Small Countries And Exogenous Policy Shocks
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| Author | : Jordi Galí |
| Publisher | : University of Chicago Press |
| Total Pages | : 663 |
| Release | : 2010-03-15 |
| Genre | : Business & Economics |
| ISBN | : 0226278875 |
United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.
| Author | : Ms.Valerie Cerra |
| Publisher | : International Monetary Fund |
| Total Pages | : 50 |
| Release | : 2020-05-29 |
| Genre | : Business & Economics |
| ISBN | : 1513536990 |
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
| Author | : Claudio E. Raddatz |
| Publisher | : World Bank Publications |
| Total Pages | : 53 |
| Release | : 2005 |
| Genre | : Business cycles |
| ISBN | : |
External shocks, such as commodity price fluctuations, natural disasters, and the role of the international economy, are often blamed for the poor economic performance of low-income countries. The author quantifies the impact of these different external shocks using a panel vector autoregression (VAR) approach and compares their relative contributions to output volatility in low-income countries vis-à-vis internal factors. He finds that external shocks can only explain a small fraction of the output variance of a typical low-income country. Internal factors are the main source of fluctuations. From a quantitative perspective, the output effect of external shocks is typically small in absolute terms, but significant relative to the historic performance of these countries.
| Author | : Daniel Felsenstein |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 344 |
| Release | : 2005-05-09 |
| Genre | : Business & Economics |
| ISBN | : 9783540243038 |
This book challenges the common perception that significant regional disparities do not exist in small countries. As small developed countries become increasingly competitive and their economic structures resemble those of the large, a re-assessment of the regional consequences of these changes is of timely importance. Regional Disparities in Small Countries presents a systematic discussion of the unique theoretical, methodological and measurement challenges in analyzing regional inequalities in small countries and a series of empirical analyses addressing the issue of regional convergence and divergence in these countries. With contributions from leading regional scientists and economists, this book also examines the policy experience of small countries in closing regional gaps and the effectiveness of public interventions in this field. see Reviews
| Author | : Commonwealth Secretariat |
| Publisher | : Commonwealth Secretariat |
| Total Pages | : 188 |
| Release | : 2008-03 |
| Genre | : Business & Economics |
| ISBN | : 9780850928631 |
This unique annual collection of key economic and statistical data on the world's small states--those with fewer than five million inhabitants--is an essential reference for economists, planners and policy makers. The book contains fifty-one tables covering selected economic and social indicators culled from international and national sources and presents information unavailable elsewhere. A detailed parallel commentary on trends in Commonwealth small states, looking at growth, employment, inflation and economic policy issues, permits a deeper understanding of developments behind the figures. The book also includes three topical articles: The Effects of Limited Diversification on Small States--Stephen Fletcher, St. George's University, Grenada; Insights into the Economic Development of Small, Often Island, Economies--Godfrey Baldacchino, University of Prince Edward Island, Canada and Geoff Bertram of Victoria University, Wellington, New Zealand; and Macroeconomic Stability in Small States--Lawrence L. Schembri, Bank of Canada.
| Author | : Marijn A. Bolhuis |
| Publisher | : International Monetary Fund |
| Total Pages | : 49 |
| Release | : 2024-10-11 |
| Genre | : |
| ISBN | : |
This paper presents a new dataset of monetary policy shocks for 21 advanced economies and 8 emerging markets from 2000-2022. We use daily changes in interest rate swap rates around central bank announcements to identify unexpected shocks to the path of monetary policy. The resulting series can be used to examine cross-country heterogeneity in the impact of monetary policy shocks. We establish a new empirical fact on monetary policy spillovers across countries: the monetary policy decisions of small open economy central banks, and not just major central banks, have substantial spillover effects on swap rates and bond yields in other countries.
| Author | : |
| Publisher | : |
| Total Pages | : 44 |
| Release | : 1989 |
| Genre | : Europe |
| ISBN | : |
| Author | : Daniela Campello |
| Publisher | : Cambridge University Press |
| Total Pages | : 261 |
| Release | : 2020-11-05 |
| Genre | : Political Science |
| ISBN | : 1108841791 |
Economic voting is common around the world, but in many developing countries economic performance is dependent on exogenous international factors.
| Author | : A. Khalik Salman |
| Publisher | : Routledge |
| Total Pages | : 300 |
| Release | : 2019-06-26 |
| Genre | : Business & Economics |
| ISBN | : 0429875371 |
First published in 1999, this book focuses on the macroeconomics issues which directly affect OPEC countries, aiming to set them in the context of the overall development effort. The most extant theoretical and empirical aspects in macroeconomics are integrated smoothly with institutional issues and policy questions. The analysis is illustrated through examples to show how the theories relate to the real world, especially to ongoing debates on developing economies as well as debates that encompass both developing and OPEC and developed countries.
| Author | : GASTON. SAHAY GELOS (RATNA.) |
| Publisher | : International Monetary Fund |
| Total Pages | : 2040 |
| Release | : 2023 |
| Genre | : |
| ISBN | : |
