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Asia and Pacific > India

You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • International Economic Order and Integration x
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Cover IMF Working Papers
The Distributional Effects of Government Spending Shocks in Developing Economies
Davide Furceri
,
Jun Ge
,
Mr. Prakash Loungani
, and
Mr. Giovanni Melina
We construct unanticipated government spending shocks for 103 developing countries from 1990 to 2015 and study their effects on income distribution. We find that unanticipated fiscal consolidations lead to a long-lasting increase in income inequality, while fiscal expansions lower inequality. The results are robust to several measures of income distribution and size of the fiscal shocks, to an alternative identification strategy, across expansions and recessions and across country groups (low-income countries versus emerging markets). An additional contribution of the paper is the computation of the medium-term inequality multiplier. This is on average about 1 in our sample, meaning that a cumulative decrease in government spending of 1 percent of GDP over 5 years is associated with a cumulative increase in the Gini coefficient over the same period of about 1 percentage point. The multiplier is larger for total government expenditure than for public investment and consumption (with the former having larger effect), likely due to the redistributive role of transfers. Finally, we find that (unanticipated) fiscal consolidations lead to an increase in poverty.
Keywords:
WP; government spending shock; Fiscal policy; Fiscal shocks; Inequality; Income distribution; inequality multiplier; net income inequality; government spending response; government-spending ratio; growth shock; government spending contraction; government expenditure forecast; Income inequality; Total expenditures; Public investment spending; Global; Sub-Saharan Africa
Cover IMF Working Papers
Sustaining Latin America's Resurgence: Some Historical Perspectives
Mr. Anoop Singh
and
Mr. Martin D. Cerisola
This paper looks at the historical lessons that might serve to entrech Latin America's newly resurgent growth phase. It briefly reviews the post-World War II experiences in Latin America and Asia, focusing on the conditions that favored capital accumulation and productivity growth in the faster growing economies. Among these, the paper highlights the importance of stable macroeconomic policies, especially fiscal policy.
Keywords:
WP; foreign direct investment; country authorities; central bank; inflation targeting; private sector; Macroeconomic Policy; Policy Design and Consistency; Economic Growth; Open Economies; reforming country; per capita income; country risk; fiscal policy volatility; physical capital; Latin American country; exchange rate regime; government intervention; Chile's policy framework; a number of country; competitive price; Exchange rate arrangements; Productivity; Capital accumulation; Asia and Pacific; East Asia; Global
Cover IMF Working Papers
What Would a Development-Friendly WTO Architecture Really Look Like?
Mr. Arvind Subramanian
and
Aaditya Mattoo
This paper elaborates on a number of key principles that need to underpin a coherent and development-friendly architecture for the WTO. The key principles include enlarging the scope of WTO bargaining to include labor flows as well as capital flows; creating a structure that would provide a balance between furthering liberalization and providing some discretion or policy space to accommodate the inevitable political constraints; and minimizing the extent of regulatory harmonization. These principles, while applicable to all countries, may have less immediate relevance in addressing the problems of the least developed countries.
Keywords:
WP; country; developing country; WTO rule; liberalization; firm; rule; WTO; architecture; development; labor mobility; WTO provision; Doha round; WTO dispute-resolution panel; trade liberalization literature; WTO system; WTO architecture; Tariffs; Trade negotiation; Trade barriers; Global
Cover IMF Policy Discussion Papers
Globalization Facts and Figures
Mr. Paul R Masson
Globalization has become the focus for a wide range of protests against various features of the world economy. This paper aims to give a concise summary of the economic dimensions of globalization, while leaving to one side other aspects—such as cultural, environmental, or political ones—that are beyond the scope of the IMF. Periods of increased globalization have tended to be associated with technological innovations that reduce transportation and communications costs and with generally rising standards of living. Moreover, countries that have embraced openness to the rest of the world have done better than those that have not. Nevertheless, globalization may also be associated with increased inequality and volatility, which may justify strengthening domestic safety nets and financial supervision and regulation, and enhancing international economic policy coordination. The IMF helps to ensure economic gains from globalization by encouraging trade liberalization, reducing countries’ vulnerability to crises, lending to them when they are in difficulty, and assisting them in putting in place structural reforms that help reduce poverty.
Keywords:
PDP; financial crisis; financial market; per capita income; developing country; globalization fact; Globalization; integration; trade; fuelling globalization; gold standard; financial market volatility; transportation cost; Income inequality; Personal income; Public expenditure review; Global