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This working paper explores the interaction of monetary and fiscal policies in spurring economic growth in Bangladesh. Macroeconomic policy management is crucial for attaining sustainable economic growth with a stable a rate of inflation. In this working paper, monetary and fiscal policies in Bangladesh and their effectiveness in achieving sustainable growth and price stability are examined. It concludes that Bangladesh should focus on a combination of expansionary monetary policies and restrictive fiscal policies as the most beneficial approach.
Credit is a crucial factor in agricultural development. We explore the reality in the commonly practiced sources by farmers for acquiring agricultural credit, its uses and environmental and socioeconomic determinants. A total of 236 rice farmers with agricultural credit activity at least for the last two years were randomly selected and interviewed in the Punjab province of Pakistan using a multistage cluster sampling technique. We analyzed the collected data using ordinary linear regression (OLS) regression and multivariate probit regression (MPR) models. The results indicate that 73.7% of farmers used informal sources to acquire agricultural credit, while 22.1% of farmers acquired loans through public and private institutional sources, and 4.2% of farmers used both sources simultaneously. The acquired agricultural credit amount was not completely invested in the agricultural sector: 64.8% was invested in the agricultural sector, while 25.5% and 9.7% of the credit was used to manage their livelihood and business activities, respectively. OLS indicates that socioeconomic and environmental factors are responsible for agricultural credit demand. Moreover, the MPR results indicate that different factors are responsible for requesting credit from formal and informal institutes. The findings provide suggestions for sustainable development in the agricultural sector, tackling environmental issues and socioeconomic development to reduce poverty. As an emerging economy, formal and informal credit policies should be revisited and the rules regarding environmental and institutional guidelines for farmers should be softened, which would probably support development of credit policies in developing countries.
- [검토배경] 글로벌 경기침체 우려가 확산되고 미·중 분쟁도 격화한 가운데, 지난 7월 미 연준이 정책금리를 인하한 이후 신흥국들도 통화완화에 나서고 있어 亞 주요 신흥국의 통화정책 동향과 향방을 점검. - [동향 및 전망] 하반기 들어 상당수 아시아 신흥국들이 금리인하(25~35bp)를 단행. 주요 IB들은 저물가 상황에서 경기 하방리스크에 대응할 필요성이 커지고 있어 연내 1~2회 추가로 금리를 인하하고 내년에도 완화 기조를 유지할 것으로 예상됨. - [시사점] 미 연준의 정책금리 인하 폭이 시장기대에 미치지 못하거나 대외 환경이 크게 악화할 경우, 오히려 risk-off 강화로 금융시장 변동성이 커질 소지가 있음.
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