www.makroekonomia.fora.pl

lukasz.pokrywka

Dokładny temat - Konsolidacja finansów publicznych po kryzysie

adrian_burda

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Rozdział III z październikowego IMF outlooka

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Budget Consolidation:
Short-Term Pain and Long-Term Gain

Kevin Clinton, Michael Kumhof, 2010

adrian_burda

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Fiscal Exit:
From Strategy to Implementation - raport IMF z listopada 2010

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Navigating the Fiscal
Challenges Ahead

raport IMF z maja 2010

adrian_burda

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From Stimulus to Consolidation: Revenue and Expenditure Policies
in Advanced and Emerging Economies

adrian_burda

Nic tak nie irytujuje, jak świetnie artykuł,pasujący do tematu po jego prezentacji Razz

W każdy razie warto przeczytać:

A Status Update on Fiscal Exit Strategies

Fabian Bornhorst, Nina Budina, Giovanni Callegari,
Asmaa ElGanainy, Raquel Gomez Sirera, Andrea Lemgruber, Andrea Schaechter, Joong Beom Shin

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adrian_burda

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HOW BIG (SMALL?) ARE FISCAL MULTIPLIERS?

Ethan Ilzetzki
Enrique G. Mendoza
Carlos A. Végh

ABSTRACT
We contribute to the intense debate on the real effects of fiscal stimuli by showing that the impact
of government expenditure shocks depends crucially on key country characteristics, such as the level
of development, exchange rate regime, openness to trade, and public indebtedness. Based on a novel
quarterly dataset of government expenditure in 44 countries, we find that (i) the output effect of an
increase in government consumption is larger in industrial than in developing countries, (ii) the fiscal
multiplier is relatively large in economies operating under predetermined exchange rate but zero in
economies operating under flexible exchange rates; (iii) fiscal multipliers in open economies are lower
than in closed economies and (iv) fiscal multipliers in high-debt countries are also zero.

adrian_burda

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Macroeconomic Effects of Public Pension Reforms

Philippe Karam, Dirk Muir, Joana Pereira, and Anita Tuladhar

Abstrakt:
The paper explores the macroeconomic effects of three public pension reforms, namely an increase in retirement age, a reduction in benefits and an increase in contribution rates. Using a five-region version of the IMF‘s Global Integrated Monetary and Fiscal model (GIMF), we find that public pension reforms can have a positive effect on growth in both the short run, propelled by rising consumption, and in the long run, due to lower government debt crowding in higher investment. We also find that a reform action undertaken cooperatively by all regions results in larger output effects, reflecting stronger capital accumulation due to higher world savings. An increase in the retirement age reform yields the strongest impact in the short run, due to the demand effects of higher labor income and in the long run because of supply effects.

adrian_burda

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