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Financial Globalization and Fiscal Perfomance in Emerging Markets
Author:
Mr. David Hauner
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Mr. Manmohan S. Kumar
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Series:
IMF Working Papers
Volume/Issue:
Volume 2005: Issue 212
Language:
English
Publication Date:
01 Nov 2005
DOI:
https://doi.org/10.5089/9781451862317.001
ISBN:
9781451862317
ISSN:
1018-5941
Pages:
30
Keywords:
WP; asset; financial market; U.S. dollar; Emerging markets; fiscal performance; global imbalances; interest rate spreads; debt service; interest rate effect; a number of emerging markets; downside GDP growth scenario; U.S. Dollar depreciation; models emerging market; debt stock; emerging market currency; Emerging and frontier financial markets; Debt service; Exchange rates; Global; Asia and Pacific; Middle East; Europe; Africa
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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In recent years financial globalization and benign global market conditions have helped emerging markets in their external financing and budgetary positions. This paper examines three related issues: (i) the importance of the impact of the benign financial environment on fiscal performance; (ii) the likely fiscal impact of a reversal in this environment; and (iii) the potential contribution of fiscal reforms to maintaining favorable market access. The results suggest that the benefits from the benign environment have been substantial and that the potential reversal of the favorable external conditions underlines the need for further fiscal reforms.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund