Fiscal Adjustments In Oecd Countries
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Fiscal Adjustments In Oecd Countries
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Author : Mr.Alberto Alesina
language : en
Publisher: International Monetary Fund
Release Date : 1996-07-01
Fiscal Adjustments In Oecd Countries written by Mr.Alberto Alesina 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 1996-07-01 with Business & Economics categories.
This paper studies how the composition of fiscal adjustments influences their likelihood of “success”, defined as a long lasting deficit reduction, and their macroeconomic consequences. We find that fiscal adjustments which rely primarily on spending cuts on transfers and the government wage bill have a better chance of being successful and are expansionary. On the contrary fiscal adjustments which rely primarily on tax increases and cuts in public investment tend not to last and are contractionary. We discuss alterative explanations for these findings by studying both a full sample of OECD countries and by focusing on three case studies: Denmark, Ireland and Italy.
Fiscal Adjustments In Oecd Countries
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Author : Alberto F. Alesina
language : en
Publisher:
Release Date : 2006
Fiscal Adjustments In Oecd Countries written by Alberto F. Alesina and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
This paper studies how the composition of fiscal adjustments influences their likelihood of quot;successquot;, defined as a long lasting deficit reduction, and their macroeconomic consequences. We find that fiscal adjustments which rely primarily on spending cuts on transfers and the government wage bill have a better chance of being successful and are expansionary. On the contrary fiscal adjustments which rely primarily on tax increases and cuts in public investment tend not to last and are contractionary.We discuss alterative explanations for these findings by studying both a full sample of OECD countries and by focusing on three case studies: Denmark, Ireland and Italy.
Fiscal Adjustments In Transition Economies
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Author : Barbara Fakin
language : en
Publisher: World Bank Publications
Release Date : 1997
Fiscal Adjustments In Transition Economies written by Barbara Fakin and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Ajuste estructural categories.
Fiscal Adjustments
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Author : Daniel Leigh
language : en
Publisher: International Monetary Fund
Release Date : 2007-07
Fiscal Adjustments written by Daniel Leigh 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 2007-07 with Business & Economics categories.
The paper analyzes the determinants of success of recent fiscal consolidations in the OECD countries as well as the short-run and long-run effects of fiscal adjustments on economic activity by looking at fourteen case studies, panel data for OECD countries, and the results of simulations using a non-Ricardian multi-country dynamic general equilibrium model. The study finds that while fiscal consolidations tend to have short-run contractionary effects, they can be expansionary in the long run, provided that they do not rely excessively on cuts in productive government expenditure. They can also create positive spillover effects for the rest of the world.
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.
Fiscal Discipline And The Cost Of Public Debt Service
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Author : Mr.Francesco Caselli
language : en
Publisher: International Monetary Fund
Release Date : 1998-04-01
Fiscal Discipline And The Cost Of Public Debt Service written by Mr.Francesco Caselli 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 1998-04-01 with Business & Economics categories.
Is there any systematic explanation of variations in the cost of debt servicing over time and across countries? This paper examines the influence of fiscal variables on borrowing costs in a panel of OECD countries, showing that these variables have a significant role. In particular, an improvement of the primary fiscal balance is associated with a significant reduction in debt-servicing costs, amplifying the effects of primary adjustment on the fiscal position. A significant country-specific component remains, however; several explanations for this component are discussed, including debt management and market infrastructure.
Fiscal Adjustment In Transition Countries
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Author : MissCatriona Purfield
language : en
Publisher: International Monetary Fund
Release Date : 2003-02-01
Fiscal Adjustment In Transition Countries written by MissCatriona Purfield 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 2003-02-01 with Business & Economics categories.
In the 1990s, transition countries underwent large adjustments to address fiscal imbalances. This paper examines whether the factors identified in the literature on advanced economies, the size and composition of adjustment, are important in transition economies. It finds that larger consolidations were more successful in addressing fiscal imbalances on a durable basis. Policies focusing on expenditure reductions were more successful than those relying on revenue increases. There is little evidence of expansionary fiscal contractions, but fiscal contractions did not have a significantly negative impact on growth either. Few fiscal stimuli succeeded in boosting growth.
Strategies For Fiscal Consolidation In The Post Crisis World
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Author : Mr.Mauricio Villafuerte
language : en
Publisher: International Monetary Fund
Release Date : 2010-09-17
Strategies For Fiscal Consolidation In The Post Crisis World written by Mr.Mauricio Villafuerte 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 2010-09-17 with Business & Economics categories.
In response to the global financial crisis, governments provided substantial support to the financial and other key sectors. Although this cushioned the adverse effects of the crisis, it is necessary now to articulate a strategy to ensure the sustainability of public finances. This paper discusses the scale and composition of fiscal adjustment that will need to occur once the recovery is securely under way. Although specific country-level circumstances will influence the composition of the adjustment and its political feasibility, in many cases restoring fiscal sustainability will require reforms to reduce spending and increase tax revenue.
Expansionary Austerity New International Evidence
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Author : Mr.Daniel Leigh
language : en
Publisher: International Monetary Fund
Release Date : 2011-07-01
Expansionary Austerity New International Evidence written by Mr.Daniel Leigh 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 2011-07-01 with Business & Economics categories.
This paper investigates the short-term effects of fiscal consolidation on economic activity in OECD economies. We examine the historical record, including Budget Speeches and IMFdocuments, to identify changes in fiscal policy motivated by a desire to reduce the budget deficit and not by responding to prospective economic conditions. Using this new dataset, our estimates suggest fiscal consolidation has contractionary effects on private domestic demand and GDP. By contrast, estimates based on conventional measures of the fiscal policy stance used in the literature support the expansionary fiscal contractions hypothesis but appear to be biased toward overstating expansionary effects.
The Distributional Effects Of Fiscal Consolidation
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Author : Laurence M. Ball
language : en
Publisher: International Monetary Fund
Release Date : 2013-06-21
The Distributional Effects Of Fiscal Consolidation written by Laurence M. Ball 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 2013-06-21 with Business & Economics categories.
This paper examines the distributional effects of fiscal consolidation. Using episodes of fiscal consolidation for a sample of 17 OECD countries over the period 1978–2009, we find that fiscal consolidation has typically had significant distributional effects by raising inequality, decreasing wage income shares and increasing long-term unemployment. The evidence also suggests that spending-based adjustments have had, on average, larger distributional effects than tax-based adjustments.