Fiscal Policy and Financial Markets / / Bernardin Akitoby, Thomas Stratmann
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| Autore: |
Akitoby Bernardin
|
| Titolo: |
Fiscal Policy and Financial Markets / / Bernardin Akitoby, Thomas Stratmann
|
| Pubblicazione: | Washington, D.C. : , : International Monetary Fund, , 2006 |
| Edizione: | 1st ed. |
| Descrizione fisica: | 1 online resource (26 p.) |
| Soggetto topico: | Fiscal policy - Econometric models |
| Capital market | |
| Current spending | |
| Debt Management | |
| Debt | |
| Deflation | |
| Economic & financial crises & disasters | |
| Expenditure | |
| Expenditures, Public | |
| Financial Crises | |
| Financial crises | |
| Financial Risk Management | |
| Fiscal consolidation | |
| Fiscal Policies and Behavior of Economic Agents: Other | |
| Fiscal Policy | |
| Fiscal policy | |
| Inflation | |
| International Financial Markets | |
| Macroeconomics | |
| National Government Expenditures and Related Policies: General | |
| Price Level | |
| Prices | |
| Public finance & taxation | |
| Public Finance | |
| Sovereign Debt | |
| Soggetto geografico: | United States |
| Altri autori: |
StratmannThomas
|
| Note generali: | "January 2006." |
| Nota di bibliografia: | Includes bibliographical references. |
| Nota di contenuto: | ""Contents""; ""I. INTRODUCTION""; ""II. PREVIOUS LITERATURE""; ""III. ANALYTICAL FRAMEWORK""; ""IV. CONCLUSIONS AND POLICY IMPLICATIONS""; ""REFERENCES"" |
| Sommario/riassunto: | This paper introduces fiscal policy in a model of sovereign risk spreads ("spreads"). Using panel data from emerging market countries, we find that reductions in public expenditure are a more powerful tool for reducing spreads than increases in revenues. Specifically, cuts in current spending lower spreads by more than cuts in investment spending, and they also lower spreads by more than increases in revenue. We also show that debt-financed current spending increases sovereign risk by more than tax-financed current spending, suggesting that international investors have some preference for the latter. In line with the empirical literature on the determinants of spreads, we find that liquidity and solvency indicators, as well as macroeconomic fundamentals, are also important determinants of spreads. |
| Titolo autorizzato: | Fiscal Policy and Financial Markets |
| ISBN: | 9786613830715 |
| 9781462315512 | |
| 1462315518 | |
| 9781452766300 | |
| 1452766304 | |
| 9781283518260 | |
| 1283518260 | |
| 9781451908121 | |
| 1451908121 | |
| Formato: | Materiale a stampa  |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione: | Inglese |
| Record Nr.: | 9910954670403321 |
| Lo trovi qui: | Univ. Federico II |
| Opac: | Controlla la disponibilità qui |
Serie:
IMF Working Papers; Working Paper ; ; No. 2006/016