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Books > Business & Economics > Economics > Development economics
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Budget Deficits and Economic Activity in Asia (Hardcover, New)
Loot Price: R5,513
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Budget Deficits and Economic Activity in Asia (Hardcover, New)
Expected to ship within 12 - 19 working days
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The growth and persistence of government budget deficits are a
cause of increasing concern in both developed and developing
countries. This situation has provoked extreme responses: some
economists believe that they have devastating effects, while others
maintain that they have no real impact at all.
"Budget Deficits and Economic Activity in Asia" examines both of
these claims in the context of the Asian economies. After testing
for the feasibility of the current levels of budget deficits and
therefore of the current fiscal policies, the study turns to a
quantification of the effects on seigniorage, money supply,
inflation, aggregate demand and interest rates. Ten countries
including India, South Korea, Malaysia, Singapore, Taiwan and
Thailand are studied. The author finds that budget deficits are
monetized to a considerable extent, thus impairing or at least
reducing the ability of the monetary authority to pursue
expenditures in most of the countries covered.
The author partially supports the widespread view that budget
deficits are inflationary because they increase the money supply.
He gives more emphasis to the apparent effects on interest rates,
and finds these to be positive. As the processes of fiscal
deregulation accelerate, interest rates seem set to become even
more sensitive to the behavior of budget deficits.
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