Dealing with the dutch disease : fiscal rules and macro-prudential policies

Autores
García Cicco, Javier; Kawamura, Enrique
Año de publicación
2015
Idioma
inglés
Tipo de recurso
artículo
Estado
versión publicada
Descripción
Fil: García Cicco, Javier. Pontificia Universidad Católica Argentina; Argentina
Fil: García Cicco, Javier. Banco Central de Chile; Chile
Kawamura, Enrique. Universidad de San Andrés; Argentina
Abstract: This paper evaluates from a welfare perspective three policy alternatives for dealing with Dutch disease problems originating from cyclical movements in commodity prices: fiscal rules for government expenditures, capital controls, and taxes on domestic lending. A DSGE model of a small open economy is developed, with a sectoral decomposition that features three distinctive characteristics: financial frictions, a learning-by-doing externality in the industrial sector, and a fraction of households being non-Ricardian (credit constrained). The model is calibrated using Chilean data. For each policy tool, optimal simple rules are analyzed from a welfare (Ramsey) perspective, describing how different households rank the several policy alternatives, and studying how each of the models features shapes the optimal policy design. A general conclusion of the analysis is that the included Dutch disease inefficiencies are of quantitatively limited relevance in analyzing the desirability of these policies from a welfare perspective.
Fuente
Inter American Development Bank Working Paper Series ; 562
Materia
POLITICA FISCAL
POLITICA ECONOMICA
MERCADO DE CAPITALES
Nivel de accesibilidad
acceso abierto
Condiciones de uso
https://creativecommons.org/licenses/by-nc-sa/4.0/
Repositorio
Repositorio Institucional (UCA)
Institución
Pontificia Universidad Católica Argentina
OAI Identificador
oai:ucacris:123456789/2326
Acceder
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oai_identifier_str oai:ucacris:123456789/2326
network_acronym_str RIUCA
repository_id_str 2585
network_name_str Repositorio Institucional (UCA)
spelling Dealing with the dutch disease : fiscal rules and macro-prudential policiesGarcía Cicco, JavierKawamura, EnriquePOLITICA FISCALPOLITICA ECONOMICAMERCADO DE CAPITALESFil: García Cicco, Javier. Pontificia Universidad Católica Argentina; ArgentinaFil: García Cicco, Javier. Banco Central de Chile; ChileKawamura, Enrique. Universidad de San Andrés; ArgentinaAbstract: This paper evaluates from a welfare perspective three policy alternatives for dealing with Dutch disease problems originating from cyclical movements in commodity prices: fiscal rules for government expenditures, capital controls, and taxes on domestic lending. A DSGE model of a small open economy is developed, with a sectoral decomposition that features three distinctive characteristics: financial frictions, a learning-by-doing externality in the industrial sector, and a fraction of households being non-Ricardian (credit constrained). The model is calibrated using Chilean data. For each policy tool, optimal simple rules are analyzed from a welfare (Ramsey) perspective, describing how different households rank the several policy alternatives, and studying how each of the models features shapes the optimal policy design. A general conclusion of the analysis is that the included Dutch disease inefficiencies are of quantitatively limited relevance in analyzing the desirability of these policies from a welfare perspective.Inter American Development Bank Working Paper2015info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_6501info:ar-repo/semantics/articuloapplication/pdfhttps://repositorio.uca.edu.ar/handle/123456789/2326García Cicco, J., Kawamura, E. (2015). Dealing with the dutch disease : fiscal rules and macro-prudential policies [en línea]. Inter American Development Bank Working Paper Series ; 562. Disponible en: https://repositorio.uca.edu.ar/handle/123456789/2326Inter American Development Bank Working Paper Series ; 562reponame:Repositorio Institucional (UCA)instname:Pontificia Universidad Católica Argentinaengenginfo:eu-repo/semantics/openAccesshttps://creativecommons.org/licenses/by-nc-sa/4.0/2025-07-03T10:55:28Zoai:ucacris:123456789/2326instacron:UCAInstitucionalhttps://repositorio.uca.edu.ar/Universidad privadaNo correspondehttps://repositorio.uca.edu.ar/oaiclaudia_fernandez@uca.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:25852025-07-03 10:55:29.091Repositorio Institucional (UCA) - Pontificia Universidad Católica Argentinafalse
dc.title.none.fl_str_mv Dealing with the dutch disease : fiscal rules and macro-prudential policies
title Dealing with the dutch disease : fiscal rules and macro-prudential policies
spellingShingle Dealing with the dutch disease : fiscal rules and macro-prudential policies
García Cicco, Javier
POLITICA FISCAL
POLITICA ECONOMICA
MERCADO DE CAPITALES
title_short Dealing with the dutch disease : fiscal rules and macro-prudential policies
title_full Dealing with the dutch disease : fiscal rules and macro-prudential policies
title_fullStr Dealing with the dutch disease : fiscal rules and macro-prudential policies
title_full_unstemmed Dealing with the dutch disease : fiscal rules and macro-prudential policies
title_sort Dealing with the dutch disease : fiscal rules and macro-prudential policies
dc.creator.none.fl_str_mv García Cicco, Javier
Kawamura, Enrique
author García Cicco, Javier
author_facet García Cicco, Javier
Kawamura, Enrique
author_role author
author2 Kawamura, Enrique
author2_role author
dc.subject.none.fl_str_mv POLITICA FISCAL
POLITICA ECONOMICA
MERCADO DE CAPITALES
topic POLITICA FISCAL
POLITICA ECONOMICA
MERCADO DE CAPITALES
dc.description.none.fl_txt_mv Fil: García Cicco, Javier. Pontificia Universidad Católica Argentina; Argentina
Fil: García Cicco, Javier. Banco Central de Chile; Chile
Kawamura, Enrique. Universidad de San Andrés; Argentina
Abstract: This paper evaluates from a welfare perspective three policy alternatives for dealing with Dutch disease problems originating from cyclical movements in commodity prices: fiscal rules for government expenditures, capital controls, and taxes on domestic lending. A DSGE model of a small open economy is developed, with a sectoral decomposition that features three distinctive characteristics: financial frictions, a learning-by-doing externality in the industrial sector, and a fraction of households being non-Ricardian (credit constrained). The model is calibrated using Chilean data. For each policy tool, optimal simple rules are analyzed from a welfare (Ramsey) perspective, describing how different households rank the several policy alternatives, and studying how each of the models features shapes the optimal policy design. A general conclusion of the analysis is that the included Dutch disease inefficiencies are of quantitatively limited relevance in analyzing the desirability of these policies from a welfare perspective.
description Fil: García Cicco, Javier. Pontificia Universidad Católica Argentina; Argentina
publishDate 2015
dc.date.none.fl_str_mv 2015
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
http://purl.org/coar/resource_type/c_6501
info:ar-repo/semantics/articulo
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv https://repositorio.uca.edu.ar/handle/123456789/2326
García Cicco, J., Kawamura, E. (2015). Dealing with the dutch disease : fiscal rules and macro-prudential policies [en línea]. Inter American Development Bank Working Paper Series ; 562. Disponible en: https://repositorio.uca.edu.ar/handle/123456789/2326
url https://repositorio.uca.edu.ar/handle/123456789/2326
identifier_str_mv García Cicco, J., Kawamura, E. (2015). Dealing with the dutch disease : fiscal rules and macro-prudential policies [en línea]. Inter American Development Bank Working Paper Series ; 562. Disponible en: https://repositorio.uca.edu.ar/handle/123456789/2326
dc.language.none.fl_str_mv eng
eng
language eng
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
https://creativecommons.org/licenses/by-nc-sa/4.0/
eu_rights_str_mv openAccess
rights_invalid_str_mv https://creativecommons.org/licenses/by-nc-sa/4.0/
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Inter American Development Bank Working Paper
publisher.none.fl_str_mv Inter American Development Bank Working Paper
dc.source.none.fl_str_mv Inter American Development Bank Working Paper Series ; 562
reponame:Repositorio Institucional (UCA)
instname:Pontificia Universidad Católica Argentina
reponame_str Repositorio Institucional (UCA)
collection Repositorio Institucional (UCA)
instname_str Pontificia Universidad Católica Argentina
repository.name.fl_str_mv Repositorio Institucional (UCA) - Pontificia Universidad Católica Argentina
repository.mail.fl_str_mv claudia_fernandez@uca.edu.ar
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score 12.982451

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