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The Effects of Fiscal and Monetary P...

The Claremont Graduate University., School of Social Science, Politics, and Evaluation.

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The Effects of Fiscal and Monetary Policy on Economic Costs during Sudden Stops.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	The Effects of Fiscal and Monetary Policy on Economic Costs during Sudden Stops./
作者:	Iamtrakul, Kawin.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2019,
面頁冊數:	201 p.
附註:	Source: Dissertations Abstracts International, Volume: 81-04, Section: A.
Contained By:	Dissertations Abstracts International81-04A.
標題:	Economics. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=22592341
ISBN:	9781088376423

The Effects of Fiscal and Monetary Policy on Economic Costs during Sudden Stops.
Iamtrakul, Kawin.

The Effects of Fiscal and Monetary Policy on Economic Costs during Sudden Stops. - Ann Arbor : ProQuest Dissertations & Theses, 2019 - 201 p.

Source: Dissertations Abstracts International, Volume: 81-04, Section: A.

Thesis (Ph.D.)--The Claremont Graduate University, 2019.

This item must not be sold to any third party vendors.

Using a database of 46 emerging countries, this study empirically examines the effects of fiscal and monetary policy on economic costs during sudden stops and capital flow reversals. It has been argued that the design of the appropriate policy response should be based on country-specific macroeconomic environments. Following Eichengreen and Gupta (2016), the analysis is divided into two periods. In the first period (1990-2002), the incidence of sudden stops and reversals was more likely determined by unsustainable fiscal positions, rapid inflation and inadequate international reserves, so that tight policy responses were required. In contrast, in the second period (2003-2015), sudden stops and reversals were more frequently triggered by global shocks (e.g. a shortage of global liquidity and a high level of global risk aversion) even though domestic fundamentals were relatively strong, and financial markets were less volatile. These stronger fundamentals have led many countries to implement the expansionary macroeconomic policy. However, the finding of this study suggests that an expansionary fiscal and monetary policy helps soften the downturn to the economy in both periods. Nevertheless, the degree of public debt may impede the effectiveness of fiscal policy. This shows up in the data, however, only during the second period. Essentially, when public debt reaches an upper limit of around 50 percent of GDP, the fiscal multiplier shows a detrimental effect on growth prospects. These results hold for sudden stops, in particular, but not for capital flow reversals.

ISBN: 9781088376423Subjects--Topical Terms:

517137
Economics.
Subjects--Index Terms:

Fiscal policy

The Effects of Fiscal and Monetary Policy on Economic Costs during Sudden Stops.
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500 $a Source: Dissertations Abstracts International, Volume: 81-04, Section: A.
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506 $a This item must not be sold to any third party vendors.
506 $a This item must not be added to any third party search indexes.
520 $a Using a database of 46 emerging countries, this study empirically examines the effects of fiscal and monetary policy on economic costs during sudden stops and capital flow reversals. It has been argued that the design of the appropriate policy response should be based on country-specific macroeconomic environments. Following Eichengreen and Gupta (2016), the analysis is divided into two periods. In the first period (1990-2002), the incidence of sudden stops and reversals was more likely determined by unsustainable fiscal positions, rapid inflation and inadequate international reserves, so that tight policy responses were required. In contrast, in the second period (2003-2015), sudden stops and reversals were more frequently triggered by global shocks (e.g. a shortage of global liquidity and a high level of global risk aversion) even though domestic fundamentals were relatively strong, and financial markets were less volatile. These stronger fundamentals have led many countries to implement the expansionary macroeconomic policy. However, the finding of this study suggests that an expansionary fiscal and monetary policy helps soften the downturn to the economy in both periods. Nevertheless, the degree of public debt may impede the effectiveness of fiscal policy. This shows up in the data, however, only during the second period. Essentially, when public debt reaches an upper limit of around 50 percent of GDP, the fiscal multiplier shows a detrimental effect on growth prospects. These results hold for sudden stops, in particular, but not for capital flow reversals.
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