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Friday, April 24, 2020 | History

2 edition of Underlying factors driving fiscal effort in emerging market economies found in the catalog.

Underlying factors driving fiscal effort in emerging market economies

Abdul Abiad

Underlying factors driving fiscal effort in emerging market economies

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  • 36 Currently reading

Published by International Monetary Fund, Fiscal affairs dept. in [Washington, D.C.] .
Written in English

    Subjects:
  • Debts, Public -- Developing countries.,
  • Fiscal policy -- Developing countries.

  • Edition Notes

    Statementprepared by Abdul Abiad and Taimur Baig.
    SeriesIMF working paper -- WP/05/106
    ContributionsBaig, Taimur., International Monetary Fund. Fiscal Affairs Dept.
    The Physical Object
    Pagination28 p. ;
    Number of Pages28
    ID Numbers
    Open LibraryOL19514495M

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Underlying factors driving fiscal effort in emerging market economies by Abdul Abiad Download PDF EPUB FB2

Underlying Factors Driving Fiscal Effort in Emerging Market Economies Prepared by Abdul Abiad and Taimur Baig1 Authorized for distribution by Manmohan S. Kumar June Abstract This Working Paper should not be reported as representing the views of the IMF. Fiscal Underlying factors driving fiscal effort in emerging market economies book rises with positive shocks to oil prices (for oil exporters), when the economy grows above its potential, and in the presence of an IMF-supported program.

In contrast, high democratic accountability and strong and impartial bureaucracies help lower market risk and hence lower the relative need for fiscal by: 1. We also find an inverse U-shaped relationship between the primary balance and revenue. Fiscal effort rises with positive shocks to oil prices (for oil exporters), when the economy grows above its potential, and in the presence of an IMF-supported by: Underlying Factors Driving Fiscal Effort in Emerging Market Economies Using a panel dataset of 34 emerging market countries for the periodwe examine the roles of various economic, political, and institutional variables in determining fiscal effort, as proxied by the primary surplus.

Fiscal effort rises with positive shocks to oil prices (for oil exporters), when the economy grows above its potential, and in the presence of an IMF-supported program. In contrast, high democratic accountability and strong and impartial bureaucracies help lower market risk and hence lower the relative need for fiscal adjustment.

Fiscal effort rises with positive shocks to oil prices (for oil exporters), when the economy grows above its potential, and in the presence of an IMF-supported program.

In contrast, high democratic accountability and strong and impartial bureaucracies help lower market risk and hence lower the relative need for fiscal : Taimur Baig and Abdul Abiad. market debt, and the number of underlying factors that might drive this covariation, has received little attention in the asset pricing literature.

This article investigates the extent to which spreads on emerging market sovereign debt react to forces that are common across markets Cited by: Fiscal policy in emerging market economies: the issues 1. Deficit bias and procyclicality 2.

Political economy 2. Chile´s fiscal rule 1. Initial conditions 2. The rule at work 3. Some results 3. Thinking about fiscal rules. Comparing emerging markets (and emerging economies) and developing countries is necessary to understand Why emerging economies are so important for world economic growth.

It is more than obvious these countries are indifferent categories. Differences between emerging economies and developed economies are presented in Table Size: KB. "Underlying Factors Driving Fiscal Effort in Emerging Market Economies," IMF Working Papers 05/, International Monetary Fund.

Jonathan David Ostry & Abdul d Abiad, " Primary Surpluses and sustainable Debt Levels in Emerging Market Countries," IMF Policy Discussion Papers 05/6, International Monetary Fund.

Bank Risk Management in Developing Economies: Addressing the Unique Challenges of Domestic Banks provides an up-to-date resource on how domestically-based banks in emerging economies can provide financial services for all economic sectors while also contributing to national economic development policies.

See also Journal Article in American Economic Review () Primary Surpluses and sustainable Debt Levels in Emerging Market Countries IMF Policy Discussion Papers, International Monetary Fund View citations (27) Underlying Factors Driving Fiscal Effort in Emerging Market Economies IMF Working Papers, International Monetary Fund View.

On the Underlying factors driving fiscal effort in emerging market economies book explanation, see A. Riascos and C. Vegh, Underlying factors driving fiscal effort in emerging market economies book Government Spending in Developing Countries: The Role of Capital Market Imperfections" mimeo, University of California, Los Angeles, ; G.

Cuadra, J. Sanchez, and H. Sapriza, "Fiscal Policy and Default Risk in Emerging Markets," Review of Economic Dynamics, 13(2),Underlying factors driving fiscal effort in emerging market economies book.

Œ09, developing economies, in particular Emerging Markets (EM) and Frontier Markets (FM) economies, built –scal space by reducing debt and closing de–cits (Figure 1). To support activity during the Great Recession, this space was used for File Size: KB.

A 'read' is counted each time someone views a publication summary (such as the title, abstract, and list of authors), clicks on a figure, or views or downloads the full-text.

The Covid pandemic has forced governments around the world to spend large sums in an effort to stabilise their economies, writes Stephanie Kelton. Gone, for now, are concerns about how to. There has been a significant increase in R&D effort in a number of economies outside the OECD area (Figure 1), and, albeit starting from a low base, the associated growth of R&D capabilities in a number of major emerging market economies is making them competitive destinations for cross-border R&D.

At least China amongFile Size: KB. which distinguishes between external and domestic factors driving capital flows to emerging markets.

The push-pull dichotomy provides a simple and intuitive classification of capital flows drivers, but it certainly has its limitations. For example, contagion effects and other. However, following a short-lived initial rebound in activity inthe global economy and, especially, emerging market and developing economies, have suffered a decade of weak growth despite unprecedented monetary policy accommodation and several rounds of fiscal stimulus in major by: 4.

Emerging markets are not poor countries, nor are they countries which are making economic progress. They are defined by a very specific set of macroeconomic properties, which financial markets are conscious of, but are rarely clearly articulated.

The overriding characteristic of an emerging market is that a currency devaluation is a tightening of policy. levels of growth seen in the developed world, market liquidity has not.

Although emerging economies are better off without the excess liquidity that the most developed capital markets saw leading up toit remains the case that markets need to deepen further if they are to help finance the rapid growth expected in these economies.

The underlying beliefs that make up the fundamentals of laissez-faire economics include, first and foremost, economic competition constitutes a "natural order". Barriers to entry are the obstacles or hindrances that make it difficult for new companies to enter a given market.

These may include technology challenges, government regulations, Fiscal Policy Fiscal Policy refers to the budgetary policy of the government, which involves the government manipulating its level of spending and tax rates within. brief discussion of the main implications for economic policy.

Global factors, capital flows and commodity prices in emerging economies The hypothesis of this paper is based on the critical analysis of two (mainly empirical) branches of literature, in constant progress in recent years largely due to their relevance for emerging by: 5.

Start studying Economy Learn vocabulary, terms, and more with flashcards, games, and other study tools. When the economy is strong, the demand for money is higher, since greater spending activity means that there is more of a need for cash to finance projects. Higher demand, in turn, drives up costs, and in this case, interest rates.

In addition, stronger economic growth makes inflation more likely, at least in theory. The effects of regulation on economic activity are difficult to measure and thus too often are neglected in the debates over economic policy.

The World Bank’s senior vice president and chief economist, Kaushik Basu, explains this is because regulations affect the “nuts and bolts” and “plumbing” in the economy—the fundamental moving parts that are often too deep for us to.

Factors responsible for success of emerging markets Benefits: There are large number of factors which are responsible for success of emerging markets in comparison to more mature and developed of the most peculiar and important advantage is the opportunity for rapid market expansion than the developed economies which have got saturated and cannot grow factors.

Global economic growth is gaining plodding at the slowest pace since the financial crisis inglobal growth is expected to accelerate to a percent pace this year. or factors of production, are the inputs used to produce the goods and services that people want.

study of economic behavior in particular markets, such as the market for computers of for unskilled labor. what is the driving force behind the circular flow of the market economy. Moreover, the capital market of Romania has been put on the list of countries that may be upgraded to the status of emerging market in the short or medium term.

In the last few years there has been an increase in the number of start-ups, particularly in IT and the development of software, as well as in foreign investment by local companies. Change will vary by market depending on macroeconomic factors and the competitive and regulatory landscapes.

Download our report to read more about some of the key trends across markets. Convergence across markets.

In the emerging economies, cash and paper-based payment instruments are still the main basis for retail transactions. Underlying Factors Driving Fiscal Effort in Emerging Market Economies IMF Working Paper WP/05/, June (International Monetary Fund) Hun Using a panel dataset of 34 emerging market countries for the period –, we examine the roles of various economic, political, and institutional variables in determining fiscal effort, as.

I appreciate this opportunity to offer a few thoughts on the effects of advanced economy monetary policies on emerging market economies (EMEs)--an issue of great importance for Asia and the global economy.

1 Since the global financial crisis, the Federal Reserve has sought to strengthen the U.S. economic recovery through highly accommodative monetary policy. Emerging market economies now make up a much larger share of global trade, the global economy and global growth. As an illustration, emerging market economies have accounted for 70 percent of global output growth since the crisis—double their share from two decades ago.

3 This growth has provided much-needed support to world economic activity. al.(, and ) argue that although pull factors were important in the flows of the early s, the main determinants were push factors.

Low international interest rates, which in turn favoured the creditworthiness position of emerging markets, and recessions in major industrial economies, which made more appealing international. In addition to the role TFP plays in driving long-run growth, this simple exercise shows that a country with robust TFP-driven growth prior to the Great Recession tended to do well relative to other countries following the recession.

Notes and References. 1 The countries are Germany, Italy, France, the United States, Japan, Australia, Canada. This essay examines the state of the European Union post-eurozone crisis, and assesses the European Union's prospects as a model for regional integration efforts around the globe.

An emerging market (or an emerging country) is a market that has some characteristics of a developed market, but does not fully meet its standards. This includes markets that may become developed markets in the future or were in the past. The term "frontier market" is used for developing countries with smaller, riskier, or more illiquid capital markets than "emerging".

A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labor power) in exchange for money from buyers.

It can be said that a market is the process by. investment and growth, they are particularly important in emerging market economies pdf corporations often are hugely influential in the economy-at-large and in politics.

We propose a general framework for thinking about the challenges of designing these institutions in emerging market economies and draw some policy implications. In. The Six Key Drivers of Emerging Markets. the six key drivers and the effect they have on the economic vitality of emerging markets.

1. get even by reducing supply and driving prices higher.Five Operational Factors Driving Emerging Markets Custody Forward 03/28/ Ebook strong global economy, led by several emerging economies, continue to provide valuable investment opportunities for alternative managers.

This global rising tide continues to reward all market participants, making it difficult for asset managers to stand out in a.