International Coordination of Fiscal Policies

1988 ◽  
Vol 8 (2) ◽  
pp. 111-124 ◽  
Author(s):  
Vito Tanzi
Keyword(s):  
Economic Performance ◽  
Controversial Issue ◽  
Main Issue ◽  
Positive Contribution ◽  
Fiscal Policies ◽  
Macroeconomic Policies ◽  
International Coordination

ABSTRACTInternational coordination of macroeconomic policies has attracted much attention in recent years. The main issue has been whether economic performance can be improved by coordination. Although still a controversial issue, many economists have argued that coordination would make a positive contribution to economic performance. This paper deals with the requirements for successful fiscal coordination. It concludes that those requirements are such that the best fiscal policies that countries can pursue are those aimed at putting their house in order.

International economic structures, government interests, and international coordination of macroeconomic adjustment policies

1991 ◽  
Vol 45 (3) ◽  
pp. 309-342 ◽  
Author(s):  
Michael C. Webb
Keyword(s):  
Exchange Rate ◽  
Interest Rates ◽  
Market Integration ◽  
Domestic Politics ◽  
Balance Of Payments ◽  
Fiscal Policies ◽  
Macroeconomic Policies ◽  
Macroeconomic Adjustment ◽  
Adjustment Policies ◽  
International Coordination

Analysts have commonly argued that there has been a decline in international coordination of the kinds of policies that governments can use to manage the international payments imbalances that emerge when different governments pursue different macroeconomic policies. The decline typically has been attributed to a posited decline in American hegemony. In contrast, this article argues that international coordination of macroeconomic adjustment policies (trade and capital controls, exchange rate policies, balance-of-payments financing, and monetary and fiscal policies) was at least as extensive for much of the 1980s as it had been in the 1960s. There was, however, a shift away from coordination of balance-of-payments financing and other policies that have limited direct consequences for domestic economic and political conditions and a concurrent shift toward coordination of monetary and fiscal policies that are critically important for domestic politics and economics. This change is best explained as a consequence of changes in the structure of the international economy. Most important, international capital market integration encouraged governments to coordinate monetary and fiscal policies because balance-of-payments financing and exchange rate coordination alone are insufficient to manage the enormous payments imbalances that emerge when capital is able to flow internationally in search of higher interest rates and appreciating currencies.

scholarly journals International Coordination of Macroeconomic Policies : Still Alive in the New Millennium?

2002 ◽  
Vol 2002 (723) ◽  
pp. 1-48 ◽  
Author(s):  
Laurence H. Meyer ◽  
◽  
Brian M. Doyle ◽  
Joseph E. Gagnon ◽  
Dale W. Henderson
Keyword(s):  
Macroeconomic Policies ◽  
International Coordination ◽  
New Millennium

The persistence of moderate inflation in the czech republic and the czk crisis of may 1997

1999 ◽  
Vol 8 (4) ◽  
Author(s):  
Josef C. Brada ◽  
Ali M. Kutan
Keyword(s):  
Exchange Rate ◽  
Czech Republic ◽  
Exchange Rate Policy ◽  
Nominal Exchange Rate ◽  
Fiscal Policies ◽  
Foreign Reserves ◽  
Macroeconomic Policies ◽  
The Czech Republic ◽  
Speculative Attack ◽  
Rate Policy

The paper deals with the exchange rate policy being implemented in combination with the mix of monetary and fiscal measures prior to the speculative attack on the CZK in 1997. The fixed nominal exchange rate may have been retained for too long and the monetary and fiscal policies were inappropriate. It explains the relation between Czech inflation, exchange rate and macroeconomic policies until the crisis of May 1997. <P>While the Czech Republic weathered its currency crisis much better than did most other emerging economies, with the worst damage being a USD 2 billion loss of foreign reserves, the crisis failed to resolve all of the fundamental problems. It gives also some explanations for the persistence of inflation at a level around 10 % until mid-1998.

Genesis of Development Macroeconomics and National Accounts in Developing Countries

2020 ◽  
pp. 127-138
Author(s):  
Giovanni Andrea Cornia
Keyword(s):  
Developing Countries ◽  
Low Income ◽  
Economic Performance ◽  
Informal Economy ◽  
Public Policies ◽  
Low Income Countries ◽  
Fiscal Policies ◽  
Demand Side ◽  
National Accounts ◽  
The Impact

The chapter discusses the reasons whycKeynesian policies and development macroeconomics in low-income countries received any attention relatively late, as well as the factors that led to a gradual acceptance of demand-side measures. It also discusses the data, conceptual, and accounting problems encountered when measuring economic performance in low-income countries, including the importance of self-consumption, barter, unilateral transactions, and unrecorded monetary transactions in the informal economy. All this reduces the impact of monetary and fiscal policies and underline the importance of structural policies. The chapter also discusses the accounting conventions and practices used to overcome such problems, and the impact all this has on the estimates of the main macroeconomic aggregates and the evaluation of the impact of public policies.

The Strength and Fragility of the Brazilian Economy

2015 ◽  
Vol 67 (1) ◽  
pp. 17 ◽  
Author(s):  
Rosa Maria Marques ◽  
Paulo Nakatani
Keyword(s):  
Economic Performance ◽  
Sovereign Debt ◽  
Index Volume ◽  
Debt Crisis ◽  
Complex Task ◽  
Sovereign Debt Crisis ◽  
Macroeconomic Policies ◽  
Public Displays ◽  
Global Recession ◽  
The Government

Analyzing the Brazilian economy is a difficult and complex task; the current indicators register results ranging from excellent to mediocre and worrisome, depending on the variable observed. For example, the nation has advanced into modernity in a few sectors, while at the same time, in recent years, new forms of dependency from the center of capitalism deepened. Further complexities arise when, beyond the economy, one takes into consideration not only the results of so-called "inclusion" policies and the popularity of President Dilma Rousseff (popularly referred to as "Dilma"), but also the number of strikes and public displays of disenchantment that are emerging in every corner of the country.&hellp; To summarize some of the conclusions: since the government of Luis In&aacute;cio Lula da Silva ("Lula"), the Brazilian economy has widened its internal market through policies that have raised the minimal wage, transferred income to the poorest within the nation, increased the availability of credit to the low and middle segments of the population, and reduced taxation (mainly on manufactured goods in the essential consumption basket). Such widening of the market, with a low impact on imports, would in theory ensure the maintenance of a certain level of growth, regardless of the international dynamics, and, indeed, it has helped Brazil reach a positive economic performance during the worst of the recent global economic crisis and its aftermath.&hellp; Nonetheless, when the impacts of the global recession deepened with the sovereign debt crisis in Europe, these macroeconomic policies did not yield the same effect, at most achieving modest growth.<p class="mrlink"><p class="mrpurchaselink"><a href="http://monthlyreview.org/index/volume-67-number-1" title="Vol. 67, No. 1: May 2015" target="_self">Click here to purchase a PDF version of this article at the <em>Monthly Review</em> website.</a></p>

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