Dealing with the dutch disease : fiscal rules and macro-prudential policies

Mostrar todas las versiones(4)

Abstract: This paper evaluates from a welfare perspective three policy alternatives for dealing with Dutch disease problems originating from cyclical movements in commodity prices: fiscal rules for government expenditures, capital controls, and taxes on domestic lending. A DSGE model of a small open...

Descripción completa

Guardado en:
Detalles Bibliográficos
Autores principales: García Cicco, Javier, Kawamura, Enrique
Formato: Artículo
Lenguaje:Inglés
Inglés
Publicado: Inter American Development Bank Working Paper 2019
Materias:
POLITICA FISCAL
POLITICA ECONOMICA
MERCADO DE CAPITALES
Acceso en línea:https://repositorio.uca.edu.ar/handle/123456789/2326
Aporte de:
Repositorio Institucional de la Universidad Católica Argentina (UCA) de Universidad Católica Argentina
id I33-R139-123456789-2326
record_format dspace
spelling I33-R139-123456789-23262024-03-21T10:57:32Z Dealing with the dutch disease : fiscal rules and macro-prudential policies García Cicco, Javier Kawamura, Enrique POLITICA FISCAL POLITICA ECONOMICA MERCADO DE CAPITALES Abstract: This paper evaluates from a welfare perspective three policy alternatives for dealing with Dutch disease problems originating from cyclical movements in commodity prices: fiscal rules for government expenditures, capital controls, and taxes on domestic lending. A DSGE model of a small open economy is developed, with a sectoral decomposition that features three distinctive characteristics: financial frictions, a learning-by-doing externality in the industrial sector, and a fraction of households being non-Ricardian (credit constrained). The model is calibrated using Chilean data. For each policy tool, optimal simple rules are analyzed from a welfare (Ramsey) perspective, describing how different households rank the several policy alternatives, and studying how each of the models features shapes the optimal policy design. A general conclusion of the analysis is that the included Dutch disease inefficiencies are of quantitatively limited relevance in analyzing the desirability of these policies from a welfare perspective. 2019-05-13T17:12:39Z 2019-05-13T17:12:39Z 2015 Artículo García Cicco, J., Kawamura, E. (2015). Dealing with the dutch disease : fiscal rules and macro-prudential policies [en línea]. Inter American Development Bank Working Paper Series ; 562. Disponible en: https://repositorio.uca.edu.ar/handle/123456789/2326 https://repositorio.uca.edu.ar/handle/123456789/2326 eng eng Acceso Abierto https://creativecommons.org/licenses/by-nc-sa/4.0/ application/pdf Inter American Development Bank Working Paper Inter American Development Bank Working Paper Series ; 562
institution Universidad Católica Argentina
institution_str I-33
repository_str R-139
collection Repositorio Institucional de la Universidad Católica Argentina (UCA)
language Inglés
Inglés
topic POLITICA FISCAL
POLITICA ECONOMICA
MERCADO DE CAPITALES
spellingShingle POLITICA FISCAL
POLITICA ECONOMICA
MERCADO DE CAPITALES
García Cicco, Javier
Kawamura, Enrique
Dealing with the dutch disease : fiscal rules and macro-prudential policies
topic_facet POLITICA FISCAL
POLITICA ECONOMICA
MERCADO DE CAPITALES
description Abstract: This paper evaluates from a welfare perspective three policy alternatives for dealing with Dutch disease problems originating from cyclical movements in commodity prices: fiscal rules for government expenditures, capital controls, and taxes on domestic lending. A DSGE model of a small open economy is developed, with a sectoral decomposition that features three distinctive characteristics: financial frictions, a learning-by-doing externality in the industrial sector, and a fraction of households being non-Ricardian (credit constrained). The model is calibrated using Chilean data. For each policy tool, optimal simple rules are analyzed from a welfare (Ramsey) perspective, describing how different households rank the several policy alternatives, and studying how each of the models features shapes the optimal policy design. A general conclusion of the analysis is that the included Dutch disease inefficiencies are of quantitatively limited relevance in analyzing the desirability of these policies from a welfare perspective.
format Artículo
author García Cicco, Javier
Kawamura, Enrique
author_facet García Cicco, Javier
Kawamura, Enrique
author_sort García Cicco, Javier
title Dealing with the dutch disease : fiscal rules and macro-prudential policies
title_short Dealing with the dutch disease : fiscal rules and macro-prudential policies
title_full Dealing with the dutch disease : fiscal rules and macro-prudential policies
title_fullStr Dealing with the dutch disease : fiscal rules and macro-prudential policies
title_full_unstemmed Dealing with the dutch disease : fiscal rules and macro-prudential policies
title_sort dealing with the dutch disease : fiscal rules and macro-prudential policies
publisher Inter American Development Bank Working Paper
publishDate 2019
url https://repositorio.uca.edu.ar/handle/123456789/2326
work_keys_str_mv AT garciaciccojavier dealingwiththedutchdiseasefiscalrulesandmacroprudentialpolicies
AT kawamuraenrique dealingwiththedutchdiseasefiscalrulesandmacroprudentialpolicies
_version_ 1807949033653665792

Ejemplares similares