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Debt Relief Initiatives
This book deals with the recent debt crises in developing countries and analyzes the design and implementation of the Heavily Indebted Poor Countries (HIPC) Initiative, by providing background concepts, pointing out the main drawbacks and suggesting a different approach to debt sustainability and debt relief programs. The authors merge academic, operational and institutional expertise, in order to provide an evaluation as complete and balanced as possible on the much-debated effectiveness of debt relief in fostering economic growth, reducing poverty and reaching debt sustainability. Marco Arnone and Andrea F. Presbitero assess the joint evolution of external and domestic public debt and produce original empirical evidence on the potential effects of public debt on investment, economic growth and institution-building in low- and middle-income countries. The book also explores relevant and up-to-date policy issues, such as the loans-grants mix and the development of responsible lending strategies in foreign assistance, the surge of non-concessional and domestic borrowing by low-income countries, and the impact of the 2008-2009 global financial crisis on debt sustainability.
Building Strong Banks Through Surveillance and Resolution
Since the mid-1990s, economic observers have kept a watchful eye on the financial sector because of its potential to spark economic crises. Banks in particular have come under close scrutiny. This book offers guidance on setting up regulatory and supervisory regimes that can help to prevent crises, and on dealing with turmoil, should a crisis erupt. It contains a collection of essays on a wide range of issues useful to bolstering the banking and financial sector.
The Capital Needs of Central Banks
Central banks have evolved over many years, and sometimes centuries, as policy-making, not profit-making, institutions, and yet they are structured legally and financially like ‘for-profit’ companies of the twenty-first century. The question is what is an appropriate level of equity, or capital, for a central bank to have so that it can function for policy effectiveness over profit-maximisation, without hindrance to the achievement and maintenance of policy goals? This collection takes the reader through historical, theoretical and factual discussions on why central banks exist and the role – actual and intended – they have in assisting their home nation in achieving monetary and fin...
Demand elasticities in international trade : are they really low?
December 1996 For the first time in the economics literature, Panagariya, Shah, and Mishra obtain import demand elasticities for a small country (Bangladesh) that are very large. The elasticities are based on parameters of a utility function that are systematically of the correct sign and statistically significant. Using highly disaggregated data, both own-price and cross-price elasticities are estimated. Most economists are comfortable with the assumption that import demand elasticities facing small countries such as Austria, Belgium, and Denmark are approximately infinite. Yet the actual estimates of import demand elasticities for these and other countries are disturbingly low. Typical est...
Asian Economic and Political Issues
It is predicted by some observers that the 21st century will be remembered as the Asian Century. Many of the countries in the region seem to be able to take the economic and trade baton when one of the others experiences problems. The region, in general, continues to grow economically, politically and militarily. The articles presented in this volume examine the current political and economic situations in nations across Asia, particularly focusing on economic developments.
Industrial Organization in the European Union
This book fills an important gap in our knowledge of the organization of EU manufacturing industry. At the empirical level, it draws on a newly constructed micro-level database (the European market share matrix) to present the first ever comprehensive picture of the concentration, integration, multinationality, and diversification of EU industry and firms. However, its purpose is not primarily descriptive. At the theoretical level, it develops a new way of integrating the insights of international trade, industrial organization, international business, and corporate strategy. A central thesis is that by understanding the reasons for the industrial structure we observe, much can be understood...
Systemic Bank Restructuring and Macroeconomic Policy
Edited by William Alexander, Jeffrey M. Davis, Liam P. Ebrill, and Carl-Johan Lindgren, this volume discusses cross-country restructuring experiences building on the foundation laid by its predecessor Band Soundness and Macroeconomic Policy. It discusses broad principles and actions to guide policy makers in restructuring their banking systems.
Fiscal Aspects of Bank Restructuring
Governments frequently assist troubled banks. This paper examines the fiscal aspects of such assistance: rationale, design criteria, methods, and macroeconomic implications. It concludes that (1) banks should be assisted only when there is a clear systemic risk; (2) assistance should be tied to a comprehensive restructuring program, minimize fiscal cost, be equitable and transparent, prevent recurrence, and facilitate a sound macroeconomic environment; (3) debt-based assistance will worsen public sector debt sustainability and will probably increase aggregate demand; and (4) assistance may require a substantial fiscal response (especially given the possible need for a looser monetary stance), which should feed iteratively into the choice of restructuring strategy.
Inflation and Wage Behaviour in Europe
The Maastricht Treaty makes the convergence of inflation rates one of the preconditions of European Monetary Union (EMU). The purpose of this study is to shed light on the mechanism underlying the processes that lead to convergence or divergence in national inflation rates. It examinesinflation and wage bahaviour in the European Monetary System (EMS), their determinants, and their implications for the credibility and sustainability of the system's exchange rate mechanism (ERM). Although the focus is on the EMS period, eleven of the twelve studies also review the background of the1970s. The contributors examine issues of monetary control, stability of national and ERM-wide money-demand functi...
