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Record Nr. |
UNINA9910788408203321 |
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Autore |
Mitra Pritha |
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Titolo |
Post-Crisis Recovery : : When Does Increased Fiscal Discipline Work? / / Pritha Mitra |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2006 |
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ISBN |
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1-4623-7805-6 |
1-4527-6729-7 |
1-283-51291-2 |
1-4519-0932-2 |
9786613825360 |
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Descrizione fisica |
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1 online resource (45 p.) |
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Collana |
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Soggetti |
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Financial crises - Developing countries - Econometric models |
Fiscal policy - Developing countries - Econometric models |
Macroeconomics |
Public Finance |
Industries: Financial Services |
General Aggregative Models: General |
Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) |
Fiscal Policy |
Open Economy Macroeconomics |
Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation |
Debt |
Debt Management |
Sovereign Debt |
Banks |
Depository Institutions |
Micro Finance Institutions |
Mortgages |
Labor Economics: General |
Taxation, Subsidies, and Revenue: General |
Public finance & taxation |
Finance |
Labour |
income economics |
Public debt |
Fiscal policy |
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Collateral |
Labor |
Revenue administration |
Financial institutions |
Debts, Public |
Loans |
Labor economics |
Revenue |
Korea, Republic of |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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""Contents""; ""I. INTRODUCTION""; ""II. BACKGROUND""; ""III. THE MODEL""; ""A. Households""; ""B. Firms""; ""C. Government""; ""D. Domestic Financial Intermediary""; ""E. Foreign Creditor""; ""IV. EQUILIBRIUM CONDITIONS""; ""V. PARAMETERS""; ""VI. SIMULATIONS""; ""A. The Base Case""; ""B. Application of Disciplined Fiscal Policy""; ""C. Application of Simulation Results to Korea and Thailand""; ""VII. CONCLUSIONS AND FURTHER RESEARCH""; ""References""; ""Appendix: Simulated Paths of Variables"" |
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Sommario/riassunto |
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Emerging market financial crises during the late 1990s were marked by sudden withdrawals of funds by foreign creditors, resulting in production declines. The IMF favored positive signals to potential foreign creditors and initially recommended disciplined fiscal policy during the height of crisis, countering standard Keynesian recommendations of expansionary fiscal stimulus. This paper formulates an open-economy general equilibrium model for resolving this policy conundrum and analyzing the impact of disciplined fiscal policy on post-crisis recovery. The model demonstrates via simulations that disciplined fiscal policy will improve (worsen) post-crisis recovery in the presence (absence) of appropriately defined production flexibility. |
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