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Credit Constraints, Productivity Shocks and Consumption Volatility in Emerging Economies
Bhattacharya, Rudrani; Patnaik, Ila - International Monetary Fund (IMF) - 2013
How does access to credit impact consumption volatility? Theory and evidence from advanced economies suggests that … greater household access to finance smooths consumption. Evidence from emerging markets, where consumption is usually more … volatile than income, indicates that financial reform further increases the volatility of consumption relative to output. We …
Persistent link: https://www.econbiz.de/10010790416
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Riding the Roller Coaster; Fiscal Policies of Nonrenewable Resource Exporters in Latin America and the Caribbean
Murphy, Pablo Lopez; Villafuerte, Mauricio; Ossowski, … - International Monetary Fund (IMF) - 2010
This paper analyzes recent fiscal policies of nonrenewable resource exporting countries in Latin America and the Caribbean in the context of sharp swings in resource prices. Fiscal policies were predominantly procyclical during the boom period 2003-08 but to significantly differing degrees...
Persistent link: https://www.econbiz.de/10008727790
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Structural Breaks in Fiscal Performance; Did Fiscal Responsibility Laws Have Anything to Do with them?
Medina, Leandro; Caceres, Carlos; Corbacho, Ana - International Monetary Fund (IMF) - 2010
In recent years, many countries have adopted Fiscal Responsibility Laws to strengthen fiscal institutions and promote fiscal discipline in a credible, predictable and transparent manner. Still, results on the effectiveness of these laws remain tentative. In this paper, we test empirically...
Persistent link: https://www.econbiz.de/10008727801
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Is Fiscal Policy Procyclical in Developing Oil-Producing Countries?
Erbil, Nese - International Monetary Fund (IMF) - 2011
-2009. After testing five fiscal measures - government expenditure, consumption, investment, non-oil revenue, and non-oil primary …
Persistent link: https://www.econbiz.de/10009203530
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Fiscal Policy in Oil Producing Countries During the Recent Oil Price Cycle
International Monetary Fund (IMF); International … - 2010
evidence that fiscal policy has been procyclical and has hence exacerbated the fluctuations in economic activity. In addition …
Persistent link: https://www.econbiz.de/10008519486
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Targeting, Cascading, and Indirect Tax Design
Keen, Michael - International Monetary Fund (IMF) - 2013
This paper addresses two fundamental issues in indirect tax design. It first revisits the case for reduced rates on items especially important to the poor, establishing conditions under which even very crudely targeted spending measures better serve their interests. It then explores the welfare...
Persistent link: https://www.econbiz.de/10011123815
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Country Stress Events; Does Governance Matter?
Kochanova, Anna; Caceres, Carlos - International Monetary Fund (IMF) - 2012
This paper analyzes the linkages between governance quality and country stress events. It focuses on two types of events: fiscal and political stress events, for which two innovative stress indicators are introduced. The results suggest that weaker governance quality is associated with a higher...
Persistent link: https://www.econbiz.de/10011242318
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Strengthening Russia's Fiscal Framework
Zakharova, Daria; Gust, Charleen - International Monetary Fund (IMF) - 2012
Though many aspects of Russia's fiscal policy framework are close to best practice on paper, actual practice in recent years has been moving away from best practice. In particular, the continued focus on the overall rather than the nonoil balance, and the regular use of supplemental budgets to...
Persistent link: https://www.econbiz.de/10011242442
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Fiscal Transparency, Fiscal Performance and Credit Ratings
Escolano, Julio; Arbatli, Elif - International Monetary Fund (IMF) - 2012
This paper investigates the effect of fiscal transparency on market assessments of sovereign risk, as measured by credit ratings. It measures this effect through a direct channel (uncertainty reduction) and an indirect channel (better fiscal policies and outcomes), and it differentiates between...
Persistent link: https://www.econbiz.de/10011142007
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Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies
Guzman, Juan Pablo Medina; Soto, Claudio - International Monetary Fund (IMF) - 2014
effectiveness of macroeconomic policies to isolate the economy from commodity price fluctuations. We develop a general equilibrium … isolate the economy from terms of trade fluctuations. …
Persistent link: https://www.econbiz.de/10010790403