Intertemporal Adjustment And Fiscal Policy Under A Fixed Exchange Rate Regime
The paper presents a dynamic model for small to medium open economies operating under a fixed exchange rate regime. The model provides a partial explanation of the channels through which fiscal and monetary policy affects the real exchange rate. An empirical investigation is conducted for the case o...
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| Sprache: | English |
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The World Bank
2008
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| 100 | 1 | |a Aloy, Marcel |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Intertemporal Adjustment And Fiscal Policy Under A Fixed Exchange Rate Regime |c Aloy, Marcel |
| 264 | 1 | |a Washington, D.C |b The World Bank |c 2008 | |
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| 520 | 3 | |a The paper presents a dynamic model for small to medium open economies operating under a fixed exchange rate regime. The model provides a partial explanation of the channels through which fiscal and monetary policy affects the real exchange rate. An empirical investigation is conducted for the case of Argentina during the currency board period of 1991-2001. Empirical estimates show that fiscal policy may indeed be an efficient instrument for promoting macroeconomic stability insofar as it encourages convergence toward long-run equilibrium and alters the long-term balance between exports and consumption, both private and public. The simulation applied to Argentina shows that if the share of public spending in the economy is higher than the share of imports, an increase in the tax rate will stimulate capital stock slightly, at least in the short term, and depreciate the real effective exchange rate. In the long run, the fiscal policy affects the value of the real exchange rate and consequently external competitiveness | |
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| 650 | 4 | |a Currency | |
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| 650 | 4 | |a Economic Stabilization | |
| 650 | 4 | |a Economic Theory and Research | |
| 650 | 4 | |a Emerging Markets | |
| 650 | 4 | |a Finance and Financial Sector Development | |
| 650 | 4 | |a Fiscal Policy | |
| 650 | 4 | |a Fixed Exchange Rate | |
| 650 | 4 | |a Fixed Exchange Rate Regime | |
| 650 | 4 | |a Macroeconomic stability | |
| 650 | 4 | |a Macroeconomics and Economic Growth | |
| 650 | 4 | |a Monetary policy | |
| 650 | 4 | |a Open economies | |
| 650 | 4 | |a Poverty Reduction | |
| 650 | 4 | |a Private Sector Development | |
| 650 | 4 | |a Real exchange rate | |
| 700 | 1 | |a Moreno-Dodson, Blanca |e Sonstige |4 oth | |
| 700 | 1 | |a Nancy, Gilles |e Sonstige |4 oth | |
| 700 | 1 | |a Aloy, Marcel |e Sonstige |4 oth | |
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Datensatz im Suchindex
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| author | Aloy, Marcel |
| author_facet | Aloy, Marcel |
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| author_sort | Aloy, Marcel |
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| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T22:27:45Z |
| indexdate | 2024-07-10T09:54:29Z |
| institution | BVB |
| language | English |
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| spelling | Aloy, Marcel Verfasser aut Intertemporal Adjustment And Fiscal Policy Under A Fixed Exchange Rate Regime Aloy, Marcel Washington, D.C The World Bank 2008 1 Online-Ressource (33 Seiten)) txt rdacontent c rdamedia cr rdacarrier The paper presents a dynamic model for small to medium open economies operating under a fixed exchange rate regime. The model provides a partial explanation of the channels through which fiscal and monetary policy affects the real exchange rate. An empirical investigation is conducted for the case of Argentina during the currency board period of 1991-2001. Empirical estimates show that fiscal policy may indeed be an efficient instrument for promoting macroeconomic stability insofar as it encourages convergence toward long-run equilibrium and alters the long-term balance between exports and consumption, both private and public. The simulation applied to Argentina shows that if the share of public spending in the economy is higher than the share of imports, an increase in the tax rate will stimulate capital stock slightly, at least in the short term, and depreciate the real effective exchange rate. In the long run, the fiscal policy affects the value of the real exchange rate and consequently external competitiveness Online-Ausg Currencies and Exchange Rates Currency Currency board Debt Markets Economic Stabilization Economic Theory and Research Emerging Markets Finance and Financial Sector Development Fiscal Policy Fixed Exchange Rate Fixed Exchange Rate Regime Macroeconomic stability Macroeconomics and Economic Growth Monetary policy Open economies Poverty Reduction Private Sector Development Real exchange rate Moreno-Dodson, Blanca Sonstige oth Nancy, Gilles Sonstige oth Aloy, Marcel Sonstige oth Aloy, Marcel Intertemporal Adjustment And Fiscal Policy Under A Fixed Exchange Rate Regime http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4607 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Aloy, Marcel Intertemporal Adjustment And Fiscal Policy Under A Fixed Exchange Rate Regime Currencies and Exchange Rates Currency Currency board Debt Markets Economic Stabilization Economic Theory and Research Emerging Markets Finance and Financial Sector Development Fiscal Policy Fixed Exchange Rate Fixed Exchange Rate Regime Macroeconomic stability Macroeconomics and Economic Growth Monetary policy Open economies Poverty Reduction Private Sector Development Real exchange rate |
| title | Intertemporal Adjustment And Fiscal Policy Under A Fixed Exchange Rate Regime |
| title_auth | Intertemporal Adjustment And Fiscal Policy Under A Fixed Exchange Rate Regime |
| title_exact_search | Intertemporal Adjustment And Fiscal Policy Under A Fixed Exchange Rate Regime |
| title_exact_search_txtP | Intertemporal Adjustment And Fiscal Policy Under A Fixed Exchange Rate Regime |
| title_full | Intertemporal Adjustment And Fiscal Policy Under A Fixed Exchange Rate Regime Aloy, Marcel |
| title_fullStr | Intertemporal Adjustment And Fiscal Policy Under A Fixed Exchange Rate Regime Aloy, Marcel |
| title_full_unstemmed | Intertemporal Adjustment And Fiscal Policy Under A Fixed Exchange Rate Regime Aloy, Marcel |
| title_short | Intertemporal Adjustment And Fiscal Policy Under A Fixed Exchange Rate Regime |
| title_sort | intertemporal adjustment and fiscal policy under a fixed exchange rate regime |
| topic | Currencies and Exchange Rates Currency Currency board Debt Markets Economic Stabilization Economic Theory and Research Emerging Markets Finance and Financial Sector Development Fiscal Policy Fixed Exchange Rate Fixed Exchange Rate Regime Macroeconomic stability Macroeconomics and Economic Growth Monetary policy Open economies Poverty Reduction Private Sector Development Real exchange rate |
| topic_facet | Currencies and Exchange Rates Currency Currency board Debt Markets Economic Stabilization Economic Theory and Research Emerging Markets Finance and Financial Sector Development Fiscal Policy Fixed Exchange Rate Fixed Exchange Rate Regime Macroeconomic stability Macroeconomics and Economic Growth Monetary policy Open economies Poverty Reduction Private Sector Development Real exchange rate |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4607 |
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