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The concept of Economic Reform is described as a planned shift from one, Pareto inefficient, but quasi-stable, equilibrium (or 'trap') to a new Pareto superior equilibrium which is, or is designed to become, stable too. The concept is applied to recent 'shock' stabilization programs, with special reference to Israel, where the economy was credibly shifted from a 3-digit inflationary process with considerable inertia, to relative price stability with higher real growth, at only small adjustment costs, by means of a 'heterodox' plan. This two-pronged stabilization program consisted of a substantial correction of budget and external account 'fundamentals' together with a synchronized, wage-price-exchange rate freeze. The idea is theoretically rationalized within a simple dual equilibrium inflation model, for which some econometric estimates are also given.
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Consumption (Economics) --- Consumption (Economics) --- Inflation (Finance) --- Inflation (Finance)
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This paper presents and applies an integrated framework to assess the consistency between fiscal deficits and other macroeconomic targets, such as output growth and the rate of inflation. The model centers around the government budget constraint and can be used to either derive the financeable deficit given inflation targets, or to derive an equilibrium inflation rate for which no fiscal adjustment would be necessary. The financeable deficit is defined as the deficit that does not require more financing than is compatible with sustainable external and internal borrowing, and existing targets for inflation and output growth. The model can assess the impact on the relation between fiscal adjustment and sustainable inflation rates of financial sector reforms affecting base money demand, of changes in interest rates paid on foreign and domestic public sector debt, of output growth targets and of exchange rate policy. The analysis furthermore incorporates an approach, due to Cohen ( 1986), to the derivation of a sustainable external debt policy. Finally, the model can also be used to see what happens if the required fiscal adjustment is postponed. We explore two alternatives: one where fiscal adjustment takes place eventually, and one where the inflation tax is used eventually to close any financing gap. The model is applied to an analysis of inflation, external debt and financial sector reform in Turkey.
Budget deficits --- Inflation (Finance) --- Mathematical models.
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Inflation (Finance) --- Prices --- Commodity exchanges --- Mathematical models. --- Mathematical models. --- Mathematical models.
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336.121 --- Budget deficits --- Debts, Public --- Expenditures, Public --- -Finance, Public --- -Fiscal policy --- Inflation (Finance) --- dette publique --- solde budgetaire --- depenses publiques --- inflation --- -Inflation (Finance) --- Fiscal policy --- Finance, Public --- -339.52 --- 330.05 --- Tax policy --- Taxation --- Economic policy --- Finance --- Natural rate of unemployment --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Debt --- Bonds --- Deficit financing --- Deficits, Budget --- Budget --- 336.121 Nationaal budget. Rijksbegroting. Staatsbegroting. Begrotingspolitiek --- Nationaal budget. Rijksbegroting. Staatsbegroting. Begrotingspolitiek --- Cameralistics --- Public finance --- Currency question --- Appropriations and expenditures --- Government appropriations --- Government expenditures --- Government spending --- Public expenditures --- Public spending --- Spending, Government --- Public administration --- Government spending policy --- Effect of inflation on --- Accounting --- openbare schuld --- begrotingssaldo --- overheidsuitgaven --- inflatie --- Government policy --- Budget deficits. --- Debts, Public. --- Fiscal policy. --- Inflation (Finance). --- Effect of inflation on. --- Accounting. --- 339.52 --- Government accounting --- Governmental accounting --- Public accounting --- Inflation (Finance) and public expenditures --- Expenditures, Public - Effect of inflation on --- Finance, Public - Accounting
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This paper describes methodological issues pertaining to measurement of fiscal impact. The fiscal deficit is, under any circumstances, a crude tool for assessing the impact of fiscal policy on the economy. This paper also analyzes various ways in which the conventional definition of the fiscal deficit is affected by high rates of inflation. It has shown that, as the rate of inflation rises, the picture emerging from the conventional measure may, under certain circumstances, become somewhat blurred since the conventional measure may magnify the size of the fiscal adjustment that a country need. In fact, the size of the debt service that compensates bondholders for the reduction in the real value of their assets arising from inflation should be made explicit so as to indicate that part of the deficit whose impact depends mainly on portfolio decisions regarding the public's demand for government bonds, and on the potential effects of these bonds on the monetary and liquidity conditions of the economy.
Budget deficits. --- Debts, Public. --- Expenditures, Public --- Inflation (Finance) --- Fiscal policy --- Finance, Public --- Effect of inflation on. --- Accounting. --- Government accounting --- Governmental accounting --- Public accounting --- Tax policy --- Taxation --- Economic policy --- Finance --- Natural rate of unemployment --- Inflation (Finance) and public expenditures --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Debt --- Bonds --- Deficit financing --- Deficits, Budget --- Budget --- Government policy --- Banks and Banking --- Exports and Imports --- Inflation --- Macroeconomics --- Public Finance --- Money and Monetary Policy --- International Lending and Debt Problems --- Debt Management --- Sovereign Debt --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Price Level --- Deflation --- National Government Expenditures and Related Policies: General --- International economics --- Public finance & taxation --- Banking --- Monetary economics --- Arrears --- Government debt management --- Loans --- External debt --- Public financial management (PFM) --- Prices --- Expenditure --- Financial institutions --- Debts, External --- Debts, Public --- Debt service --- United States
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Money. Monetary policy --- Latin America --- Inflation (Finance) --- Israel --- Economic policy --- 336.748.12 --- 338.22 --- -LDC / Developping Countries - Pays En Développement --- AR / Argentina - Argentinië - Argentine --- BO / Bolivia - Bolivie --- BR / Brazil - Brazilië - Brésil --- IL / Israel --- MX / Mexico - Mexique --- 333.841 --- 333.481 --- Papers presented at the conference held in Toledo, Spain, June 1987. --- NBB congres --- 338.22 Economische organisatieleer. Economisch beleid. Economische politiek --- Economische organisatieleer. Economisch beleid. Economische politiek --- 336.748.12 Algemeen prijsniveau. Prijsindex. Prijsstijging --- Algemeen prijsniveau. Prijsindex. Prijsstijging --- Finance --- Natural rate of unemployment --- Case studies --- -Congresses --- Inflatie. --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- Inflation --- Congresses --- Congrès --- Cas, Etudes de --- Israël --- Amérique latine --- Politique économique --- LDC / Developping Countries - Pays En Développement --- Papers presented at the conference held in Toledo, Spain, June 1987 --- Case studies&delete& --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- Inflatie --- Asociación Latinoamericana de Libre Comercio countries --- Neotropical region --- Neotropics --- New World tropics --- Spanish America --- Izrailʹ --- Medinat Yiśraʼel --- Yiśraʼel --- Izrael --- Isrāʼīl --- Israele --- Isŭrael --- I-se-lieh --- Medinat Israel --- State of Israel --- ישראל --- מדינת ישראל --- إسرائيل --- دولة إسرائيل --- Dawlat Isrāʼīl --- Ізраіль --- Дзяржава Ізраіль --- Dzi︠a︡rz︠h︡ava Izrailʹ --- Stát Izrael --- Država Izrael --- Ισραήλ --- Израиль --- Государство Израиль --- Gosudarstvo Izrailʹ --- イスラエル --- Isuraeru --- 以色列 --- Yiselie --- Palestine --- Congresses. --- Inflation (Finance) - Latin America - Case studies - Congresses --- Inflation (Finance) - Israel - Congresses --- Israel - Economic policy - Congresses
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Foreign exchange rates --- Inflation (Finance) --- 333.450 --- 333.841 --- AA / International- internationaal --- 336.748.12 --- 339.743 --- Finance --- Natural rate of unemployment --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- 336.748.12 Algemeen prijsniveau. Prijsindex. Prijsstijging --- Algemeen prijsniveau. Prijsindex. Prijsstijging --- 339.743 Wisselkoersen. Wisselkoerspariteiten. Dubbele wisselkoers. Devaluatie. Revaluatie. Zwevende wisselkoers. Muntslang --- Wisselkoersen. Wisselkoerspariteiten. Dubbele wisselkoers. Devaluatie. Revaluatie. Zwevende wisselkoers. Muntslang --- Theorie van het deviezenverkeer. Theorie van de koopkrachtpariteit --- Inflatie --- Rates --- International finance --- Foreign exchange rates. --- Change --- Inflation
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Economic stabilization --- Inflation (Finance) --- National socialism --- Voting --- 331.100 --- 331.156 --- 333.481 --- 333.841 --- 333.844 --- 333.846.0 --- AA / International- internationaal --- DE / Germany - Duitsland - Allemagne --- Nazism --- Authoritarianism --- Fascism --- Nazis --- Neo-Nazism --- Totalitarianism --- World War, 1939-1945 --- Polls --- Elections --- Politics, Practical --- Social choice --- Suffrage --- Finance --- Natural rate of unemployment --- Adjustment, Economic --- Business stabilization --- Economic adjustment --- Stabilization, Economic --- Economic policy --- History --- Economische geschiedenis: algemeenheden --- Geldwezen van 1914 tot 1945 --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- Inflatie --- Devaluatie en opwaardering. Stabilisering. J curve --- Verband tussen het monetair, bank- en kredietbeleid en de economische ontwikkeling: algemeenheden --- Causes --- Germany --- Weimar Republic, Germany, 1918-1933 --- Economic conditions --- Politics and government --- Balloting
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