Alexandra Fotiou's Books

The Fiscal State-Dependent Effects of Capital Income Tax Cuts

By: Alexandra Fotiou,Ms.Wenyi Shen,Shu-Chun Susan Yang

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The Fiscal State-Dependent Effects of Capital Income Tax Cuts

By: Alexandra Fotiou,Ms.Wenyi Shen,Shu-Chun Susan Yang

Using the post-WWII data of U.S. federal corporate income tax changes, within a Smooth Transition VAR, this paper finds that the output effect of capital income tax cuts is government debt-dependent: it is less expansionary when debt is high than when it is low. To explore the mechanisms that can drive this fiscal state-dependent tax effect, the paper uses a DSGE model with regime-switching fiscal policy and finds that a capital income tax cut is stimulative to the extent that it is unlikely to result in a future fiscal adjustment. As government debt increases to a sufficiently high level, the probability of future fiscal adjustments starts rising, and the expansionary effects of a capital income tax cut can diminish substantially, whether the expected adjustments are through a policy reversal or a consumption tax increase. Also, a capital income tax cut need not always have large revenue feedback effects as suggested in the literature.

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International Monetary Fund

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ISBN 10

1513545868

ISBN 13

9781513545868

Contagion as a Dealmaker? The Effect of Financial Spillovers on Regional Lending Programs

By: Alexandra Fotiou,Alica Ida Bonk,Georgios Manalis

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Contagion as a Dealmaker? The Effect of Financial Spillovers on Regional Lending Programs

By: Alexandra Fotiou,Alica Ida Bonk,Georgios Manalis

The recent European sovereign debt crisis highlighted the critical role of regional lending arrangements. For the first time, European mechanisms were called to design financing programmes for member countries in trouble. This paper analyses how the risk of contagion, an essential characteristic of interlinked economies, shapes borrowing conditions. We focus on the role of spillovers as a channel of bargaining power that a country might have when asking for financial support from regional lending institutions. We build and present a new database that records both the dates on which official meetings took place, relevant statements were released and the timing of the announcements regarding loan disbursements. This database allows us to assess the defining role that announcements of future actions have in mitigating spillover costs. In addition, we study the design of lending arrangements within a recursive contract between a lender and a sovereign country. When accounting for spillover costs, arising from the borrower to the creditor, we find that it is in the lender's best interest to back-load consumption by giving more weight to future transfers in order to reduce contagion cost. Subsequently, we test and validate our theoretical predictions by assessing the effect of spillovers on loan disbursements to programme-countries and by juxtaposing lending conditions imposed by the IMF and the European mechanisms.

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International Monetary Fund

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ISBN 13

9798400204937

Shared Problem, Shared Solution: Benefits from Fiscal-Monetary Interactions in the Euro Area

By: Robert C. M. Beyer,Rupa Duttagupta,Alexandra Fotiou,Ms. Keiko Honjo,Mr. Mark A Horton,Zoltan Jakab,Vina Nguyen,Mr. Rafael A Portillo,Jesper Lindé,Mrs. Nujin Suphaphiphat,Mr. Li Zeng

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Shared Problem, Shared Solution: Benefits from Fiscal-Monetary Interactions in the Euro Area

By: Robert C. M. Beyer,Rupa Duttagupta,Alexandra Fotiou,Ms. Keiko Honjo,Mr. Mark A Horton,Zoltan Jakab,Vina Nguyen,Mr. Rafael A Portillo,Jesper Lindé,Mrs. Nujin Suphaphiphat,Mr. Li Zeng

This paper employs two established macroeconomic models to show that fiscal policy in the euro area can help monetary policy in reducing inflation. Specifically, a fiscal consolidation of 1 percent of GDP for two years and 0.5 percent in the third year across the euro area would ease the policy interest rate by 30-50 basis points relative to the baseline scenario, while lowering inflation. It would also put the public debt-to-GDP ratio on a downward path, with the output costs reversing after the second year. Additionally, a stronger fiscal contribution to the policy mix could mitigate financial fragmentation risks. In the current context of elevated inflation in all euro area economies, the findings suggest two key takeaways: first, synchronized fiscal and monetary policies offer gains even when monetary policy is unconstrained and, second, sharing the burden of lowering inflation through fiscal consolidation among euro area members is beneficial for union-wide inflation reduction, improving debt sustainability and inducing a lower policy rate path.

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International Monetary Fund

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ISBN 13

9798400249051

Smart Containment: Lessons from Countries with Past Experience

By: Alexandra Fotiou,Andresa Lagerborg

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Smart Containment: Lessons from Countries with Past Experience

By: Alexandra Fotiou,Andresa Lagerborg

Following the Great Lockdown in 2020, it is important to take stock of lessons learned. How effective have different containment measures been in slowing the spread of Covid-19? Have containment measures been costly in terms of economic growth, fiscal balances, and accumulated debt? This paper finds that countries with previous SARS experience acted fast and "smart", and were able to contain the virus by relying mainly on public health measures ─ testing, contact tracing, and public information campaigns ─ rather than stay-at-home requirements. Using past coronavirus outbreaks as an instrumental variable, we show that countries with past experience were able to contain the virus in a smart way, reducing transmission and deaths while also experiencing higher economic growth in 2020.

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International Monetary Fund

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ISBN 10

151358247X

ISBN 13

9781513582474

Fiscal Rules and Fiscal Councils: Recent Trends and Performance During the COVID-19 Pandemic

By: Mr. Hamid R Davoodi,Paul Elger,Alexandra Fotiou,Mr. Daniel Garcia-Macia,Xuehui Han,Andresa Lagerborg,W. Raphael Lam,Mr. Paulo A Medas

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Fiscal Rules and Fiscal Councils: Recent Trends and Performance During the COVID-19 Pandemic

By: Mr. Hamid R Davoodi,Paul Elger,Alexandra Fotiou,Mr. Daniel Garcia-Macia,Xuehui Han,Andresa Lagerborg,W. Raphael Lam,Mr. Paulo A Medas

Adoption of fiscal rules and fiscal councils continued to increase globally over the last decades based on two new global datasets. During the pandemic, fiscal frameworks were put to test. The widespread use of escape clauses was one of the novelties in this crisis, which helped provide policy room to respond to the health crisis. But the unprecedented fiscal actions have led to large and widespread deviations from deficit and debt limits. The evidence shows that fiscal rules, in general, have been flexible during crises but have not prevented a large and persistent buildup of debt over time. Experience shows that deviations from debt limits are very difficult to reverse. The paper also presents evidence on the benefits of a good track record in abiding by the rules. All these highlight the difficult policy choices ahead and need to further improve rules-based fiscal frameworks.

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International Monetary Fund

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ISBN 13

9798400200472

International Networks, Advocacy and EU Energy Policy-Making

By: Alexandra-Maria Bocse

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International Networks, Advocacy and EU Energy Policy-Making

By: Alexandra-Maria Bocse

This book explores the role which policy networks and particularly advocacy coalitions play in EU energy policy, and the factors that account for their policy success. It captures the often neglected interaction between public and private actors in EU energy security policy and between opposing advocacy coalitions. The volume’s case studies examine coalitions working on two issues central to EU energy policy debates over the last decade: fracking for shale gas and developing the Southern Gas Corridor, a pipeline system linking Europe with the gas region of the Caspian Sea. Although the coalitions studied are focused on impacting EU energy policy, they stretch beyond the EU borders. The book draws on original, rich, and intriguing data, around 90 interviews with energy stakeholders and over six months of fieldwork and participant observation, analysed through an innovative combination of frame analysis and social network analysis.

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245

Publisher

Springer Nature

Published Date

ISBN 10

3030495051

ISBN 13

9783030495053

Fake Meds Online

The Internet and the Transnational Market in Illicit Pharmaceuticals

By: Alexandra Hall,Georgios A. Antonopoulos

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Fake Meds Online

The Internet and the Transnational Market in Illicit Pharmaceuticals

By: Alexandra Hall,Georgios A. Antonopoulos

This book provides a timely criminological investigation into the rapidly growing sale of fake medicines online. Some estimates suggest that the fake medicine trade has now overtaken marijuana and prostitution as the world's largest market for criminal traffickers. This increase has been particularly apparent in the context of various evolutionary phases in information and communications technologies, and the Internet now acts as the main avenue through which this criminal market is expanding. Thus far – despite growing concern and media attention – this extensive, extremely profitable, and ultimately life-threatening online market is yet to be fully explored. Drawing on the authors' own criminological investigation of both the supply and demand sides in the United Kingdom, this study offers the first in-depth and empirically-grounded analysis of the online trade in illicit medicines. Founded on rigorous research, and bolstering a rich area for debate, this book will be of particular interest for scholars of criminology and technology studies.

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151

Publisher

Springer

Published Date

ISBN 10

1137570881

ISBN 13

9781137570888

Hough's Cardiorespiratory Care

an evidence-based, problem-solving approach

By: Alexandra Hough

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Hough's Cardiorespiratory Care

an evidence-based, problem-solving approach

By: Alexandra Hough

The latest edition of this must-have text book promises an evidence-based and practical approach covering the very latest in cardiorespiratory care. The textbook covers a wide range of cardiorespiratory conditions and discusses treatment of patients in different clinical settings such as critical care, the ward area and out-patient departments. It begins with physiology and pathology and progresses into a detailed patient assessment section and a discussion of specific respiratory and cardiac conditions. The final section covers different groups of people who may require physiotherapy such as infants, children, and adults with specific conditions including a considered section on palliative care. Critical thinking is facilitated by clinical reasoning boxes in the text, and problem-solving is aided by case studies at the end of each chapter. There are also relevant practice tips to enable transfer of learning into the clinical environment. The text is supported by over 280 line drawings and diagrams along with over 70 x-rays and photographs to further illustrate the points under discussion. - Q & A case studies, with scans and x-rays - Outcome measures for problems and diseases - Boxes with learning and practice tips to encourage reflection - Tables with definitions, normal values and comparisons - Practical techniques described with precision - Expanded cardiovascular section - Updated practical details on physiotherapy techniques - Extra chapters on surgical complications and interventions - Comprehensive coverage of Critical Care procedures and rehabilitation - Practicalities of the management of children and infants Update on the evaluation of outcomes

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