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Milesi-Ferretti, Gian Maria

Works: 123 works in 773 publications in 2 languages and 5,459 library holdings
Roles: Author, Other, Honoree
Classifications: HG3882, 382.17
Publication Timeline
Publications about Gian Maria Milesi-Ferretti
Publications by Gian Maria Milesi-Ferretti
Most widely held works by Gian Maria Milesi-Ferretti
Current-account sustainability by Gian Maria Milesi-Ferretti( Book )
43 editions published between 1994 and 1997 in English and Undetermined and held by 547 libraries worldwide
Growth effects of income and consumption taxes : positive and normative analysis by Gian Maria Milesi-Ferretti( Book )
32 editions published between 1995 and 1998 in 3 languages and held by 141 libraries worldwide
The effects of income and consumption taxation are examined in the context of models in which the growth process is driven by the accumulation of human and physical capital. The different channels through which these taxes affect economic growth are discussed, and it is shown that in general the taxation of factor incomes (human and physical capital) is growth-reducing. The effects of consumption taxation on growth depend crucially on the elasticity of labor supply, and therefore on the specification of the leisure activity. The paper also derives implications for the optimal intertemporal choice of tax instruments
Current account reversals and currency crises : empirical regularities by Gian Maria Milesi-Ferretti( Book )
30 editions published in 1998 in English and held by 133 libraries worldwide
Three waves of external crises have swept international capital markets during the 1990s: the EMS crisis in 1992-93, the collapse of the Mexican peso with its induced "tequila effects" and, most recently, the financial crisis in East Asia. In Italy and Mexico, the currency crisis was followed by a sharp reversal in the current account; Italy went from a deficit of 2.4 percent in 1992 to an average surplus of 2 percent in 1993-97, and Mexico from a deficit of 7 percent in 1994 to virtual balance in 1995-96; a similar outcome is expected to occur in East Asia. Are external crises characterized by large nominal devaluations invariably followed by sharp reductions in current account deficits? And what is the impact of crises and reversals in current account imbalances on economic performance? Our paper addresses these questions by characterizing real and nominal aspects of sharp external adjustments in low-and middle-income countries. It presents stylized facts associated with sharp reductions in current account deficits (reversals) and with large nominal devaluations (currency crises), studies empirically what factors help predict crises and reversals and what factors explain macroeconomic performance after such events occur
Long-term capital movements by Philip R Lane( Book )
27 editions published in 2001 in English and Undetermined and held by 105 libraries worldwide
International financial integration allows countries to become net creditors or net debtors with respect to the rest of the world. In this paper, we show that a small set of fundamentals - shifts in relative output levels, the stock of public debt and demographic factors - can do much to explain the evolution of net foreign assets positions. In additions, we highlight the role that 'external wealth' plays in determining the behaviour of the trade balance, and we provide some evidence that a portfolio balance effects exists: real interest rate differentials are inversely realted to net foreign asset positions
Sharp reductions in current account deficits : an empirical analysis by Gian Maria Milesi-Ferretti( Book )
21 editions published in 1997 in English and Undetermined and held by 94 libraries worldwide
We study determinants and consequences of sharp reductions in current account" imbalances (reversals) in low- and middle-income countries. We try to answer two questions:" first, what triggers reversals? Second, what factors explain how costly reversals are? We find" that both domestic variables, such as the current account balance, openness and the level of" reserves, and external variables, such as terms of trade shocks, US real interest rates and growth" in industrial countries seem to play an important role in explaining reversals in current account" imbalances. We also find some evidence that countries with a less appreciated real exchange" rate, higher investment and openness prior to the reversal tend to grow faster after a reversal" occurs
Taxation and endogenous growth in open economies by Nouriel Roubini( Book )
17 editions published in 1994 in English and Undetermined and held by 93 libraries worldwide
This paper examines the effects of taxation of human capital, physical capital and foreign assets in a multi-sector model of endogenous growth. It is shown that in general the growth rate is reduced by taxes on capital and labor (human capital) income. When the government faces no borrowing constraints and is able to commit to a given set of present and future taxes, it is shown that the optimal tax plan involves high taxation of both capital and labor in the short run. This allows the government to accumulate sufficient assets to finance spending without any recourse to distortionary taxation in the long run. When restrictions to government borrowing and lending are imposed, the model implies that human and physical capital should be taxed similarly
Optimal taxation of human and physical capital in endogenous growth models by Nouriel Roubini( Book )
10 editions published in 1994 in English and held by 69 libraries worldwide
A global perspective on external positions by Philip R Lane( Book )
20 editions published in 2005 in English and held by 65 libraries worldwide
"The paper highlights the increased dispersion in net external positions in recent years, particularly among industrial countries. It provides a simple accounting framework that disentangles the factors driving the accumulation of external assets and liabilities (such as trade imbalances, investment income flows, and capital gains) for major external creditors and debtors. It also examines the factors driving the foreign asset portfolio of international investors, with a special focus on the weight of U.S. liabilities in the rest of the world's stock of external assets. Finally, it relates the empirical evidence to the current debate about the roles of portfolio balance effects and exchange rate adjustment in shaping the external adjustment process"--National Bureau of Economic Research web site
Sustainability of persistent current account deficits by Gian Maria Milesi-Ferretti( Book )
9 editions published in 1996 in English and held by 65 libraries worldwide
Abstract: This paper puts forward a notion of current account sustainability that explicitly takes into account willingness to pay and willingness to lend in addition to intertemporal solvency. It argues that this notion of sustainability provides a better framework for understanding the variety of country experiences with protracted current account imbalances. Based on this notion, we identify a number of operational indicators related to the structure of the economy, the economic policy stance, and political economy factors. We use these sustainability indicators to evaluate the experience of a number of countries that ran persistent current account imbalances, and derive policy implications consistent with our notion of sustainability
Fiscal rules and the budget process by Gian Maria Milesi-Ferretti( Book )
20 editions published between 1996 and 1997 in English and Undetermined and held by 64 libraries worldwide
The external wealth of nations : measures of foreign assets and liabilities for industrial and developing countries by Philip R Lane( Book )
21 editions published between 1999 and 2001 in English and Undetermined and held by 61 libraries worldwide
Capital flows are closely monitored, but surprisingly little is known about the stocks of external assets and liabilities held by countries, especially in the developing world. This paper constructs estimates of foreign assets and liabilities and their equity and debt subcomponents for 66 industrial and developing countries for the period 1970-97. It explores the sensitivity of estimates of stock positions to the treatment of valuation effects not captured in balance of payments data. Finally, it characterizes the stylized facts of estimated stocks and asks whether there are trends in net foreign asset positions and differences in debt-equity ratios across countries
External wealth, the trade balance, and the real exchange rate by Philip R Lane( Book )
21 editions published between 2001 and 2002 in English and Undetermined and held by 53 libraries worldwide
This paper examines the link between the net foreign asset position, the trade balance and the real exchange rate. In particular, it decomposes the impact of a country's net foreign asset position ("external wealth") on its long-run real exchange rate into two mechanisms: the relation between external wealth and the trade balance; and, holding other determinants fixed, a relation between the trade balance and the real exchange rate. It also provides additional evidence that the relative price of nontradables is an important channel linking the trade balance and the real exchange rate
International financial integration by Philip R Lane( Book )
19 editions published in 2003 in English and held by 41 libraries worldwide
In recent decades, the foreign assets and liabilities of advanced economies have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding changes in the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to international debt stocks. This paper describes the broad trends in international financial integration for a sample of industrial countries and seeks to explain the cross-country and time-series variation in the size of international balance sheets. It also examines the behavior of the rates of return on foreign assets and liabilities, relating them to "market" returns
International investment patterns by Philip Lane( Book )
17 editions published in 2004 in English and Undetermined and held by 36 libraries worldwide
The paper provides a systematic analysis of bilateral, source and host factors driving portfolio equity investment across countries, using newly-released data on international equity holdings at the end of 2001. It develops a model that links bilateral equity holdings to bilateral trade in goods and services and finds that the data strongly support such a correlation. Larger bilateral positions are also associated with proxies for informational proximity. It further documents that the scale of aggregate foreign equity asset and liability holdings is larger for richer countries and countries with more developed stock markets
Financial globalization and exchange rates by Philip R Lane( Book )
19 editions published between 2004 and 2005 in English and Undetermined and held by 35 libraries worldwide
The external wealth of nations mark II : revised and extended estimates of foreign assets and liabilities, 1970-2004 by Philip R Lane( Book )
18 editions published in 2006 in English and held by 28 libraries worldwide
We construct estimates of external assets and liabilities for 145 countries for the period 1970-2004. We describe our estimation methods and present key features of the data at the country and the global level. We focus on trends in net and gross external positions, and the composition of international portfolios, distinguishing between foreign direct investment, portfolio equity investment, official reserves, and external debt. We document the increasing importance of equity financing and the improvement in the external position for emerging markets, and the differing pace of financial integration between advanced and developing economies. We also show the existence of a global discrepancy between estimated foreign assets and liabilities, and identify the asset categories that account for this discrepancy
Fundamentals at odds? : the U.S. current account deficit and the dollar by Gian Maria Milesi-Ferretti( Book )
17 editions published in 2008 in English and held by 25 libraries worldwide
The real effective exchange rate of the dollar is close to its minimum level for the past 4 decades (as of September 2008). At the same time, however, the U.S. trade and current account deficits remain large and, absent a significant correction in coming years, would contribute to a further accumulation of U.S. external liabilities. The paper discusses thetension between these two aspects of the dollar assessment, and what factors can help reconcile them. It focuses in particular on the terms of trade, adjustment lags, and measurement issues related to both the real effective exchange rate and the current account balance
External adjustment and the global crisis by Philip R Lane( Book )
15 editions published in 2011 in English and Undetermined and held by 22 libraries worldwide
The period preceding the global financial crisis was characterized by a substantial widening of current account imbalances across the world. Since the onset of the crisis, these imbalances have contracted to a significant extent. In this paper, we analyze the ongoing process of external adjustment in advanced economies and emerging markets. We find that countries whose pre-crisis current account balances were in excess of what could be explained by standard economic fundamentals have experienced the largest contractions in their external balance. We subsequently examine the contributions of real exchange rates, domestic demand and domestic output to the adjustment process (allowing for differences across exchange rate regimes) and find that external adjustment in deficit countries was achieved primarily through demand compression, rather than expenditure switching. Finally, we show that changes in other investment flows were the main channel of financial account adjustment, with official external assistance and ECB liquidity cushioning the exit of private capital flows for some countries
Capital flows to Central and Eastern Europe by Philip R Lane( Book )
11 editions published in 2006 in English and held by 16 libraries worldwide
We examine the evolution of the net external asset positions of Central and Eastern Europe (CEEC) countries over the past decade, with a strong emphasis on the composition of their international balance sheets. We assess the extent of their international financial integration, compared with the advanced economies and other emerging markets, and highlight the salient features of their external capital structure in terms of the relative importance of FDI, portfolio equity, and external debt. In addition, we briefly describe the country and currency composition of their external liabilities. Finally, we explore the implications of the accumulated stock of external liabilities for future trade and current account balances
External imbalances in the Euro area by Ruo Chen( Book )
4 editions published in 2012 in English and held by 1 library worldwide
The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade shocks. We argue that the traditional explanations for the rising imbalances are correct, but are incomplete. We uncover a large impact of declines in export competitiveness and asymmetric trade developments vis-à-vis the rest of the world ?in particular vis-à-vis China, Central and Eastern Europe, and oil exporters- on the external balance of euro area debtor countries. While current account imbalances of euro area deficit countries vis-à-vis th
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Alternative Names
Ferretti, Gian Maria Milesi-.
Milesi-Ferretti, G.
Milesi-Ferretti, G.M.
Milesi-Ferretti, Gian M.
Milesi Ferretti, Gian Maria
English (379)
Spanish (1)
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