Fiscal Policy for Inclusive Growth: An Overview

In recent years, inequality has risen in the region alongside rapid economic growth. The widening income gap strengthens the case for a government response, and fiscal policy is one of the most suitable policy instruments to promote a more equitable society that provides opportunities for all. Developing Asia has trailed other parts of the world in equity-promoting fiscal expenditures, namely education, health care, and social protection, and thus the region needs to do more. Expanding public expenditures without boosting fiscal resources can, however, jeopardize fiscal sustainability. The key challenge is how to use fiscal policy to make growth more inclusive while maintaining fiscal sustainability

Empirical Research on Sovereign Debt and Default

The long history of sovereign debt and the associated enforcement problem have attracted researchers in many fields. In this paper, we survey empirical work by economists, historians, and political scientists. As we review the empirical literature, we emphasize parallel developments in the theory of sovereign debt. One major theme emerges. Although recent research has sought to balance theoretical and empirical considerations, there remains a gap between theories of sovereign debt and the data used to test them. We recommend a number of steps that researchers can take to improve the correspondence between theory and data

A Novel Second-Order All-Pass Filter Using Square-Root Domain Blocks

In this study, a new second order all-pass filter is synthesized in the square-root domain by using the state-space method. The proposed second order all-pass filter is constituted by current mirrors, current sources, current-mode square-root circuits and capacitors. The pole frequency of the filter can be tuned electronically by varying the values of the current sources of this circuit. The filter is simulated in PSpice using 0.35um CMOS technology parameters. Quality factor of the circuit is selected as 5 and supply voltage is set to 2.7V. The simulation results show that the proposed circuit has the merits of electronic tunability. We also performed noise, THD and Monte-Carlo analyses. Various simulation results are presented to show the effectiveness of the proposed circuit