Can Good Events Lead to Bad Outcomes? Endogenous Banking Crises and Fiscal Policy Responses:
In this paper, we study the impact of labor market restructuring and foreign direct investment on the banking sector, using a dynamic general equilibrium model with a financial sector. Numerical simulations are performed using stylized Chinese data, and banks failures are generated through increases...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2006
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 06/263 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
| Zusammenfassung: | In this paper, we study the impact of labor market restructuring and foreign direct investment on the banking sector, using a dynamic general equilibrium model with a financial sector. Numerical simulations are performed using stylized Chinese data, and banks failures are generated through increases in the growth rate of the labor force, a revaluation of the exchange rate or an increase in debt issue to finance the government deficit, as compared to a benchmark scenario in which banks remain solvent. Thus bank failures can result from what might seem to be either beneficial economic trends, or correct monetary and fiscal policies. We introduce fiscal policies that modify relative factor prices by lowering the capital tax rate and increasing the tax rate on labor. Such policies can prevent banking failures by raising the return to capital. It is shown that such fiscal policies are, in the short run, welfare reducing |
| Beschreibung: | 1 Online-Ressource (26 p) |
| ISBN: | 1451865236 9781451865233 |
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| index_date | 2024-07-03T20:13:23Z |
| indexdate | 2024-07-10T09:35:31Z |
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| series2 | IMF Working Papers |
| spelling | Rochon, Céline Verfasser aut Can Good Events Lead to Bad Outcomes? Endogenous Banking Crises and Fiscal Policy Responses Rochon, Céline Washington, D.C International Monetary Fund 2006 1 Online-Ressource (26 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 06/263 In this paper, we study the impact of labor market restructuring and foreign direct investment on the banking sector, using a dynamic general equilibrium model with a financial sector. Numerical simulations are performed using stylized Chinese data, and banks failures are generated through increases in the growth rate of the labor force, a revaluation of the exchange rate or an increase in debt issue to finance the government deficit, as compared to a benchmark scenario in which banks remain solvent. Thus bank failures can result from what might seem to be either beneficial economic trends, or correct monetary and fiscal policies. We introduce fiscal policies that modify relative factor prices by lowering the capital tax rate and increasing the tax rate on labor. Such policies can prevent banking failures by raising the return to capital. It is shown that such fiscal policies are, in the short run, welfare reducing Online-Ausg Feltenstein, Andrew Sonstige oth http://elibrary.imf.org/view/IMF001/00998-9781451865233/00998-9781451865233/00998-9781451865233.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Rochon, Céline Can Good Events Lead to Bad Outcomes? Endogenous Banking Crises and Fiscal Policy Responses |
| title | Can Good Events Lead to Bad Outcomes? Endogenous Banking Crises and Fiscal Policy Responses |
| title_auth | Can Good Events Lead to Bad Outcomes? Endogenous Banking Crises and Fiscal Policy Responses |
| title_exact_search | Can Good Events Lead to Bad Outcomes? Endogenous Banking Crises and Fiscal Policy Responses |
| title_exact_search_txtP | Can Good Events Lead to Bad Outcomes? Endogenous Banking Crises and Fiscal Policy Responses |
| title_full | Can Good Events Lead to Bad Outcomes? Endogenous Banking Crises and Fiscal Policy Responses Rochon, Céline |
| title_fullStr | Can Good Events Lead to Bad Outcomes? Endogenous Banking Crises and Fiscal Policy Responses Rochon, Céline |
| title_full_unstemmed | Can Good Events Lead to Bad Outcomes? Endogenous Banking Crises and Fiscal Policy Responses Rochon, Céline |
| title_short | Can Good Events Lead to Bad Outcomes? Endogenous Banking Crises and Fiscal Policy Responses |
| title_sort | can good events lead to bad outcomes endogenous banking crises and fiscal policy responses |
| url | http://elibrary.imf.org/view/IMF001/00998-9781451865233/00998-9781451865233/00998-9781451865233.xml |
| work_keys_str_mv | AT rochonceline cangoodeventsleadtobadoutcomesendogenousbankingcrisesandfiscalpolicyresponses AT feltensteinandrew cangoodeventsleadtobadoutcomesendogenousbankingcrisesandfiscalpolicyresponses |