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Fiscal Policy and Economic Stability: Does PIGS stand for Procyclicality In Government Spending?
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2010-12)
The Financial Crisis has hit particularly hard countries like Ireland or Spain. Procyclical fiscal policy has contributed to a boom-bust cycle that undermined fiscal positions and deepened current account deficits during ...
Business cycles in a small open economy: The case of Hong Kong
; Iza Padilla, María Amaya 
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2011-12)
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2011-12)
This paper analyzes the business cycle properties of the Hong Kong economy during the 1982-2004 period, which includes the financial crisis experienced in 1997-98. We show that output, output growth rate and real interest ...
Prices and the Real Exchange Rate in Hong Kong: 1985-2006
Echeverria Garaigorta, Paulina Elisa; Iza Padilla, María Amaya (University of the Basque Country, Department of Foundations of Economic Analysis II, 2010-11)
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2010-11)
This paper seeks to quantify to the extent to which price dynamics in Hong Kong are due to the Balassa-Samuelson hypothesis. From 1985 to 1998, the CPI in Hong Kong increased spectacularly, yet there was dramatic deflation ...