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Default in Today's Advanced Economies

Default in Today's Advanced Economies »

Source: Default in Today's Advanced Economies : Unnecessary, Undesirable, and Unlikely

Volume/Issue: 2010/12

Series: IMF Staff Position Notes

Author(s): Carlo Cottarelli , Paolo Mauro , Lorenzo Forni , and Jan Gottschalk

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2010

ISBN: 9781455261307

Keywords: Debt restructuring, Developed countries, Budget deficits, Exchange rate adjustments, Public debt, Public finance, Sovereign debt, Interest rates, Fiscal adjustment, debt

This note summarizes the main arguments put forward by some market commentators who argue that default is inevitable, and presents a rebuttal for each argument in turn. Their main arguments focus on the size of the...

Determining the Value of a Financial Unit of Account Based on Composite Currencies: The Case of the Private ECU

Determining the Value of a Financial Unit of Account Based on Composite Currencies: The Case of the Private ECU »

Source: IMF Staff papers : Volume 42 No. 1

Volume: 42

Series: IMF Staff Papers

Author(s): International Monetary Fund. Research Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1995

ISBN: 9781451957068

Keywords: budget, debt, budget deficits, public debt, deficit

This paper provides a critical survey of the literature on politico-institutional determinants of the government budget. We organize our discussion around two questions: Why did certain OECD countries, but not othe...

Does Fiscal Policy Affect Interest Rates? Evidence from a Factor-Augmented Panel

Does Fiscal Policy Affect Interest Rates? Evidence from a Factor-Augmented Panel »

Source: Does Fiscal Policy Affect Interest Rates? Evidence from a Factor-Augmented Panel

Volume/Issue: 2013/159

Series: IMF Working Papers

Author(s): Salvatore Dell'Erba , and Sergio Sola

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 July 2013

ISBN: 9781484394502

Keywords: Real time data, Cross-sectional dependence, Heterogeneous panels, public debt, fiscal stance, budget deficits, fiscal variables, General, International Policy Coordination and Transmission, Globalization: Macroeconomic Impacts

This paper reconsiders the effects of fiscal policy on long-term interest rates employing a Factor Augmented Panel (FAP) to control for the presence of common unobservable factors. We construct a real-time dataset...

Expansionary Austerity New International Evidence

Expansionary Austerity New International Evidence »

Source: Expansionary Austerity New International Evidence

Volume/Issue: 2011/158

Series: IMF Working Papers

Author(s): Daniel Leigh , Andrea Pescatori , and Jaime Guajardo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2011

ISBN: 9781455294695

Keywords: government expenditure, output fluctuations, fiscal adjustments, fiscal consolidations, budget deficit, Taxation, Subsidies, and Revenue: General, And Finance,

This paper investigates the short-term effects of fiscal consolidation on economic activity in OECD economies. We examine the historical record, including Budget Speeches and IMFdocuments, to identify changes in fi...

External Shocks, the Real Exchange Rate, and Tax Policy

External Shocks, the Real Exchange Rate, and Tax Policy »

Source: IMF Staff papers : Volume 42 No. 1

Volume: 42

Series: IMF Staff Papers

Author(s): International Monetary Fund. Research Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1995

ISBN: 9781451957068

Keywords: budget, debt, budget deficits, public debt, deficit

This paper provides a critical survey of the literature on politico-institutional determinants of the government budget. We organize our discussion around two questions: Why did certain OECD countries, but not othe...

Fiscal Reforms That Work

Fiscal Reforms That Work »

Series: Economic Issues

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 January 1997

DOI: http://dx.doi.org/10.5089/9781557756244.051

ISBN: 9781557756244

Keywords: fiscal consolidation, economic growth, public debt, budget deficit, business cycle

Reducing the budget deficit is not easy. Keynesian theory suggests thatlowering government expenditures and raising revenues can lead to afalloff in economic activity. This paper argues the neoclassical approach -...

Fiscal Reforms That Work

Fiscal Reforms That Work »

Source: Fiscal Reforms That Work

Series: Economic Issues

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 January 1997

ISBN: 9781557756244

Keywords: fiscal consolidation, economic growth, public debt, budget deficit, business cycle

Budget deficits (the yearly excess of government expenditures over revenues) and government debt (the deficits accumulated over the years) have soared in many industrial countries over the past 20 years, and...

Back Matter

Back Matter »

Source: Fiscal Reforms That Work

Series: Economic Issues

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 January 1997

ISBN: 9781557756244

Keywords: fiscal consolidation, economic growth, public debt, budget deficit, business cycle

Reducing the budget deficit is not easy. Keynesian theory suggests thatlowering government expenditures and raising revenues can lead to afalloff in economic activity. This paper argues the neoclassical approach -...

Front Matter

Front Matter »

Source: Fiscal Reforms That Work

Series: Economic Issues

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 January 1997

ISBN: 9781557756244

Keywords: fiscal consolidation, economic growth, public debt, budget deficit, business cycle

Reducing the budget deficit is not easy. Keynesian theory suggests thatlowering government expenditures and raising revenues can lead to afalloff in economic activity. This paper argues the neoclassical approach -...

IMF Executive Board Approves €22.5 Billion Extended Arrangement for Ireland

IMF Executive Board Approves €22.5 Billion Extended Arrangement for Ireland »

Source: Ireland : Request for an Extended Arrangement-Staff Report; Staff Supplement; Staff Statement; and Press Release on the Executive Board Discussion.

Volume/Issue: 2010/366

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 December 2010

ISBN: 9781455212897

Keywords: debt, deficit, central bank, interest, budget

The economic and financial pressures facing Ireland are intense. The banking sector is at the fulcrum of Ireland's problems. The program, therefore, aims to restore the banking system. It will address structural pr...