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Budget Consolidation

Budget Consolidation »

Source: Budget Consolidation : Short-Term Pain and Long-Term Gain

Volume/Issue: 2010/163

Series: IMF Working Papers

Author(s): Douglas Laxton , Susanna Mursula , Kevin Clinton , and Michael Kumhof

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2010

ISBN: 9781455201464

Keywords: current account imbalances, tax reform, income taxes, consumption taxes, Open Economy Macroeconomics, International Policy Coordination and Transmission, Fiscal Policies and Behavior of Economic Agents: General,

The paper evaluates the costs and benefits of fiscal consolidation using simulations based on the IMFs global DSGE model GIMF. Over the longer run, well-targeted permanent reductions in budget deficits lead to a co...

The Challenge of Fiscal Decentralization in Transition Countries

The Challenge of Fiscal Decentralization in Transition Countries »

Source: The Challenge of Fiscal Decentralization in Transition Countries

Volume/Issue: 2002/103

Series: IMF Working Papers

Author(s): Era Dabla-Norris , and Paul Wade

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2002

ISBN: 9781451852707

Keywords: fiscal reform, transition, decentralization, subnational governments, intergovernmental fiscal, intergovernmental fiscal relations, Taxation, Subsidies, and Revenue: General, Fiscal Policies and Behavior of Economic Agents: General

This paper examines key aspects of the ongoing decentralization process in transition economies and identifies areas where the present systems can have potentially adverse impacts on both service delivery and macro...

The Cyclicality of Fiscal Policies in the CEMAC Region

The Cyclicality of Fiscal Policies in the CEMAC Region »

Source: The Cyclicality of Fiscal Policies in the CEMAC Region

Volume/Issue: 2011/205

Series: IMF Working Papers

Author(s): Gaston Mpatswe , Sampawende Tapsoba , and Robert York

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2011

ISBN: 9781463902162

Keywords: fiscal procyclicality, monetary union, expenditure, public expenditure, fiscal policies, government spending, Business Fluctuations, And Cycles, macroeconomic - Aspects Of Public Finance, Macroeconomic Policy

This paper examines fiscal cyclicality in the CEMAC region during 1980-2008. The issue has attracted very little empirical interest but is important if fiscal policies are to play a role in mitigating external shoc...

The Cyclicality of Fiscal Policy in the Middle East and Central Asia

The Cyclicality of Fiscal Policy in the Middle East and Central Asia »

Source: The Cyclicality of Fiscal Policy in the Middle East and Central Asia : Is the Current Crisis Different?

Volume/Issue: 2010/68

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2010

ISBN: 9781451982121

Keywords: government spending, public debt, fiscal policy response, General Outlook and Conditions, Fiscal Policies and Behavior of Economic Agents: General, National Government Expenditures and Related Policies: General, National Budget, Deficit, and Debt: General,

The countries of the Middle East and North Africa, and the Caucasus and Central Asia have the highest output volatility in the world. Fiscal policy is a powerful tool that can help dampen the business cycles. This...

The Effectiveness of Fiscal Policy in Stimulating Economic Activity

The Effectiveness of Fiscal Policy in Stimulating Economic Activity »

Source: The Effectiveness of Fiscal Policy in Stimulating Economic Activity : A Review of the Literature

Volume/Issue: 2002/208

Series: IMF Working Papers

Author(s): Selma Mahfouz , Richard Hemming , and Michael Kell

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2002

ISBN: 9781451874716

Keywords: economic activity, fiscal multipliers, government spending, expansionary fiscal contractions, expenditure, fiscal contraction, Fiscal Policies and Behavior of Economic Agents: General,

This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., th...

Effects of Fiscal Stimulus in Structural Models

Effects of Fiscal Stimulus in Structural Models »

Source: Effects of Fiscal Stimulus in Structural Models

Volume/Issue: 2010/73

Series: IMF Working Papers

Author(s): Michael Kumhof , Dirk Muir , Carlos de Resende , Jan in ‘t Veld , René Lalonde , Davide Furceri , Annabelle Mourougane , John Roberts , Stephen Snudden , Mathias Trabandt , Günter Coenen , Susanna Mursula , Christopher Erceg , Charles Freedman , Jesper Lindé , Werner Roeger , and Douglas Laxton

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2010

ISBN: 9781451982169

Keywords: Fiscal Multipliers, Government Deficits, inflation, real interest rate, aggregate demand, Open Economy Macroeconomics, International Policy Coordination and Transmission, Fiscal Policies and Behavior of Economic Agents: General,

The paper assesses, using seven structural models used heavily by policymaking institutions, the effectiveness of temporary fiscal stimulus. Models can, more easily than empirical studies, account for differences b...

Firm Investment, Corporate Finance, and Taxation

Firm Investment, Corporate Finance, and Taxation »

Source: Firm Investment, Corporate Finance, and Taxation

Volume/Issue: 2002/237

Series: IMF Working Papers

Author(s): Geremia Palomba

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2002

ISBN: 9781451875720

Keywords: Firm Investment, Imperfect Capital Markets, Corporate Income Taxation, tax rate, taxation, tax policy, corporate taxation, cost of capital, Taxation and Subsidies: Incidence, Business Taxes and Subsidies including sales and value-added (VAT)

This paper examines the intertemporal effect of corporate income taxation on the investment behavior of a firm that faces imperfect capital markets. It shows that when capital markets are imperfect, the optimizing...

Fiscal Consolidation in Israel

Fiscal Consolidation in Israel »

Source: Fiscal Consolidation in Israel : A Global Fiscal Model Perspective

Volume/Issue: 2006/253

Series: IMF Working Papers

Author(s): Natan Epstein , Selim Elekdag , and Marialuz Moreno Badia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2006

ISBN: 9781451865134

Keywords: distortionary taxes, tax cuts, government deficit, Open Economy Macroeconomics, International Policy Coordination and Transmission, Taxation, Subsidies, and Revenue: General, Fiscal Policies and Behavior of Economic Agents: General,

Fiscal consolidation has become an important policy prescription for many emerging market countries (EMCs), particularly for the highly indebted ones. Although prudent fiscal policies tend to reduce vulnerabilities...

Fiscal Deficits and Current Account Deficits

Fiscal Deficits and Current Account Deficits »

Source: Fiscal Deficits and Current Account Deficits

Volume/Issue: 2009/237

Series: IMF Working Papers

Author(s): Michael Kumhof , and Douglas Laxton

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2009

ISBN: 9781451873849

Keywords: Non-Ricardian Households, Government Deficits, Global Current Account Imbalances, current account, fiscal deficits, government spending, Open Economy Macroeconomics, International Policy Coordination and Transmission, Fiscal Policies and Behavior of Economic Agents: General,

The effectiveness of recent fiscal stimulus packages significantly depends on the assumption of non-Ricardian savings behavior. We show that, under the same assumption, fiscal deficits can have worrisome implicatio...

Fiscal Expectations Under the Stability and Growth Pact

Fiscal Expectations Under the Stability and Growth Pact »

Source: Fiscal Expectations Under the Stability and Growth Pact : Evidence from Survey Data

Volume/Issue: 2011/48

Series: IMF Working Papers

Author(s): Marcos Poplawski-Ribeiro , and Jan-Christoph Rülke

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2011

ISBN: 9781455218943

Keywords: credibility, Stability and Growth Pact, survey data, budget deficit, survey, fiscal authorities, fiscal forecasts, equation, Structure, Scope

The paper uses survey data to analyze whether financial market expectations on government budget deficits changed in France, Germany, Italy, and the United Kingdom during the period of the Stability and Growth Pact...