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| Morrissey, Oliver; Osei, Robert; Lloyd, Tim A.. |
| An important feature of aid to developing countries is that it is given to the government. As a result aid has the potential to affect budgetary behaviour. Although the (albeit limited) aid-growth literature has addressed the effect of aid on policy, it has tended to neglect the effect of aid on the fiscal behaviour of governments. While fiscal response models have been developed to examine the effects of aid on fiscal aggregates - taxation, expenditure and borrowing - the underlying theory is ad hoc and empirical methods used are subject to severe limitations. This paper applies techniques developed in the "macroeconometrics" literature to estimate the dynamic structural relationship between aid and fiscal aggregates. Using vector autoregressive methods,... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Aid; Fiscal Response; Ghana; International Development; International Relations/Trade; F35; O23; O11; O55. |
| Ano: 2002 |
URL: http://purl.umn.edu/26226 |
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| Acosta, Pablo; Loza, Andres. |
| This study provides an empirical analysis of the macroeconomic factors that can potentially affect investment decisions in Argentina in a short, medium and long run perspective. Both the theory and the empirical literature are reviewed in order to identify a private investment function for the last three decades (1970-2000). The results suggest that investment decisions seem to be determined, in the short run, by shocks in returns (exchange rate, trade liberalization) and in aggregate demand. Besides, there is evidence of a “crowding-out” effect of public investment. In the long run, the capital accumulation path seems to be closely dependent on both well-developed financial and credit markets and on perspectives of fiscal sustainability. |
| Tipo: Journal Article |
Palavras-chave: Investment; Macroeconomic instability; Crowding-out; Argentina; E22; H54; O16; O23. |
| Ano: 2005 |
URL: http://purl.umn.edu/37161 |
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| Berg, Andrew; Papageorgiou, Chris; Pattillo, Catherine; Spatafora, Nikola. |
| This paper investigates the medium- and long-term growth effects of the global financial crises on Low-Income Countries (LICs). Using several methodological approaches, including impulse response function analysis, growth spells techniques and panel regressions, we show that external demand (ED) shocks are not historically associated with sharp declines in output growth. Given existing evidence that LICs were primarily impacted by such a shock in the global financial crisis, our analysis provides some optimism on the chances that LICs will avoid a protracted period of slow growth. However, we also show that there seem to be persistent output losses associated with ED shocks in the medium-run. In terms of policy implications, our analysis provides evidence... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Global financial crisis; External shocks; Low-income countries; Medium- and long-term growth; Impulse response functions; Growth spells; Panel growth regressions; Agribusiness; O11; O19; O23; O47. |
| Ano: 2011 |
URL: http://purl.umn.edu/115524 |
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