This paper uses a modified version of the methodology used by the IMF's Consultative Group on Exchange Rate Issues (CGER) to calculate equilibrium current account balances (or ?norms?) for a sample of 33 emerging market economies. We find that the fundamental determinants of the equilibrium current account balances are similar to those identified by the CGER using a sample that also comprises advanced economies. However, the fiscal balance has a considerably stronger impact on current account norms for emerging markets. This paper also offers estimates for the equilibrium current account balances of eleven smaller emerging market economies that are not currently included in the country sample used by the CGER.
Social spending is a powerful tool to reduce poverty, achieve higher equality and better life conditions for the inhabitants of a country. In "Social Expenditure in Central America, Panama and the Dominican Republic: 2007-2013", a characterization of the different variables that have taken social expenditure to its current position is performed. During the economic crisis period, many governments of the region confront this situation with an increase in social expenditures. However, part of the increase was centered on inflexible items, particularly wages, which facilitated the increase in fiscal deficits and, consequently, on public debt. Thus, after the financial crisis, the fiscal situation has reduced governments' buffers to respond to economic shocks, which imply that we need to examine the fiscal policy given its rigidity, the scarcity of public resources and the institutional contract. The study of wage bill increases provides more information related to the causes of this dynamic, and allow us to offer recommendations to improve spending management without threatening public finances. A better use of resources could contribute to define a more efficient and equitable agenda for the countries in the region. Finally, something that was not deeply explored, as of today, is the institutional complexity and how this could facilitate, or hinder, the government's ability to express its fiscal policy, including the effectiveness in the use of public resources.
Social spending is a powerful tool to reduce poverty, achieve higher equality and better life conditions for the inhabitants of a country. In "Social Expenditure in Central America, Panama and the Dominican Republic: 2007-2013", a characterization of the different variables that have taken social expenditure to its current position is performed. During the economic crisis period, many governments of the region confront this situation with an increase in social expenditures. However, part of the increase was centered on inflexible items, particularly wages, which facilitated the increase in fiscal deficits and, consequently, on public debt. Thus, after the financial crisis, the fiscal situation has reduced governments' buffers to respond to economic shocks, which imply that we need to examine the fiscal policy given its rigidity, the scarcity of public resources and the institutional contract. The study of wage bill increases provides more information related to the causes of this dynamic, and allow us to offer recommendations to improve spending management without threatening public finances. A better use of resources could contribute to define a more efficient and equitable agenda for the countries in the region. Finally, something that was not deeply explored, as of today, is the institutional complexity and how this could facilitate, or hinder, the government's ability to express its fiscal policy, including the effectiveness in the use of public resources.
This paper uses a modified version of the methodology used by the IMF's Consultative Group on Exchange Rate Issues (CGER) to calculate equilibrium current account balances (or ?norms?) for a sample of 33 emerging market economies. We find that the fundamental determinants of the equilibrium current account balances are similar to those identified by the CGER using a sample that also comprises advanced economies. However, the fiscal balance has a considerably stronger impact on current account norms for emerging markets. This paper also offers estimates for the equilibrium current account balances of eleven smaller emerging market economies that are not currently included in the country sample used by the CGER.
A thoroughly researched and documented study of Catalan literature under the Franco regime, focussed on several key post-Civil War novels and their authors. During the 1950s and 1960s, several key Catalan authors set about rewriting some of their narrative work despite the obstacles to publication in Catalan under the Franco regime. This study describes the social, political and cultural conditions that impelled Salvador Espriu, Xavier Benguerel, Sebastià Juan Arbó and Joan Sales to revise Laia, El testament, Tino Costa and Incerta glòria, concentrating particularly on the linguistic debates and literary trends from the 1950s to the early 1970s. Drawing on a wide range of theoretical perspectives, this book examines the reasons for the rewriting, including censorship and self-censorship, generational and ideological changes within the Catalan literary field, controversies over linguistic purism, the appearance of new literary trends and gender and political issues. It focuses on the (re)construction of a distinctive national identity and the impact of repression, memory, exile and silence on the representation of the war and the post-war periods. This study explores not only how writers or society at large were affected by the dictatorship, but how the armed conflict left its mark on the writing process itself. Jordi Cornellà-Detrell is a Lecturer in Spanish in the School of Modern Languages at Bangor University.
L’Alexandra, l’Alícia, la Irene i la Regina han organitzat un cap de setmana molt especial lluny de les seves famílies. Però les coses no surten com havien previst i una tempesta de neu els trastoca els plans i les deixa aïllades –i soles- en una casa de
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