Demand-side stabilization policies: What is the evidence of their potential?

Kandil, Magda

doi:10.1016/j.jeconbus.2008.07.001

Cited by 7 publications

(4 citation statements)

References 47 publications

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“…Meanwhile, the main focus of structural policy is on supporting and developing aggregate supply. Kandil (2000) proved that significant fluctuations in the implementation of fiscal and monetary policies in the long run harmed the opportunities for stabilizing economic growth at the equilibrium level, and fluctuations in monetary policy led to an output decrease.…”

Section: Literature Reviewmentioning

confidence: 99%

Developing a system of anti-crisis measures for Ukraine’s economy in the spread of the coronavirus pandemic

Danylyshyn

Bohdan²

2020

Banks and Bank Systems

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The new global financial and economic crisis is caused by the spread of the coronavirus epidemic, the reduction in aggregate supply, the escalation of trade wars, and the outflow of capital from emerging markets. This requires national macroeconomic regulatory authorities to take prudent measures to protect national economies from destabilizing externalities. Therefore, the purpose of the article is to justify and develop a priority system of stabilization policy and anti-crisis measures to counter the spread of external shocks in the national economy, stabilize it, and create conditions for its further recovery and sustainable economic growth. To achieve this aim, the existing theoretical sources and research materials of international organizations were systematized, the legislative and regulatory framework in Ukraine was generalized, and statistical methods, a historical method, analysis and generalization were also used. As a result, the channels of impact of external shocks on Ukraine’s economy were identified, and the areas of internal vulnerability of the national economy that could significantly increase the negative effects of externalities were determined. The knowledge gained has become the basis for formulating conceptual directions of crisis management and developing a system of measures to counteract crisis phenomena, which include the monetary policy tools of the National Bank of Ukraine, the structural and fiscal policy of the Government, as well as the banking regulation and capital control policies.

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Section: Literature Reviewmentioning

confidence: 99%

Developing a system of anti-crisis measures for Ukraine’s economy in the spread of the coronavirus pandemic

Danylyshyn

Bohdan²

2020

Banks and Bank Systems

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“…In the 1990s public policy scholars began exploring the relationship of public policy entrepreneurs and the diffusion of policy innovation (Mintrom, 1997;Hays and Glick, 1997). Yet only recently have researchers begun to explore the differential impacts of supplyside versus demand-side innovation policy on job creation (Kandil, 2009) and the development of technology innovations (Edler and Georghiou, 2007). Below we provide a review of the extant literature related to innovation policy and technology diffusion.…”

Section: Introductionmentioning

confidence: 99%

Municipal demand-side policy tools and the strategic management of technology life cycles

Cohen

Amorós

2014

Technovation

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“…These include not only a measure of economic growth, but also other factors that vary cyclically, such as the exchange rate and energy prices. In addition, following work by Kandil (2009) on other macroeconomic indicators, the paper examines the effect of positive and negative shocks to these and other cyclical variables on components of the BOP.…”

Section: Introductionmentioning

confidence: 99%

Financial flows to developing and advanced countries: determinants and implications

Kandil

2011

International Journal of Development Issues

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Purpose -The purpose of this paper is to establish a model to study the determinants of financial flows, portfolio and foreign direct investment (FDI) flows, and the impact of these determinants on economic variables in samples of developing and advanced countries. The analysis then turns to an evaluation of the effects of external flows on economic activity. Design/methodology/approach -To that end, the paper follows a two-step procedure. First, the paper estimates a series of reduced-form equations in differenced form, using annual data, for the current and the financial account balances as well as important underlying components, using a number of macroeconomic indicators reflecting the state of the business cycle as explanatory variables. These include not only a measure of economic growth, but also other factors that vary cyclically, such as the exchange rate and energy prices. In addition, the paper examines the effect of positive and negative shocks to these and other cyclical variables on components of the balance of payments. Second, the results are summarized in three directions. First, cross-country correlations evaluate time-series co-movements between the current account balance and external flows with respect to major determinants of cyclicality across the samples of advanced and developing countries. Second, time-series regressions evaluate the direct effects of financial flows on the current account balance within the samples of developing and advanced countries. Third, cross-country regressions evaluate the impact of movements in trend and variability of financial flows on major economic indicators across the samples of developing and advanced countries. Findings -The results are summarized in three directions. Across the samples of advanced and developing countries, the pervasive evidence highlights the negative correlation between the responses of the current account balance and the financial balance with respect to the various sources of cyclicality in the time-series model. Second, using time-series regressions the bulk of the evidence indicates that an increase in financial flows helps finance a widening current account deficit. Third, cross-country regressions evaluate the impact of movements in trend and variability of financial flows on major economic indicators across the samples of developing and advanced countries. While FDI flows appear significant in differentiating growth performance within and across developing countries, their effects appear to be limited on growth performance in advanced countries. Portfolio flows are more relevant, compared to FDI flows, to financing a wider current account deficit, both in developing and advanced countries. Originality/value -Overall, the evidence presented in this paper establishes the importance of financial flows to external balances and macroeconomic performance within and across the samples of developing and advanced countries. In light of this evidence, macroeconomic policies should target a combination of external balances that can be ea...

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Demand-side stabilization policies: What is the evidence of their potential?

Cited by 7 publications

References 47 publications

Developing a system of anti-crisis measures for Ukraine’s economy in the spread of the coronavirus pandemic

Developing a system of anti-crisis measures for Ukraine’s economy in the spread of the coronavirus pandemic

Municipal demand-side policy tools and the strategic management of technology life cycles

Financial flows to developing and advanced countries: determinants and implications

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