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Post-Crisis Recovery : When Does Increased Fiscal Discipline Work? / Pritha Mitra.
- Format:
- Book
- Government document
- Author/Creator:
- Mitra, Pritha.
- Series:
- IMF Working Papers; Working Paper ; No. 2006/219
- IMF Working Papers
- Language:
- English
- Subjects (All):
- Financial crises--Developing countries--Econometric models.
- Financial crises.
- Fiscal policy--Developing countries--Econometric models.
- Fiscal policy.
- Physical Description:
- 1 online resource (45 p.)
- Edition:
- 1st ed.
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 2006.
- Language Note:
- English
- Summary:
- 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.
- Contents:
- ""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""
- Notes:
- "September 2006."
- Includes bibliographical references.
- Description based on print version record.
- ISBN:
- 9786613825360
- 9781462378050
- 1462378056
- 9781452767291
- 1452767297
- 9781283512916
- 1283512912
- 9781451909326
- 1451909322
- OCLC:
- 694141100
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