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This book, edited by Tony Killick, consists of papers presented at a seminar sponsored jointly by the IMF and the Overseas Development Institute, held in London, England, to discuss the problems facing the developing world in a global environment of high inflation rates and large payments imbalances.

Balance of payments --- Finance --- International finance --- Conditionality (International relations) --- Congresses. --- International Monetary Fund --- #ECO:03.09:industrie en onderneming investering FDI financiering --- #ECO:05.10:landen internationaal --- cooperation economique --- balance des paiements --- taux d'interet --- economische samenwerking --- betalingsbalans --- rentevoeten --- Conditionality (International relations). --- Political conditionality --- dettes internationales --- fmi --- inflation --- problematique du developpement --- #ECO:01.10:economie overheid financiën begroting beleid --- 333.432.8 --- 338.340 --- 338.341.1 --- 382.256 --- AA / International- internationaal --- 339.732 --- 339.732 Ida. Ibrd. Bird. Ifc. Imf. Speciale trekkingsrechten. Bank voor internationale betalingen. Internationaal monetair systeem --- 339.732 Internationale banken. Wereldbank. Ontwikkelingsbank. Investeringsbank. Comecom, samenwerkingsbank. Europees monetair fonds. Europees ontwikkelingsfonds. Europese investeringsbank. Europese monetaire --- Ida. Ibrd. Bird. Ifc. Imf. Speciale trekkingsrechten. Bank voor internationale betalingen. Internationaal monetair systeem --- Internationale banken. Wereldbank. Ontwikkelingsbank. Investeringsbank. Comecom, samenwerkingsbank. Europees monetair fonds. Europees ontwikkelingsfonds. Europese investeringsbank. Europese monetaire --- International relations --- Economic assistance --- Loans, Foreign --- Current account balance (International trade) --- International payments, Balance of --- Foreign exchange --- Terms of trade --- Balance of trade --- International liquidity --- Congresses --- internationale schulden --- imf --- inflatie --- ontwikkelingsproblematiek --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten --- Algemene ontwikkeling in de Derde Wereld --- Financiële hulp aan de Derde Wereld --- Buitenlandse hulp (betalingsbalans) --- Internationaal monetair fonds --- International monetary fund --- Developing countries --- IMF --- Balance of payments - Developing countries - Congresses. --- Finance - Developing countries - Congresses. --- International finance - Congresses --- Macroeconomics --- Banks and Banking --- Foreign Exchange --- Central Banks and Their Policies --- Economic & financial crises & disasters --- Banking --- Financial crises --- Central banks --- Currency crises --- Banks and banking, Central

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Edited by Vito Tanzi, Director of the IMF's Fiscal Affairs Department, the book consists of nine studies pertaining to monetary-fiscal links in both closed and open economies.

Taxation --- Interest rates --- Effect of inflation on --- Effect of inflation on. --- Taxes --- Private finance --- Money. Monetary policy --- 336.781 --- 336.2 --- 336.748.12 --- #ECO:01.06:economie fiscaliteit belastingen --- fiscalite --- inflation --- taux d'interet --- AA / International- internationaal --- 382.242.0 --- 336.212.2 --- 336.61 --- 333.846.7 --- 333.846.6 --- -Interest rates --- -336.2 --- 336.748.12 Algemeen prijsniveau. Prijsindex. Prijsstijging --- Algemeen prijsniveau. Prijsindex. Prijsstijging --- 336.2 Belastingen. Belastingswezen. Openbare financien. Belastingspolitiek. Belastingstheorie. Belastingsharmonisatie. Fiskale politiek. Belastingsleer. Belastingsdruk. Belastingstechniek. Belastingsstelsel.Belastingstarief --- 336.2 Belastingsakkoorden. Belastingswezen --- Belastingen. Belastingswezen. Openbare financien. Belastingspolitiek. Belastingstheorie. Belastingsharmonisatie. Fiskale politiek. Belastingsleer. Belastingsdruk. Belastingstechniek. Belastingsstelsel.Belastingstarief --- Belastingsakkoorden. Belastingswezen --- 336.781 Rente. Interest. Interestpolitiek. Yield-curve-analyse.bankrate. Interestvoet. Rentevoet. Depositorente. Fisher-hypothesis. --- Rente. Interest. Interestpolitiek. Yield-curve-analyse.bankrate. Interestvoet. Rentevoet. Depositorente. Fisher-hypothesis. --- Money market rates --- Rate of interest --- Rates, Interest --- Interest --- Duties --- Fee system (Taxation) --- Tax policy --- Tax reform --- Taxation, Incidence of --- Finance, Public --- Revenue --- fiscaliteit --- inflatie --- rentevoeten --- Balans van het kapitaalverkeer: algemeenheden. --- Belastingen op inkomsten uit effecten. --- Financieel beleid. --- Verband tussen de geld-, bank- en kredietpolitiek en de buitenlandse handel en betalingsbalans. --- verband tussen de geld-, bank- en kredietpolitiek en de openbare financiën. --- Inflation (Finance) --- Inflation (Finance) and taxation --- verband tussen de geld-, bank- en kredietpolitiek en de openbare financiën --- Verband tussen de geld-, bank- en kredietpolitiek en de buitenlandse handel en betalingsbalans --- Belastingen op inkomsten uit effecten --- Financieel beleid --- Balans van het kapitaalverkeer: algemeenheden --- Rente. Interest. Interestpolitiek. Yield-curve-analyse.bankrate. Interestvoet. Rentevoet. Depositorente. Fisher-hypothesis --- Taxation - Effect of inflation on --- Interest rates - Effect of inflation on --- Banks and Banking --- Foreign Exchange --- Inflation --- Macroeconomics --- Price Level --- Deflation --- Interest Rates: Determination, Term Structure, and Effects --- Personal Income, Wealth, and Their Distributions --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Taxation, Subsidies, and Revenue: General --- Aggregate Factor Income Distribution --- Public finance & taxation --- Finance --- Currency --- Foreign exchange --- International economics --- Personal income --- Real interest rates --- Income tax systems --- Income and capital gains taxes --- Prices --- National accounts --- Financial services --- Income --- Income tax --- United States

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Rethinking fiscal and monetary policy in an economic environment of high debt and low interest rates. Policy makers in advanced economies find themselves in an unusual fiscal environment: debt ratios are historically high, while real interest rates are extremely low. Such a fundamental change, which seems likely to last, calls for a rethinking of the role of fiscal and monetary policy -- and this is just what Olivier Blanchard proposes in Fiscal Policy under Low Interest Rates . There is a wide set of opinions about the direction fiscal policy should take. Some, pointing to the high debt levels, make debt reduction an absolute priority. Others, pointing to the low interest rates, are less worried; they suggest that there is still fiscal space, and, if justified, further increases in debt should not be ruled out. Blanchard argues that low interest rates decrease not only the fiscal costs of debt, but also the welfare costs of debt. At the same time, he shows how low rates decrease the room for maneuver of monetary policy -- and thus increase the benefits of using fiscal policy, including deficits and debt, for macroeconomic stabilization. In short, low rates imply lower costs and higher benefits of debt. Having sketched what optimal policy looks like, Blanchard considers three examples of fiscal policy in action: fiscal consolidation in the wake of the Global Financial Crisis, the large increase in debt in Japan, and the current US fiscal and monetary policy mix. His conclusions hold practical implications for economic and fiscal policy makers, bankers, and politicians around the world.

Fiscal policy --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Government policy --- fiscal policy. --- economic conditions. --- interest. --- banking policy. --- monetary policy. --- economic indicator. --- majandusnäitaja --- ekonominis rodiklis --- economische indicator --- indicatore economico --- táscaire eacnamaíoch --- indicador económico --- indicator economic --- економски показател --- икономически индикатор --- hospodársky ukazovateľ --- gospodarski kazalec --- ekonomikas rādītājs --- економски показатељ --- ekonomski pokazatelj --- hospodářský ukazatel --- gazdasági mutató --- οικονομικός δείκτης --- wskaźnik gospodarczy --- økonomisk indikator --- tregues ekonomik --- Wirtschaftsindikator --- indikatur ekonomiku --- ekonomisk indikator --- indicateur économique --- taloudellinen indikaattori --- ekonomický ukazatel --- економски индикатор --- indice economico --- política monetaria --- politique monétaire --- νομισματική πολιτική --- politică monetară --- měnová politika --- menová politika --- rahapolitiikka --- pinigų politika --- beartas airgeadaíochta --- Geldpolitik --- política monetária --- monetārā politika --- monetair beleid --- rahapoliitika --- валутна политика --- penningpolitik --- monetarna politika --- монетарна политика --- polityka walutowa --- monetær politik --- politica monetaria --- politika monetarja --- monetáris politika --- politikë monetare --- currency reform --- monetární politika --- monetaire stabiliteit --- menová situácia --- νομισματική μεταρρύθμιση --- pinigų reforma --- situazione monetaria --- naudas politika --- monetáris helyzet --- měnová situace --- menová reforma --- currency situation --- situação monetária --- situación monetaria --- money policy --- valuuttatilanne --- situatë valutore --- reformă monetară --- penningreform --- νομισματική κατάσταση --- Währungspolitik --- Währungslage --- riforma monetaria --- monetáris reform --- monetarinė politika --- peňažná politika --- reformë valutore --- reforma monetária --- valuutareform --- valuutasituatsioon --- situație monetară --- novčarska politika --- pénzpolitika --- situation monétaire --- pénzreform --- rahareform --- réforme monétaire --- novčana politika --- valūtas reforma --- Geld- und Kreditpolitik --- reforma monetaria --- stabilità monetaria --- монетарна реформа --- Währungsreform --- monetaire situatie --- politika e parasë --- monetaarpoliitika --- monetaire hervorming --- piniginė padėtis --- valuuttauudistus --- měnová reforma --- monetär situation --- τραπεζική πολιτική --- Bankpolitik --- panganduspoliitika --- banku politika --- bankbeleid --- банкова политика --- pankkitoimintapolitiikka --- polityka bankowa --- politique bancaire --- politica bancaria --- bankarska politika --- politika bankarja --- bančna politika --- beartas baincéireachta --- bankų politika --- política bancaria --- política bancária --- politikë bankare --- банкарска политика --- banková politika --- bankpolitik --- politică bancară --- bankovní politika --- bankpolitika --- banko politika --- intérêt --- ränta --- palūkanos --- procenti --- dobândă --- Zins --- kamata --- úrok --- τόκος --- imgħax --- intress --- obresti --- korko --- odsetki --- juro --- interes --- kamat --- камата --- interés --- rente --- интерес --- ús --- interesse --- norma e interesit --- intressimäär --- úroková sazba --- räntefot --- räntesats --- каматна стапка --- palūkanų norma --- úroková sadzba --- tipo de interés --- procentu likme --- kamatláb --- rentesats --- interest rate --- επιτόκιο --- kamatna stopa --- Zinsfuß --- úroková míra --- rata dobânzii --- taxa de juro --- Zinssatz --- rentevoet --- taux d'intérêt --- tasso d'interesse --- saggio d'interesse --- majandustingimused --- condición económica --- dálaí eacnamaíocha --- икономически условия --- condition économique --- ekonomiska förhållanden --- ekonomické podmínky --- kushte ekonomike --- ekonominės sąlygos --- taloudelliset olot --- економски услови --- Wirtschaftsverhältnisse --- økonomisk stilling --- економске прилике --- condições económicas --- economische toestand --- warunki gospodarcze --- ekonomske prilike --- hospodárske podmienky --- gospodarske razmere --- gazdasági feltételek --- condizione economica --- οικονομικές συνθήκες --- kundizzjonijiet ekonomiċi --- saimnieciskie nosacījumi --- condiții economice --- aspecto económico --- tržní vývoj --- aspekt ekonomik --- aspetto economico --- aspeto económico --- οικονομική πλευρά --- ekonomisk aspekt --- околности во стопанството --- aspect economic --- markedsudvikling --- taloudellinen näkökohta --- οικονομική όψη --- ekonomiskais aspekts --- hospodářské podmínky --- economic aspect --- ekonomické poměry --- aspect économique --- majanduslik aspekt --- Marktentwicklung --- gazdasági szempontok --- економско опкружување --- economische aspecten --- gospodarske prilike --- ekonominis aspektas --- hospodárske hľadisko --- hospodářské aspekty --- økonomisk aspekt --- економски аспект --- politique fiscale --- politikë fiskale --- fiskális politika --- фискална политика --- belastingbeleid --- politika zdaňovania --- fiskální politika --- fiskālā politika --- skattepolitik --- politica fiscale --- porezna politika --- φορολογική πολιτική --- politika fiskali --- veropolitiikka --- fiskalna politika --- política fiscal --- polityka podatkowa --- fiskalinė politika --- beartas fioscach --- politică fiscală --- Steuerpolitik --- fiskaalpoliitika --- nodokļu politika --- maksupoliitika --- експанзивна фискална политика --- reforma zdaňovania --- politica taxelor --- iždo politika --- adópolitika --- политика на владина потрошувачка --- politikë për tatim-taksat --- taxation policy --- tax policy --- политика на оданочување --- politikë tatimore --- mokesčių politika --- fiscaal beleid --- контрактивна фискална политика --- maksustamispoliitika --- daňová politika --- fiškálna politika --- Monetary policy. --- Interest rates. --- Money market rates --- Rate of interest --- Rates, Interest --- Interest --- Monetary management --- Currency boards --- Money supply --- Debts, Public. --- Fiscal policy. --- Social policy. --- Investment management