Chapter 2: Fiscal Targeting in IMF-Supported Programs: Cross-Country Analysis
Author:
International Monetary Fund. Independent Evaluation Office
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Language:
English
Print Publication Date:
17 Nov 2003
Keywords:
IEOR; IEO; spending; program; deficit; revenue; spending reduction; expenditure ratio; revenue performance; current account adjustment; cross-section data; Fiscal consolidation; Current account deficits

Abstract

Acommon criticism of fiscal adjustment in an IMF-supported program is that it is derived from a “one-size-fits-all” approach, which places too much emphasis on fiscal adjustment (i.e., a reduction in the fiscal deficit defined in terms of either the overall deficit or the primary deficit) without taking account of the specific circumstances of the country. In this chapter, we examine the available evidence on fiscal targets in IMF-supported programs and the extent to which they vary across countries. First, we outline some of the considerations that should ideally be taken into account in setting fiscal targets. Next, we use cross-country analysis to examine a large number of past IMF-supported programs and assess patterns and statistical regularities in the way fiscal targets actually are set.

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Cover Fiscal Adjustment in IMF-Supported Programs
Fiscal Adjustment in IMF-Supported Programs
ISBN:
9781589062740
ISSN:
2617-670X
Publication Date:
17 Nov 2003
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781589062740.017
Pages:
125

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  • Pakistan 2000 Stand-By Arrangement, “Staff Report for the 2000 Article IV Consultation and Request for Stand-By Arrangement,” EBS/00/230, November 2000; First Review, EBS/01/39, March 2001; Second Review, EBS/01/101, June 2001; Third Review, EBS/01/161, September 2001.

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  • Peru 1996 Extended Fund Facility,“Request for an Extended Arrangement,” EBS/96/95, June 1996; First Review, EBS/97/12, January 1997; Second Review, EBS/97/102, June 1997; Third Review, EBS/98/81, May 1998; Fourth Review, EBS/98/232, December 1998.

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  • Philippines 1998 Stand-By Arrangement, “Staff Report for the 1997 Article IV Consultation, Final Review Under the Extended Arrangement, and Request for Stand-By Arrangement,” EBS/98/50, March 1998; First and Second Reviews, EBS/98/172, October 1998; Third Review, EBS/99/6, January 1999; Fourth Review, EBS/99/118, July 1999; Fifth Review, EBS/00/136, July 2000.

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  • Romania 1999 Stand-By Arrangement, “Request for Stand-By Arrangement,” EBS/99/141, July 1999; First Review, EBS/00/87, May 2000.

  • Senegal 1998 Enhanced Structural Adjustment Facility, “Request for Arrangements Under the Enhanced Structural Adjustment Facility,” EBS/98/68, April 1998; Midterm Review, EBS/98/188, November 1998; Request for Second Arrangement, EBS/99/114, July 1999; First Review Under Second Arrangement, EBS/00/95, June 2000; Request for Third Arrangement, EBS/01/9, January 2001; First Review Under Third Arrangement, EBS/01/151, August 2001; Second Review Under Third Arrangement, EBS/02/50, March 2002.

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  • Tanzania 1996 Enhanced Structural Adjustment Facility, “Staff Report for the 1996 Article IV Consultation and Request for Arrangements Under the Enhanced Structural Adjustment Facility,” EBS/96/165, October 1996; Request for Second Arrangement, EBS/97/209, November 1997; Midterm Review Under Second Arrangement, EBS/98/113, July 1998; Request for Third Arrangement, EBS/99/5, January 1999; Midterm Review Under Third Arrangement, EBS/99/126, July 1999.

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  • Ukraine 1998 Extended Fund Facility, “Request for Extended Arrangement,” EBS/98/144, August 1998; First Review, EBS/99/42; Second Review EBS/99/79, May 1999; Third Review, EBS/99/170, August 1999; Fourth Review, EBS/00/252, December 2000; Fifth and Sixth Reviews, EBS/01/152, September 2001.

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  • Uruguay 2000 Stand-By Arrangement, “Request for Stand-By Arrangement,” EBS/00/76, May 2000; First Review, EBS/01/117, February 2001; Second Review, EBS/01/164, September 2001; Third Review, EBS/02/46, March 2002.

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  • Venezuela 1996 Stand-By Arrangement, “Staff Report for the 1996 Article IV Consultation and Request for Stand-By Arrangement,” EBS/96/108, June 1996; First Review, EBS/96/162, October 1996.

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