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11. Inflated Beyond Fiscal Capacity: The Need to Reform the Public Sector Wage Bill

Publication Date:
09-2019
Content Type:
Policy Brief
Institution:
Sana'a Center For Strategic Studies
Abstract:
This policy brief addresses the issue of Yemen’s bloated public sector. Due to decades of corruption and patronage appointments, among other factors, public sector salaries were already a source of fiscal stress prior to the ongoing war. Previous efforts to downsize the public sector, notably those supported by the World Bank, produced few tangible results, as this brief outlines. During the conflict, the internationally recognized Yemeni government and the armed Houthi movement have added to the public sector payroll — particularly in the military and security apparatus — as the economy has contracted. Amid consistently large budget deficits, the inflated public sector wage bill is fiscally unsustainable and threatens to undermine economic recovery and future stability in Yemen.
Topic:
Economics, World Bank, Budget, Inflation, Public Sector, Fiscal Policy, and Economic Development
Political Geography:
Asia, Yemen, and West Asia

12. The German Undervaluation Regime under Bretton Woods How Germany Became the Nightmare of the World Economy

Author:
Martin Höpner
Publication Date:
02-2019
Content Type:
Working Paper
Institution:
Max Planck Institute for the Study of Societies
Abstract:
Germany is an undervaluation regime, a regime that steers economic behavior towards deterioration of the real exchange rate and thereby towards export surpluses. This regime has brought the eurozone to the brink of collapse. But it is much older than the euro. It was established during the Bretton Woods years and has survived all subsequent European currency orders. The regime operates in two steps: competitive disinflation against trading partners; and resistance against correcting revaluations. The Bretton Woods order provid- ed perfect conditions for the establishment and perpetuation of the regime: it was flexible enough for sufficient macroeconomic policy autonomy to bring about differential inflation rates, and sticky enough to delay and minimize revaluations.
Topic:
Political Economy, Regional Cooperation, Capitalism, and Inflation
Political Geography:
Europe, Germany, and Central Europe

13. Quarterly Review of the Georgian Economy ( III Quarter, 2018)

Author:
Merab Kakulia, Nodar Kapanadze, and Lela Bakhtadze
Publication Date:
01-2019
Content Type:
Special Report
Institution:
Georgian Foundation for Strategic International Studies -GFSIS
Abstract:
The Quarterly Review of the Georgian Economy is an electronic publication of the Georgian Foundation for Strategic and International Studies (Rondeli Foundation), which aims at informing readers about the ongoing processes within the country’s economy. The review is based on data of official statistics and on expert estimates.
Topic:
Debt, International Trade and Finance, Foreign Direct Investment, Budget, Employment, Economic growth, Banks, and Inflation
Political Geography:
Eurasia, Caucasus, and Georgia

14. Quarterly Review of the Georgian Economy (IV Quarter, 2018)

Author:
Merab Kakulia, Nodar Kapanadze, and Lela Bakhtadze
Publication Date:
04-2019
Content Type:
Special Report
Institution:
Georgian Foundation for Strategic International Studies -GFSIS
Abstract:
The Quarterly Review of the Georgian Economy is an electronic publication of the Georgian Foundation for Strategic and International Studies (Rondeli Foundation), which aims at informing readers about the ongoing processes within the country’s economy. The review is based on data of official statistics and on expert estimates.
Topic:
Debt, International Trade and Finance, Foreign Direct Investment, Budget, Employment, Economic growth, Banks, and Inflation
Political Geography:
Eurasia, Caucasus, and Georgia

15. Quarterly Review of the Georgian Economy (I Quarter, 2019)

Author:
Merab Kakulia, Nodar Kapanadze, and Lela Bakhtadze
Publication Date:
07-2019
Content Type:
Special Report
Institution:
Georgian Foundation for Strategic International Studies -GFSIS
Abstract:
The Quarterly Review of the Georgian Economy is an electronic publication of the Georgian Foundation for Strategic and International Studies (Rondeli Foundation), which aims at informing readers about the ongoing processes within the country’s economy. The review is based on data of official statistics and on expert estimates.
Topic:
Debt, International Trade and Finance, Foreign Direct Investment, Budget, Employment, Economic growth, Banks, and Inflation
Political Geography:
Eurasia, Caucasus, and Georgia

16. Quarterly Review of the Georgian Economy (II Quarter, 2019)

Author:
Merab Kakulia, Nodar Kapanadze, and Lela Bakhtadze
Publication Date:
10-2019
Content Type:
Special Report
Institution:
Georgian Foundation for Strategic International Studies -GFSIS
Abstract:
The Quarterly Review of the Georgian Economy is an electronic publication of the Georgian Foundation for Strategic and International Studies (Rondeli Foundation), which aims at informing readers about the ongoing processes within the country’s economy. The review is based on data of official statistics and on expert estimates.
Topic:
Debt, International Trade and Finance, Foreign Direct Investment, Budget, Employment, Economic growth, Banks, and Inflation
Political Geography:
Eurasia, Caucasus, and Georgia

17. Exchange Rate, Petroleum Price and Price Determination in Sierra Leone

Author:
B.I.B. Kargbo
Publication Date:
01-2018
Content Type:
Working Paper
Institution:
African Economic Research Consortium (AERC)
Abstract:
The Sierra Leone economy is a net importer with a chronic negative balance of trade. Imports as a percentage of GDP averaged 40.8% between 2001 and 2010. Imports of food, mineral fuels and lubricants accounted for 50.8% of the total value of imports within the same period. Also, the value of the leone depreciated from Le 920.75 in 1996 to Le 4,000 in 2010 while inflation averaged 12.6% for the same period. As a result of the interplay of these forces, fuel prices are most times adjusted upwards to compensate for the depreciation of the leone against the dollar or to match up with increases in the world price of crude oil. This study determines the effects of monetary environment as well as exchange rate movement and petroleum prices on domestic prices in Sierra Leone by estimating a hybrid model of inflation in which inflation responds to its own lags, lags of other variables, and a set of error-correction terms that represent short run disequilibria from the money market, external sector and output that feed into the inflation process.The empirical results from the parsimonious model show that petroleum product prices and exchange rate, as well as monetary factors determine inflation in Sierra Leone.What is also significant from the findings is that the contribution of petroleum prices to domestic price formation is unfounded in the long run, meaning that it is only a short-run phenomenon. The results also support the view that a fair portion of fluctuations in domestic prices is driven by its own shocks.
Topic:
Development, Economics, International Trade and Finance, Monetary Policy, Economic growth, and Inflation
Political Geography:
Africa and Sierra Leone

18. Economic recovery and inflation

Author:
Marek Dabrowski
Publication Date:
04-2018
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
In the last decade, advanced economies, including the euro area, experienced deflationary pressures caused by the global financial crisis of 2007-2009 and the anti-crisis policies that followed—in particular, the new financial regulations (which led to a deep decline in the money multiplier). However, there are numerous signs in both the real and financial spheres that these pressures are disappearing. The largest advanced economies are growing up to their potential, unemployment is systematically decreasing, the financial sector is more eager to lend, and its clients—to borrow. Rapidly growing asset prices signal the possibility of similar developments in other segments of the economy. In this new macroeconomic environment, central banks should cease unconventional monetary policies and prepare themselves to head off potential inflationary pressures.
Topic:
Economics, Monetary Policy, Economic growth, Inflation, Macroeconomics, and Unemployment
Political Geography:
Europe, Global Focus, and European Union

19. Numerous Factors: Can Sudan Overcome the Inflation Crisis?

Author:
FARAS
Publication Date:
11-2018
Content Type:
Commentary and Analysis
Institution:
Future for Advanced Research and Studies (FARAS)
Abstract:
Sudan grapples with an acute economic crisis, as the inflation rates spiked to unprecedented levels in the past months, causing a severe liquidity crunch due to the cash-strapped banking system. This has coincided with the constant plummeting of the Sudanese pound against the dollar in the past period. The current compound crisis has ensued from the drop in the country’s oil export revenues in the wake of the secession of South Sudan in 2011, while other resources, such as gold, have not been able to fill the growing trade deficit. To contain this crisis, the government should continue its efforts to adhere to its recent economic reform program and to strengthen monetary and fiscal policies to address the existing economic distortions.
Topic:
Economy, Crisis Management, Exchange Rate Policy, and Inflation
Political Geography:
Africa and Sudan

20. Quarterly Review of the Georgian Economy (IV Quarter of 2017)

Author:
Merab Kakulia, Nodar Kapanadze, and Lela Bakhtadze
Publication Date:
04-2018
Content Type:
Special Report
Institution:
Georgian Foundation for Strategic International Studies -GFSIS
Abstract:
The Quarterly Review of the Georgian Economy is an electronic publication of the Georgian Foundation for Strategic and International Studies (Rondeli Foundation), which aims at informing readers about the ongoing processes within the country’s economy. The review is based on data of official statistics and on expert estimates.
Topic:
Debt, International Trade and Finance, Foreign Direct Investment, Budget, Employment, Economic growth, Banks, and Inflation
Political Geography:
Eurasia, Caucasus, and Georgia