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The pre-crisis capital flow surge to emerging Europe : did countercyclical fiscal policy make a difference?
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| 자료유형 | 단행본 |
|---|---|
| 서명/저자사항 | The pre-crisis capital flow surge to emerging Europe : did countercyclical fiscal policy make a difference?/ prepared by Ruben Atoyan, Albert Jaeger, and Dustin Smith. |
| 개인저자 | Atoyan, Ruben(Ruben V.). Jaeger, Albert, Smith, Dustin, |
| 단체저자명 | International Monetary Fund. European Department. |
| 발행사항 | [Washington, D.C.]: International Monetary Fund, ?012. |
| 형태사항 | 1 online resource (34 pages). |
| 총서사항 | IMF working paper,2227-8885; WP/12/222 |
| 기타형태 저록 | Print version: 9781475584554 |
| ISBN | 1475584555 9781475584554 |
| 기타표준부호 | 10.5089/9781475584554.001 |
| 일반주기 |
Title from PDF title page (IMF Web site, viewed Sept. 12, 2012).
"European Department." "September 2012." |
| 서지주기 | Includes bibliographical references. |
| 요약 | A push-pull-brake model of capital flows is used to study the effects of fiscal policy changes on private capital flows to emerging Europe during 2000-07. In the model, countercyclical fiscal policy has two opposing effects on capital inflows: (i) a conventional absorption reducing effect, as a tighter fiscal stance acts as a brake on capital flows; and (ii) an unconventional absorption-boosting effect, as a tighter fiscal stance increases investor confidence in the country. The empirical results suggest that push factors (low returns in flow-originating countries), rather than pull factors (high returns in flow-destination countries), drove most of the private capital flows to emerging Europe. And active countercyclical fiscal policy once the fiscal stance is adjusted for the automatic effects on the fiscal position of both internal and external imbalances acted as a brake on capital inflows. However, the empirical results also suggest that, even abstracting from political feasibility and fiscal policy lag considerations, countercyclical fiscal policy alone is unlikely to be an effective policy tool to put an effective brake on sudden capital flow surges. |
| 주제명(지명) | Developing countries. --fast Europe. --fast |
| 일반주제명 | Capital movements --Europe --Econometric models. Capital movements --Developing countries --Econometric models. Fiscal policy --Europe --Econometric models. Fiscal policy --Developing countries --Econometric models. BUSINESS & ECONOMICS --Finance. Capital movements --Econometric models. Fiscal policy --Econometric models. |
| 언어 | 영어 |
| 바로가기 |  |
