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Europe > Iceland

You are looking at 1 - 3 of 3 items for :

  • Type: Journal Issue x
  • Government Policy; Provision and Effects of Welfare Program x
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Cover IMF Working Papers
Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy: What Do the Data Say?
Jaejoon Woo
,
Ms. Elva Bova
,
Mr. Tidiane Kinda
, and
Ms. Yuanyan S Zhang
The 2007-09 Great Recession has led to an unprecedented increase in public debt in many countries, triggering substantial fiscal adjustments. What are the distributional consequences of fiscal austerity measures? This is an important policy question. This paper analyzes the effects of fiscal policies on income inequality in a panel of advanced and emerging market economies over the last three decades, complemented by a case study of selected consolidation episodes. The paper shows that fiscal consolidations are likely to raise inequality through various channels including their effects on unemployment. Spending-based consolidations tend to worsen inequality more significantly, relative to tax-based consolidations. The composition of austerity measures also matters: progressive taxation and targeted social benefits and subsidies introduced in the context of a broader decline in spending can help offset some of the adverse distributional impact of consolidation. In addition, fiscal policy can favorably influence long-term trends in both inequality and growth by promoting education and training among low- and middle-income workers.
Keywords:
WP; income; Gini coefficient; Inequality; Fiscal Consolidation; Fiscal Policy; Tax and Spending policy; inequality data; market income; income share; wage bill; income equality; low income; simple average; incomes database; correlation coefficient; order of magnitude; determinants of income inequality; income Gini coefficient; Income inequality; Income distribution; Disposable income; Personal income; Europe; Global; Sub-Saharan Africa; Western Europe; Asia and Pacific
Cover Financial Globalization
Financial Globalization
The Impact on Trade, Policy, Labor, and Capital Flows
International Monetary Fund

Abstract

Assiduously tracking the trends and consequences of globalization, the IMF's quarterly magazine Finance & Development has been a major forum for discussing-and dissecting-the policy options and challenges faced by governments in an era when many national decisions transcend borders. This valuable compilation of articles published over the past eight years focuses on financial globalization, including the policy implications of the huge growth in cross-border capital flows. Articles also look at the expansion of world trade, explore the impact of globalization on jobs, taxation, and the poor, and examine the digital divide between developed and some developing countries. An extraordinary summary that distills nearly a decade of accelerated change.

Keywords:
BOOK; market; liberalization; country; economy; trade openness; market participant; emerging market country; globalization time line; employed workforce; trade share; Capital flows; Emerging and frontier financial markets; Income inequality; Capital account liberalization; Global; Europe; East Asia; Asia and Pacific; North Africa
Cover IMF Survey
IMF Survey, Volume 30, Issue 12
International Monetary Fund. External Relations Dept.
On June 7, IMF Managing Director Horst Köhler announced the appointments of the new First Deputy Managing Director and three department heads. The full text of IMF Press Release No. 01/27 is available on the IMF’s website (www.imf.org).
Keywords:
SV; poverty reduction strategy paper; IMF Treasurer's Department; IMF staff country report; EFF arrangement; IMF survey; growth facility; IMF staff country; Köhler Proposes Stanford University; Bonds; Debt conversion; Exchange rates; Financial sector; Asia and Pacific; Global; Caribbean; East Asia