Staff Position Notes (SPNs) showcase new policy-related analysis and research by IMF departments. These notes are generally brief, written in nontechnical language, and are aimed at a broad audience interested in economic policy issues, including staff involved in mission work, members of the Executive Board, and persons outside the Fund. This series replaced the Policy Discussion Papers series at the end of 2008. Most SPNs are around 25 pages, allowing for only a couple of simple equations and several tables and charts, which distinguishes them from the longer, and generally more technical, Working Papers.
In response to the worst economic crisis since the 1930s, government budgets and central banks have provided substantial support for aggregate demand and for the financial sector. In the process, fiscal balances have deteriorated, government liabilities and central bank balance sheets have been expanded, and risks of future losses for the public sector have increased.