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IMF Staff papers: Volume 36 No. 4
Author:
International Monetary Fund. Research Dept.
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Series:
IMF Staff Papers
Volume/Issue:
Volume 1989: Issue 004
Language:
English
Publication Date:
01 Jan 1989
DOI:
https://doi.org/10.5089/9781451930757.024
ISBN:
9781451930757
ISSN:
1020-7635
Pages:
240
Keywords:
SP; debt; interest payment guarantee; devaluation crisis; exchange rate regime; debt growth; debt bargaining framework; CFF purchase; Exchange rate arrangements; Exports; Debt service; Export earnings; Sub-Saharan Africa; Africa
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Two recent criticisms of summary fiscal indicators are appraised: first, that they and the conventionally measured public sector balances from which they are derived are not sufficiently broadly defined; second, that they are meaningless because they do not reflect changes in the distribution of wealth between generations. The paper concludes that the defects of summary fiscal indicators have been exaggerated. It is not feasible to include all changes in public sector net worth in the deficit, and the existence of liquidity constraints and aversion to indebtedness imply that conventionally measured public sector deficits are not irrelevant.
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Cover IMF Staff Papers
IMF Staff Papers
ISSN:
1020-7635
Publisher:
International Monetary Fund