Improvement in the Balance of Payments: A Response to Monetary Policy or to Ad Hoc Fiscal Policies

Key words: monetary policy, commodity trade foreign exchange reserves, balance of payments, oil and gas, balance, transportation, transit service, international, capital, perspective

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Relative Effectiveness of Monetary and Fiscal Policies on Output Stabilization in Developing Countries: Evidence from Rwanda

International Journal of Economics and Finance ◽

10.5539/ijef.v10n1p220 ◽

2017 ◽

Vol 10 (1) ◽

pp. 220

Author(s):

Kabanda Richard ◽

Peter W. Muriu ◽

Benjamin Maturu

Keyword(s):

Monetary Policy ◽

Fiscal Policy ◽

Relative Effectiveness ◽

Variance Decomposition ◽

Var Model ◽

Fiscal Policies ◽

Impulse Responses ◽

Exogenous Variables ◽

Output Stabilization ◽

The Government

The aim of this study was to explain the relative effectiveness of monetary and fiscal policies in explaining output in Rwanda. The study used a sample of quarterly data for the period 1996-2014. Applying a recursive VAR, the study used 12 variables, including 5 endogenous and 7exogenous variables to the benchmark model and other two specifications were attempted to capture the true contribution of monetary and fiscal policies to variations in nominal output. Obtained results using impulse responses and variance decomposition provide evidence that monetary policy is more effective than fiscal policy in explaining changes in nominal output in Rwanda. In addition, monetary policy explains better output when the VAR model contains domestic exogenous variables than when they are not included, suggesting the relevance of including domestic exogenous variables in VAR specification of monetary and fiscal policies effectiveness on economic variables. Another suggestion is that in order to achieve higher growth, the government of Rwanda should rely more on monetary policy as compared to fiscal policy.

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The impact of short-term capital flows and balance of payments fluctuations on monetary policy: an empirical study of Japa

10.31274/rtd-180814-3513 ◽

1979 ◽

Author(s):

William Rhinehart Schultz

Keyword(s):

Monetary Policy ◽

Empirical Study ◽

Capital Flows ◽

Balance Of Payments ◽

Short Term ◽

The Impact

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Economic Growth, Policies and Influencing Factors: The Case of Albania

European Journal of Economics and Business Studies ◽

10.26417/ejes.v4i1.p107-115 ◽

2016 ◽

Vol 4 (1) ◽

pp. 107

Author(s):

Eleni Vangjeli ◽

Anila Mancka

Keyword(s):

Economic Growth ◽

Monetary Policy ◽

Fiscal Policy ◽

Interest Rates ◽

Empirical Analysis ◽

Influencing Factors ◽

Fiscal Policies ◽

The Government ◽

High Level ◽

The Empirical Analysis

Monetary and fiscal policies are two policies that the government could use to keep a high level of growth, with a low inflancion. Fiscal policy has its initial impact on the stock market, while monetary policy in market assets. But, given that the goods and active markets are closely interrelated, both policies, monetary as well as fiscal have impact on the economy, increasing the level of product through the reduction of interest rates. In our paper we will show how functioning monetary and fiscal policies. But also in our paper we will analyze the different factors which have affected the economic growth of the country. The focus of our study is the graphical and empirical analysis of economic growth, policies and influencing factors. For the empirical analysis we have used data on the economic growth in Albania for 1996– 2014.

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Strategi Dalam Menciptakan Kesejahteraan Masyarakat Melalui Rekonstruksi APBN: Telaah kritis dari Kitab Al-Amwal

JURNAL ILMIAH EKONOMI ISLAM ◽

10.29040/jiei.v7i2.2057 ◽

2021 ◽

Vol 7 (2) ◽

Author(s):

Syamsuri Syamsuri

Keyword(s):

Monetary Policy ◽

Qualitative Method ◽

Research Approach ◽

Fiscal Policies ◽

Study Approach ◽

State Revenue ◽

Library Research ◽

Character Study ◽

Import And Export ◽

The Government

There are at least two approaches taken by the government to deal with the problem of poverty or create prosperity, namely through fiscal policy and monetary policy. In this article, the author will examine the fiscal policies that should be carried out by the government using the reallocation method of state revenue and expenditure funds or the so-called APBN. Several Muslim figures have studied the problem solving, such as, As-Syaibani and Umar bin Abdul Aziz. However, the author focuses on the contribution of Muslim scholar who was born from Byzantine descent in 154/1858, namely Abu Ubaid, his brilliant idea as outlined in the book Al-Amwal in order to create the mashlahat of society in a country. By using a qualitative method with the library research approach and assisted by the final character study approach, it can be concluded that some strategies according to Abu Ubaid are a solution in creating social welfare, namely Zakat, fa'I, khumus, kharja, and jizyah. As well as regarding the import and export of goods, Abu Ubaid uses a strategy of not having zero tariffs in international trade, excise on staples is cheaper, and there are certain limitations to be subject to excise. This means that when goods enter into a country, there is a cut or excise that enters zakat.

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The Coming of J. M. Keynes

Money ◽

10.23943/princeton/9780691171661.003.0016 ◽

2017 ◽

Author(s):

John Kenneth Galbraith ◽

James K. Galbraith

Keyword(s):

Monetary Policy ◽

General Theory ◽

Economic System ◽

Money Supply ◽

Full Employment ◽

Gold Content ◽

Fiscal Policies ◽

Theoretical Justification

This chapter examines John Maynard Keynes's views with respect to money. It first considers Keynes's argument that, left to itself and given time, the economic system would find its equilibrium with all or nearly all its willing workers employed. If Keynes's instinct were right, the hopes of the monetary radicals would also destroyed. A change in the gold content of the dollar or an increase in banks' reserves would not mean more borrowers, more deposits, more money and a surge of the economy back to full employment. It followed that monetary policy would not work. What was needed was a policy that increased the money supply available for use and then ensured its use. The chapter considers Keynes's theoretical justification for his views in the 1936 book The General Theory of Employment Interest and Money, the fiscal policies he advocated, his repudiation of Say's Law, and Keynesian policies on taxation.

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Putting the Program into Action, 1920–1928

Central Banks and Gold ◽

10.7591/cornell/9781501704949.003.0007 ◽

2016 ◽

Author(s):

Simon James Bytheway ◽

Mark Metzler

Keyword(s):

Monetary Policy ◽

Central Bank ◽

Ad Hoc ◽

Central Banks ◽

Financial Globalization ◽

International Network ◽

Bank Of England ◽

International Monetary Policy ◽

Central Bankers

This chapter details how Montagu Norman of the Bank of England, in partnership with Benjamin Strong of the FRBNY, turned ad hoc wartime cooperation into a formal agenda. The paired ideas that national central banks should be autonomous, and that they should cooperate with each other, were first spelled out in a private “manifesto” that Norman circulated among fellow central bankers in 1921. Central bank cooperation was internationally recognized as a principle at the 1922 Genoa Conference, and it was also put into practice. Cooperation between central banks began primarily as informational cooperation, which includes not only the sharing of information but also the sharing and propagation of worldviews. An international network of central banks thus developed out of the war, as did the world's first truly coordinated system of international monetary policy. In these and other ways, financial globalization surged to a new level in the 1920s.

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