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We study capital controls on outflows (CCOs) in situations of macroeconomic and financial distress. We present novel empirical evidence indicating that CCO implementation is associated with crises and declines in GDP growth. We then develop a theoretical framework that is consistent with such empirical findings and also yields policy and welfare lessons. The theory features costly coordination failures by foreign investors which can sometimes be avoided by suitably tailored CCOs. The benefits of CCOs as coordination devices can make them optimal even if CCOs entail deadweight losses; if the latter are large, however, CCOs are detrimental for welfare. We show that optimal CCOs can suffer from time inconsistency, and also how political opportunism may limit CCO policy. Hence government credibility and reputation building emerge as critical for the successful implementation of CCOs.
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AA / International- internationaal --- Experimental design --- 303.0 --- Factorial experiment designs --- 301 --- 519.242 --- 304.0 --- 519.237.7 --- 519.243 --- 519.248 --- 57.087.1 --- Factorial designs --- Factor analysis --- Design of experiments --- Statistical design --- Mathematical optimization --- Research --- Science --- Statistical decision --- Statistics --- Analysis of means --- Analysis of variance --- Statistische technieken in econometrie. Wiskundige statistiek (algemene werken en handboeken). --- Techniek van statistische inlichtingen. Organisatie van de statistische enquêtes. Statistische kritiek. --- Experimental design. Optimal designs. Block designs --- Zuivere statistische analyse (algemene naslagwerken). Tijdreeksen. --- Sampling. Sampling theory --- Engineering statistics. Operational research statistics. Queuing theory. Quality control. Reliability etc. --- Biometry. Statistical study and treatment of biological data --- Experiments --- Methodology --- Experimental design. --- Factorial experiment designs. --- Analyse --- Ontwerpen --- Statistisch onderzoek --- Analyse. --- Ontwerpen. --- Statistisch onderzoek. --- 57.087.1 Biometry. Statistical study and treatment of biological data --- 519.248 Engineering statistics. Operational research statistics. Queuing theory. Quality control. Reliability etc. --- 519.243 Sampling. Sampling theory --- 519.237.7 Factor analysis --- 519.242 Experimental design. Optimal designs. Block designs --- Techniek van statistische inlichtingen. Organisatie van de statistische enquêtes. Statistische kritiek --- Statistische technieken in econometrie. Wiskundige statistiek (algemene werken en handboeken) --- Zuivere statistische analyse (algemene naslagwerken). Tijdreeksen --- Engineering statistics. Operational research statistics. Queuing theory. Quality control. Reliability etc
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This paper makes use of the IMF’s Database for Monitoring Fund Arrangements (MONA) to investigate whether transition countries that more successfully implement the conditionality of IMF programs tend to show a better performance on recovery and growth. It is not possible to determine a clear-cut relationship between the index that determines the level of compliance with structural benchmarks in IMF programs and growth. However, the paper finds a definite, positive relationship between the index of compliance with performance criteria and growth, even after controlling for the extent of stabilization of the transition countries.
Macroeconomics --- Industries: Financial Services --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Socialist Systems and Transitional Economies: Performance and Prospects --- Institutions and the Macroeconomy --- Financial Institutions and Services: General --- Finance --- Structural reforms --- Multilateral development institutions --- Financial institutions --- Development banks --- Bulgaria
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Standard models of policy credibility, defined as the expectation that an announced policy will be carried out, emphasize the preferences of the policymaker, and the role of tough policies in signalling toughness and raising credibility. Whether a policy is carried out, however, will also reflect the state of the economy. We present a model in which a policymaker maintains a fixed parity in good times, but devalues if the unemployment rate gets too high. Our main conclusion is that if there is persistence in unemployment, observing a tough policy in a given period may lower rather than raise the credibility of a no-devaluation pledge in subsequent periods. We test this implication on data for the interest rate differential between France and Germany and find support for our hypothesis.
Deflation --- Foreign Exchange --- Income economics --- Inflation --- Interest Rates: Determination, Term Structure, and Effects --- Labor --- Labour --- Macroeconomics --- Policy Coordination --- Policy Designs and Consistency --- Policy Objectives --- Price Level --- Prices --- Unemployment rate --- Unemployment --- Unemployment: Models, Duration, Incidence, and Job Search --- Germany
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The report brings together evidence, international experience and policy insights for the design of housing policies. Emphasis is placed on three broad aspects: inclusiveness, efficiency and sustainability. Inclusive access to housing has become increasingly challenging in many OECD countries due to a large extent to rising housing costs, which reflects the failure of housing supply to meet demand, particularly in jobs-rich urban areas.
African Americans. --- Buildings. --- Historic buildings--Designs and plans. --- Edifices --- Halls --- Structures --- Built environment --- Architecture --- African Americans --- Afro-Americans --- Black Americans --- Colored people (United States) --- Negroes --- Africans --- Ethnology --- Black people --- Economic Policy --- Political Science --- Historic buildings
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Behavior --- Psychology, Experimental --- Research Design --- Psychology --- Experimental design --- Single subject research --- Psychologie --- Plan d'expérience --- Recherche à cas unique --- Research --- Recherche --- Behavior. --- Psychology, Experimental. --- Research Design. --- -Single subject research --- #KVHB:Gedrag --- #KVHB:Methodologie --- #KVHB:Experimentele psychologie --- Research, Single subject --- Same-subject research --- Single case research --- Social sciences --- Behavioral sciences --- Mental philosophy --- Mind --- Science, Mental --- Human biology --- Philosophy --- Soul --- Mental health --- Design of experiments --- Statistical design --- Mathematical optimization --- Science --- Statistical decision --- Statistics --- Analysis of means --- Analysis of variance --- Data Adjustment --- Data Reporting --- Design, Experimental --- Designs, Experimental --- Error Sources --- Experimental Designs --- Matched Groups --- Methodology, Research --- Problem Formulation --- Research Methodology --- Research Proposal --- Research Technics --- Research Techniques --- Scoring Methods --- Experimental Design --- Adjustment, Data --- Adjustments, Data --- Data Adjustments --- Design, Research --- Designs, Research --- Error Source --- Formulation, Problem --- Formulations, Problem --- Group, Matched --- Groups, Matched --- Matched Group --- Method, Scoring --- Methods, Scoring --- Problem Formulations --- Proposal, Research --- Proposals, Research --- Reporting, Data --- Research Designs --- Research Proposals --- Research Technic --- Research Technique --- Scoring Method --- Source, Error --- Sources, Error --- Technic, Research --- Technics, Research --- Technique, Research --- Techniques, Research --- Clinical Trials Data Monitoring Committees --- Experimental Psychology --- Experimental Psychologies --- Psychologies, Experimental --- Acceptance Process --- Acceptance Processes --- Behaviors --- Process, Acceptance --- Processes, Acceptance --- Experiments --- Methodology --- methods --- Experimental design. --- Single subject research. --- Research design. --- Research design --- Research. --- experimental --- experimental. --- Plan d'expérience --- Recherche à cas unique --- Psychological research --- Research Strategy --- Research Strategies --- Strategies, Research --- Strategy, Research --- Experimental.
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304.8 --- Steekproeftheorie. --- Statistische technieken in econometrie. Wiskundige statistiek (algemene werken en handboeken) --- Steekproeftheorie --- Zuivere statistische analyse (algemene naslagwerken). Tijdreeksen --- 519.23 --- #ECO:01.15:economie statistiek evolutie previsie --- 519.23 Statistical analysis. Inference methods --- Statistical analysis. Inference methods --- AA / International- internationaal --- 303.6 --- 303.5 --- Raming : theorie (wiskundige statistiek). Bayesian analysis and inference. --- Theorie van correlatie en regressie. (OLS, adjusted LS, weighted LS, restricted LS, GLS, SLS, LIML, FIML, maximum likelihood). Parametric and non-parametric methods and theory (wiskundige statistiek). --- Mathematical statistics --- 303.0 --- Mathematics --- Statistical inference --- Statistics, Mathematical --- Statistics --- Probabilities --- Sampling (Statistics) --- Statistical methods --- 304.0 --- Mathematical statistics. --- Mathematical models --- Statistique mathématique --- Statistique mathématique. --- Statistique mathématique --- 519.242 --- 519.246 --- 519.246 Statistics of stochastic processes. Estimation of stochastic processes. Hypothesis testing. Statistics of point processes. Time series analysis. Auto-correlation. Regression --- Statistics of stochastic processes. Estimation of stochastic processes. Hypothesis testing. Statistics of point processes. Time series analysis. Auto-correlation. Regression --- 519.242 Experimental design. Optimal designs. Block designs --- Experimental design. Optimal designs. Block designs --- Raming : theorie (wiskundige statistiek). Bayesian analysis and inference --- Theorie van correlatie en regressie. (OLS, adjusted LS, weighted LS, restricted LS, GLS, SLS, LIML, FIML, maximum likelihood). Parametric and non-parametric methods and theory (wiskundige statistiek) --- Exercices --- Time series analysis --- Series chronologiques --- Statistique mathematique --- Analyse multivariee --- Statistique mathématique.
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Designing for Education: Compendium of Exemplary Educational Facilities 2011 showcases over 60 recently built or refurbished educational facilities from 28 countries. Collectively, these projects demonstrate state-of-the-art design in this field and each one is lavishly illustrated with colour photos, plans and descriptions. The individual chapters – which are in higher resolution format – are available on the OECD iLibrary.
School buildings -- Design and construction. --- School buildings -- Designs and plans. --- School environment. --- School facilities -- Design and construction. --- School buildings --- School facilities --- School environment --- Education --- Social Sciences --- Theory & Practice of Education --- Design and construction --- Design and construction. --- Environment, School --- Educational facilities --- Public school facilities --- School plants --- Buildings, School --- School architecture --- School-houses --- Schoolhouses --- Educational sociology --- Instructional systems --- Public buildings
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This paper evaluates several indicators of external vulnerability and estimates the equilibrium real exchange rate for Costa Rica. While current indicators are mostly positive, declining market shares of domestic exports, the expected decline in foreign direct investment, and the desirability of strengthening the reserve position recommend an improvement in the current account. Costa Rica’s equilibrium real exchange rate is then estimated using the CGER and the FEER methodologies. The overall conclusion is that while there are no signs of serious external vulnerability, the real exchange rate appears to be somewhat overvalued, a situation that would be best addressed through increased fiscal discipline.
Exports and Imports --- Foreign Exchange --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Current Account Adjustment --- Short-term Capital Movements --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- International Lending and Debt Problems --- International economics --- Currency --- Foreign exchange --- Real exchange rates --- Exchange rates --- Current account deficits --- Current account --- External debt --- Balance of payments --- Debts, External --- Costa Rica
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Israel’s post-stabilization experience of moderate inflation and eventual disinflation is compared with experiences in other countries. Lessons that emerge from an examination of international experiences indicate the importance of establishing early on credibility in the nominal anchor and a commitment to persevere with disinflation policies, achieving and maintaining a tight fiscal position, measures to reduce nominal rigidities, and widespread structural reform. Israel falls short on several criteria which explains why taming inflation in the post-stabilization period has been difficult. The paper concludes with a consideration of institutional arrangements that could sustain the current low inflation levels.
Inflation --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Price Level --- Deflation --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Monetary Policy --- Fiscal Policy --- Institutions and the Macroeconomy --- Monetary economics --- Inflation targeting --- Disinflation --- Fiscal policy --- Structural reforms --- Prices --- Monetary policy --- Macrostructural analysis --- Israel
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