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Post-crisis recovery : when does increased fiscal discipline work? /
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, c...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington, D.C. :
International Monetary Fund, IMF Institute,
©2006.
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| Colección: | IMF working paper ;
WP/06/219. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | 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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| Descripción Física: | 1 online resource (43 pages) : illustrations |
| Bibliografía: | Includes bibliographical references. |
| ISBN: | 1283512912 9781283512916 9781451909326 1451909322 1462378056 9781462378050 1452767297 9781452767291 9786613825360 6613825360 |
| ISSN: | 2227-8885 ; |