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III What Is a “Large” Fiscal Adjustment?

III What Is a “Large” Fiscal Adjustment? »

Source: Experience with Large Fiscal Adjustments

Series: Occasional Papers

Author(s): Mark Horton , George Tsibouris , Wojciech Maliszewski , and Mark Flanagan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 June 2006

ISBN: 9781589064584

Keywords: Fiscal management, expenditure, fiscal adjustment, expenditures, fiscal adjustments, fiscal policy

In this study, an episode of fiscal adjustment is defined as any year or succession of years of uninterrupted improvement in the fiscal primary balance. Data were assembled for the 165 countries, covering th...

IV What Sustains a Large Fiscal Adjustment?

IV What Sustains a Large Fiscal Adjustment? »

Source: Experience with Large Fiscal Adjustments

Series: Occasional Papers

Author(s): Mark Horton , George Tsibouris , Wojciech Maliszewski , and Mark Flanagan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 June 2006

ISBN: 9781589064584

Keywords: Fiscal management, expenditure, fiscal adjustment, expenditures, fiscal adjustments, fiscal policy

Three techniques were used to shed light on the factors underlying sustained large fiscal adjustments. First, following Alesina and Perotti (1996), separate samples of successful and unsuccessful adjustment...

V Macroeconomic Impact of Large Fiscal Adjustments

V Macroeconomic Impact of Large Fiscal Adjustments »

Source: Experience with Large Fiscal Adjustments

Series: Occasional Papers

Author(s): Mark Horton , George Tsibouris , Wojciech Maliszewski , and Mark Flanagan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 June 2006

ISBN: 9781589064584

Keywords: Fiscal management, expenditure, fiscal adjustment, expenditures, fiscal adjustments, fiscal policy

The economic literature has emphasized that fiscal adjustments may contribute to a range of macroeconomic outcomes, depending on the relative impact of such factors as the direct impact of reduced aggregate...

VI Conclusions

VI Conclusions »

Source: Experience with Large Fiscal Adjustments

Series: Occasional Papers

Author(s): Mark Horton , George Tsibouris , Wojciech Maliszewski , and Mark Flanagan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 June 2006

ISBN: 9781589064584

Keywords: Fiscal management, expenditure, fiscal adjustment, expenditures, fiscal adjustments, fiscal policy

The findings of this paper provide a number of suggestions for policymakers on the design and implementation of a large fiscal adjustment. Expenditure measures appear to offer the greatest likelihood of succ...