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Do Fiscal Spillovers Matter?

2011-09-01 Business & Economics
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Release : 2011-09-01
Genre : Business & Economics
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Book Rating : 31X/5 ( reviews)

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Book Synopsis Do Fiscal Spillovers Matter? by : Anna Ivanova

Download or read book Do Fiscal Spillovers Matter? written by Anna Ivanova. This book was released on 2011-09-01. Available in PDF, EPUB and Kindle. Book excerpt: The paper assesses the impact of fiscal spillovers on growth in the context of a coordinated exit from crisis management policies. We find that despite potentially sizeable domestic effects from consolidation, aggregate negative spillovers to other countries are likely to be contained in 2011-2012 unless fiscal multipliers and/or imports elasticities are very large. Small and open European economies, however, will be substantially affected in any case. In contrast, the coordinated exit from fiscal stimulus will have limited direct effect on European peripheral countries since they are relatively closed, with the notable exception of Ireland.

Fiscal Spillovers

2017-10-18 Business & Economics
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Release : 2017-10-18
Genre : Business & Economics
Kind : eBook
Book Rating : 416/5 ( reviews)

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Book Synopsis Fiscal Spillovers by : Patrick Blagrave

Download or read book Fiscal Spillovers written by Patrick Blagrave. This book was released on 2017-10-18. Available in PDF, EPUB and Kindle. Book excerpt: Are fiscal spillovers today as large as they were during the global financial crisis? How do they depend on economic and policy conditions? This note informs the debate on the cross-border impact of fiscal policy on economic activity, shedding light on the magnitude and the factors affecting transmission, such as the fiscal instruments used, cyclical positions, monetary policy conditions, and exchange rate regimes. The note assesses spillovers from five major advanced economies (France, Germany, Japan, United Kingdom, United States) on 55 advanced and emerging market economies that represent 85 percent of global output, looking at government-spending and tax revenue shocks during expansion and consolidation episodes. It finds that fiscal spillovers are economically significant in the presence of slack and/or accommodative monetary policy—and considerably smaller otherwise, which suggests that spillovers are large when domestic multipliers are also large. It also finds that spillovers from government-spending shocks are larger and more persistent than those from tax shocks and that transmission may be stronger among countries with fixed exchange rates. The evidence suggests that although spillovers from fiscal policies in the current environment may not be as large as they were during the crisis, they may still be important under certain economic circumstances.

Looking Through and Past COVID-19

2021
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Release : 2021
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Kind : eBook
Book Rating : 457/5 ( reviews)

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Book Synopsis Looking Through and Past COVID-19 by :

Download or read book Looking Through and Past COVID-19 written by . This book was released on 2021. Available in PDF, EPUB and Kindle. Book excerpt: The main thrust of fiscal and monetary responses to the pandemic in the EU and the US are contrasted. Estimates of the spillovers from US fiscal policy to Europe are estimated. They are found to be significant but economically modest. Consequences for debt and debt sustainability in the long-run are also examined. Concerns over debt sustainability in the EU and the US are warranted. Observers advocating much higher debt levels need to consider lessons from history. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 21 June 2021.

How Big (Small?) are Fiscal Multipliers?

2011-03-01 Business & Economics
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Release : 2011-03-01
Genre : Business & Economics
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Book Rating : 022/5 ( reviews)

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Book Synopsis How Big (Small?) are Fiscal Multipliers? by : Ethan Ilzetzki

Download or read book How Big (Small?) are Fiscal Multipliers? written by Ethan Ilzetzki. This book was released on 2011-03-01. Available in PDF, EPUB and Kindle. Book excerpt: We contribute to the intense debate on the real effects of fiscal stimuli by showing that the impact of government expenditure shocks depends crucially on key country characteristics, such as the level of development, exchange rate regime, openness to trade, and public indebtedness. Based on a novel quarterly dataset of government expenditure in 44 countries, we find that (i) the output effect of an increase in government consumption is larger in industrial than in developing countries, (ii) the fisscal multiplier is relatively large in economies operating under predetermined exchange rate but zero in economies operating under flexible exchange rates; (iii) fiscal multipliers in open economies are lower than in closed economies and (iv) fiscal multipliers in high-debt countries are also zero.

Germany In An Interconnected World Economy

2013-04-10 Business & Economics
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Release : 2013-04-10
Genre : Business & Economics
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Book Rating : 240/5 ( reviews)

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Book Synopsis Germany In An Interconnected World Economy by : Mr.Ashoka Mody

Download or read book Germany In An Interconnected World Economy written by Mr.Ashoka Mody. This book was released on 2013-04-10. Available in PDF, EPUB and Kindle. Book excerpt: Germany has been a central player in discussions on the future architecture of Europe, and has been called on to play a larger role in supporting global and, especially, European recovery from the financial crisis that triggered the Great Recession. This book focuses on the possible economic role of Germany and shows that the quantitative effects of a German fiscal stimulus would be small on the heavily indebted euro area periphery countries that most need the boost. The book finds that Germany itself faces a growth challenge and that efforts to raise its own growth potential are important for Germany, and that more rapid growth of domestic demand will more powerfully stimulate European economic growth through its expanded demand for imports.

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