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Structural and Stabilization Aspects of Fiscal and Financial Policy in the Dependent Economy

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  • Buiter, Willem H

Abstract

The author considers the response of a dependent economy with overlapping generations households to fiscal and financial shocks, an d the influence of alternative budget balancing rules on the response of the system to external shocks. The government spends on traded and nontraded goods, and raises revenue through lump-sum taxes and through a distortionary tax on traded goods production. Even without government budget deficits, choices concerning the composition of public spending and the structure of taxation have important consequences for the real exchange rate, the allocation of production , the level and composition of consumption, and the current account. Copyright 1988 by Royal Economic Society.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 40 (1988)
Issue (Month): 2 (June)
Pages: 220-45

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Handle: RePEc:oup:oxecpp:v:40:y:1988:i:2:p:220-45

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  1. W. E. G. Salter, 1959. "Internal And External Balance: The Role Op Price And Expenditure Effects," The Economic Record, The Economic Society of Australia, vol. 35(71), pages 226-238, 08.
  2. Buiter, Willem H, 1984. "Saddlepoint Problems in Continuous Time Rational Expectations Models: A General Method and Some Macroeconomic Examples," Econometrica, Econometric Society, vol. 52(3), pages 665-80, May.
  3. Jacob A. Frenkel & Assaf Razin, 1986. "Fiscal Policies, Debt, and International Economic Interdependence," NBER Working Papers 1266, National Bureau of Economic Research, Inc.
  4. T. W.Swan, 1960. "Economic Control In A Dependent Economy," The Economic Record, The Economic Society of Australia, vol. 36(73), pages 51-66, 03.
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Cited by:
  1. Buiter, Willem H, 1988. "Can Public Spending Cuts be Inflationary?," CEPR Discussion Papers 225, C.E.P.R. Discussion Papers.
  2. Willem H. Buiter, 1988. "Some Thoughts on the Role of Fiscal Policy in Stabilisation and Structural Adjustment in Developing Countries," NBER Working Papers 2603, National Bureau of Economic Research, Inc.
  3. Steigum, E. & Thogersen, O., 1998. "Borrow and Adjust. Fiscal Policy and Sectoral Adjustment in an Open Economy," Papers 28/98, Norwegian School of Economics and Business Administration-.
  4. Massimo Antonini, 2005. "Public Capital, Fiscal Deficit and Growth," DEGIT Conference Papers c010_055, DEGIT, Dynamics, Economic Growth, and International Trade.
  5. Dai, Meixing, 1992. "Growth, External Debt Constraints and Budgetary Policies," MPRA Paper 14001, University Library of Munich, Germany.
  6. Willem H. Buiter, 1990. "Centre For Labour Economics," NBER Working Papers 2578, National Bureau of Economic Research, Inc.
  7. Jacob A. Frenkel & Assaf Razin, 1989. "Fiscal Policies and Real Exchange Rates in the World Economy," NBER Working Papers 2065, National Bureau of Economic Research, Inc.

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