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Debt Reduction, Fiscal Adjustment, and Growth in Credit-Constrained Economies

Debt Reduction, Fiscal Adjustment, and Growth in Credit-Constrained Economies »

Source: Debt Reduction, Fiscal Adjustment, and Growth in Credit-Constrained Economies

Volume/Issue: 2013/238

Series: IMF Working Papers

Author(s): Emanuele Baldacci , Sanjeev Gupta , and Carlos Mulas-Granados

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 November 2013

ISBN: 9781475516500

Keywords: fiscal adjustments, fiscal adjustment, spending cuts, General,

This paper assesses the effects of fiscal consolidations associated with public debt reduction on medium-term output growth during periods of private debt deleveraging. The analysis covers 107 countries and 79 epis...

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...

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...

An Exploration of the Private Sector Response to Changes in Government Saving Across OECD Countries

An Exploration of the Private Sector Response to Changes in Government Saving Across OECD Countries »

Source: An Exploration of the Private Sector Response to Changes in Government Saving Across OECD Countries

Volume/Issue: 2001/69

Series: IMF Working Papers

Author(s): Alun Thomas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2001

ISBN: 9781451849066

Keywords: intergenerational fiscal balance, Ricardian effects, expenditures, expenditure, fiscal adjustments, fiscal position, Integenerational Fiscal Balance,

Several recent papers have examined the response of national saving to changes in fiscal policy. This paper uses knowledge about the intergenerational fiscal position of a country to determine whether this informat...

Fiscal Adjustments in OECD Countries

Fiscal Adjustments in OECD Countries »

Source: Fiscal Adjustments in OECD Countries : Composition and Macroeconomic Effects

Volume/Issue: 1996/70

Series: IMF Working Papers

Author(s): Alberto Alesina , and Roberto Perotti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 1996

ISBN: 9781451960433

Keywords: fiscal adjustment, fiscal adjustments, expenditures, expenditure cuts

This paper studies how the composition of fiscal adjustments influences their likelihood of “success”, defined as a long lasting deficit reduction, and their macroeconomic consequences. We find that f...

How Much is A Lot? Historical Evidence on the Size of Fiscal Adjustments1

How Much is A Lot? Historical Evidence on the Size of Fiscal Adjustments1 »

Source: How Much is A Lot? Historical Evidence on the Size of Fiscal Adjustments

Volume/Issue: 2014/179

Series: IMF Working Papers

Author(s): Julio Escolano , Laura Jaramillo , Carlos Mulas-Granados , and G. Terrier

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2014

ISBN: 9781484378861

Keywords: Deficit, primary balance, size of adjustment, fiscal adjustments, fiscal consolidations, Structure and Scope of Government,

The sizeable fiscal consolidation required to stabilize the debt-to-GDP ratios in several countries in the aftermath of the global crisis raises a crucial question on its feasibility. To answer this question, we re...

Lessons from Successful Labor Market Reformers in Europe

Lessons from Successful Labor Market Reformers in Europe »

Volume/Issue: 2007/1

Series: IMF Policy Discussion Papers

Author(s): Anthony Annett

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2007

DOI: http://dx.doi.org/10.5089/9781451975352.003

ISBN: 9781451975352

Keywords: Fiscal adjustment, Europe, Employment, Labor supply, Labor market reforms, Political economy, Wage moderation, Wage bargaining, Tax reductions, labor market

Welfare states can be reformed successfully, and popular support for reforms can be maintained. But this requires an internally consistent package of labor market, fiscal, and product market reforms, including some...

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

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

DOI: http://dx.doi.org/10.5089/9781455261307.004

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...

An Exploration of the Private Sector Response to Changes in Government Saving Across OECD Countries

An Exploration of the Private Sector Response to Changes in Government Saving Across OECD Countries »

Volume/Issue: 2001/69

Series: IMF Working Papers

Author(s): Alun Thomas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2001

DOI: http://dx.doi.org/10.5089/9781451849066.001

ISBN: 9781451849066

Keywords: intergenerational fiscal balance, Ricardian effects, expenditures, expenditure, fiscal adjustments, fiscal position, Integenerational Fiscal Balance,

Several recent papers have examined the response of national saving to changes in fiscal policy. This paper uses knowledge about the intergenerational fiscal position of a country to determine whether this informat...

Debt Reduction, Fiscal Adjustment, and Growth in Credit-Constrained Economies

Debt Reduction, Fiscal Adjustment, and Growth in Credit-Constrained Economies »

Volume/Issue: 2013/238

Series: IMF Working Papers

Author(s): Emanuele Baldacci , Sanjeev Gupta , and Carlos Mulas-Granados

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 November 2013

DOI: http://dx.doi.org/10.5089/9781475516500.001

ISBN: 9781475516500

Keywords: fiscal adjustments, fiscal adjustment, spending cuts, General,

This paper assesses the effects of fiscal consolidations associated with public debt reduction on medium-term output growth during periods of private debt deleveraging. The analysis covers 107 countries and 79 epis...