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This paper analyzes the empirical determinants of household saving using data from 21 OECD countries for 1975-95. A particular focus is the influence of the tax and social security systems on household saving. The paper therefore extends the usual set of explanatory variables used to explain household saving behavior to include variables that capture the structure of the tax system and the financing and generosity of the social security and welfare system. These variables are found to have an important impact on household saving. Accordingly, by changing the design of these systems, governments may be able to influence saving.
Banks and Banking --- Macroeconomics --- Taxation --- Macroeconomics: Consumption --- Saving --- Wealth --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Social Security and Public Pensions --- Aggregate Factor Income Distribution --- Taxation, Subsidies, and Revenue: General --- Interest Rates: Determination, Term Structure, and Effects --- Public finance & taxation --- Welfare & benefit systems --- Finance --- Income --- Social security contributions --- Income tax systems --- Real interest rates --- Income and capital gains taxes --- National accounts --- Taxes --- Financial services --- Income tax --- Social security --- Interest rates --- New Zealand
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The Reserve Bank of India (RBI) has moved away from a broad money target toward a “multiple indicators” approach to the conduct of monetary policy. In adopting such a framework, it is necessary to know which of the many potential indicators provide the most reliable and timely information on future developments in the target variable(s). This paper assesses which indicators provide the most useful information about future inflationary trends. It concludes that while the broad money target has been de-emphasized, developments in the monetary aggregates remain an important indicator of future inflation. The exchange rate and import prices are also relevant, particularly for inflation in the manufacturing sector.
Inflation --- Macroeconomics --- Money and Monetary Policy --- Production and Operations Management --- Model Construction and Estimation --- Price Level --- Deflation --- Macroeconomics: Production --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary economics --- Output gap --- Wholesale price indexes --- Consumer price indexes --- Monetary base --- Prices --- Production --- Money --- Price indexes --- Economic theory --- Money supply --- India
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This paper examines the solvency and sustainability of India’s external imbalances and analyzes the optimality of its capital flows. We use three approaches: an intertemporal model of the current account that allows for capital controls; a composite model of macroeconomic indicators that yields probabilities of future balance of payments crises; and scenarios that examine the path of the current account consistent with the stabilization of India’s external liability-to-GDP ratio. The results indicate that India’s intertemporal budget constraint is satisfied and that the path of its current account imbalances is sustainable, with some support for the optimality (given capital controls) of its external borrowing.
Exports and Imports --- Macroeconomics --- Current Account Adjustment --- Short-term Capital Movements --- Open Economy Macroeconomics --- International Investment --- Long-term Capital Movements --- Aggregate Factor Income Distribution --- International economics --- Current account --- Current account deficits --- Current account imbalances --- Capital flows --- Consumption distribution --- Balance of payments --- National accounts --- Capital movements --- Income distribution --- India
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This paper uses the G-Cubed (Asia-Pacific) model-a macroeconomic model with rich cross-country links-to explore the implications for Japan and Asia of several shocks to the Japanese economy. The results suggest that, while fiscal consolidation in Japan would initially dampen domestic growth, over the medium term the impact on both the domestic and regional economies would be positive. Quantitative monetary easing in Japan would boost domestic activity in the short-run, while being basically neutral for the region. Finally, a loss of confidence in the yen would be negative for Japan, but positive for the region because of a reallocation of capital flows toward non-Japan Asia.
Banks and Banking --- Exports and Imports --- Investments: Stocks --- Macroeconomics --- Public Finance --- International Factor Movements and International Business: General --- Open Economy Macroeconomics --- Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation --- Interest Rates: Determination, Term Structure, and Effects --- Trade: General --- National Government Expenditures and Related Policies: General --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Fiscal Policy --- Finance --- International economics --- Public finance & taxation --- Investment & securities --- Real interest rates --- Exports --- Expenditure --- Stocks --- Fiscal consolidation --- Financial services --- International trade --- Fiscal policy --- Imports --- Interest rates --- Expenditures, Public --- Japan
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Japan’s weak economic performance in the 1990s has had implications not only for its own people, but for the world economy more generally, given Japan’s importance as a trading partner and supplier of capital. Therefore, it is essential that Japan unlock its growth potential. The IMF has worked with the Japanese authorities to identify the policies needed to bring Japan’s economy out of its recent slump. This book contributes to this ongoing debate, whose major topics include the need for an integrated policy strategy based on the decisive restructuring of the banking and corporate sectors, combined with macroeconomic policies designed to bring an end to deflation.
International finance --- Fiscal policy --- Monetary policy --- Foreign exchange rates --- Politique fiscale --- Politique monétaire --- Taux de change --- International Monetary Fund --- Japan --- Japon --- Economic policy --- Politique économique --- 338.22 <520> --- -Monetary policy --- -Foreign exchange rates --- -JP / Japan - Japon --- 331.30 --- 336.61 --- 333.820 --- -330.952 --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Monetary management --- Currency boards --- Money supply --- Tax policy --- Taxation --- Finance, Public --- Economische organisatieleer. Economisch beleid. Economische politiek--Japan --- Economische toestand. --- Financieel beleid. --- Geldbeleid, bankbeleid en kredietbeleid: algemeenheden. --- Rates --- Government policy --- Mezhdunarodnyĭ vali︠u︡tnyĭ fond --- Международный валютный фонд --- Miz︠h︡narodnyĭ vali︠u︡tnyĭ fond --- Fundo Monetário Internacional --- Fondo Monetario Internacional --- IMF (International Monetary Fund) --- FMI (International Monetary Fund) --- Internationaler Währungsfonds --- Kokusai Tsūka Kikin --- Fonds monétaire international --- Kukche Tʻonghwa Kigŭm --- Kansainvälinen Valuuttarahasto --- Kuo chi huo pi chi chin --- Fondul Monetar International --- Ṣundūq al-Naqd al-Dawlī --- Fondo M. Internacional --- IWF (International Monetary Fund) --- Kō̜ngthun Kānngœ̄n rawāng Prathēt --- MVF (International Monetary Fund) --- Międzynarodowy Fundusz Walutowy --- Mulya Aramudala --- I.M.F. (International Monetary Fund) --- Quỹ tiè̂n tệ quó̂c té̂ --- Nemzetközi Valuta Alap --- صندوق النقد الدولي --- 国际货币基金组织 --- 国際通貨基金 --- 國際貨幣基金組織 --- Fundu Monetariu Internacional --- Ṣundūq al-Naqd al-Duwalī --- DNT (Organization) --- -Electronic books. -- local. --- Fiscal policy -- Japan. --- Foreign exchange rates -- Japan. --- International Monetary Fund. --- Japan -- Economic policy -- 1989-. --- Monetary policy -- Japan. --- Business & Economics --- Economic History --- 338.22 <520> Economische organisatieleer. Economisch beleid. Economische politiek--Japan --- -338.22 <520> --- Electronic books. -- local. --- Internationaal monetair fonds --- International monetary fund --- -International finance --- -Fiscal policy --- Politique monétaire --- Politique économique --- Nihon --- Nippon --- Iapōnia --- Zhāpān --- I︠A︡ponii︠a︡ --- Yapan --- Japão --- Japam --- Mư̄ang Yīpun --- Prathēt Yīpun --- Yīpun --- Jih-pen --- Riben --- Government of Japan --- 日本 --- 日本国 --- Nipponkoku --- Nippon-koku --- Nihonkoku --- Nihon-koku --- State of Japan --- Япония --- Japani --- اليابان --- al-Yābān --- يابان --- Yābān --- Japonsko --- Giappone --- Japonia --- Japonya --- IMF --- Economische toestand --- Financieel beleid --- Geldbeleid, bankbeleid en kredietbeleid: algemeenheden --- Jepun --- Yapon --- Yapon Ulus --- I︠A︡pon --- Япон --- I︠A︡pon Uls --- Япон Улс --- -IMF --- Banks and Banking --- Money and Monetary Policy --- Public Finance --- Industries: Financial Services --- Demography --- Labor --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Monetary Policy --- Price Level --- Inflation --- Deflation --- Nonwage Labor Costs and Benefits --- Private Pensions --- Finance --- Monetary economics --- Macroeconomics --- Population & demography --- Banking --- Pensions --- Aging --- Inflation targeting --- Bank credit --- Population and demographics --- Loans --- Financial institutions --- Money --- Nonperforming loans --- Banks and banking --- Population aging --- Credit
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Abstract: The economies of the six Gulf Cooperation Council (GCC) countries are heavily reliant on oil. Greater economic diversification would reduce their exposure to volatility and uncertainty in the global oil market, help create jobs in the private sector, increase productivity and sustainable growth, and help create the non-oil economy that will be needed in the future when oil revenues start to dwindle. The GCC countries have followed many of the standard policies that are usually thought to promote more diversified economies, including reforms to improve the business climate, the development of domestic infrastructure, financial deepening, and improvements in education. Nevertheless, success to date has been limited. This paper argues that increased diversification will require realigning incentives for firms and workers in the economies—fixing these incentives is the “missing link” in the GCC countries’ diversification strategies. At present, producing non-tradables is less risky and more profitable for firms as they can benefit from the easy availability of low-wage foreign labor and the rapid growth in government spending, while the continued availability of high-paying and secure public sector jobs discourages nationals from pursuing entrepreneurship and private sector employment. Measures to begin to address these incentive issues could include limiting and reorienting government spending, strengthening private sector competition, providing guarantees and financial support for those firms engaged in export activity, and implementing labor market reforms to make nationals more competitive for private sector employment.
Business enterprises --- Exports --- Revenue --- Wages and labor productivity --- Economic development --- Petroleum industry and trade --- Energy industries --- Oil industries --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Annual improvement factor --- Labor productivity and wages --- Wages --- Industrial engineering --- Labor productivity --- Productivity bargaining --- Government revenue --- Public revenue --- Finance, Public --- Taxation --- International trade --- Business organizations --- Businesses --- Companies --- Enterprises --- Firms --- Organizations, Business --- Business --- Gulf Cooperation Council. --- Gulf Co-operation Council --- Co-operation Council for the Arab States of the Gulf --- States of Gulf Co-operation Council --- Golf-Rat --- GCC --- G.C.C. --- Majlis al-Taʻāwun al-Khalījī --- Majlis al-Taʻāwun al-Khalījī al-ʻArabī --- GKR --- Kooperationsrat Arabischer Staaten am Golf --- Cooperation Council for the Arab States of the Gulf --- Duwal Majlis al-Khalīj --- Gŏlpʻŭ Hyŏmnyŏk Wiwŏnhoe --- Kŏlpʻŭ Hyŏmnyŏk Wiwŏnhoe --- Majlis al-Taʻāwun li-Duwal al-Khalīj al-ʻArabīyah --- Golfkooperationsrat --- AGCC --- A.G.C.C. --- Duwal Majlis al-Taʻāwun al-Khalījī --- Sovet sotrudnichestva arabskikh gosudarstv Persidskogo zaliva --- SSAGPZ --- Arab Gulf Cooperation Council --- مجلس التعاون الخليجي --- مجلس التعاون لدول الخليج العربية --- Shūrā-yi Hamkārī-i Khalīj-i Fārs --- شوراى همکارى خليج فارس --- Persian Gulf Cooperation Council --- PGCC --- Conseil de coopération du Golfe --- Gulf Cooperative Council --- Consiglio di cooperazione del Golfo --- Ccg --- Persian Gulf States --- Economic policy. --- E-books --- Exports and Imports --- Macroeconomics --- Industrialization --- Manufacturing and Service Industries --- Choice of Technology --- Industrial Policy --- Exhaustible Resources and Economic Development --- Trade: General --- Business Taxes and Subsidies --- Taxation, Subsidies, and Revenue: General --- Economic Development: General --- International economics --- Public finance & taxation --- Oil, gas and mining taxes --- Export diversification --- Tax incentives --- Service exports --- Taxes --- United Arab Emirates
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The authors examine the numerous structural and policy changes Indian authorities have adopted since the 1991 balance of payments crisis; how these changes helped India weather the Asian financial crisis of 1997-98; the risks to fiscal sustainability and their implications for growth; the challenges facing monetary policy in the face of financial market liberalization; and the benefits of structural reform and fiscal policy for growth, poverty, and the reduction of regional disparities.
Fiscal policy --- Sustainable development --- Politique fiscale --- Développement durable --- India --- Inde --- Economic policy --- Economic conditions --- Politique économique --- Conditions économiques --- 338 <540> --- 338.24 <540> --- -Sustainable development --- -331.30 --- 331.31 --- 331.33 --- IN / India - Inde --- 330.954 --- Development, Sustainable --- Ecologically sustainable development --- Economic development, Sustainable --- Economic sustainability --- ESD (Ecologically sustainable development) --- Smart growth --- Sustainable economic development --- Economic development --- Tax policy --- Taxation --- Finance, Public --- Economische situatie. Economische structuur van bepaalde landen en gebieden. Economische geografie. Economische produktie.economische produkten. Economische diensten--India --- Instrumenten van de economische politiek. Economische orde. Economisch politieke maatregelen. Stabilisering. Stimuleringsmaatregelen. Regulering. Financiele steunmaatregelen--India --- Economische toestand. --- Economisch beleid. --- Structureel beleid. Reglementering. Dereglementering. Ordnungspolitik. --- Environmental aspects --- Government policy --- -Economic policy --- -Fiscal policy -- India. --- India -- Economic conditions -- 1947-. --- India -- Economic policy -- 1980-1991. --- India -- Economic policy -- 1991-. --- Sustainable development -- India. --- Business & Economics --- Economic History --- 338.24 <540> Instrumenten van de economische politiek. Economische orde. Economisch politieke maatregelen. Stabilisering. Stimuleringsmaatregelen. Regulering. Financiele steunmaatregelen--India --- 338 <540> Economische situatie. Economische structuur van bepaalde landen en gebieden. Economische geografie. Economische produktie.economische produkten. Economische diensten--India --- Fiscal policy -- India. --- -Fiscal policy --- Développement durable --- Politique économique --- Conditions économiques --- 331.30 --- Economische toestand --- Economisch beleid --- Structureel beleid. Reglementering. Dereglementering. Ordnungspolitik --- E-books --- Bharat --- Bhārata --- Government of India --- Ḣindiston Respublikasi --- Indië --- Indien --- Indii︠a︡ --- Indland --- Indo --- Republic of India --- Sāthāranarat ʻIndīa --- Yin-tu --- インド --- هند --- Индия --- Exports and Imports --- Inflation --- Macroeconomics --- Public Finance --- Industries: Financial Services --- Current Account Adjustment --- Short-term Capital Movements --- Debt --- Debt Management --- Sovereign Debt --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Price Level --- Deflation --- International Investment --- Long-term Capital Movements --- International economics --- Public finance & taxation --- Finance --- Budgeting & financial management --- Public debt --- Financial institutions --- Balance of payments --- Prices --- Debts, Public --- Mutual funds --- Capital movements
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The world is in the midst of a major demographic transition. This paper examines the implications of such transition over the next 80 years for Japan, the United States, other industrial countries, and the developing regions of the world using a dynamic intertemporal general equilibrium four-country model containing demographics calibrated to the "medium variant" of the United Nations population projections. We find that population aging in industrial countries will reduce aggregate growth in these regions over time, but should boost growth in developing countries over the next 20-30 years, as the relative size of their workingage populations increases. Demographic change will also affect saving, investment, and capital flows, implying changes in global trade balances and asset prices. We also explore the sensitivity of the results to assumptions about future productivity growth and country external risk for the developing country region.
Aging -- Economic aspects -- Econometric models. --- Capital movements -- Econometric models. --- Demography -- Econometric models. --- Population -- Economic aspects -- Econometric models. --- Saving and investment -- Econometric models. --- Business & Economics --- Demography --- Population --- Aging --- Saving and investment --- Capital movements --- Econometric models. --- Economic aspects --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Accumulation, Capital --- Capital accumulation --- Capital formation --- Investment and saving --- Saving and thrift --- Age --- Ageing --- Senescence --- Human population --- Human populations --- Population growth --- Populations, Human --- Historical demography --- Physiological effect --- Balance of payments --- Foreign exchange --- International finance --- Capital --- Supply-side economics --- Wealth --- Investments --- Developmental biology --- Gerontology --- Longevity --- Age factors in disease --- Economics --- Human ecology --- Sociology --- Malthusianism --- Social sciences --- Vital statistics --- Demographic Trends, Macroeconomic Effects, and Forecasts --- International Investment --- Long-term Capital Movements --- Macroeconomics: Consumption --- Saving --- Investment --- Intangible Capital --- Capacity --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Demographic Economics: General --- Health: General --- Population & demography --- Population & migration geography --- Health economics --- Demographic change --- Population and demographics --- Health --- Demographic transition --- Population aging --- Japan
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Saudi Arabia: Tackling Emerging Economic Challenges to Sustain Strong Growth.
Investments: Energy --- Macroeconomics --- Public Finance --- Industries: Energy --- Energy: General --- Energy: Demand and Supply --- Prices --- National Government Expenditures and Related Policies: General --- Fiscal Policy --- Macroeconomics: Production --- Investment & securities --- Public finance & taxation --- Petroleum, oil & gas industries --- Oil --- Oil prices --- Expenditure --- Fiscal policy --- Oil production --- Commodities --- Production --- Petroleum industry and trade --- Expenditures, Public --- Saudi Arabia
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Saudi Arabia: Tackling Emerging Economic Challenges to Sustain Strong Growth.
Investments: Energy --- Macroeconomics --- Public Finance --- Industries: Energy --- Energy: General --- Energy: Demand and Supply --- Prices --- National Government Expenditures and Related Policies: General --- Fiscal Policy --- Macroeconomics: Production --- Investment & securities --- Public finance & taxation --- Petroleum, oil & gas industries --- Oil --- Oil prices --- Expenditure --- Fiscal policy --- Oil production --- Petroleum industry and trade --- Expenditures, Public --- Saudi Arabia
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