 | Optimal Debt Policy Under Asymmetric Risk Author/Editor: Julio Escolano, Vitor Gaspar. Release Date:August, 2016 In the paper we show that, most of the time, smooth reduction in the debt ratio is optimal for tax-smoothing purposes when fiscal risks are asymmetric, with large debt-augmenting shocks more likely more...
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| Global Monetary Tightening: Emerging Markets Debt Dynamics and Fiscal Crises Author/Editor: Julio Escolano, Christina Kolerus, Constant Lonkeng Ngouana. Release Date:December, 2014 This paper finds that tightening global financial conditions can worsen emerging economies’ public debt dynamics through an increasing interest rate-growth differential, particularly if coupled more...
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| How Much is A Lot? Historical Evidence on the Size of Fiscal Adjustments Author/Editor: Julio Escolano, Laura Jaramillo, Carlos Mulas-Granados, G. Terrier. Release Date:September, 2014 The sizeable fiscal consolidation required to stabilize the debt-to-GDP ratios in several countries in the aftermath of the global crisis raises a crucial question on its feasibility. To answer this more...
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 | Fiscal Transparency, Fiscal Performance and Credit Ratings Author/Editor: Elif Arbatli, Julio Escolano. Release Date:June, 2012 This paper investigates the effect of fiscal transparency on market assessments of sovereign risk, as measured by credit ratings. It measures this effect through a direct channel (uncertainty more...
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| The Puzzle of Persistently Negative Interest Rate-Growth Differentials : Financial Repression or Income Catch-Up? Author/Editor: Anna Shabunina, Julio Escolano, Jaejoon Woo. Release Date:November, 2011 The interest rate-growth differential (IRGD) shows a marked correlation with GDP per capita. It has been on average around 1 percentage point for large advanced economies during 1999-2008; but below more...
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 | A Practical Guide to Public Debt Dynamics, Fiscal Sustainability, and Cyclical Adjustment of Budgetary Aggregates Author/Editor: Julio Escolano. Release Date:January, 2010 This paper presents a practical guide to public debt dynamics, fiscal sustainability, and cyclical adjustment of budgetary aggregates. The paper discusses fiscal formulas, which may be of practical more...
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| Competitiveness in the Southern Euro Area : France, Greece, Italy, Portugal, and Spain Author/Editor: Bogdan Lissovolik, Julio Escolano, Stefania Fabrizio, Werner Schule, Herman Z Bennett, Stephen Tokarick, Yuan Xiao, Marialuz Moreno Badia, Eva Gutierrez, Iryna V Ivaschenko. Release Date:April, 2008 This collection of studies analyzes developments in nonprice external competitiveness of France, Greece, Italy, Portugal, and Spain. While France, Italy, and Portugal have experienced substantial more...
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| Assessing the Assessment : A Critical Look At the June 2003 Assessment of the United Kingdom'S Five Tests for Euro Entry Author/Editor: Carlo Cottarelli, Julio Escolano. Release Date:July, 2004 This paper provides a framework for evaluating the decision to enter a currency area, including the best timing for entry, and uses it to evaluate the assessment of the five tests for euro entry more...
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 | The State of Tax Policy in the Central Asian and Transcaucasian Newly Independent States (NIS) Author/Editor: Julio Escolano, Parthasarathi Shome. Release Date:July, 1993 Two possible tax policy strategies for the NIS are: (1) an optimal nondistortionary tax structure as a one-shot action; and (2) a structure with identifiable and clearly understood distortionary more...
| Price: $10.00
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