Debt Reduction Fiscal Adjustment And Growth In Credit Constrained Economies
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Debt Reduction Fiscal Adjustment And Growth In Credit Constrained Economies
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Author : Mr.Emanuele Baldacci
language : en
Publisher: International Monetary Fund
Release Date : 2013-11-22
Debt Reduction Fiscal Adjustment And Growth In Credit Constrained Economies written by Mr.Emanuele Baldacci and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-22 with Business & Economics categories.
This paper assesses the effects of fiscal consolidations associated with public debt reduction on medium-term output growth during periods of private debt deleveraging. The analysis covers 107 countries and 79 episodes of public debt reduction driven by discretionary fiscal adjustments during 1980–2012. It shows that expenditure-based, front-loaded fiscal adjustments can dampen growth when there are credit supply restrictions. Instead, fiscal adjustments that are gradual and rely on a mix of revenue and expenditure measures can support output expansion, while reducing public debt. In this context, protecting public investment is critical for medium-term growth, as is the implementation of supply-side, productivity-enhancing reforms.
Fiscal Policy Economic Adjustment And Financial Markets
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Author : Mr.Mario Monti
language : en
Publisher: International Monetary Fund
Release Date : 1989-06-15
Fiscal Policy Economic Adjustment And Financial Markets written by Mr.Mario Monti and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989-06-15 with Business & Economics categories.
Edited by Mario Monti, this volume contains the proceedings of a seminar that was held in Milan at the Centre for Financial and Monetary Economics, Universitá Luigi Bocconi. Participants included government officials, academicians, and economists; they provide a many-faceted view of fiscal policy at the domestic level and in the broader context of international policy coordination.
The Challenge Of Debt Reduction During Fiscal Consolidation
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Author : Luc Eyraud
language : en
Publisher: International Monetary Fund
Release Date : 2013-03-08
The Challenge Of Debt Reduction During Fiscal Consolidation written by Luc Eyraud and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-08 with Business & Economics categories.
Studies suggest that fiscal multipliers are currently high in many advanced economies. One important implication is that fiscal tightening could raise the debt ratio in the short term, as fiscal gains are partly wiped out by the decline in output. Although this effect is not long-lasting and debt eventually declines, it could be an issue if financial markets focus on the short-term behavior of the debt ratio, or if country authorities engage in repeated rounds of tightening in an effort to get the debt ratio to converge to the official target. We discuss whether these problems could be addressed by setting and monitoring debt targets in cyclically-adjusted terms.
Dealing With High Debt In An Era Of Low Growth
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Author : S. M. Ali Abbas
language : en
Publisher: International Monetary Fund
Release Date : 2013-09-23
Dealing With High Debt In An Era Of Low Growth written by S. M. Ali Abbas and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-09-23 with Business & Economics categories.
task has become particularly challenging in European advanced economies where expectations of low growth and limits to monetary policy support are shifting the burden of adjustment onto fiscal consolidation. The SDN will investigate the main drivers behind successful past debt reversals, focusing on macroeconomic and financial market conditions, the speed and form of fiscal adjustment, and the institutional policy setting, among other things. Its policy conclusions will depend on the emerging stylized facts but are likely to include considerations on the design and pace of fiscal consolidation, taking into account country-specific as well as regional economic, institutional, and political factors.
Fiscal Buffers Private Debt And Stagnation
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Author : Nicoletta Batini
language : en
Publisher: International Monetary Fund
Release Date : 2016-05-23
Fiscal Buffers Private Debt And Stagnation written by Nicoletta Batini and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-05-23 with Business & Economics categories.
We revisit the empirical relationship between private/public debt and output, and build a model that reproduces it. In the model, the government provides financial assistance to credit-constrained agents to mitigate deleveraging. As we observe in the data, surges in private debt are potentially more damaging for the economy than surges in public debt. The model suggests two policy implications. First, capping leverage leads to milder recessions, but also implies more muted expansions. Second, with fiscal buffers, financial assistance to credit-constrained agents helps avoid stagnation. The growth returns from intervention decline as the government approaches the fiscal limit.
An Empirical Analysis Of Fiscal Adjustments
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Author : Mr.C. John McDermott
language : en
Publisher: International Monetary Fund
Release Date : 1996-06-01
An Empirical Analysis Of Fiscal Adjustments written by Mr.C. John McDermott and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-06-01 with Business & Economics categories.
This study uses the fiscal expansion and consolidation experiences of the industrial countries over the period 1970 to 1995 to examine the interplay between fiscal adjustments and economic performance. A key finding is that fiscal consolidation need not trigger an economic slowdown. Fiscal consolidation that concentrates on the expenditure side, and especially on transfers and government wages, is more likely to succeed in reducing the public debt ratio than tax-based consolidation. Also, the greater the magnitude of the fiscal consolidation, the more likely it is to succeed in reducing the debt ratio.
The Economics Of Adjustment And Growth
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Author : Pierre-Richard Agénor
language : en
Publisher: Academic Press
Release Date : 2000
The Economics Of Adjustment And Growth written by Pierre-Richard Agénor and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.
The Economics of Adjustment and Growth moves the study of macroeconomics for developing economies away from the traditional static approach and toward a more dynamic, growth-oriented framework. Pierre-Richard Agénor presents an analysis of policy issues involved in designing economic adjustment programs in developing countries and structural reform policies aimed at fostering economic growth. Emphasizing the need to take into account the structural features of these countries, his work dwells on the considerable body of analytical research and empirical evidence of the past two decades in academic circles and international organizations. It provides cutting-edge analysis of many current real-world issues, such as financial crises and the role of trade integration in fostering economic growth. Overall the book offers an impressive overview of the macroeconomic and structural adjustment issues facing developing economies today.
Assessing The Impact And Phasing Of Multi Year Fiscal Adjustment
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Author : Ran Bi
language : en
Publisher: International Monetary Fund
Release Date : 2013-08-23
Assessing The Impact And Phasing Of Multi Year Fiscal Adjustment written by Ran Bi and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-08-23 with Business & Economics categories.
This paper provides a general framework to assess the output and debt dynamics of an economy undertaking multi-year fiscal adjustment. The framework allows country-specific assumptions about the magnitude and persistence of fiscal multipliers, hysteresis effects, and endogenous financing costs. In addition to informing macro projections, the framework can also shed light on the appropriate phasing of fiscal consolidation—in particular, on whether it should be front- or back-loaded. The framework is applied to stylized advanced and emerging economy examples. It suggests that for a highly-indebted economy undertaking large multi-year fiscal consolidation, high multipliers do not always argue against frontloaded adjustment. The case for more gradual or back-loaded adjustment is strongest when hysteresis effects are in play, but it needs to be balanced against implications for debt sustainability. Application to actual country examples tends to cast doubt on claims that very large multipliers have been operating post-crisis. It seems that the GDP forecast errors for Greece may have been due more to over-optimism on potential growth estimates than to underestimating fiscal multipliers.
Fiscal Rules And Countercyclical Policy
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Author : Evan Tanner
language : en
Publisher: International Monetary Fund
Release Date : 2003-11
Fiscal Rules And Countercyclical Policy written by Evan Tanner and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-11 with Business & Economics categories.
Fiscal rules—legal restrictions on government borrowing, spending, or debt accumulation (like the Gramm-Rudman-Hollings Act in the United States)—have recently been adopted or considered in several countries, both industrial and developing. Previous literature stresses that such laws restrict countercyclical government borrowing, thus preventing intertemporal equalization of marginal deadweight losses of taxation—an idea associated with Frank Ramsey. However, such literature typically abstracts from persistent current deficits that are financed by future tax increases. Eliminating such deficits may substantially reduce tax rate variability—the very goal of countercyclical borrowing—even over a finite horizon. Thus, Gramm-Rudman-Hollings and Frank Ramsey are not necessarily enemies and they may even be good friends!
Chipping Away At Public Debt
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Author : Paolo Mauro
language : en
Publisher: John Wiley & Sons
Release Date : 2011-06-17
Chipping Away At Public Debt written by Paolo Mauro and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-06-17 with Business & Economics categories.
Path-breaking research on one of the most important macroeconomic policy challenges in the post-crisis world, presented in accessible language Written and researched by a team of experts from the International Monetary Fund, other policy-making institutions, and academia, this timely book looks at fiscal adjustment plans in advanced economies, comparing the planned or projected reductions in debts and deficits to the actual outcomes, and explaining why objectives were met in some cases but missed in others. An overview reveals pitfalls to avoid and lessons learned for securing successful fiscal adjustment. Written by experts in the field Addresses public concern about skyrocketing government debts Contains cutting edge research that changes the way we look at fiscal adjustment Presents meticulous archival research in compelling and engaging case studies Explores lessons learned and policy implications going forward Includes country coverage of all G7 and European Union economies Educating and informing investors, economists, and the general public, this important book looks at why some attempts to curb debts and deficits succeed whereas others fail, as well as how to ensure successful fiscal adjustment in the period ahead.