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Monetary Indexation and Revenues from Money Creation : The Case of Iceland

International Monetary Fund - 1990

This paper discusses the effects of monetary indexation on the revenues from monetization in Iceland. The paper starts … revenues from monetization have traditionally made up a substantial part of Government revenues in Iceland. Different policy …

Persistent link: https://www.econbiz.de/10014395995

The Role of Monetary Policy in Israel's 1985 Stabilization Effort

International Monetary Fund - 1990

Comparing the performances of the Austral, Cruzado and Sheqel programs shows that the latent suggestion that a “heterodox” stabilization program can be implemented without tight fiscal discipline to support a restrictive monetary policy, though welcome in the politicial arena, is...

Persistent link: https://www.econbiz.de/10014396166

Inflation-Proof Tax System? : Some Lessons From Israel

International Monetary Fund - 1990

This paper strengthens the claim made by Vito Tanzi that when the effect of a high inflation on the tax system is taken into account, then the overall revenues from inflationary finance may well be negative. The paper analyzes some genuine and neat measures taken in Israel in an attempt to...

Persistent link: https://www.econbiz.de/10014396190

Empirical Analysis of High-Inflation Episodes in Argentina, Brazil, and Israel

International Monetary Fund - 1988

Although accommodative policies and widespread indexation may account for the persistence of high inflation, they cannot explain changes in the inflation rate. This paper examines the causes of such changes for the high-inflation episodes immediately preceding the recent “heterodox” attempts...

Persistent link: https://www.econbiz.de/10014396235

Fiscal Restraint, Demographic Change, and Social Services in Israel, 1985-1987, and Application of the Methodology to Latin America

International Monetary Fund - 1988

The paper analyzes the development of government social expenditure during the economic stabilization period, with specific reference to the changing needs for such expenditure arising from the change in Israel’s demographic structure. The results reveal a real cut in direct services. The...

Persistent link: https://www.econbiz.de/10014396494

Regulatory Capture in Banking

International Monetary Fund - 2006

Banks will want to influence the bank regulator to favor their interests, and they typically have the means to do so. It is shown that such ""regulatory capture"" in banking does not imply ineffectual regulation; a ""captured"" regulator may impose very tight, costly prudential requirements to...

Persistent link: https://www.econbiz.de/10014400538

Following Germany'S Lead : Using International Monetary Linkages to Identify the Effect of Monetary Policyon the Economy

International Monetary Fund - 2005

Forward-looking behavior on the part of the monetary authority leads least squares estimates to understate the true growth consequences of monetary policy interventions. We present instrumental variables estimates of the impact of interest rates on real output growth for several European...

Persistent link: https://www.econbiz.de/10014400699

Inflation Targeting and Output Growth : Empirical Evidence for the European Union

International Monetary Fund - 2005

This paper evaluates the performance of two alternative policy rules, a forward-looking rule and a spontaneous adjustment rule, under alternative inflation targets, in terms of output losses in a macroeconomic model, using European Union data. The simulations suggest that forward-looking rules...

Persistent link: https://www.econbiz.de/10014400852

Inflation Differentials in the EU : A Common ( Factors ) Approach with Implications for EU8 Euro Adoption Prospects

International Monetary Fund - 2008

This paper explores inflation determinants within the EU and implications for new members'' euro adoption plans. Factor … analysis partitions observed inflation in EU25 countries into common-origin and country-specific (idiosyncratic) components …. Cross-country differences in common-origin inflation within the EU are found to depend on gaps in the initial price level …

Persistent link: https://www.econbiz.de/10014401399

How to Stop a Herd of Running Bears? Market Response to Policy Initiatives During the Global Financial Crisis

International Monetary Fund - 2009

This paper examines the impact of macroeconomic and financial sector policy announcements in the United States, the United Kingdom, the euro area, and Japan during the recent crisis on interbank credit and liquidity risk premia. Announcements of interest rate cuts, liquidity support, liability...

Persistent link: https://www.econbiz.de/10014402377