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Milesi-Ferretti, Gian Maria

Overview
Works: 118 works in 686 publications in 1 language and 4,404 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 )
10 editions published between 1994 and 1996 in English and held by 410 libraries worldwide
Growth effects of income and consumption taxes : positive and normative analysis by Gian Maria Milesi-Ferretti( Book )
27 editions published between 1995 and 1998 in English and held by 127 libraries worldwide
Annotation
Current account reversals and currency crises : empirical regularities by Gian Maria Milesi-Ferretti( Book )
27 editions published in 1998 in English and held by 121 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 )
24 editions published in 1996 in English and held by 117 libraries worldwide
Annotation
Long-term capital movements by Philip R Lane( Book )
24 editions published in 2001 in English and held by 96 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 )
17 editions published in 1997 in English and held by 91 libraries worldwide
Annotation
Taxation and endogenous growth in open economies by Nouriel Roubini( Book )
14 editions published in 1994 in English and held by 84 libraries worldwide
Annotation
Optimal taxation of human and physical capital in endogenous growth models by Nouriel Roubini( Book )
8 editions published in 1994 in English and held by 65 libraries worldwide
A global perspective on external positions by Philip R Lane( Book )
20 editions published in 2005 in English and held by 60 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 58 libraries worldwide
Fiscal rules and the budget process by Gian Maria Milesi-Ferretti( Book )
18 editions published between 1996 and 1997 in English and held by 58 libraries worldwide
Annotation
Sustainability of persistent current account deficits by Gian Maria Milesi-Ferretti( Book )
8 editions published in 1996 in English and held by 58 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
Determinants of Korean trade flows and their geographical destination by Lorenzo Giorgianni( Book )
16 editions published in 1997 in English and held by 53 libraries worldwide
Korea's growth performance during the past three decades has been impressive. The economy has evolved from a closed and backward agricultural economy to an industrial country member of the OECD. An increasingly outward-oriented development strategy has played an important role in Korea's strong growth performance. During the past 25 years, the volume of Korean exports has grown at an average annual rate of over 15 percent; as a result, Korea's share of world trade is now over 2 percent, four times higher than 20 years ago. Are traditional explanations of the dynamics of trade flows consistent with these observations? This paper addresses this question by investigating the determinants of Korean trade flows and their geographical destination during this period of substantial economic transformation
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
Financial globalization and exchange rates by Philip R Lane( Book )
15 editions published between 2004 and 2005 in English and held by 32 libraries worldwide
The founders of the Bretton Woods System 60 years ago were primarily concerned with orderly exchange rate adjustment in a world economy that was characterized by widespread restrictions on international capital mobility. In contrast, the rapid pace of financial globalization during recent years poses new challenges for the international monetary system. In particular, large gross cross-holdings of foreign assets and liabilities mean that the valuation channel of exchange rate adjustment has grown in importance, relative to the traditional trade balance channel. Accordingly, this paper empirically explores some of the interconnections between financial globalization and exchange rate adjustment and discusses the policy implications
The external wealth of nations mark II : revised and extended estimates of foreign assets and liabilities, 1970-2004 by Philip R Lane( Book )
16 editions published in 2006 in English and held by 29 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 )
15 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 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 )
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 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 -- National Bureau of Economic Research web site
Capital flows to Central and Eastern Europe by Philip R Lane( Book )
9 editions published in 2006 in English and held by 17 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
Cover; Abstract; Table of Contents; I. Introduction; II. Stylized facts on euro area imbalances and their interpretation; A. Stylized Facts; B. Traditional Explanations for the rise of euro area imbalances; Intra-euro Area Financial Integration and Expected Growth; "Over-Optimism" and Excessive Real Appreciation; III. Euro Area imbalances and the rest of the world: new stylized facts; A. Real exchange rate appreciation; B. Trade developments with non-euro area countries; C. Capital flows; IV. Econometric evidence of the asymmetric impact of trade shocks on export competitiveness
 
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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 (327)
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