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IMF Staff papers
Two recent criticisms of summary fiscal indicators are appraised: first, that they and the conventionally measured public sector balances from which they are derived are not sufficiently broadly defined; second, that they are meaningless because they do not reflect changes in the distribution of wealth between generations. The paper concludes that the defects of summary fiscal indicators have been exaggerated. It is not feasible to include all changes in public sector net worth in the deficit, and the existence of liquidity constraints and aversion to indebtedness imply that conventionally measured public sector deficits are not irrelevant.
This Time Is Different
An empirical investigation of financial crises during the last 800 years.
Venezuela Before Chávez
At the beginning of the twentieth century, Venezuela had one of the poorest economies in Latin America, but by 1970 it had become the richest country in the region and one of the twenty richest countries in the world, ahead of countries such as Greece, Israel, and Spain. Between 1978 and 2001, however, Venezuela’s economy went sharply in reverse, with non-oil GDP declining by almost 19 percent and oil GDP by an astonishing 65 percent. What accounts for this drastic turnabout? The editors of Venezuela Before Chávez, who each played a policymaking role in the country’s economy during the past two decades, have brought together a group of economists and political scientists to examine syst...
Economics of Global Business
A textbook with innovative real-world macroeconomic analyses of timely policy issues, with case studies and examples from more than fifty countries. This timely and refreshingly real–world focused textbook examines some of the world's most critical policy issues through a macroeconomics lens. After presenting analytical foundations, modeling tools, and theoretical perspectives, Economics of Global Business goes a step further than most other texts, with a practical look at the local and multinational tradeoffs facing economic policymakers in more than fifty countries. Topics range from income equality and the financial crisis to GDP, inflation and unemployment, and, notably, one of the fir...
Stock Prices, Real Exchange Rates, and Optimal Capital Accumulation
This paper analyzes the dynamics of the real exchange rate and the price of equity for a small open economy using an optimizing model in which the process of capital accumulation entails adjustment costs. The analysis demonstrates that along an adjustment path toward long-run equilibrium, appreciation of the real exchange rate will accompany a decline in the market price of equity, whereas depreciation of the real exchange rate will accompany a rise in the price of equity. This relationship results from the requirement that non-traded inputs are used in the investment process. In the short-run, though, the effects on these variables depend critically on whether disturbances originate in the non-traded sector and on whether disturbances are perceived as temporary or permanent. The disturbances considered include changes in fiscal policies as well as changes in the world interest rate.
Gender Disparity in South Asia
January 1998 While gender disparities in health and education outcomes are higher on average in South Asian than in other countries, the large within country differences in gender disparity, between Indian states or Pakistani provinces, demand more local explanations. Using data assembled from the Demographic Health Surveys of over 50 countries and from the National Family Health Surveys of individual states in India, Filmer, King, and Pritchett create a new data set of comparable indicators of gender disparity. They establish three findings: As is by now well-known, the level of gender disparities in health and education outcomes for girls in South Asia is the highest in the world. Even wit...
Monthly Labor Review
Publishes in-depth articles on labor subjects, current labor statistics, information about current labor contracts, and book reviews.
Averting Financial Crisis--Kuwait
Speculation in Kuwait's surging stock market in the early eighties fueled a financial crisis that threatened the banking system and required government intervention.
