PSN: Fiscal & Monetary Policy (Development) (Topic)最新文献_第2页

Global Financial Crisis and Its Impacts on the Sudan Economy 全球金融危机及其对苏丹经济的影响

PSN: Fiscal & Monetary Policy (Development) (Topic) Pub Date : 2010-08-02 DOI: 10.2139/ssrn.1652076

M. M. Ahmed

{"title":"Global Financial Crisis and Its Impacts on the Sudan Economy","authors":"M. M. Ahmed","doi":"10.2139/ssrn.1652076","DOIUrl":"https://doi.org/10.2139/ssrn.1652076","url":null,"abstract":"This study aims at examining the impacts of the global financial crisis on the Sudanese economy. It finds that the crisis has deteriorated the terms of trade, lowered both exports and imports, slowed down foreign direct investment (FDI), caused remittances to drop, lowered aid and widened the deficits in the current account and the balance of payments. Growth declined by 4% of gross domestic product (GDP) in 2009, from 10.2% in 2007 and 6% in 2008. Budget revenues declined sharply by more than 50% in 2009 and government expenditures slowed with regard to service delivery, development and transfers to sub-national governments and to the Government of Southern Sudan (GoSS). Expected impacts on stock and financial markets were very low given the lack of direct links to international markets and the absence of foreign investors in the Sudanese market. The Government of National Unity (GNU) responded to the decline in oil revenues by swiftly increasing VAT, from 10% to 15% in 2007 and to 20% on telecommunications in 2008, introducing a development tax of 5% and scaling up customs duties on imported cars and luxuries. It also expanded internal borrowing through the sale of Government Musharaka Certificates and resorted to deficit financing to meet spending needs. Scarcity in foreign currency inflows led to a drawing down on the country’s foreign reserves to finance critical current and development spending. The government pegged local currency to the euro. This depreciated as a result of deep recession, which led to further depreciation of the Sudanese pound. In turn, incapacity and structural rigidities in the economy meant that Sudanese non-oil exports did not become more competitive.","PeriodicalId":383012,"journal":{"name":"PSN: Fiscal & Monetary Policy (Development) (Topic)","volume":"114 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132948192","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

The Design and Effects of Monetary Policy in Sub-Saharan African Countries 撒哈拉以南非洲国家货币政策的设计与效果

PSN: Fiscal & Monetary Policy (Development) (Topic) Pub Date : 2010-07-13 DOI: 10.2139/ssrn.1639496

Mohsin S. Khan

{"title":"The Design and Effects of Monetary Policy in Sub-Saharan African Countries","authors":"Mohsin S. Khan","doi":"10.2139/ssrn.1639496","DOIUrl":"https://doi.org/10.2139/ssrn.1639496","url":null,"abstract":"Since the 1990s there have been a number of major changes in the design and conduct of monetary policy. In a globalized environment, there is less time to adjust to shocks and greater need to achieve closer convergence of economic performance among trading partners. As a result, a number of developing countries have adopted exchange rate regimes with more flexibility, and thereby greater scope for monetary policy. Notable examples include a number of sub-Saharan African countries moving from fixed exchange-rate regimes to more flexible regimes and the adoption of formal or informal inflation targeting regimes by some of these countries. These changes have triggered considerable debate on how monetary policy should be conducted and the effects it has on the real economy. Mohsin Khan discusses the conventional objectives, targets, and instruments of monetary policy, including an analysis of the monetary transmission process. This paper examines the problems of dynamic inconsistency and inflationary bias, where governments deviate from their stated or target inflation level in order to obtain short-run output gains. Most economists now agree that any rules-based regime permits a margin for discretion, and they reject the idea that rules and discretion are mutually exclusive. As policymakers in many countries throughout the world have gravitated toward an approach based more on rules than on full discretion, a key issue is choosing an appropriate policy target, or nominal anchor. Khan discusses nominal anchors and current monetary frameworks before moving on to analyze the output effects of monetary policy. He looks at the relationship between the growth of GDP and different monetary aggregates in 20 sub-Saharan African economies and finds empirical support for the hypothesis that credit growth is more closely linked than is money growth to the growth of real GDP in these countries.","PeriodicalId":383012,"journal":{"name":"PSN: Fiscal & Monetary Policy (Development) (Topic)","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123827992","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 33

Rural Taxation Reforms and Compulsory Education Finance in China 中国农村税收改革与义务教育财政

PSN: Fiscal & Monetary Policy (Development) (Topic) Pub Date : 2010-05-17 DOI: 10.2139/ssrn.1669908

Wen Wang, Z. Zhao

引用次数: 23

Recoveries in the Middle East, North Africa, and Pakistan: Have Macroeconomic Policies Been Effective? 中东、北非和巴基斯坦的复苏:宏观经济政策是否有效?

PSN: Fiscal & Monetary Policy (Development) (Topic) Pub Date : 2010-05-01 DOI: 10.5089/9781455200818.001.A001

Dalia S. Hakura, F. Grigoli

引用次数: 1

Reforming Tax Polices and Revenue Mobilization Promotes a Fiscal Responsibility: A Study of East And West African States 改革税收政策和收入动员促进财政责任:对东非和西非国家的研究

PSN: Fiscal & Monetary Policy (Development) (Topic) Pub Date : 2009-09-07 DOI: 10.5897/JLCR.9000035

Dr. Ghirmai T. Kefela

引用次数: 9

Centralizing Treasury Management in China: The Rationale of the Central Reformers 中国财政集中管理:中央改革者的理论基础

PSN: Fiscal & Monetary Policy (Development) (Topic) Pub Date : 2009-07-24 DOI: 10.1002/PAD.537

Yuen Yuen Ang

引用次数: 12

Strengthening Domestic Accountability in Malawi By Integrating the Poverty Reduction Strategy and the Budget 通过整合减贫战略和预算来加强马拉维的国内问责制

PSN: Fiscal & Monetary Policy (Development) (Topic) Pub Date : 2007-05-01 DOI: 10.2139/ssrn.1430933

Philipp Krause

引用次数: 2