Back Matter

Back Matter

Author(s):
International Monetary Fund. Fiscal Affairs Dept.
Published Date:
September 2011
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    Glossary

    Term

    Definition

    Automatic stabilizers

    Budgetary measures that dampen fluctuation in real GDP, automatically triggered by the tax code and by spending rules.

    CDS spreads

    The spread on credit default swap (CDS) refers to the annual amount (in basis points of the notional amount) that the protection buyer must pay the seller over the length of the contract to protect the underlying asset against a credit event.

    Cyclical balance

    Cyclical component of the overall fiscal balance, computed as the difference between cyclical revenues and cyclical expenditure. The latter are typically computed using country-specific elasticities of aggregate revenue and expenditure series with respect to the output gap. Where unavailable, standard elasticities (0,1) are assumed for expenditure and revenue, respectively.

    Cyclically adjusted balance (CAB)

    Overall balance minus cyclical balance.

    Cyclically adjusted (CA) expenditure and revenue

    Revenue and expenditure adjusted for the effect of the economic cycle (i.e., net of cyclical revenue and expenditure).

    Cyclically adjusted primary balance (CAPB)

    Cyclically adjusted balance excluding net interest payments

    Expenditure elasticity

    Elasticity of expenditure with respect to the output gap.

    Fiscal stimulus

    Discretionary fiscal policy actions (including revenue reductions and spending increases) adopted in response to the financial crisis.

    General government

    The general government sector consists of all government units and all nonmarket, nonprofit institutions that are controlled and mainly financed by government units comprising the central, state, and local governments. The general government sector does not include public corporations or quasi-corporations.

    Gross debt

    All liabilities that require future payment of interest and/or principal by the debtor to the creditor. This includes debt liabilities in the form of SDRs, currency and deposits, debt securities, loans, insurance, pensions and standardized guarantee schemes, and other accounts payable. (See the 2001 edition of the IMF’s Government Finance and Statistics Manual and the forthcoming edition of the Public Sector Debt Statistics Guide.) The term “public debt” is used in this Monitor, for simplicity, as synonymous with gross debt of the general government, unless otherwise specified. (Strictly speaking, the term “public debt” refers to the debt of the public sector as a whole, which includes financial and nonfinancial public enterprises and the central bank.)

    Gross financing needs

    Overall new borrowing requirement plus debt maturing during the year.

    Net debt

    Gross debt minus financial assets, including those held by the broader public sector: for example, social security funds held by the relevant component of the public sector, in some cases.

    Output gap

    Deviation of actual from potential GDP, in percent of potential GDP.

    Overall fiscal balance (also “headline” fiscal balance)

    Net lending/borrowing, defined as the difference between revenue and total expenditure, using the 2001 edition of the IMF’s Government Finance Statistics Manual (GFSM 2001). Does not include policy lending. For some countries, the overall balance continues to be based on GFSM 1986, in which it is defined as total revenue and grants minus total expenditure and net lending.

    Policy lending

    Transactions in financial assets that are deemed to be for public policy purposes but are not part of the overall balance.

    Primary balance

    Overall balance excluding net interest payment (interest expenditure minus interest revenue).

    Public debt

    See gross debt.

    Public sector

    The public sector consists of the general government sector plus government-controlled entities, known as public corporations, whose primary activity is to engage in commercial activities.

    Revenue elasticity

    Elasticity of revenue with respect to the output gap.

    Structural fiscal balance

    Cyclically adjusted balance, corrected for one-off and other factors, such as asset and commodity prices and output compositions effects.

    Tax expenditures

    Tax expenditures are government revenues that are foregone as a result of preferential tax treatments to specific sectors, activities, regions or economic agents.

    VIX

    The Volatility Index (VIX) maintained by the Chicago Board Options Exchange is a measure of the market’s expectation of stock market volatility over the next 30-day period. It is a weighted blend of prices for a range of options on the S&P 500 index.

    Abbreviations

    Acronyms

    BIS

    Bank for International Settlements

    CAB

    cyclically adjusted balance

    CAPB

    cyclically adjusted primary balance

    CBO

    Congressional Budget Office (U.S.)

    CDS

    credit default swap

    CEA

    Council of Economic Advisers of the White House

    CIS

    Commonwealth of Independent States (WEO classification)

    CIT

    corporate income tax

    EC

    European Commission

    ECB

    European Central Bank

    EFSF

    European Financial Stability Facility

    EIU

    Economist Intelligence Unit

    EME

    emerging market economies

    EU

    European Union

    FAT

    financial activities tax

    FCR

    financial crisis responsibility fee

    FII

    Fiscal Indicators Index

    FSC

    financial stability contribution

    FTT

    financial transaction tax

    GDP

    gross domestic product

    GFSM

    Government Finance Statistics Manual

    GFSR

    Global Financial Stability Report

    GSE

    government-sponsored enterprise

    IMF

    International Monetary Fund

    LAC

    Latin America and the Caribbean

    MBSs

    mortgage-backed securities

    MENA

    Middle East and North Africa

    OECD

    Organization for Economic Cooperation and Development

    OMB

    Office of Management and Budget (U.S.)

    PB

    primary balance

    PIT

    personal income tax

    RAS

    relative asset swap

    SCE

    employee’s social contributions

    SCR

    employer’s social contributions

    SGP

    Stability and Growth Pact

    SMP

    Securities Market Program

    SSA

    sub-Saharan Africa

    SSC

    social security contributions

    TARP

    Troubled Asset Relief Program

    VAT

    value-added tax

    VIX

    Volatility Index (Chicago Board Options Exchange)

    WEO

    World Economic Outlook

    WH

    Western Hemisphere

    Codes

    Country Name

    AFG

    Afghanistan, Rep. of

    ALB

    Albania

    DZA

    Algeria

    AGO

    Angola

    ATG

    Antigua and Barbuda

    ARG

    Argentina

    ARM

    Armenia

    AUS

    Australia

    AUT

    Austria

    AZE

    Azerbaijan

    BHS

    Bahamas, The

    BHR

    Bahrain

    BGD

    Bangladesh

    BRB

    Barbados

    BLR

    Belarus

    BEL

    Belgium

    BLZ

    Belize

    BEN

    Benin

    BTN

    Bhutan

    BOL

    Bolivia

    BIH

    Bosnia and Herzegovina

    BWA

    Botswana

    BRA

    Brazil

    BRN

    Brunei Darussalam

    BGR

    Bulgaria

    BFA

    Burkina Faso

    BDI

    Burundi

    KHM

    Cambodia

    CMR

    Cameroon

    CAN

    Canada

    CPV

    Cape Verde

    CAF

    Central African Republic

    TCD

    Chad

    CHL

    Chile

    CHN

    China

    COL

    Colombia

    COM

    Comoros

    COD

    Congo, Democratic Republic of

    COG

    Congo, Republic of

    CRI

    Costa Rica

    CIV

    Côte d’Ivoire

    HRV

    Croatia

    CYP

    Cyprus

    CZE

    Czech Republic

    DNK

    Denmark

    DJI

    Djibouti

    DMA

    Dominica

    DOM

    Dominican Republic

    ECU

    Ecuador

    EGY

    Egypt

    SLV

    El Salvador

    GNQ

    Equatorial Guinea

    ERI

    Eritrea

    EST

    Estonia

    ETH

    Ethiopia

    FJI

    Fiji

    FIN

    Finland

    FRA

    France

    GAB

    Gabon

    GMB

    Gambia, The

    GEO

    Georgia

    DEU

    Germany

    GHA

    Ghana

    GRC

    Greece

    GRD

    Grenada

    GTM

    Guatemala

    GIN

    Guinea

    GNB

    Guinea-Bissau

    GUY

    Guyana

    HTI

    Haiti

    HND

    Honduras

    HKG

    Hong Kong SAR

    HUN

    Hungary

    ISL

    Iceland

    IND

    India

    IDN

    Indonesia

    IRN

    Iran, I.R. of

    IRQ

    Iraq

    IRL

    Ireland

    ISR

    Israel

    ITA

    Italy

    JAM

    Jamaica

    JPN

    Japan

    JOR

    Jordan

    KAZ

    Kazakhstan

    KEN

    Kenya

    KIR

    Kiribati

    KOR

    Korea, Republic of

    KWT

    Kuwait

    KGZ

    Kyrgyz Republic

    LAO

    Lao P.D.R.

    LVA

    Latvia

    LBN

    Lebanon

    LSO

    Lesotho

    LBR

    Liberia

    LBY

    Libya

    LTU

    Lithuania

    LUX

    Luxembourg

    MKD

    Macedonia, former Yugoslav Republic of

    MDG

    Madagascar

    MWI

    Malawi

    MYS

    Malaysia

    MDV

    Maldives

    MLI

    Mali

    MLT

    Malta

    MRT

    Mauritania

    MUS

    Mauritius

    MEX

    Mexico

    MDA

    Moldova

    MNG

    Mongolia

    MAR

    Morocco

    MOZ

    Mozambique

    MMR

    Myanmar

    NAM

    Namibia

    NPL

    Nepal

    NLD

    Netherlands

    NZL

    New Zealand

    NIC

    Nicaragua

    NER

    Niger

    NGA

    Nigeria

    NOR

    Norway

    OMN

    Oman

    PAK

    Pakistan

    PAN

    Panama

    PNG

    Papua New Guinea

    PRY

    Paraguay

    PER

    Peru

    PHL

    Philippines

    POL

    Poland

    PRT

    Portugal

    QAT

    Qatar

    ROM

    Romania

    RUS

    Russian Federation

    RWA

    Rwanda

    KNA

    St. Kitts and Nevis

    LCA

    St. Lucia

    VCT

    St. Vincent and the Grenadines

    WSM

    Samoa

    STP

    São Tomé and Príncipe

    SAU

    Saudi Arabia

    SEN

    Senegal

    SYC

    Seychelles

    SLE

    Sierra Leone

    SGP

    Singapore

    SVK

    Slovak Republic

    SVN

    Slovenia

    SLB

    Solomon Islands

    ZAF

    South Africa

    ESP

    Spain

    LKA

    Sri Lanka

    SDN

    Sudan

    SUR

    Suriname

    SWZ

    Swaziland

    SWE

    Sweden

    CHE

    Switzerland

    SYR

    Syrian Arab Republic

    TWN

    Taiwan, Province of China

    TJK

    Tajikistan

    TZA

    Tanzania

    THA

    Thailand

    TGO

    Togo

    TON

    Tonga

    TTO

    Trinidad and Tobago

    TUN

    Tunisia

    TUR

    Turkey

    TKM

    Turkmenistan

    UGA

    Uganda

    UKR

    Ukraine

    ARE

    United Arab Emirates

    GBR

    United Kingdom

    USA

    United States

    URY

    Uruguay

    UZB

    Uzbekistan

    VUT

    Vanuatu

    VEN

    Venezuela, República Bolivariana de

    VNM

    Vietnam

    YEM

    Yemen

    ZMB

    Zambia

    ZWE

    Zimbabwe

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