The pre-crisis capital flow surge to emerging Europe: did countercyclical fiscal policy make a difference?
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.]
International Monetary Fund
©2012
|
| Schriftenreihe: | IMF working paper
WP/12/222 |
| Schlagworte: | |
| Online-Zugang: | FAW01 FAW02 FLA01 |
| Beschreibung: | Title from PDF title page (IMF Web site, viewed Sept. 12, 2012). - "European Department.". - "September 2012." A push-pull-brake model of capital flows is used to study the effects of fiscal policy changes on private capital flows to emerging Europe during 2000-07. In the model, countercyclical fiscal policy has two opposing effects on capital inflows: (i) a conventional absorption reducing effect, as a tighter fiscal stance acts as a brake on capital flows; and (ii) an unconventional absorption-boosting effect, as a tighter fiscal stance increases investor confidence in the country. The empirical results suggest that push factors (low returns in flow-originating countries), rather than pull factors (high returns in flow-destination countries), drove most of the private capital flows to emerging Europe. And active countercyclical fiscal policy once the fiscal stance is adjusted for the automatic effects on the fiscal position of both internal and external imbalances acted as a brake on capital inflows. However, the empirical results also suggest that, even abstracting from political feasibility and fiscal policy lag considerations, countercyclical fiscal policy alone is unlikely to be an effective policy tool to put an effective brake on sudden capital flow surges Includes bibliographical references |
| Beschreibung: | 34 pages |
| ISBN: | 1475584555 9781475584554 |
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| 245 | 1 | 0 | |a The pre-crisis capital flow surge to emerging Europe |b did countercyclical fiscal policy make a difference? |c prepared by Ruben Atoyan, Albert Jaeger, and Dustin Smith |
| 264 | 1 | |a [Washington, D.C.] |b International Monetary Fund |c ©2012 | |
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| 500 | |a Title from PDF title page (IMF Web site, viewed Sept. 12, 2012). - "European Department.". - "September 2012." | ||
| 500 | |a A push-pull-brake model of capital flows is used to study the effects of fiscal policy changes on private capital flows to emerging Europe during 2000-07. In the model, countercyclical fiscal policy has two opposing effects on capital inflows: (i) a conventional absorption reducing effect, as a tighter fiscal stance acts as a brake on capital flows; and (ii) an unconventional absorption-boosting effect, as a tighter fiscal stance increases investor confidence in the country. The empirical results suggest that push factors (low returns in flow-originating countries), rather than pull factors (high returns in flow-destination countries), drove most of the private capital flows to emerging Europe. And active countercyclical fiscal policy once the fiscal stance is adjusted for the automatic effects on the fiscal position of both internal and external imbalances acted as a brake on capital inflows. However, the empirical results also suggest that, even abstracting from political feasibility and fiscal policy lag considerations, countercyclical fiscal policy alone is unlikely to be an effective policy tool to put an effective brake on sudden capital flow surges | ||
| 500 | |a Includes bibliographical references | ||
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| dewey-ones | 332 - Financial economics |
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| dewey-search | 332.152 |
| dewey-sort | 3332.152 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
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| geographic | Europa |
| geographic_facet | Europa |
| id | DE-604.BV043960048 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T07:39:47Z |
| institution | BVB |
| isbn | 1475584555 9781475584554 |
| language | English |
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| spelling | Atoyan, Ruben Verfasser aut The pre-crisis capital flow surge to emerging Europe did countercyclical fiscal policy make a difference? prepared by Ruben Atoyan, Albert Jaeger, and Dustin Smith [Washington, D.C.] International Monetary Fund ©2012 34 pages txt rdacontent c rdamedia cr rdacarrier IMF working paper WP/12/222 Title from PDF title page (IMF Web site, viewed Sept. 12, 2012). - "European Department.". - "September 2012." A push-pull-brake model of capital flows is used to study the effects of fiscal policy changes on private capital flows to emerging Europe during 2000-07. In the model, countercyclical fiscal policy has two opposing effects on capital inflows: (i) a conventional absorption reducing effect, as a tighter fiscal stance acts as a brake on capital flows; and (ii) an unconventional absorption-boosting effect, as a tighter fiscal stance increases investor confidence in the country. The empirical results suggest that push factors (low returns in flow-originating countries), rather than pull factors (high returns in flow-destination countries), drove most of the private capital flows to emerging Europe. And active countercyclical fiscal policy once the fiscal stance is adjusted for the automatic effects on the fiscal position of both internal and external imbalances acted as a brake on capital inflows. However, the empirical results also suggest that, even abstracting from political feasibility and fiscal policy lag considerations, countercyclical fiscal policy alone is unlikely to be an effective policy tool to put an effective brake on sudden capital flow surges Includes bibliographical references Capital movements / Econometric models fast Fiscal policy / Econometric models fast BUSINESS & ECONOMICS / Finance bisacsh Entwicklungsländer Wirtschaft Ökonometrisches Modell Capital movements Europe Econometric models Capital movements Developing countries Econometric models Fiscal policy Europe Econometric models Fiscal policy Developing countries Econometric models Europa Jaeger, Albert Sonstige oth Smith, Dustin Sonstige oth International Monetary Fund Sonstige oth |
| spellingShingle | Atoyan, Ruben The pre-crisis capital flow surge to emerging Europe did countercyclical fiscal policy make a difference? Capital movements / Econometric models fast Fiscal policy / Econometric models fast BUSINESS & ECONOMICS / Finance bisacsh Entwicklungsländer Wirtschaft Ökonometrisches Modell Capital movements Europe Econometric models Capital movements Developing countries Econometric models Fiscal policy Europe Econometric models Fiscal policy Developing countries Econometric models |
| title | The pre-crisis capital flow surge to emerging Europe did countercyclical fiscal policy make a difference? |
| title_auth | The pre-crisis capital flow surge to emerging Europe did countercyclical fiscal policy make a difference? |
| title_exact_search | The pre-crisis capital flow surge to emerging Europe did countercyclical fiscal policy make a difference? |
| title_full | The pre-crisis capital flow surge to emerging Europe did countercyclical fiscal policy make a difference? prepared by Ruben Atoyan, Albert Jaeger, and Dustin Smith |
| title_fullStr | The pre-crisis capital flow surge to emerging Europe did countercyclical fiscal policy make a difference? prepared by Ruben Atoyan, Albert Jaeger, and Dustin Smith |
| title_full_unstemmed | The pre-crisis capital flow surge to emerging Europe did countercyclical fiscal policy make a difference? prepared by Ruben Atoyan, Albert Jaeger, and Dustin Smith |
| title_short | The pre-crisis capital flow surge to emerging Europe |
| title_sort | the pre crisis capital flow surge to emerging europe did countercyclical fiscal policy make a difference |
| title_sub | did countercyclical fiscal policy make a difference? |
| topic | Capital movements / Econometric models fast Fiscal policy / Econometric models fast BUSINESS & ECONOMICS / Finance bisacsh Entwicklungsländer Wirtschaft Ökonometrisches Modell Capital movements Europe Econometric models Capital movements Developing countries Econometric models Fiscal policy Europe Econometric models Fiscal policy Developing countries Econometric models |
| topic_facet | Capital movements / Econometric models Fiscal policy / Econometric models BUSINESS & ECONOMICS / Finance Entwicklungsländer Wirtschaft Ökonometrisches Modell Capital movements Europe Econometric models Capital movements Developing countries Econometric models Fiscal policy Europe Econometric models Fiscal policy Developing countries Econometric models Europa |
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