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To investigate the effects on Papua New Guinea’s economy of substantial liquified natural gas revenues arriving in 2015, we employ a model to examine the macroeconomic effects of a scalingup of natural resource windfall revenues and the implications for a variety of policy responses. The model is a multi-sector dynamic stochastic general equilibrium (DSGE) model, and features components that allow for a detailed study of the effects of both fiscal and monetary policy in response to a positive shock to the mineral resource value of a country. The model contains tradable, non-tradable, and mining sectors, as well as an independent central bank and fiscal authority. We calibrate the model to ...
This paper studies the dynamics of net foreign liabilities across a number of countries. Our historical analysis suggests that an orderly reduction in a country’s net foreign liabilities has mostly occurred when there was significant improvement in gross public savings through deliberate fiscal consolidation measures. Simulations of a dynamic general equilibrium model calibrated for New Zealand indicates that sustained government deficit reduction could improve the country’s net foreign assets by about half of the accumulated public savings. However, given New Zealand’s relatively strong fiscal positions and previous work noting structurally low household savings, an orderly improvement in New Zealand’s external position in the medium term will depend on a structural improvement in private savings.
Directory of foreign diplomatic officers in Washington.
This collection of studies analyzes developments in nonprice external competitiveness of France, Greece, Italy, Portugal, and Spain. While France, Italy, and Portugal have experienced substantial export market share losses, Greece and Spain performed relatively well. Export market share losses appear associated with rigidities in resource allocation (sectoral, geographical, technological) relative to peers and lower productivity gains in high value-added sectors. Disaggregated analysis of goods and services export markets provides insights on aspects such as quality, market concentration, growth of destination markets, and geographical and sectoral diversification. Also, increased import penetration, offshoring and FDI could improve productivity and export performance.
Simulations with the Fund’s GIMF model show that raising government savings in New Zealand permanently by 1 percent of GDP is likely to improve the current account balance by about 1⁄2 percent of GDP. The way government savings are achieved matters for GDP but little for the current account. However, results are sensitive to changes in the risk premium. Fiscally neutral changes in taxes and expenditures can raise output in the long run.
Contains the names of the members of the diplomatic staffs of all foreign missions to the U.S. and their spouses, listed in alphabetical order by country. Members of the diplomatic staff are the members of the staff of the mission having diplomatic rank. The report also includes a chronological list of national holidays around the world; a list of diplomats in order of precedence and date of presentation of credentials; and web site and e-mail addresses of embassies.
A Sea of Love presents 95 letters exchanged between Hamburg and Antebellum USA by the famous Berlin born scholar, encyclopedist, and knowledge broker Francis Lieber (1798-1872) and his wife, Hamburg born Mathilde in 1839-1845. Their letters offer rare insights in the privacy of marriage and family life, self perceptions, notions of surroundings, as well as mental settings of the spouses. Beyond genuine individual phenomena of their Atlantic emotions their epistles show ways and methods of international communication and networking. Their writings reflect general notions and ideas shared by well-educated citizens of an Atlantic Republic of Letters connected by culture, interests, and emotions.
Das Wichtigste im Leben einer Frau sei vor allem anderen „Liebe“, so die Autorin. Um diese Theorie zu veranschaulichen, schrieb sie dieses Buch, dessen Handlung in einem alten englischen Schloss spielt. Die Figuren entstammen den höchsten gesellschaftlichen Kreisen. „Stella“, ein junges Mädchen, das von Lord Lashmar aus einem brennenden Gebäude gerettet wird und angeblich von äußerst gewöhnlicher Herkunft ist, entpuppt sich als Letzte eines alten spanischen Adelsgeschlechts und Erbin eines großen Vermögens. Lashmar adoptiert sie, und die daraus entstehenden vielen Veränderungen und Wechselfälle in ihrem Leben nehmen den größten Teil der spannenden Geschichte ein.