全球智库信息集成服务系统(G2TT): DP7617 Excess Leverage and Productivity Growth in Emerging Economies: Is There A Threshold Effect?

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP7617
	DP7617 Excess Leverage and Productivity Growth in Emerging Economies: Is There A Threshold Effect?
	Fabrizio Coricelli; Sarmistha Pal; Isabelle Roland
发表日期	2009-12-20
出版年	2009
语种	英语
摘要	The paper considers the case for an internationally coordinated further fiscal stimulus during the second half of 2009. Although this makes some of the analysis period-specific, most of the issues and principles considered are timeless. For a fiscal stimulus to be both effective there must be idle resources due to a failure of effective demand. For it to be desirable, there must be no alternative policy instruments (including monetary policy) for boosting demand. There must be no complete financial crowding out and no complete direct crowding out, through Ricardian equivalence/debt neutrality, through Minsky equivalence or through a high degree of substitutability between private and public exhaustive expenditure in private preferences or production possibilities. Finally, for international coordination to be desirable, there must be cross-border externalities from national fiscal stimuli. The paper considers each of these conditions in turn.
主题	International Macroeconomics
关键词	Crowding out Debt sustainability Fiscal policy Minsky neutrality Ricardian equivalence
URL	https://cepr.org/publications/dp7617
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/536454
推荐引用方式 GB/T 7714	Fabrizio Coricelli,Sarmistha Pal,Isabelle Roland. DP7617 Excess Leverage and Productivity Growth in Emerging Economies: Is There A Threshold Effect?. 2009.