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Journal articles on the topic 'Small open economy'

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Author: Grafiati

Published: 4 June 2021

Last updated: 31 January 2023

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1

Schmitt-Grohé, Stephanie, and Martı́n Uribe. "Closing small open economy models." Journal of International Economics 61, no. 1 (October 2003): 163–85. http://dx.doi.org/10.1016/s0022-1996(02)00056-9.

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2

Makrevska, Trajanka, and Gorica Popovska Nalevska. "MONETARY POLICY IN SMALL OPEN ECONOMY." Knowledge International Journal 28, no. 1 (December 10, 2018): 143–46. http://dx.doi.org/10.35120/kij2801143m.

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Money and stabilization are the central problems of macroeconomics and macroeconomic policy today. Since the Great Depression money policy has been getting significant meaning. Dirigible money is created in the true sense of the word, i.e. money that is fully subordinated to the purposes of the national economic policy.By leaving the automatism of the golden rule regarding the mechanism of the monetary regulation, not just inside the economy but also in the external economy, it led to taking over the responsibility of the state for the development of internal monetary situation and a system of international payment relations, i. e. external liquidity of the economy. The state takes over directly (with the Central bank) the responsibility for the monetary credit policy in general, for the regulation of money supply, and also for the regulation of the basic commodity-money relations inside the economy, the stability of the economy, prices and the exchange rate. Is monetary policy able to substantially support development, especially in small open economy? Yes. Adequate liquidity with relative price stability, credible monetary institutions and a high degree of confidence in the domestic currency and financial institutions and markets are one of the pillars of sustainable economic development. Small open economies are still far from these standards and still much can be improved.

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3

Asgharian, Hossein, and Björn Hansson. "Equity Risk Factors for a Small Open Economy: A Risk Management Perspective." Multinational Finance Journal 5, no. 4 (December 1, 2001): 225–57. http://dx.doi.org/10.17578/5-4-1.

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4

Croce, Mariano Massimiliano, Mohammad R. Jahan-Parvar, and Samuel Rosen. "SONOMA: a Small Open ecoNOmy for MAcrofinance." International Finance Discussion Paper, no. 1349 (July 2022): 1–78. http://dx.doi.org/10.17016/ifdp.2022.1349.

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We develop a new small open economy model (SONOMA) in which domestic corporate debt and equities are affected by shocks to both external credit and equity markets. In a novel empirical analysis of several small-but-developed economies, we show that both external debt and equity shocks are important determinants of domestic economic fluctuations, corporate leverage, and net foreign asset positions. SONOMA replicates our empirical facts about asset prices, financial flows, and economic activity.

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5

Lanz, Bruno, and Thomas F. Rutherford. "GTAPinGAMS: Multiregional and Small Open Economy Models." Journal of Global Economic Analysis 1, no. 2 (December 30, 2016): 1–77. http://dx.doi.org/10.21642/jgea.010201af.

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6

Ambriško, Róbert. "Fiscal Devaluation in a Small Open Economy." Russian Journal of Money and Finance 78, no. 1 (March 2019): 67–88. http://dx.doi.org/10.31477/rjmf.201901.67.

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7

Karayalcin, Cem. "Redistributive Taxation in a Small Open Economy." Canadian Journal of Economics 29, no. 3 (August 1996): 688. http://dx.doi.org/10.2307/136257.

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8

Strašek, Sebastjan. "A Small Open Economy and Integration Processes." Eastern European Economics 32, no. 5 (September 1994): 87–94. http://dx.doi.org/10.1080/00128775.1994.11648546.

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9

Boug, Pål, Ådne Cappelen, and Anders Rygh Swensen. "Inflation Dynamics in a Small Open Economy." Scandinavian Journal of Economics 119, no. 4 (September 13, 2017): 1010–39. http://dx.doi.org/10.1111/sjoe.12194.

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10

GRUEN, DAVID W. R., and JEREMY SMITH. "Excess Returns in a Small Open Economy." Economic Record 70, no. 211 (December 1994): 381–96. http://dx.doi.org/10.1111/j.1475-4932.1994.tb01857.x.

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11

Nishimura, Kazuo, and Koji Shimomura. "Indeterminacy in a dynamic small open economy." Journal of Economic Dynamics and Control 27, no. 2 (December 2002): 271–81. http://dx.doi.org/10.1016/s0165-1889(01)00036-7.

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12

Brzoza-Brzezina, Michał, and Krzysztof Makarski. "Credit crunch in a small open economy." Journal of International Money and Finance 30, no. 7 (November 2011): 1406–28. http://dx.doi.org/10.1016/j.jimonfin.2011.07.010.

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13

van Dalen, Jan, and Royu Thurik. "Wholesale pricing in a small open economy." De Economist 143, no. 1 (February 1995): 55–76. http://dx.doi.org/10.1007/bf01388355.

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14

Thompson, Henry. "Energy tariffs in a small open economy." Energy Economics 44 (July 2014): 63–67. http://dx.doi.org/10.1016/j.eneco.2014.03.026.

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15

von Hagen, Jürgen, and Haiping Zhang. "Financial Liberalization in a Small Open Economy." Open Economies Review 17, no. 4-5 (December 2006): 373–98. http://dx.doi.org/10.1007/s11079-006-0355-9.

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16

Correia, Isabel, João C. Neves, and Sergio Rebelo. "Business cycles in a small open economy." European Economic Review 39, no. 6 (June 1995): 1089–113. http://dx.doi.org/10.1016/0014-2921(94)00105-9.

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17

Major, K., and K. Szilágyi. "Government investment in a small open economy." Acta Oeconomica 59, no. 2 (June 1, 2009): 119–45. http://dx.doi.org/10.1556/aoecon.59.2009.2.1.

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In this article the effects of government infrastructure investment in a small open economy environment are analysed. Apart from enhancing the country’s output directly, government spending on capital — modelled here as development of public infrastructure — creates positive externalities in the production process of the private sector. Short- and long-run effects of ambitious development programs, depending on the source of financing (transfers or loans from abroad), are addressed. The empirical relevance of the quantitative conclusions to be derived from the present stylised form of the model is admittedly limited. However, the qualitative conclusions can add some new insights and contribute to the lively debate on the expected effects of government investments and EU transfers on macroeconomic development.

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18

Cuche-Curti, Nicolas A., Harris Dellas, and Jean-Marc Natal. "Inflation Targeting in a Small Open Economy." International Finance 11, no. 1 (May 2008): 1–18. http://dx.doi.org/10.1111/j.1468-2362.2008.00214.x.

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19

Tiryaki, S. Tolga. "Sectoral asymmetries in a small open economy." Economic Modelling 43 (December 2014): 465–75. http://dx.doi.org/10.1016/j.econmod.2014.09.011.

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20

Fisher, Walter H., and Franz X. Hof. "Status seeking in the small open economy." Journal of Macroeconomics 27, no. 2 (June 2005): 209–32. http://dx.doi.org/10.1016/j.jmacro.2004.01.001.

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21

Kulkarni, Kishore, and Debasish Chakraborty. "Price Formation in a Small Open Economy." Indian Economic Journal 41, no. 3 (March 1994): 111–19. http://dx.doi.org/10.1177/0019466219940307.

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22

Haider, Adnan, and Safdar Ullah Khan. "A Small Open Economy DSGE Model for Pakistan." Pakistan Development Review 47, no. 4II (December 1, 2008): 963–1008. http://dx.doi.org/10.30541/v47i4iipp.963-1008.

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In recent years there has been a growing interest in academics, international policy institutions and central banks1 in developing small-to-medium, even large-scale, open economy macroeconomic models called Dynamic Stochastic General Equilibrium (DSGE) models based on new-Keynesian framework.2 The term DSGE was originally used by Kydland and Prescott (1982) in their seminal contribution on Real Business Cycle (RBC) model. The RBC model is based on neoclassical framework with micro-founded optimisation behaviour of economic agents with flexible prices. One of the critical assumptions of this model is that fluctuations of real quantities are caused by real shock only; that is, only stochastic technology or government spending shocks play their role. Later research in DSGE models however included Keynesian short-run macroeconomic features (called nominal rigidities), such as Calvo (1983) type staggered pricing behaviour and Taylor (1980) type wage contracts. Hence this new DSGE modeling framework labeled as new-neoclassical synthesis or new-Keynesian modeling paradigm. 3 This new approach combines micro-foundations of both households and firms optimisation problems and with a large collection of both nominal and real (price/wage) rigidities that provide plausible short-run dynamic macroeconomic fluctuations with a fully articulated description of the monetary policy transmission mechanism; see, for instance, Christiano, et al. (2005) and Smets and Wouters (2003). The key advantage of modern DSGE models, over traditional reduce form macroeconomic models, is that the structural interpretation of their parameters allows to overcome the famous Lucas critique (1976).4 Traditional models contained equations linking variables of interest of explanatory factors such as economic policy variables. One of the uses of these models was therefore to examine how a change in economic policy affected these variables of interest, other things being equal. In using DSGE models for practical purposes and to recommend how central banks and policy institutions should react to the short-run fluctuations, it is necessary to first examine the possible sources,5 as well as to evaluate the degree of nominal and real rigidities present in the economy. In advanced economies, like US and EURO area, it is easy to determine the degree of nominal and real rigidities as these economies are fully documented. In developing economies like Pakistan, where most of economic activities are un-documented (also labeled as informal economy, black economy, or underground economy), it is very difficult to determine the exact degree of nominal and real rigidities present in the economy. However, one can approximate results using own judgments and through well defined survey based methods

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23

Motohashi, Atsushi. "Economic Growth with Asset Bubbles in a Small Open Economy." Theoretical Economics Letters 06, no. 05 (2016): 942–61. http://dx.doi.org/10.4236/tel.2016.65097.

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24

Turunen, Arja H. "Economic Inequality and Public Policy in a Small Open Economy." Scandinavian Journal of Economics 89, no. 4 (December 1987): 405. http://dx.doi.org/10.2307/3440345.

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25

Mellander, E., A. Vredin, and A. Warne. "Stochastic trends and economic fluctuations in a small open economy." Journal of Applied Econometrics 7, no. 4 (October 1992): 369–94. http://dx.doi.org/10.1002/jae.3950070405.

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26

Honningdal Grytten, Ola, and John Arngrim Hunnes. "Ethics, resource rent, environment and petroleum policy: the case of a small open economy." Environmental Economics 12, no. 1 (July 1, 2021): 76–89. http://dx.doi.org/10.21511/ee.12(1).2021.07.

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This paper contributes to the understanding of how the environment, ethics, values, and historical contingencies shape public policy. It explains the accomplishment of petroleum resource management in the small open economy of Norway. The study is conducted by mapping policy decisions and the arguments behind them regarding environmental and ethical issues. This is done by studying available governmental and parliamentary papers along with statements from politicians and central governmental officials. The paper also seeks to illuminate some of the decisions by quantitative measures. The paper firstly describes a model of Ricardian resource rent. Secondly, it investigates the set of values that were in place before the petroleum production started in the 1970s, as described in public documents. An important argument was to build a “qualitatively better society” for the benefit of the people. Thirdly, it traces the historical roots of these values by examining historical sources.The main findings are that success lies in understanding the ethics behind the environmental resource rent harvesting of this non-renewable natural resource. The paper concludes that the focus on the natural environment and resource rent management can be attributed to popular values built on historical traditions. According to them, the state and the trust between the state and its citizens played key roles in shaping the policy. The careful policy can be illustrated by the fact that Norway has managed to build one of the largest sovereign funds in the world worth USD 1,200 billion for use by future generations. Only 3% of its value, significantly less than its historical net profit, should be used annually.

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27

Pop, Raluca-Elena, and Bogdan Murarașu. "The Drivers of Inflation in a Small Open European Economy: The Case of Romania." International Journal of Trade, Economics and Finance 9, no. 2 (April 2018): 84–87. http://dx.doi.org/10.18178/ijtef.2018.9.2.593.

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28

Fredriksson, Per G. "The Political Economy of Pollution Taxes in a Small Open Economy." Journal of Environmental Economics and Management 33, no. 1 (May 1997): 44–58. http://dx.doi.org/10.1006/jeem.1996.0979.

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29

Schmitt-Grohé, Stephanie, and Martín Uribe. "Reviving the Salter-Swan small open economy model." Journal of International Economics 130 (May 2021): 103441. http://dx.doi.org/10.1016/j.jinteco.2021.103441.

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30

Marcellino, Massimiliano, and Vasja Sivec. "NOWCASTING GDP GROWTH IN A SMALL OPEN ECONOMY." National Institute Economic Review 256 (2021): 127–61. http://dx.doi.org/10.1017/nie.2021.13.

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Nowcasting, that is, forecasting the current economic conditions, is a key ingredient for decision making, but it is complex, even more so for a small open economy, due to the higher volatility of its GDP. In this paper, we review the required steps, taking Luxembourg as an example. We consider both standard and alternative indicators, used as inputs in several nowcasting methods, including various factor and machine learning models. Overall, mixed frequency dynamic factor models and neural networks perform well, both in absolute terms and in relative terms with respect to a benchmark autoregressive model. The gains are larger during problematic times, such as the financial crisis and the recent Covid period.

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31

Boothe, Paul, and Bradford Reid. "Debt Management Objectives for a Small Open Economy." Journal of Money, Credit and Banking 24, no. 1 (February 1992): 43. http://dx.doi.org/10.2307/1992790.

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32

Buffie, Edward F. "Quotas v. Devaluation in the Small Open Economy." Economica 60, no. 240 (November 1993): 433. http://dx.doi.org/10.2307/2554571.

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33

MacDonald, Margaux, and Micha Ksawery Popiel. "Unconventional Monetary Policy in a Small Open Economy." IMF Working Papers 17, no. 268 (2017): 1. http://dx.doi.org/10.5089/9781484330944.001.

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34

BUFFIE, EDWARD F. "INPUT PRICE SHOCKS IN THE SMALL OPEN ECONOMY *." Oxford Economic Papers 38, no. 3 (November 1986): 551–65. http://dx.doi.org/10.1093/oxfordjournals.oep.a041757.

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35

Lahiri, Sajal, and Pascalis Raimondos. "Correcting Trade Distortions in a Small Open Economy." Review of International Economics 4, no. 3 (October 1996): 287–99. http://dx.doi.org/10.1111/j.1467-9396.1996.tb00105.x.

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36

Naug, Bjørn, Ragnar Nymoen, and Bjorn Naug. "Pricing to Market in a Small Open Economy." Scandinavian Journal of Economics 98, no. 3 (September 1996): 329. http://dx.doi.org/10.2307/3440730.

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37

Dei, Fumio. "Industrialization and Expectations in a Small Open Economy." Japanese Economic Review 49, no. 2 (June 1998): 108–18. http://dx.doi.org/10.1111/1468-5876.00074.

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38

Cerra, Valerie, and Sweta C. Saxena. "Business cycle dynamics in a small open economy." Applied Economics Letters 15, no. 15 (December 26, 2008): 1153–57. http://dx.doi.org/10.1080/13504850601018031.

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39

Kristjánsdóttir, Helga. "Foreign direct investment in a small open economy." Applied Economics Letters 20, no. 15 (October 2013): 1423–25. http://dx.doi.org/10.1080/13504851.2013.815306.

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40

de Miguel, Carlos, and Baltasar Manzano. "Optimal oil taxation in a small open economy." Review of Economic Dynamics 9, no. 3 (July 2006): 438–54. http://dx.doi.org/10.1016/j.red.2005.10.004.

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41

Madhou, Ashwin, Tayushma Sewak, Imad Moosa, and Vikash Ramiah. "Forecasting inflation in a small open developing economy." Applied Economics 52, no. 20 (November 6, 2019): 2123–34. http://dx.doi.org/10.1080/00036846.2019.1683145.

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42

Chadha, Jagjit S., Norbert Janssen, and Charles Nolan. "Productivity and Preferences in a Small Open Economy." Manchester School 69, s1 (January 2001): 57–80. http://dx.doi.org/10.1111/1467-9957.69.s1.4.

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43

Nakamura, Chikafumi. "Exchange rate risks in a small open economy." Journal of Financial Economic Policy 8, no. 3 (August 1, 2016): 348–63. http://dx.doi.org/10.1108/jfep-10-2015-0060.

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Purpose This study aims to analyze exchange rate risks and the choice of exchange rate policies in a small open economy indebted in foreign currency, incorporating the financial accelerator mechanism. Design/methodology/approach To examine discussions on the fear of floating, this study develops a dynamic stochastic general equilibrium model in which a small open economy model has an open economy financial accelerator mechanism as the external borrowing restriction. The author then compares and analyzes the macroeconomic dynamics in response to an exchange rate shock under different exchange rate systems. Findings The most interesting finding is that the currency peg for a foreign currency used in borrowing is more efficient than the trade-weighted currency basket policy, regardless of trade openness or trade share. Practical implications The result implies that in discussions on the fear of floating, more attention needs to be paid to exchange rate risks in finance. It also suggests that exchange rate policy used to mitigate exchange rate risks in finance stabilizes macroeconomic volatility more efficiently. Originality/value The paper provides an answer to the question: which is the more serious problem in the fear of floating and to what would the regime be anchored.

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44

Özbilgin, Hüseyin Murat. "Welfare implications when closing small open economy models." Journal of International Money and Finance 70 (February 2017): 471–93. http://dx.doi.org/10.1016/j.jimonfin.2016.06.006.

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45

Harkness, Jon. "Optimal exchange intervention for a small open economy." Journal of International Money and Finance 4, no. 1 (March 1985): 101–12. http://dx.doi.org/10.1016/0261-5606(85)90008-7.

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46

MacDonald, Margaux, and Michał Ksawery Popiel. "Unconventional Monetary Policy in a Small Open Economy." Open Economies Review 31, no. 5 (May 20, 2020): 1061–115. http://dx.doi.org/10.1007/s11079-020-09583-6.

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47

Matheson, Troy D. "Phillips curve forecasting in a small open economy." Economics Letters 98, no. 2 (February 2008): 161–66. http://dx.doi.org/10.1016/j.econlet.2007.04.025.

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48

Berger, Wolfram. "Monetary Policy Rules for a Small Open Economy." Economic Notes 37, no. 1 (February 2008): 1–30. http://dx.doi.org/10.1111/j.1468-0300.2008.00190.x.

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49

ALBERTINI, JULIEN, GÜNEŞ KAMBER, and MICHAEL KIRKER. "ESTIMATED SMALL OPEN ECONOMY MODEL WITH FRICTIONAL UNEMPLOYMENT." Pacific Economic Review 17, no. 2 (May 2012): 326–53. http://dx.doi.org/10.1111/j.1468-0106.2012.00585.x.

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50

Janko, Zuzana. "Business Cycle Dynamics in a Small Open Economy." Atlantic Economic Journal 37, no. 2 (January 13, 2009): 211–12. http://dx.doi.org/10.1007/s11293-008-9164-4.

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