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Milesi-Ferretti, Gian Maria

Overview
Works: 129 works in 723 publications in 1 language and 4,909 library holdings
Roles: Author, Honoree
Classifications: HG3882, 382.17
Publication Timeline
Key
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 )
12 editions published between 1994 and 1996 in English and held by 424 libraries worldwide
Growth effects of income and consumption taxes : positive and normative analysis by Gian Maria Milesi-Ferretti( Book )
28 editions published between 1995 and 1998 in English and held by 137 libraries worldwide
Annotation
Current account reversals and currency crises : empirical regularities by Gian Maria Milesi-Ferretti( Book )
28 editions published in 1998 in English and held by 130 libraries worldwide
Abstract: This paper studies sharp reductions in current account deficits and large exchange rate depreciations in low- and middle-income countries. It examines which factors help predict the occurrence of a reversal or a currency crisis, and how these events affect macroeconomic performance. It finds that both domestic factors, such as the low reserves, and external factors, such as unfavorable terms of trade and high interest rates in industrial countries, trigger reversals and currency crises. The two types of events are, however, distinct; indeed, current account imbalances are not sharply reduced in the years following a currency crisis. Economic performance around these events is also quite different. An exchange rate crash is associated with a fall in output growth and a recovery thereafter, while for reversal events there is no systematic evidence of a growth slowdown
Current account sustainability : selected East Asian and Latin American experiences by Gian Maria Milesi-Ferretti( Book )
26 editions published in 1996 in English and held by 123 libraries worldwide
Annotation
Long-term capital movements by Philip R Lane( Book )
24 editions published in 2001 in English and held by 100 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 )
18 editions published in 1997 in English and held by 95 libraries worldwide
Annotation
Taxation and endogenous growth in open economies by Nouriel Roubini( Book )
9 editions published in 1994 in English and held by 74 libraries worldwide
Abstract: 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 )
9 editions published in 1994 in English and held by 68 libraries worldwide
Sustainability of persistent current account deficits by Gian Maria Milesi-Ferretti( Book )
9 editions published in 1996 in English and held by 63 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 )
18 editions published between 1996 and 1997 in English and held by 63 libraries worldwide
Annotation
A global perspective on external positions by Philip R Lane( Book )
20 editions published in 2005 in English and held by 62 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
The external wealth of nations : measures of foreign assets and liabilities for industrial and developing countries by Philip R Lane( Book )
19 editions published between 1999 and 2001 in English and held by 59 libraries worldwide
External wealth, the trade balance, and the real exchange rate by Philip R Lane( Book )
20 editions published between 2001 and 2002 in English and held by 51 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
The International Financial Integration of China And India by Philip R Lane( Book )
18 editions published in 2003 in English and held by 39 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
Financial globalization and exchange rates by Philip R Lane( Book )
16 editions published between 2004 and 2005 in English and held by 32 libraries worldwide
Annotation
The external wealth of nations mark II : revised and extended estimates of foreign assets and liabilities, 1970-2004 by Philip R Lane( Book )
17 editions published in 2006 in English and held by 27 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 26 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 the tension 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 )
16 editions published in 2011 in English and held by 20 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 other investment flows was the main adjustment category in the financial account but that ECB liquidity and official external assistance have cushioned the exit of private capital flows for some countries
Capital flows to Central and Eastern Europe by Philip R Lane( Book )
10 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
Languages
English (338)
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