Suchergebnisse

Some of the critical points of trade liberalization policy are analysed with reference to the experiences of Argentina, Chile, Uruguay and Peru. In these countries severe macro-economic imbalances had to be corrected together with the reformation of the system of incentives. The paper examines if there is a case for a gradual approach to trade liberalization in LDCs and whether it is advisable to foster anti-inflation and trade liberalization policies simultaneously

This paper introduces a public debt stabilization constraint in an overlapping generation model in which non-renewable resources constitute a necessary input in the production function and belong to agents. It shows that stabilization of public debt at high level (as share of capital) may prevent the existence of a sustainable development path. Public debt thus appears as a threat to sustainable development. It also shows that higher public debt-to-capital ratios (and public expenditures-to-capital ones) are associated with lower growth. Two transmission channels are identified. As usual, public debt crowds out capital accumulation. In addition, public debt tends to increase resource use which reduces the rate of growth. We also show that the economy is characterized by saddle path stability. Finally, we show that the public debt-to-capital ratio may be calibrated to implement the social planner optimal allocation.

This paper introduces a public debt stabilization constraint in an overlapping generation model in which non-renewable resources constitute a necessary input in the production function and belong to agents. It shows that stabilization of public debt at high level (as share of capital) may prevent the existence of a sustainable development path. Public debt thus appears as a threat to sustainable development. It also shows that higher public debt-to-capital ratios (and public expenditures-to-capital ones) are associated with lower growth. Two transmission channels are identified. As usual, public debt crowds out capital accumulation. In addition, public debt tends to increase resource use which reduces the rate of growth. We also show that the economy is characterized by saddle path stability. Finally, we show that the public debt-to-capital ratio may be calibrated to implement the social planner optimal allocation.

This paper introduces a public debt stabilization constraint in an overlapping generation model in which non-renewable resources constitute a necessary input in the production function and belong to agents. It shows that stabilization of public debt at high level (as share of capital) may prevent the existence of a sustainable development path. Public debt thus appears as a threat to sustainable development. It also shows that higher public debt-to-capital ratios (and public expenditures-to-capital ones) are associated with lower growth. Two transmission channels are identified. As usual, public debt crowds out capital accumulation. In addition, public debt tends to increase resource use which reduces the rate of growth. We also show that the economy is characterized by saddle path stability. Finally, we show that the public debt-to-capital ratio may be calibrated to implement the social planner optimal allocation.

This paper introduces a public debt stabilization constraint in an overlapping generation model in which non-renewable resources constitute a necessary input in the production function and belong to agents. It shows that stabilization of public debt at high level (as share of capital) may prevent the existence of a sustainable development path. Public debt thus appears as a threat to sustainable development. It also shows that higher public debt-to-capital ratios (and public expenditures-to-capital ones) are associated with lower growth. Two transmission channels are identified. As usual, public debt crowds out capital accumulation. In addition, public debt tends to increase resource use which reduces the rate of growth. We also show that the economy is characterized by saddle path stability. Finally, we show that the public debt-to-capital ratio may be calibrated to implement the social planner optimal allocation.

The paper revisits the empirical link between fiscal policy and macroeconomic stability. Our basic presumption is that by definition, the operation of automatic stabilizers should always and everywhere contribute to greater macroeconomic stability (output and consumption). However, two stylized facts seem at odds with that prediction. First, the moderating effect of automaticstabilizers appears to have weakened in advanced economies betweenthe mid-1990s and 2006 (the end of our main sample). Second, automatic stabilizers do not seem to be effective in developing economies. Our analysisaddresses these apparent puzzles by accounting for the government's ambivalent role as a shock absorber and a shock inducer for determinants of macroeconomic volatility over time. Results provide strong support for theview that fiscal stabilization operates mainly through automatic stabilizers. ; Este documento retoma el estudio de la relación empírica entre la políticafiscal y la estabilidad macroeconómica. Nuestro supuesto básico es que, pordefinición, el funcionamiento de los estabilizadores automáticas deberíasiempre y en todas partes contribuir a una mayor estabilidad macroeconómica(producción y consumo). Sin embargo, dos hechos estilizados parecen estar endesacuerdo con esa predicción. En primer lugar, el efecto moderador de losestabilizadores automáticos parece haberse debilitado en las economíasavanzadas entre los años 1990 y 2006. En segundo lugar, los estabilizadoresautomáticos no parecen ser eficaces en las economías en desarrollo. Nuestroanálisis aborda estos enigmas aparentes por medio del análisis del papelambivalente del gobierno como un amortiguador e inductor de shocks sobrelos determinantes de la volatilidad macroeconómica en el tiempo. Losresultados proporcionan un fuerte apoyo a la opinión de que la estabilizaciónfiscal opera principalmente a través de los estabilizadores automáticos.

Challenges of economic and political restructuring, and regional cooperation following the 1993 referendum.

The article deals with escalation of the in-migration tendency in contemporary India – the rural population transfer to cities and urbanization process particularities. The meaning of such socioeconomic phenomenon as small production and services forms conglomerate for the labor market balancing and economic stabilization in the country is examined.

The article shows the systematic mistake in the form of underestimation of project budget revenues. It is accompanied by the artificial increase in budget deficit which causes excessive borrowings and debt growth while in fact budget surplus takes place. It is proved that state borrowing and saving of assets in the sovereign funds (Reserve Fund and National Wealth Fund) lead to a combination of negative effects related to both deficit and surplus budgets: artificial slowdown of economic growth and increase in expenses for debt service.

The general topic of this work is the stabilizing influence of appropriate fiscal policies on the economy's dynamics. In this thesis, stabilization policies are understood as a means to lower or rule out the likelihood of endogenous fluctuations in the economy. The first chapter examines, in a real economy, the stabilizing properties of linearly progressive income taxes, resembling the tax codes with brackets that prevail in many developed countries. The second chapter highlights the fact that the stabilizing (counter-cyclical) influence of income tax progressivity is weakened with the introduction of a realistic fiscal scheme allowing firms to deduct maintenance and repair expenditures when calculating pre-tax profits. The third chapter studies the impact of income taxation in a monetary economy with heterogeneous agents. The analysis confirms the idea that fiscal progressivity lowers the probability of endogenous fluctuations in the economy. However, in such a monetary frame, in contrast with the real economies pictured in the first two chapters, it is shown that even high levels of tax progressivity can not completely rule out the occurrence of endogenous fluctuations. Eventually, the last chapter investigates how fiscal policy can affect aggregate volatility and growth in credit constrained economies. In an endogenous growth model combining capital market frictions with unequal access to investment opportunities across individuals, it is shown that an appropriate fiscal policy, even linear, consisting of taxing labor income and organizing transfers towards innovating investment, is able to remedy the shortage of funding for these investments during slumps, stabilize the economy's dynamics and place it on a sustained permanent growth path. ; Cette thèse a pour thème central l'influence stabilisatrice de politiques de taxation appropriées sur la dynamique économique. La stabilisation est ici entendue comme la possibilité d'atténuer voire d'éliminer, par de telles politiques, la probabilité d'apparition de ...

The general topic of this work is the stabilizing influence of appropriate fiscal policies on the economy's dynamics. In this thesis, stabilization policies are understood as a means to lower or rule out the likelihood of endogenous fluctuations in the economy. The first chapter examines, in a real economy, the stabilizing properties of linearly progressive income taxes, resembling the tax codes with brackets that prevail in many developed countries. The second chapter highlights the fact that the stabilizing (counter-cyclical) influence of income tax progressivity is weakened with the introduction of a realistic fiscal scheme allowing firms to deduct maintenance and repair expenditures when calculating pre-tax profits. The third chapter studies the impact of income taxation in a monetary economy with heterogeneous agents. The analysis confirms the idea that fiscal progressivity lowers the probability of endogenous fluctuations in the economy. However, in such a monetary frame, in contrast with the real economies pictured in the first two chapters, it is shown that even high levels of tax progressivity can not completely rule out the occurrence of endogenous fluctuations. Eventually, the last chapter investigates how fiscal policy can affect aggregate volatility and growth in credit constrained economies. In an endogenous growth model combining capital market frictions with unequal access to investment opportunities across individuals, it is shown that an appropriate fiscal policy, even linear, consisting of taxing labor income and organizing transfers towards innovating investment, is able to remedy the shortage of funding for these investments during slumps, stabilize the economy's dynamics and place it on a sustained permanent growth path. ; Cette thèse a pour thème central l'influence stabilisatrice de politiques de taxation appropriées sur la dynamique économique. La stabilisation est ici entendue comme la possibilité d'atténuer voire d'éliminer, par de telles politiques, la probabilité d'apparition de ...

The general topic of this work is the stabilizing influence of appropriate fiscal policies on the economy's dynamics. In this thesis, stabilization policies are understood as a means to lower or rule out the likelihood of endogenous fluctuations in the economy. The first chapter examines, in a real economy, the stabilizing properties of linearly progressive income taxes, resembling the tax codes with brackets that prevail in many developed countries. The second chapter highlights the fact that the stabilizing (counter-cyclical) influence of income tax progressivity is weakened with the introduction of a realistic fiscal scheme allowing firms to deduct maintenance and repair expenditures when calculating pre-tax profits. The third chapter studies the impact of income taxation in a monetary economy with heterogeneous agents. The analysis confirms the idea that fiscal progressivity lowers the probability of endogenous fluctuations in the economy. However, in such a monetary frame, in contrast with the real economies pictured in the first two chapters, it is shown that even high levels of tax progressivity can not completely rule out the occurrence of endogenous fluctuations. Eventually, the last chapter investigates how fiscal policy can affect aggregate volatility and growth in credit constrained economies. In an endogenous growth model combining capital market frictions with unequal access to investment opportunities across individuals, it is shown that an appropriate fiscal policy, even linear, consisting of taxing labor income and organizing transfers towards innovating investment, is able to remedy the shortage of funding for these investments during slumps, stabilize the economy's dynamics and place it on a sustained permanent growth path. ; Cette thèse a pour thème central l'influence stabilisatrice de politiques de taxation appropriées sur la dynamique économique. La stabilisation est ici entendue comme la possibilité d'atténuer voire d'éliminer, par de telles politiques, la probabilité d'apparition de ...

The general topic of this work is the stabilizing influence of appropriate fiscal policies on the economy's dynamics. In this thesis, stabilization policies are understood as a means to lower or rule out the likelihood of endogenous fluctuations in the economy. The first chapter examines, in a real economy, the stabilizing properties of linearly progressive income taxes, resembling the tax codes with brackets that prevail in many developed countries. The second chapter highlights the fact that the stabilizing (counter-cyclical) influence of income tax progressivity is weakened with the introduction of a realistic fiscal scheme allowing firms to deduct maintenance and repair expenditures when calculating pre-tax profits. The third chapter studies the impact of income taxation in a monetary economy with heterogeneous agents. The analysis confirms the idea that fiscal progressivity lowers the probability of endogenous fluctuations in the economy. However, in such a monetary frame, in contrast with the real economies pictured in the first two chapters, it is shown that even high levels of tax progressivity can not completely rule out the occurrence of endogenous fluctuations. Eventually, the last chapter investigates how fiscal policy can affect aggregate volatility and growth in credit constrained economies. In an endogenous growth model combining capital market frictions with unequal access to investment opportunities across individuals, it is shown that an appropriate fiscal policy, even linear, consisting of taxing labor income and organizing transfers towards innovating investment, is able to remedy the shortage of funding for these investments during slumps, stabilize the economy's dynamics and place it on a sustained permanent growth path. ; Cette thèse a pour thème central l'influence stabilisatrice de politiques de taxation appropriées sur la dynamique économique. La stabilisation est ici entendue comme la possibilité d'atténuer voire d'éliminer, par de telles politiques, la probabilité d'apparition de ...