Coordination between the monetary and public debt management policies in Croatia

Golomejić, Zorica Raspudić

doi:10.3326/fintp.36.2.1

fintp

2012

DOI: 10.3326/fintp.36.2.1

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Coordination between the monetary and public debt management policies in Croatia

Zorica Raspudić Golomejić¹

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2021

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Cited by 2 publications

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Evaluation of Stackelberg Leader-Follower Interaction Between Policymakers in Small Open Economies

Teti̇k

Ceylan

2021

ECO

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The problem of coordination between policymakers seems to have created fundamental problems related to economic and social costs, targeted inflation, potential growth, and a high budget deficit. To resolve these problems in this framework, it is important to see the results of the interaction between policymakers and to propose an optimal policy strategy. In this study, the interactions between monetary and fiscal policymakers are examined game theoretically within the framework of the New Keynesian model. The strategic interaction between these policymakers is assessed using the DSGE (Dynamic Stochastic General Equilibrium) model for a small open economy. From this point of view, the interaction between policymakers is assessed within the framework of hypothetical scenarios. The optimal monetary and fiscal policies for a small open economy are derived from the leader-follower mechanism solution known as the Stackelberg solution. Optimal Stackelberg policy rules derived for a small open economy contribute to the literature of economics. The performance of the game theoretically derived optimal policy rules is evaluated through dynamic simulation within the framework of counterfactual experiments. The parameters developed for the model are calibrated for the Turkish economy. Dynamic simulation of the models, the impulse response functions, and the social loss analysis shows that the optimal policy mix for the Turkish economy is when the monetary policymaker is the leader, and the fiscal policymaker is the follower.

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Evaluation of Stackelberg Leader-Follower Interaction Between Policymakers in Small Open Economies

Teti̇k

Ceylan

2021

ECO

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Public Debt Management and Macroeconomics Policies Coordination: Evidence from Jordan

Alzyadat

2021

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This study aimed to analyze the effects of fiscal and monetary policies interactions on public debt in Jordan during (1970 – 2019). Using Vector Error Correction Model (VECM) derived from VAR (Vector Auto regression), and examine dynamic interactions between economic variables over time, by Appling Impulse Response Function, and Variance Decomposition. The results indicated that the fiscal policy instruments affect public debt in two different directions, the expansion of government expenditure positively affect public debt, while tax revenues reduce indebtedness. The monetary policy instruments affect public debt in the same directions, as the results indicated that the central bank in controlling money supply and managing interest rate helps the fiscal authority in reducing the public debt in Jordan. The results confirm the strongest impact of government expenditure on public debt in Jordan. The study recommends the necessity of rationalizing government expenditures and combating tax evasion. In addition, more coordination between fiscal and monetary policies.

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Coordination between the monetary and public debt management policies in Croatia

Cited by 2 publications

References 5 publications

Evaluation of Stackelberg Leader-Follower Interaction Between Policymakers in Small Open Economies

Evaluation of Stackelberg Leader-Follower Interaction Between Policymakers in Small Open Economies

Public Debt Management and Macroeconomics Policies Coordination: Evidence from Jordan

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