Correcting “Beyond the Cycle

Correcting “Beyond the Cycle
Author: MissEstelle X. Liu
Publisher: International Monetary Fund
Total Pages: 36
Release: 2015-05-19
Genre: Business & Economics
ISBN: 1513521861

This paper outlines an operational approach for incorporating the impact of asset price cycles in the calculation of structural fiscal balances (SFBs). The global financial crisis demonstrated that movements in asset prices can have an important fiscal impact. Failing to account for the fiscal impact of asset price cycles can encourage a pro-cyclical policy stance if temporarily high revenues are passed through into expenditures. In addition, over-estimating the SFB may lead to inadequate fiscal buffers when cyclical revenues eventually dissipate. The paper proposes an empirical approach to correct for asset prices and provides illustrative country results for selected OECD countries. We find that asset price cycles are imperfectly synchronized with the business cycle and are quantitatively significant with an average pre-crisis fiscal impact ranging from about 1⁄2 to 2 percent of GDP in the sample. For a number of countries, the pre-crisis fiscal impact of high asset prices was larger at about 4 percent of GDP.

Recognizing the Bias

Recognizing the Bias
Author: Mrs.Nina Budina
Publisher: International Monetary Fund
Total Pages: 30
Release: 2015-11-24
Genre: Business & Economics
ISBN: 1513508865

This paper argues that asset price cycles have significant effects on fiscal outcomes. In particular, there is evidence of debt bias—the tendency of debt to increase over the cycle— that is significantly larger for house price cycles than stand-alone business cycles. Automatic stabilizers and discretionary fiscal policy generally respond to output fluctuations, whereas revenue increases due to house price booms are largely treated as permanent. Thus, neglecting the direct and indirect impact of asset prices on fiscal accounts encourages procyclical fiscal policies.

How Do Public Debt Cycles Interact with Financial Cycles?

How Do Public Debt Cycles Interact with Financial Cycles?
Author: Mr.Tigran Poghosyan
Publisher: International Monetary Fund
Total Pages: 33
Release: 2015-11-25
Genre: Business & Economics
ISBN: 1513511645

We employ a duration model to study determinants of public debt cycles in 57 advanced and emerging economies over the 1960–2014 period, with a particular focus on the impact of financial cycles. The results suggest that the association between financial and debt cycles is asymmetric. Debt expansions preceded by overheating in credit and financial markets tend to last longer than other expansions, but there is no significant association between financial cycles and debt contractions. There is strong evidence of duration dependence in both phases of the cycle, with the likelihood of expansions and contractions to end increasing with the length of their respective spells. Higher initial level of debt increases the spell of contractions (persistence of adjustment effort hypothesis) and reduces the spell of expansions (debt sustainability hypothesis). This result is robust to the inclusion of global factors, openness, political stability, and debt crisis indicators as additional controls.

IMF Research Bulletin, September 2015

IMF Research Bulletin, September 2015
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Total Pages: 18
Release: 2015-09-25
Genre: Business & Economics
ISBN: 1513551752

The September 2015 issue of the IMF Research Bulletin covers a range of research topics. The Research Summaries featured in this issue are “Lower for Longer: Neutral Rates in the United States” (Andrea Pescatori and Jarkko Turunen) and “Economic Principles for Resource Revenue Management” (Anthony J. Venables and Samuel Wills). The Q&A article looks at “Seven Questions on Financing for Development” (Amadou Sy) and the global development agenda. The issue also includes special announcements on the 2015 Annual Research Conference and the 2015 IMF Annual Report, as well as new IMF publications. Readers will also find a link to a top-viewed article from the “IMF Economic Review”—the IMF’s official research journal.

Corrections

Corrections
Author: Mary K. Stohr
Publisher: SAGE Publications
Total Pages: 1211
Release: 2016-12-01
Genre: Social Science
ISBN: 1483373398

Corrections: From Research, to Policy, to Practice offers students a 21st-century look into the treatment and rehabilitative themes that drive modern-day corrections. Written by two academic scholars and former practitioners, Mary K. Stohr and Anthony Walsh, this book provides students with a comprehensive and practical understanding of corrections, as well as coverage of often-overlooked topics like ethics, comparative corrections, offender classification and assessment, treatment modalities, and specialty courts. This text expertly weaves together research, policy, and practice, enabling students to walk away with a foundational understanding of effective punishment and treatment strategies for offenders in U.S. correctional institutions.

Scribal Correction and Literary Craft

Scribal Correction and Literary Craft
Author: Daniel Wakelin
Publisher: Cambridge University Press
Total Pages: 368
Release: 2014-11-06
Genre: Literary Criticism
ISBN: 1316062120

This extensive survey of scribal correction in English manuscripts explores what correcting reveals about attitudes to books, language and literature in late medieval England. Daniel Wakelin surveys a range of manuscripts and genres, but focuses especially on poems by Chaucer, Hoccleve and Lydgate, and on prose works such as chronicles, religious instruction and practical lore. His materials are the variants and corrections found in manuscripts, phenomena usually studied only by editors or palaeographers, but his method is the close reading and interpretation typical of literary criticism. From the corrections emerge often overlooked aspects of English literary thinking in the late Middle Ages: scribes, readers and authors seek, though often fail to achieve, invariant copying, orderly spelling, precise diction, regular verse and textual completeness. Correcting reveals their impressive attention to scribal and literary craft - its rigour, subtlety, formalism and imaginativeness - in an age with little other literary criticism in English.

KAIZEN-21

KAIZEN-21
Author: Manuel F. Suárez-Barraza
Publisher: Emerald Group Publishing
Total Pages: 161
Release: 2023-07-11
Genre: Business & Economics
ISBN: 1804558443

If you are ready to energize your business team and revolutionize workplace practices, then this book is your essential resource for prioritizing internal change and development despite all adversity.