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Coordination of Public Debt Management and Running Monetary Policy in Croatia  [PDF]
Zorica Raspudi? Golomeji?
Financial Theory and Practice , 2007,
Abstract: This paper deals with the issue of the coordination of public debt management and running monetary policy in Croatia, and draws attention to the importance of this kind of coordination for macroeconomic stability. Particular attention is paid to the management of public debt and the running of monetary policy in Croatia as practiced to date, and the problems that have arisen the while. Also given are the most important measures that the Croatian National Bank has taken to make it easier to manage the public debt and achieve better coordination with the Finance Ministry. There is more detailed discussion of the introduction of open market operations, the most important step taken towards better coordination of the running of monetary policy and the management of the public debt. Since the introduction of open market operations, interest rates on the interbank market and on the government bonds market have oscillated far less and have stabilized at a lower level. This should facilitate public debt management and provide for greater predictability in the planning of debt management costs. The final section discusses the importance of the further development of the government bonds market for the improvement of coordination in Croatia. The conclusion makes concrete proposals for the improvement of coordination: the achievement of an at least approximate consensus about the optimum combination of fiscal and monetary policy and the establishment of mechanisms for regular exchanges of information between the Finance Ministry and the Croatian National Bank for the purpose of harmonizing fiscal and monetary policy.
The Interaction of Monetary and Fiscal Policy: The Brazilian Case  [PDF]
Tito Belchior Silva Moreira, Fernando Ant?nio Ribeiro Soares, Adolfo Sachsida, Paulo Roberto Amorim Loureiro
Modern Economy (ME) , 2011, DOI: 10.4236/me.2011.22016
Abstract: We tested, empirically, whether the Brazilian fiscal policy for the period between 1995:I to 2008:III was active or passive. To analyze fiscal policy transmission mechanisms, we estimated functions by which the public debt/GDP ratio affects investment, primary surplus, output gap and the demand for money. The ratio of public debt to GDP was found to be statistically significant, positively affecting the demand for money and the primary surplus, whereas it was found to negatively affect the level of investment and the output gap. We conclude that the Brazilian regime was non-Ricardian in the context of fiscal dominance.
Monetary policy, debt financing and investment efficiency

- , 2016, DOI: 10.11835/j.issn.1008-5831.2016.01.007
Abstract: 文章结合中国企业产权性质,以中国2006-2012年沪深两市A股上市公司季度数据为研究样本实证检验了货币政策对债务融资(银行借款、商业信用)的影响及债务融资与投资效率的相互关系。研究发现:货币政策紧缩期企业债务融资下降而投资效率提高,其中非国有企业银行借款比国有企业下降得更多,商业信用融资较国企少,而投资效率提升得更快。文章进一步研究了货币政策对银行借款的时滞效果以及制度环境与银行借款、产权性质的相互关系。
Combined with the nature of enterprise property rights in China,and based on 2006-2012 seasonal financial data of the A shares listed companies in Shanghai and Shenzhen Stock Exchange, we study how monetary policy affects corporate debt financing(Bank loans; Credit) and the relationship between debt financing and investment efficiency. We obtain the following main conclusions: In the tight period of monetary policy, enterprise's debt financing will decline and investment efficiency will improve, the non-state-owned enterprises' debt financing declines more than the state-owned enterprises, credit financing is also less than the state-owned enterprises, and investment efficiency improve faster than the state-owned. This paper further studies the time lag effect of monetary policy on bank loans and the relationship between the institutional environment, bank loans and property rights.
Contagion of Sovereign Debt in the Eurozone  [PDF]
Astrid Ayala, Szabolcs Blazsek
Theoretical Economics Letters (TEL) , 2014, DOI: 10.4236/tel.2014.41016

This study reports contagion and interdependence of quarterly debt to gross domestic product (GDP) among the member states of the Eurozone over the period 2000 Q4 to 2012 Q1. We test for contagion and interdependence in two steps. First, we define an indicator variable of increasing debt to GDP for each country during the period following the United States financial crisis, by using unit root tests incorporating structural changes and breaking trend regressions. Second, the indicator variable is included in the latent-factor panel data model to separate contagion and interdependence of debt to GDP among Eurozone member states. Results show significant and country-dependent contagion and interdependence effects of debt to GDP in the Eurozone.

The monetary transmission mechanism in Brazil: evidence from a var analysis
Luporini, Viviane;
Estudos Econ?micos (S?o Paulo) , 2008, DOI: 10.1590/S0101-41612008000100001
Abstract: this article presents evidence on the interest channel of the monetary policy for the brazilian economy of the 1990s analyzing the effects of an unexpected change in the baseline interest rate on output, prices and the exchange rate in a vector autoregression system. our main results are: a) a tightening in the monetary policy affects economic activity immediately, reducing the rate of growth of real gdp; b) the exchange rate and prices are affected only after a time interval, with inflation assuming a downward trend only two months after the monetary shock; c) results do not change when the specification is controlled for international conditions, commodity prices or other measures of inflation and economic activity; d) monetary shocks have a significant impact on the volatility of output and inflation in the benchmark model e) monetary shocks have a significant impact on the volatility of the debt/gdp ratio in the control-model.
Popa Coralia Emilia
Annals of the University of Oradea : Economic Science , 2012,
Abstract: In the context of sovereign debt crisis in Europe, a crisis entirely felt also in the direct relation between credit institutions, the National Bank of Romania (NBR) adopted a monetary policy strategy meant to determine the reinforcement of its image, by initiating in the autumn of 2011 a new series of reduction of the monetary policy interest rate and implicitly the appropriate resizing of liquidity conditions. By increasing the role of liquidity adjustment, the European Central Bank (ECB) succeeded to determine in the money market the decrease of interbank rate interests under the interest rate level of monetary policy. The direct inflation targeting strategy used by the European Central Bank in applying its monetary policy has the first criterion of implementation the expression of inflation target in terms of a€ headline inflationa€ (consumer price index - CPI) given that the economic market in Romania is familiar with this indicator. Also, the main criterion considered by the investment segment of the market to achieve capital infusions in economic transactions is represented by the consumer price index, this one ensuring the necessary transparency related to the effects of inflation phenomenon. A strong argument supporting the use of consumer price index in monetary policy is represented by its upward flexibility towards the limited effectiveness of monetary aggregates in sizing inflationary anticipations. The downward slope of inflation phenomenon, in whose depreciation the evolution of consumer price index, whose positive trend surprised the European Central Bank, played a significant role, determined adjustments in the monetary policy strategy of the National Bank of Romania and at the same time the achievement of the inflationary target proposed with a direct effect on the monetary policy interest rate. The same measure to reduce the key interest rate is outlined in the monetary policy of the European Central Bank and it is mainly due to the decrease of inflation phenomenon, although at the end of 2011 important quantities of liquidities were introduced in the financial system. It remains to be analysed to what extent the inflation phenomenon will be possible to manage under the conditions of the renewal of economic instability in the euro area and to which direction this aspect will influence the monetary policy of the National Bank of Romania.
Debt Contagion in Europe: A Panel-Vector Autoregressive (VAR) Analysis  [PDF]
Florence Bouvet,Ryan Brady,Sharmila King
Social Sciences , 2013, DOI: 10.3390/socsci2040318
Abstract: The European sovereign-debt crisis began in Greece when the government announced in December, 2009, that its debt reached 121% of GDP (or 300 billion euros) and its 2009 budget deficit was 12.7% of GDP, four times the level allowed by the Maastricht Treaty. The Greek crisis soon spread to other Economic and Monetary Union (EMU) countries, notably Ireland, Portugal, Spain and Italy. Using quarterly data for the 2000–2011 period, we implement a panel-vector autoregressive (PVAR) model for 11 EMU countries to examine the extent to which a rise in a country’s bond-yield spread or debt-to-GDP ratio affects another EMU countries’ fiscal and macroeconomic outcomes. To distinguish between interdependence and contagion among EMU countries, we compare results obtained for the pre-crisis period (2000–2007) with the crisis period (2008–2011) and control for global risk aversion.
Coordination between the monetary and public debt management policies in Croatia  [PDF]
?Zorica Raspudi? Golomeji?
Financial Theory and Practice , 2012,
Abstract: This paper explains the main characteristics of and prerequisites for coordination between the measures and instruments of monetary and public debt management policies in Croatia and evaluates current practice, particularly over the last two recession years. Attention is drawn to the importance of coordination for achieving macroeconomic stability and to the main problems and challenges obstructing successful coordination. It is assessed that the Croatian National Bank (CNB), with its measures and instruments, has consistently contributed to improving coordination with the public debt management policy, despite the narrowing of its room for manoeuvre due to a complex economic environment and the specific functioning of the transmission mechanism of monetary policy. Notwithstanding some contribution to coordination made by the Government and Ministry of Finance, they must take measures and employ instruments to make more significant adjustments and, together with the CNB, define an optimum fiscal and monetary policy mix for the future that will ensure stable economic growth. This paper gives an overview of major CNB measures aimed at facilitating the public debt management and improving coordination with the Ministry of Finance, and presents a detailed analysis of open market operations. It also points to a certain contribution of the Ministry of Finance to the coordination improvement, indicating major barriers to effective coordination between these important policies.
Measuring Monetary and Debt Roots of Inflation by Panel Data Approach (Case Study: Iran, South Korea, China and India)  [cached]
Mohammad Reza Nahidi,Akbar Bagheri,Oveis Bagheri Geigal
Research Journal of Applied Sciences, Engineering and Technology , 2013,
Abstract: The main objective of this survey is testing the Fisher's quantity theory of money and the Fiscal Theory of the Price Level (FTPL) to measure the root of money or debt of inflation; for Iran, South Korea, China and India by panel data approach. Thus at the first step we expressed the theoretical fundamental of Fisher's quantity theory of money, FTPL theory and checking research background (similar internal and external studies). In the next step we estimate panel models by considering various conditions and the related tests (F Leamer and Hausman) and finally we identified the monetary root and debt of Inflation by selecting a fixed effects panel model. The survey results also indicate that in the panel estimates of all models (fixed effects), the coefficient of annual amount of money growth variable (MQMgr) was a significant factor and other factors are meaningless, including the annual growth rate of government debt to GDP. So in these countries, the monetary root of inflation confirmed but the debt root of inflation is not verified. The results of this study adapt with all internal and external studies in the field of monetary roots of inflation in most developing countries. Therefore we suggested liquidity management, adjustment of debt monetary policy, enhancing the productivity and technological power of production, currency control and reducing the dependence on foreign earnings from oil exports as well as controlling the budget deficit and government debt as a policy solution for inflation adjustment.
New Approaches for Monetary Policy  [PDF]
Alexandra ADAM
Theoretical and Applied Economics , 2012,
Abstract: As a result of the economic turmoil started in 2007, there is a dispute if the monetary policy implies radical changes or just a rethinking of details regarding the main framework of the monetary policy strategy. Therefore, the actual debates that I have analyzed in the article take into account, among others, the relationship of monetary policy with the one of financial stability, the analyze if the monetary policy should lean against credit bubbles or just clean after their explosion (Lean vs. Clean debate), the presence of nonlinearities in economy. Thus, monetary economy becomes more interesting and the economists need to think about a wider range of monetary policy problems than existed before.
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