- International Monetary Fund. Fiscal Affairs Dept.
- Published Date:
- September 2011
Budgetary measures that dampen fluctuation in real GDP, automatically triggered by the tax code and by spending rules.
The spread on credit default swap (CDS) refers to the annual amount (in basis points of the notional amount) that the protection buyer must pay the seller over the length of the contract to protect the underlying asset against a credit event.
Cyclical component of the overall fiscal balance, computed as the difference between cyclical revenues and cyclical expenditure. The latter are typically computed using country-specific elasticities of aggregate revenue and expenditure series with respect to the output gap. Where unavailable, standard elasticities (0,1) are assumed for expenditure and revenue, respectively.
Overall balance minus cyclical balance.
Revenue and expenditure adjusted for the effect of the economic cycle (i.e., net of cyclical revenue and expenditure).
Cyclically adjusted balance excluding net interest payments
Elasticity of expenditure with respect to the output gap.
Discretionary fiscal policy actions (including revenue reductions and spending increases) adopted in response to the financial crisis.
The general government sector consists of all government units and all nonmarket, nonprofit institutions that are controlled and mainly financed by government units comprising the central, state, and local governments. The general government sector does not include public corporations or quasi-corporations.
All liabilities that require future payment of interest and/or principal by the debtor to the creditor. This includes debt liabilities in the form of SDRs, currency and deposits, debt securities, loans, insurance, pensions and standardized guarantee schemes, and other accounts payable. (See the 2001 edition of the IMF’s Government Finance and Statistics Manual and the forthcoming edition of the Public Sector Debt Statistics Guide.) The term “public debt” is used in this Monitor, for simplicity, as synonymous with gross debt of the general government, unless otherwise specified. (Strictly speaking, the term “public debt” refers to the debt of the public sector as a whole, which includes financial and nonfinancial public enterprises and the central bank.)
Overall new borrowing requirement plus debt maturing during the year.
Gross debt minus financial assets, including those held by the broader public sector: for example, social security funds held by the relevant component of the public sector, in some cases.
Deviation of actual from potential GDP, in percent of potential GDP.
Net lending/borrowing, defined as the difference between revenue and total expenditure, using the 2001 edition of the IMF’s Government Finance Statistics Manual (GFSM 2001). Does not include policy lending. For some countries, the overall balance continues to be based on GFSM 1986, in which it is defined as total revenue and grants minus total expenditure and net lending.
Transactions in financial assets that are deemed to be for public policy purposes but are not part of the overall balance.
Overall balance excluding net interest payment (interest expenditure minus interest revenue).
See gross debt.
The public sector consists of the general government sector plus government-controlled entities, known as public corporations, whose primary activity is to engage in commercial activities.
Elasticity of revenue with respect to the output gap.
Cyclically adjusted balance, corrected for one-off and other factors, such as asset and commodity prices and output compositions effects.
Tax expenditures are government revenues that are foregone as a result of preferential tax treatments to specific sectors, activities, regions or economic agents.
The Volatility Index (VIX) maintained by the Chicago Board Options Exchange is a measure of the market’s expectation of stock market volatility over the next 30-day period. It is a weighted blend of prices for a range of options on the S&P 500 index.
Bank for International Settlements
cyclically adjusted balance
cyclically adjusted primary balance
Congressional Budget Office (U.S.)
credit default swap
Council of Economic Advisers of the White House
Commonwealth of Independent States (WEO classification)
corporate income tax
European Central Bank
European Financial Stability Facility
Economist Intelligence Unit
emerging market economies
financial activities tax
financial crisis responsibility fee
Fiscal Indicators Index
financial stability contribution
financial transaction tax
gross domestic product
Government Finance Statistics Manual
Global Financial Stability Report
International Monetary Fund
Latin America and the Caribbean
Middle East and North Africa
Organization for Economic Cooperation and Development
Office of Management and Budget (U.S.)
personal income tax
relative asset swap
employee’s social contributions
employer’s social contributions
Stability and Growth Pact
Securities Market Program
social security contributions
Troubled Asset Relief Program
Volatility Index (Chicago Board Options Exchange)
World Economic Outlook
Afghanistan, Rep. of
Antigua and Barbuda
Bosnia and Herzegovina
Central African Republic
Congo, Democratic Republic of
Congo, Republic of
Hong Kong SAR
Iran, I.R. of
Korea, Republic of
Macedonia, former Yugoslav Republic of
Papua New Guinea
St. Kitts and Nevis
St. Vincent and the Grenadines
São Tomé and Príncipe
Syrian Arab Republic
Taiwan, Province of China
Trinidad and Tobago
United Arab Emirates
Venezuela, República Bolivariana de
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