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5 results

  • 12 - Fiscal Policy

  • Calla Wiemer, American Committee on Asian Economic Studies
  • Book:
    Macroeconomics for Emerging East Asia
    Published online:
    18 November 2022
    Print publication:
    01 December 2022, pp 235-258

  • Summary

    Fiscal policy aims at stabilizing an economy through government management of spending and taxes to influence aggregate demand. Fiscal policy works through both automatic stabilizers, based on countercyclical responses of spending and taxation to income fluctuations, and active management, particularly in response to severe negative shocks. Fiscal stimulus is most effective under conditions of either a fixed exchange rate combined with high capital mobility or a floating exchange rate combined with low capital mobility. Use of activist fiscal policy is limited by cumbersome decision-making processes, the countervailing effects of government borrowing on interest and exchange rates, and debt sustainability constraints. Space to run a primary fiscal deficit while holding the debt ratio constant is greater the lower the interest rate and the higher the GDP growth rate. Debt-to-GDP ratios vary greatly across Emerging East Asia, and with that so does capacity to respond to crisis. After running deficits that exceeded the sustainbility threshold for some years, Vietnam managed to put government finances on a sounder footing by the late 2010s.

  • 11 - Monetary Policy

  • Calla Wiemer, American Committee on Asian Economic Studies
  • Book:
    Macroeconomics for Emerging East Asia
    Published online:
    18 November 2022
    Print publication:
    01 December 2022, pp 209-234

  • Summary

    Monetary policy aims at stabilizing an economy through central bank management of the money supply to influence aggregate demand. Constraints on the policy framework are imposed by the Trilemma which holds that policymakers cannot have all three of: open capital markets; an independent monetary policy; and a pegged exchange rate. Exercise of options varies within the Emerging East Asia region. Hong Kong with its globally integrated financial market pegs its exchange rate to the US dollar giving up discretion over monetary policy. China with its state-dominated economy imposes controls on foreign capital flows allowing separation of monetary and exchange rate policies. Mostly though, the region’s capital markets are open enough that the interest rate and the exchange rate intertwine as instruments of policy. Against external shock, central banks lean against currency volatility, with monetary policy following along. Sterilization of foreign exchange market intervention operates within limited space lest speculative capital flows bet against the central bank. Singapore makes for an interesting case study of exchange rate–based monetary policy.

  • 1 - Coping with rapid population growth: how England fared in the century preceding the Great Exhibition of 1851

  • Edited by David Feldman, Birkbeck College, University of London, Jon Lawrence, University of Cambridge
  • Book:
    Structures and Transformations in Modern British History
    Published online:
    04 February 2011
    Print publication:
    20 January 2011, pp 24-53

  • Summary

    The population history of England as a whole has been charted in detail from 1541 onwards. This chapter calls attention to the scale of the achievement implied in coping with an unprecedented rate of population growth. The period running from c.1760 to c.1840 is described as the classic period of the Industrial Revolution. The occupational structure mirrored changes in the structure of aggregate demand. In an organic economy it was normal for about three-quarters of the labour force to be engaged in agriculture. Rising real incomes and a change in the structure of aggregate demand is, of course, only a necessary but not a sufficient cause of escape from the constraints of an organic economy. There is suggestive evidence that as growth rates reached a peak the strain became severe, but overall the scale of the achievement in coping with rapid population growth was striking.

  • 21 - The Early Roman Empire: Distribution

  • from Part VI - The Early Roman Empire
  • Edited by Walter Scheidel, Stanford University, California, Ian Morris, Stanford University, California, Richard P. Saller, Stanford University, California
  • Book:
    The Cambridge Economic History of the Greco-Roman World
    Published online:
    28 March 2008
    Print publication:
    29 November 2007, pp 570-591

  • Summary

    The mobilization and distribution of resources, human and material, was the key to Roman power. The surplus production of an individual peasant household was small; the aggregate demand of the ancient peasantry was considerable. The key question is how far distribution under the empire differed in volume and nature. Archaeology has provided striking and conclusive evidence for a dramatic increase in the volume of goods being distributed within the Roman empire. Goods were distributed through the Roman empire by a variety of means, determined to a great extent by the identity of the ultimate consumer and by the nature of the goods and by the identity of the original producer. The institutional structures that supported distribution were adequate money supply supporting all levels of transactions, and the development of gold coinage and various forms of paper transactions. For the most part, the dynamics of distribution in the early Roman empire followed patterns which had become established under the Republic.

  • Chocs de demande et fluctuations du taux de marge: une évaluation du modèle de collusion implicite*

  • Frédéric Dufourt
  • Journal:
    Recherches Économiques de Louvain/ Louvain Economic Review / Volume 67 / Issue 1 / 2001
    Published online by Cambridge University Press:
    17 August 2016, pp. 91-111
    Print publication:
    2001

  • Cet article propose une évaluation quantitative du modèle de collusion implicite de Rotemberg et Woodford (1992), en s’appuyant sur une version totalement spécifiéé qui permet notamment une détermination analytique de l’élasticité du taux de marge face aux variations de la demande agrégée. Dans ce cadre, on montre qu’un tel mécanisme ne parvient pas à générer des effets réels suffisants pour reproduire un certain nombre de faits stylisés importants associés aux chocs de demande, tels que la réaction procyclique de la production, de l’emploi et du salaire réel. Comparé à des mécanismes concurrents de fluctuations des marges évalués dans un cadre analytique similaire, le mécanisme de collusion implicite semble donc avoir des difficultés à s’imposer à lui seul comme une explication dominante de la transmission des chocs de demande à l’activité économique.