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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.

Suggested Citation

  • Buiter, Willem H, 1988. "Structural and Stabilization Aspects of Fiscal and Financial Policy in the Dependent Economy," Oxford Economic Papers, Oxford University Press, vol. 40(2), pages 220-245, June.
    • Handle: RePEc:oup:oxecpp:v:40:y:1988:i:2:p:220-45
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    Cited by:

    1. Willem H. Buiter, 1988. "Centre For Labour Economics," NBER Working Papers 2578, National Bureau of Economic Research, Inc.
    2. Assaf Razin, 1987. "Fiscal Policies and the Stock Market: International Dimensions," NBER Working Papers 2389, National Bureau of Economic Research, Inc.
    3. Frenkel, Jacob A & Razin, Assaf, 1987. "Fiscal Policies and the World Economy; An Intertemporal Approach (Cambridge, Mass.: MIT Press, 1987)," MPRA Paper 20438, University Library of Munich, Germany.
    4. Jacob A. Frenkel & Assaf Razin, 1986. "Fiscal Policies and Real Exchange Rates in the World Economy," NBER Working Papers 2065, National Bureau of Economic Research, Inc.
    5. Antonis Adam & Panos Hatzipanayotou & Thomas Moutos, 2015. "Labour Market Regulation, Fiscal Consolidation, and the Success of Current Account Adjustments," DEOS Working Papers 1517, Athens University of Economics and Business.
    6. Antonis Adam & Thomas Moutos, 2017. "The Modality of Fiscal Consolidation and Current Account Adjustment," CESifo Economic Studies, CESifo Group, vol. 63(2), pages 162-181.
    7. Buiter, Willem H., 1988. "Can Public Spending Cuts be Inflationary?," CEPR Discussion Papers 225, C.E.P.R. Discussion Papers.
    8. Dai, Meixing, 1992. "Growth, External Debt Constraints and Budgetary Policies," MPRA Paper 14001, University Library of Munich, Germany.
    9. Erling Steigum & Øystein Thøgersen, 2003. "Borrow and Adjust: Fiscal Policy and Sectoral Adjustment in an Open Economy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(2), pages 699-724, May.
    10. Gonzalo Hernández, 2011. "Terms of Trade and Output Fluctuations in Colombia," UMASS Amherst Economics Working Papers 2011-04, University of Massachusetts Amherst, Department of Economics.
    11. Camelia, BALTARETU, 2016. "A Review Of Theoretical Approaches About Seigniorage," Contemporary Economy Journal, Constantin Brancoveanu University, vol. 1(1), pages 82-88.
    12. Buiter, W.H., 1988. "Some Thoughts On The Role Of Fiscal Policy In Stabilisation And Structural Adjustment In Developing Countries," Papers 312, London School of Economics - Centre for Labour Economics.
    13. Massimo Antonini, 2005. "Public Capital, Fiscal Deficit and Growth," DEGIT Conference Papers c010_055, DEGIT, Dynamics, Economic Growth, and International Trade.
    14. Isidro Hernández Rodríguez, 2015. "Economía política de la tributación en Colombia," Books, Universidad Externado de Colombia, Facultad de Economía, edition 1, number 70.

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