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| Tan, Eu Chye. |
| This paper primarily seeks to establish whether long- and short-run relationships prevail between fiscal deficits on one hand and inflation and economic growth on the other in a developing economy such as Malaysia. The Malaysian economy has gained international acclaim as one of the successfully managed. Econometric methodology involving the Johansen cointegration and Granger causality techniques and annual data spanning generally from 1966 through 2003 have been mobilized for the purpose. The empirical results suggest that fiscal deficits could have an inflationary impact on the Malaysian economy as they are being monetized though no long run relationship exists amongst fiscal deficits, money supply and the price level. Fiscal deficits also appear to have... |
| Tipo: Journal Article |
Palavras-chave: Deficits; Growth; Inflation; International Development; E60; H30; H61; H62. |
| Ano: 2006 |
URL: http://purl.umn.edu/50285 |
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| Twimukye, Evarist P.; Matovu, John Mary; Levine, Sebastian; Birungi, Patrick. |
| This paper analyses the impact of the global economic and financial crisis on Uganda notably on macro-economic aggregates, sectoral output and household welfare, and the potential role of fiscal policy and reform in mitigating the impacts. We find that second round effects from a reduction in financial inflows such as remittances, foreign direct investments and overseas development assistance, as well as reduction in international demand from cash crops such as cotton, tea and coffee, could lead to a reduction in economic growth by 0.6 percentage points on average annually over the period 2008- 2010 compared to a baseline reflecting pre-crisis conditions. A surge in regional exports and early counter-cyclical policies in particular are found to dampen the... |
| Tipo: Report |
Palavras-chave: Sub-Saharan Africa; Uganda; Global economic and financial crisis; Computable general equilibrium (CGE); Consumer/Household Economics; Financial Economics; Industrial Organization; International Development; Production Economics; Public Economics; C68; D58; E62; F15; H62; I32. |
| Ano: 2010 |
URL: http://purl.umn.edu/113619 |
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| Drazen, Allan. |
| Is there a fundamental conflict between insulating monetary policy from popular pressures, seen as essential to sound monetary policy, and making policy responsive to the popular will, seen as fundamental to democracy? We argue that strongly independent monetary policy is not inconsistent with democratic control of policymaking, once one realizes that a key feature of democratic policymaking is the decision to remove some decisions from “day-to-day” political pressures. This is the essence of "constitutionalism," central to the functioning of democracy, by which certain decisions are made difficult to reverse. It is further argued that a conflict between popular sovereignty and policymaker independence is not unique to monetary policy, but actually... |
| Tipo: Journal Article |
Palavras-chave: Central bank independence; Constitutional democracy; Democratic control; Financial Economics; E52; E58; H62. |
| Ano: 2002 |
URL: http://purl.umn.edu/44297 |
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| Weinert, Gunter. |
| Der Stabilitats- und Wachstumspakt ist in den vergangenen Jahren von einer zunehmenden Zahl von Landern verletzt worden. Dies deutet auf Mangel in der Gestaltung bzw. in der Umsetzung des Pakts hin. Kritisiert wird insbesondere das zentrale Kriterium für eine nachhaltige Finanzpolitik, eine für alle Länder einheitliche Obergrenze von 3 % für die gesamtstaatliche Defizitquote, nicht zuletzt wegen der damit verbundenen Asymmetrie. Zugleich wurden zahlreiche Alternativen vorgeschlagen: eine Orientierung der Finanzpolitik an den gesamtstaatlichen Schulden, am strukturellen Budgetsaldo, mit oder ohne besondere Berücksichtigung der öffentlichen Investitionen, sowie an einem für die mittlere Frist festgelegten linearen Pfad für die öffentlichen Ausgaben. Die... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Fiscal policy; Budget deficit; Public debt; Financial Economics; E62; H62; H63. |
| Ano: 2004 |
URL: http://purl.umn.edu/26246 |
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