05516oam 22013214 450 991078840820332120230828232646.01-4623-7805-61-4527-6729-71-283-51291-21-4519-0932-29786613825360(CKB)3360000000443528(EBL)3014444(SSID)ssj0000943015(PQKBManifestationID)11528416(PQKBTitleCode)TC0000943015(PQKBWorkID)10975142(PQKB)11041574(OCoLC)694141100(MiAaPQ)EBC3014444(IMF)WPIEE2006219(EXLCZ)99336000000044352820020129d2006 uf 0engur|n|---|||||txtccrPost-Crisis Recovery : When Does Increased Fiscal Discipline Work? /Pritha MitraWashington, D.C. :International Monetary Fund,2006.1 online resource (45 p.)IMF Working Papers"September 2006."1-4518-6479-5 Includes bibliographical references.""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""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.IMF Working Papers; Working Paper ;No. 2006/219Financial crisesDeveloping countriesEconometric modelsFiscal policyDeveloping countriesEconometric modelsMacroeconomicsimfPublic FinanceimfIndustries: Financial ServicesimfGeneral Aggregative Models: GeneralimfPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data)imfFiscal PolicyimfOpen Economy MacroeconomicsimfMacroeconomic Aspects of International Trade and Finance: Forecasting and SimulationimfDebtimfDebt ManagementimfSovereign DebtimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfLabor Economics: GeneralimfTaxation, Subsidies, and Revenue: GeneralimfPublic finance & taxationimfFinanceimfLabourimfincome economicsimfPublic debtimfFiscal policyimfCollateralimfLaborimfRevenue administrationimfFinancial institutionsimfDebts, PublicimfLoansimfLabor economicsimfRevenueimfKorea, Republic ofimfFinancial crisesEconometric models.Fiscal policyEconometric models.MacroeconomicsPublic FinanceIndustries: Financial ServicesGeneral Aggregative Models: GeneralPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data)Fiscal PolicyOpen Economy MacroeconomicsMacroeconomic Aspects of International Trade and Finance: Forecasting and SimulationDebtDebt ManagementSovereign DebtBanksDepository InstitutionsMicro Finance InstitutionsMortgagesLabor Economics: GeneralTaxation, Subsidies, and Revenue: GeneralPublic finance & taxationFinanceLabourincome economicsPublic debtFiscal policyCollateralLaborRevenue administrationFinancial institutionsDebts, PublicLoansLabor economicsRevenueMitra Pritha1574037International Monetary Fund.DcWaIMFBOOK9910788408203321Post-Crisis Recovery3850053UNINA