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Correcting “Beyond the Cycle:” Accounting for Asset Prices in Structural Fiscal Balances1

Correcting “Beyond the Cycle:” Accounting for Asset Prices in Structural Fiscal Balances1 »

Source: Correcting 'Beyond the Cycle" : Accounting for Asset Prices in Structural Fiscal Balances

Volume/Issue: 2015/109

Series: IMF Working Papers

Author(s): Estelle Liu , Todd Mattina , and Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 May 2015

ISBN: 9781513520551

Keywords: asset price, equity market, housing market, panel data econometrics, prices, price, equity, Asset Pricing, Deficit, panel data econometrics.,

This paper outlines an operational approach for incorporating the impact of asset price cycles in the calculation of structural fiscal balances (SFBs). The global financial crisis demonstrated that movements in ass...

Sovereign CDS Spreads in Europe: The Role of Global Risk Aversion, Economic Fundamentals, Liquidity, and Spillovers

Sovereign CDS Spreads in Europe: The Role of Global Risk Aversion, Economic Fundamentals, Liquidity, and Spillovers »

Source: Sovereign CDS Spreads in Europe : The Role of Global Risk Aversion, Economic Fundamentals, Liquidity, and Spillovers

Volume/Issue: 2014/17

Series: IMF Working Papers

Author(s): Frigyes Heinz , and Yan Sun

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 January 2014

ISBN: 9781484393017

Keywords: CESEE countries, financial spillovers, CDS spreads, debt threshold, current account, public debt, current account balance, Financial Markets and the Macroeconomy, Asset Pricing,

By analysing data from January 2007 to December 2012 in a panel GLS error correction framework we find that European countries' sovereign CDS spreads are largely driven by global investor sentiment, macroeconomic f...

Asset Booms and Structural Fiscal Positions

Asset Booms and Structural Fiscal Positions »

Source: Asset Booms and Structural Fiscal Positions : The Case of Ireland

Volume/Issue: 2010/57

Series: IMF Working Papers

Author(s): Daniel Kanda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2010

ISBN: 9781451963687

Keywords: Asset Price Cycle, Property Bubble, expenditure, structural fiscal, fiscal balance, public finances, Estimation, Model Construction and Estimation, National Deficit Surplus, Econometric And Statistical Methods: - General,

Asset booms and sectoral changes can distort traditional estimates of structural fiscal revenue, and could lead to serious fiscal policy errors. This paper extends the estimation of structural revenues to take acco...

Correcting 'Beyond the Cycle"
			: Accounting for Asset Prices in Structural Fiscal Balances

Correcting 'Beyond the Cycle" : Accounting for Asset Prices in Structural Fiscal Balances »

Volume/Issue: 2015/109

Series: IMF Working Papers

Author(s): Estelle Liu , Todd Mattina , and Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 May 2015

DOI: http://dx.doi.org/10.5089/9781513520551.001

ISBN: 9781513520551

Keywords: asset price, equity market, housing market, panel data econometrics, prices, price, equity, Asset Pricing, Deficit, panel data econometrics.,

This paper outlines an operational approach for incorporating the impact of asset price cycles in the calculation of structural fiscal balances (SFBs). The global financial crisis demonstrated that movements in ass...

Sovereign CDS Spreads in Europe
			: The Role of Global Risk Aversion, Economic Fundamentals, Liquidity, and Spillovers

Sovereign CDS Spreads in Europe : The Role of Global Risk Aversion, Economic Fundamentals, Liquidity, and Spillovers »

Volume/Issue: 2014/17

Series: IMF Working Papers

Author(s): Frigyes Heinz , and Yan Sun

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 January 2014

DOI: http://dx.doi.org/10.5089/9781484393017.001

ISBN: 9781484393017

Keywords: CESEE countries, financial spillovers, CDS spreads, debt threshold, current account, public debt, current account balance, Financial Markets and the Macroeconomy, Asset Pricing,

By analysing data from January 2007 to December 2012 in a panel GLS error correction framework we find that European countries' sovereign CDS spreads are largely driven by global investor sentiment, macroeconomic f...

Asset Booms and Structural Fiscal Positions
			: The Case of Ireland

Asset Booms and Structural Fiscal Positions : The Case of Ireland »

Volume/Issue: 2010/57

Series: IMF Working Papers

Author(s): Daniel Kanda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2010

DOI: http://dx.doi.org/10.5089/9781451963687.001

ISBN: 9781451963687

Keywords: Asset Price Cycle, Property Bubble, expenditure, structural fiscal, fiscal balance, public finances, Estimation, Model Construction and Estimation, National Deficit Surplus, Econometric And Statistical Methods: - General,

Asset booms and sectoral changes can distort traditional estimates of structural fiscal revenue, and could lead to serious fiscal policy errors. This paper extends the estimation of structural revenues to take acco...