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33. Macroeconomic policy adjustments due to COVID-19: Scenarios to 2025 with a focus on Asia

Author

Fernando, Roshen and McKibbin, Warwick J.

Subjects
DSGE, ddc:330, C68, COVID-19, pandemics, infectious diseases, CGE, C54, G-Cubed, F41, macroeconomics, risk
Abstract

This paper updates the analysis of the global macroeconomic consequences of the COVID-19 pandemic in earlier papers by the authors with data as of late October 2020. It also extends the focus to Asian economies and explores four alternative policy interventions that are coordinated across all economies. The first three policies relate to fiscal policy: an increase in transfers to households of an additional 2% of the GDP in 2020; an increase in government spending on goods and services in all economies of 2% of their GDP in 2020; and an increase in government infrastructure spending in all economies in 2020. The fourth policy is a public health intervention similar to the approach of Australia that successfully manages the virus (flattens the curve) through testing, contact tracing, and isolating infected people coupled with the rapid deployment of an effective vaccine by mid-2021. The policy that is most supportive of a global economic recovery is the successfully implemented public health policy. Each of the fiscal policies assists in the economic recovery with public sector infrastructure having the most short-term stimulus and longer-term growth benefits.

Published
2021

37. From National to International Climate Change Policy

Author

McKibbin, Warwick J.

Subjects
Climatic changes, Business, Economics
Abstract

To purchase or authenticate to the full-text of this article, please visit this link: http://dx.doi.org/10.1111/j.1467-8462.2007.00480.x Byline: Warwick J. McKibbin (1) Author Affiliation: (1)Centre for Applied Macroeconomic Analysis, ANU College of Business and Economics, The Australian National University; and The Lowy Institute for International Policy Article History: September 2007

Published
2007

39. Financial liberalization, financial sector development and growth: evidence from Malaysia

Author

Ang, James B. and McKibbin, Warwick J.

Subjects
Financial analysis -- Evaluation, Business, Economics
Abstract

The objective of this paper is to examine whether financial development leads to economic growth or vice versa in the small open economy of Malaysia. Using time series data from 1960 to 2001, we conduct cointegration and causality tests to assess the finance-growth link by taking the real interest rate and financial repression into account. The empirical evidence suggests that financial liberalization, through removing the repressionist policies, has a favorable effect in stimulating financial sector development. Financial depth and economic development are positively related; but contrary to the conventional findings, our results support Robinson's view that output growth leads to higher financial depth in the long-run. JEL classification: E44; O11; O16; O53 Keywords: Financial development; Financial liberalization; Malaysia

Published
2007

42. Transpacific trade imbalances: causes and cures

Author

Jong-Wha Lee, McKibbin, Warwick J., and Yung Chul Park

Subjects
Pacific Rim -- Economic aspects, Pacific Rim -- International economic relations, Economic conditions -- Evaluation, International trade -- Economic aspects, International trade, Business, international, Economics
Abstract

The causes of economic imbalances in transpacific trading systems are explored by using empirical global model.

Published
2006

49. Estimates of the costs of Kyoto : Marrakesh versus the McKibbin-Wilcoxen blueprint

Author

McKibbin, Warwick J. and Wilcoxen, Peter J.

Subjects
Climatic changes -- Environmental aspects, Business, Environmental issues, Petroleum, energy and mining industries
Abstract

There can be rise in the compliance cost, of the Kyoto Protocol, due to moderate growth in Russia. This would not have much effect on alternative policy, since it is more stable.

Published
2004

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