Latvias Macroeconomic Options In The Medium Term PDF Download
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Author | : Célestin Monga |
Publisher | : World Bank Publications |
Total Pages | : 36 |
Release | : 2004 |
Genre | : European Union |
ISBN | : |
Download Latvia's Macroeconomic Options in the Medium Term Book in PDF, ePub and Kindle
Latvia's experience over the past decade shows that economic growth and real convergence can no longer be assumed to be exogenously driven processes determined by given technological improvements and relatively higher factor returns. Instead, it is an endogenously driven process led by many variables, including policy variables. European membership clearly brings enormous economic benefits to Latvia. However, it also brings important challenges on the macroeconomic front, especially prior to the adoption of the euro. Substantial progress has been made toward fiscal consolidation since the mid-1990s but several risks remain. Given the facts that domestic demand remains buoyant and that Latvia will have to accommodate the expenditure commitments associated with NATO and EU membership while simultaneously aiming to fulfill the medium-term goal of a balanced budget, a more prudent fiscal policy should be the main short-term policy objective. The authorities should therefore reassess their current medium-term budget framework and strengthen their fiscal rules so that off-budget spending is eliminated and controls over spending ministries and local government finances are reinforced. They should also rethink any further tax reductions until a clear strategy is designed for compensating for projected losses in government revenues. Monetary policy can contribute to sustainable growth and job creation in Latvia in the medium and long term by providing an environment for price stability. It will have to be complemented by further microeconomic reforms and prudent wage developments aligned with productivity growth. This paper - a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region - is part of a larger effort in the region to contribute to macroeconomic analysis in the Baltic countries.
Author | : Celestin Monga |
Publisher | : |
Total Pages | : |
Release | : 2013 |
Genre | : |
ISBN | : |
Download Latvia's Macroeconomic Options in the Medium Term Book in PDF, ePub and Kindle
Latvia's experience over the past decade shows that economic growth and real convergence can no longer be assumed to be exogenously driven processes determined by given technological improvements and relatively higher factor returns. Instead, it is an endogenously driven process led by many variables, including policy variables. European Union membership clearly brings enormous economic benefits to Latvia. However, it also brings important challenges on the macroeconomic front, especially prior to the adoption of the euro. Substantial progress has been made toward fiscal consolidation since the mid-1990s but several risks remain. Given the facts that domestic demand remains buoyant and that Latvia will have to accommodate the expenditure commitments associated with NATO and EU membership while simultaneously aiming to fulfill the medium-term goal of a balanced budget, a more prudent fiscal policy should be the main short-term policy objective. The authorities should therefore reassess their current medium-term budget framework and strengthen their fiscal rules so that off-budget spending is eliminated and controls over spending ministries and local government finances are reinforced. They should also rethink any further tax reductions until a clear strategy is designed for compensating for projected losses in government revenues. Monetary policy can contribute to sustainable growth and job creation in Latvia in the medium and long term by providing an environment for price stability. It will have to be complemented by further microeconomic reforms and prudent wage developments aligned with productivity growth.
Author | : Mr.Mark Scott Lutz |
Publisher | : International Monetary Fund |
Total Pages | : 13 |
Release | : 1991-09-01 |
Genre | : Business & Economics |
ISBN | : 1451851448 |
Download Fiscal Impulse Book in PDF, ePub and Kindle
The concept of fiscal impulse is defined, discussed, and differentiated from measures that attempt to summarize the macroeconomic effects of fiscal policy. Two methodologies are briefly discussed and their corresponding measures presented for the G-7 countries over the ten-year period ending in 1989. Controversies about the measure are highlighted and potential improvements are also discussed.
Author | : Fabian Amtenbrink |
Publisher | : Oxford University Press |
Total Pages | : 1808 |
Release | : 2020-05-21 |
Genre | : Law |
ISBN | : 0192512498 |
Download EU Law of Economic & Monetary Union Book in PDF, ePub and Kindle
Presenting a sweeping analysis of the legal foundations, institutions, and substantive legal issues in EU monetary integration, The EU Law of Economic and Monetary Union serves as an authoritative reference on the legal framework of European economic and monetary union. The book opens by setting out the broader contexts for the European project - historical, economic, political, and regarding the international framework. It goes on to examine the constitutional architecture of EMU; the main institutions and their legal powers; the core legal provisions of monetary and economic union; and the relationship of EMU with EU financial market and banking regulation. The concluding section analyses the current EMU crisis and the main avenues of future reform.
Author | : OECD |
Publisher | : OECD Publishing |
Total Pages | : 117 |
Release | : 2022-03-09 |
Genre | : |
ISBN | : 9264422358 |
Download OECD Economic Surveys: Latvia 2022 Book in PDF, ePub and Kindle
OECD’s periodic surveys of the Latvian economy. Each edition surveys the major challenges faced by the country, evaluates the short-term outlook, and makes specific policy recommendations. Special chapters take a more detailed look at specific challenges. Extensive statistical information is included in charts and graphs.
Author | : Robert Holzmann |
Publisher | : World Bank Publications |
Total Pages | : 692 |
Release | : 2006 |
Genre | : Business & Economics |
ISBN | : 082136166X |
Download Pension Reform Book in PDF, ePub and Kindle
This book presents 25 state of the art papers on the conceptual foundations and issues surrounding Non-financial, or Notional, Defined Contribution (NDC), country implementation of NDC (Italy, Latvia, Poland, and Sweden) and case studies for countries where NDC is figured in the reform debate. This book is intended to be a handbook for academics and policy makers who want to become informed about what NDC is and to learn about the pros and cons of this attractive reform proposal.
Author | : International Monetary Fund. European Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 70 |
Release | : 2013-01-28 |
Genre | : Business & Economics |
ISBN | : 1475519834 |
Download Republic of Latvia Book in PDF, ePub and Kindle
Latvia has rebounded from the crisis, after successfully undertaking a difficult adjustment program. The recovery has been well balanced between external and domestic demand. The labor market is improving but unemployment is still high. Past consolidation efforts have brought down the fiscal deficit. The banking system is recovering. Nonresident deposits in the banking system have been expanding rapidly. Economic growth is expected to weaken slightly in 2013, before picking up later. Euro adoption in 2014 appears within reach, subject to some technical uncertainties.
Author | : Leslie Lipschitz |
Publisher | : Cambridge University Press |
Total Pages | : 312 |
Release | : 2019-01-23 |
Genre | : Business & Economics |
ISBN | : 1108568467 |
Download Macroeconomics for Professionals Book in PDF, ePub and Kindle
Understanding macroeconomic developments and policies in the twenty-first century is daunting: policy-makers face the combined challenges of supporting economic activity and employment, keeping inflation low and risks of financial crises at bay, and navigating the ever-tighter linkages of globalization. Many professionals face demands to evaluate the implications of developments and policies for their business, financial, or public policy decisions. Macroeconomics for Professionals provides a concise, rigorous, yet intuitive framework for assessing a country's macroeconomic outlook and policies. Drawing on years of experience at the International Monetary Fund, Leslie Lipschitz and Susan Schadler have created an operating manual for professional applied economists and all those required to evaluate economic analysis.
Author | : Juan E. Castañeda |
Publisher | : Routledge |
Total Pages | : 271 |
Release | : 2020-03-16 |
Genre | : Business & Economics |
ISBN | : 1000036790 |
Download The Economics of Monetary Unions Book in PDF, ePub and Kindle
In this book, a historical analysis of the precedents of the euro is examined within the context of the current issues affecting the Eurozone and the long-term effects of the institutional changes implemented since 2010. The book begins by placing the Eurozone challenges in the historical context of previous monetary unions, drawing on the experience of the gold standard. It then specifically focuses on the problems arising from the running of permanent trade imbalances within the Eurozone. The authors explore the advantages and disadvantages of being a member of the Eurozone and attempt to measure the optimality of a currency area by the calculation of an index on internal macroeconomic asymmetries. They address the proposals recently made in favour of a fiscal union in the Euro zone; including the economic and political feasibility of fiscal transfers in the Eurozone. The final two papers discuss whether the monetary union is in fact more than just that, and whether it will lead inevitably to some form of political union if it is to survive. With chapters by leading experts from both Europe and the UK, this book will appeal to students in Economics, Finance, Politics, EU integration and European studies; as well as academics and professional economists doing research in EU integration, the Euro zone, monetary history and monetary and banking unions in Europe, the UK and elsewhere.
Author | : OECD |
Publisher | : OECD Publishing |
Total Pages | : 230 |
Release | : 2019-05-21 |
Genre | : |
ISBN | : 9264319476 |
Download OECD Economic Outlook, Volume 2019 Issue 1 Book in PDF, ePub and Kindle
This issue includes a general assessment, a special chapter on the effects of digitalisation on productivity and a chapter summarising developments and providing projections for each individual country.