Suchergebnisse

Die Auswirkungen einer staatlichen Verschuldung auf das Wirtschaftswachstum werden im Rahmen eines erweiterten neoklassischen Wachstumsmodells mit AK-Technologie analysiert. Der Staat verfolgt das Ziel einer festen Defizitquote und einer langfristig konstanten Schuldenquote. In diesem Fall gibt es eine kritische Defizitquote, bei dessen Unterschreitung ein eindeutiger, stabiler Steady State existiert. Wird hingegen der kritische Wert überschritten, so existiert kein Wachstumsgleichgewicht. ; The effects of public debt on economic growth are analyzed in an augmented neoclassical growth model with AK-technology. The objective of the government is a fixed deficit ratio and in the long run a constant debt ratio. Then there is a critical deficit ratio and if the deficit ratio falls below it, a unique, stable steady state exists. If the critical value is exceeded, there is no steady state.

This paper compares the output gap estimates for Mongolia based on a number of different methods. Special attention is paid to the substantial role of mining in the Mongolian economy. We find that a Blanchard and Quah-type joint model of output and inflation provides a more robust estimate of the output gap for Mongolia than the traditional statistical decompositions

We study the apparent disconnect between what countries announce to be their exchange rate regime and what they de facto implement. Even though discrepancies between announcements and de facto polices are frequent, there is a lack of understanding of actual patterns and underlying reasons. We contribute to the literature by identifying a number of robust stylized facts by means of an in-depth analysis of a large cross-country dataset. A key insight is that countries that operate under intermediate de facto regimes tend to announce fixed or flexible exchange rate regimes. The exact nature of deviations is related to country characteristics such as trade structure, financial development, and financial openness. Furthermore, regime discrepancies have followed secular trends, which are most likely related to financial globalization and changes in monetary policy design.