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.

Abstract

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.

Authors

Bhandari, Jagdeep S. Trade Reform Under Partial Currency Convertibility: Some Suggestive Results 494

Bhandari, Jagdeep S., Robert P. Flood, and Jocelyn P. Home. Evolution of Exchange Rate Regimes 810

Borensztein, Eduardo, and Atish Rex Ghosh. Foreign Borrowing and Export Promotion Policies 904

Callier, Philippe. Debt Relief and Adjustment Incentives in a Financially Open Economy: Comment on Corden 514

Calvo, Guillermo A. Is Inflation Effective for Liquidating Short-Term Nominal Debt? 950

Citrin, Daniel. The Recent Behavior of U.S. Trade Prices 934

Corker, Robert. External Adjustment and the Strong Yen: Recent Japanese Experience 464

Corker, Robert, Owen Evans, and Lloyd Kenward. Tax Policy and Business Investment in the United States: Evidence from the 1980s 31

De Masi, Paula, and Henri Lorie. How Resilient Are Military Expenditures? 130

Dooley, Michael P. Assessing Buy-Back Benefits: Reply to Snowden 736

Dooley, Michael P., J. Saul Lizondo, and Donald J. Mathieson. The Currency Composition of Foreign Exchange Reserves 385

Edwards, Sebastian, and Peter J. Montiel. Devaluation Crises and the Macroeconomic Consequences of Postponed Adjustment in Developing Countries 875

Evans, Owen, Robert Corker, and Lloyd Kenward. Tax Policy and Business Investment in the United States: Evidence from the 1980s 31

Flood, Robert P., and Peter Isard. Monetary Policy Strategies 612

Flood, Robert P., Jagdeep S. Bhandari, and Jocelyn P. Horne. Evolution of Exchange Rate Regimes 810

Genberg, Hans, and Alexander K. Swoboda. Policy and Current Account Determination Under Floating Exchange Rates 1

Ghosh, Atish Rex, and Eduardo Borensztein. Foreign Borrowing and Export Promotion Policies 904

Greene, Joshua. The External Debt Problem of Sub-Saharan Africa 836

Helpman, Elhanan. Voluntary Debt Reduction: Incentives and Welfare 580

Home, Jocelyn P., Robert P. Flood, and Jagdeep S. Bhandari. Evolution of Exchange Rate Regimes 810

Isard, Peter, and Robert P. Flood. Monetary Policy Strategies 612

Kenward, Lloyd, Robert Corker, and Owen Evans. Tax Policy and Business Investment in the United States: Evidence from the 1980s 31

Khan, Mohsin S., and Peter J. Montiel. Growth-Oriented Adjustment Programs: A Conceptual Framework 279

Kop, Yaakov. Fiscal Restraint and Social Expenditure: Israel’s Experience in the 1980s 262

Kumar, Manmohan S. The Stabilizing Role of the Compensatory Financing Facility: Empirical Evidence and Welfare Implications 771

Lahiri, Ashok K. Dynamics of Asian Savings: The Role of Growth and Age Structure 228

Landell-Mills, J.M. The Demand for International Reserves and Their Opportunity Cost 708

Lizondo, J. Saul, Michael P. Dooley, and Donald J. Mathieson. The Currency Composition of Foreign Exchange Reserves 385

Lizondo, J. Saul, and Peter J. Montiel. Contractionary Devaluation in Developing Countries: An Analytical Overview 182

Lorie, Henri, and Paula De Masi. How Resilient Are Military Expenditures? 130

Mackenzie, G.A. Are All Summary Indicators of the Stance of Fiscal Policy Misleading? 743

Mathieson, Donald J., Michael P. Dooley, and J. Saul Lizondo. The Currency Composition of Foreign Exchange Reserves 385

Mayer, Thomas. Economic Structure, the Exchange Rate, and Adjustment in the Federal Republic of Germany: A General Equilibrium Approach 435

Montiel, Peter J. Empirical Analysis of High-Inflation Episodes in Argentina, Brazil, and Israel 527

Montiel, Peter J., and J. Saul Lizondo. Contractionary Devaluation in Developing Countries: An Analytical Overview 182

Montiel, Peter J., and Mohsin S. Khan. Growth-Oriented Adjustment Programs: A Conceptual Framework 279

Montiel, Peter J., and Sebastian Edwards. Devaluation Crises and the Macroeconomic Consequences of Postponed Adjustment in Developing Countries 875

Murphy, Robert G. Stock Prices, Real Exchange Rates, and Optimal Capital Accumulation 102

Ohno, Kenichi. Export Pricing Behavior of Manufacturing: A U.S.-Japan Comparison 550

Otani, Ichiro, and Delano Villanueva. Theoretical Aspects of Growth in Developing Countries: External Debt Dynamics and the Role of Human Capital 307

Rossi, Nicola. Dependency Rates and Private Savings Behavior in Developing Countries 166

Snowden, P.N. The Interpretation of Market Discounts in Assessing Buy-Back Benefits: Comment on Dooley 733

Swamy, P.A.V.B., and George S. Tavlas. Financial Deregulation, the Demand for Money, and Monetary Policy in Australia 63

Swoboda, Alexander K., and Hans Genberg. Policy and Current Account Determination Under Floating Exchange Rates 1

Tanzi, Vito. The Impact of Macroeconomic Policies on the Level of Taxation and the Fiscal Balance in Developing Countries 633

Tavlas, George S., and P.A.V.B. Swamy. Financial Deregulation, the Demand for Money, and Monetary Policy in Australia 63

Towe, Christopher M. Exchange Rate “Fundamentals” Versus Speculation in a Developing Economy: An Illustrative Example Using Lebanese Data 678

Vaez-Zadeh, Reza. Oil Wealth and Economic Behavior: The Case of Venezuela, 1965–81 343

Végh, Carlos A. Government Spending and Inflationary Finance: A Public Finance Approach 657

Villanueva, Delano, and Ichiro Otani. Theoretical Aspects of Growth in Developing Countries: External Debt Dynamics and the Role of Human Capital 307

Titles

Are All Summary Indicators of the Stance of Fiscal Policy Misleading? By G.A. Mackenzie 743

Assessing Buy-Back Benefits: Reply to Snowden. By Michael P. Dooley 736

Contractionary Devaluation in Developing Countries: An Analytical Overview. By J. Saul Lizondo and Peter J. Montiel 182

The Currency Composition of Foreign Exchange Reserves. By Michael P. Dooley, J. Saul Lizondo, and Donald J. Mathieson 385

Debt Relief and Adjustment Incentives in a Financially Open Economy: Comment on Corden. By Philippe Callier 514

The Demand for International Reserves and Their Opportunity Cost. By J.M. Landell-Mills 708

Dependency Rates and Private Savings Behavior in Developing Countries. By Nicola Rossi 166

Devaluation Crises and the Macroeconomic Consequences of Postponed Adjustment in Developing Countries. By Sebastian Edwards and Peter J. Montiel 875

Dynamics of Asian Savings: The Role of Growth and Age Structure. By Ashok K. Lahiri 228

Economic Structure, the Exchange Rate, and Adjustment in the Federal Republic of Germany: A General Equilibrium Approach. By Thomas Mayer 435

Empirical Analysis of High-Inflation Episodes in Argentina, Brazil, and Israel. By Peter J. Montiel 527

Evolution of Exchange Rate Regimes. By Jagdeep S. Bhandari, Robert P. Flood, and Jocelyn P. Horne 810

Exchange Rate “Fundamentals” Versus Speculation in a Developing Economy: An Illustrative Example Using Lebanese Data. By Christopher M. Towe 678

Export Pricing Behavior of Manufacturing: A U.S.-Japan Comparison. By Kenichi Ohno 550

External Adjustment and the Strong Yen: Recent Japanese Experience. By Robert Corker 464

The External Debt Problem of Sub-Saharan Africa. By Joshua Greene 836

Financial Deregulation, the Demand for Money, and Monetary Policy in Australia. By P.A.V.B. Swamy and George S. Tavlas 63

Fiscal Restraint and Social Expenditure: Israel’s Experience in the 1980s. By Yaakov Kop 262

Foreign Borrowing and Export Promotion Policies. By Eduardo Borensztein and Atish Rex Ghosh 904

Government Spending and Inflationary Finance: A Public Finance Approach. By Carlos A. Végh 657

Growth-Oriented Adjustment Programs: A Conceptual Framework. By Mohsin S. Khan and Peter J. Montiel 279

How Resilient Are Military Expenditures? By Paula De Masi and Henri Lorie 130

The Impact of Macroeconomic Policies on the Level of Taxation and the Fiscal Balance in Developing Countries. By Vito Tanzi 633

The Interpretation of Market Discounts in Assessing Buy-Back Benefits: Comment on Dooley. By P.N. Snowden 733

Is Inflation Effective for Liquidating Short-Term Nominal Debt? By Guillermo A. Calvo 950

Monetary Policy Strategies. By Robert P. Flood and Peter Isard 612

Oil Wealth and Economic Behavior: The Case of Venezuela, 1965–81. By Reza Vaez-Zadeh 343

Policy and Current Account Determination Under Floating Exchange Rates. By Hans Genberg and Alexander K. Swoboda 1

The Recent Behavior of U.S. Trade Prices. By Daniel Citrin 634

The Stabilizing Role of the Compensatory Financing Facility: Empirical Evidence and Welfare Implications. By Manmohan S. Kumar 771

Stock Prices, Real Exchange Rates, and Optimal Capital Accumulation. By Robert G. Murphy 102

Tax Policy and Business Investment in the United States: Evidence from the 1980s. By Robert Corker, Owen Evans, and Lloyd Kenward 31

Theoretical Aspects of Growth in Developing Countries: External Debt Dynamics and the Role of Human Capital. By Ichiro Otani and Delano Villanueva 307

Trade Reform Under Partial Currency Convertibility: Some Suggestive Results. By Jagdeep S. Bhandari 494

Voluntary Debt Reduction: Incentives and Welfare. By Elhanan Helpman 580

Subjects

To facilitate electronic storage and retrieval of bibliographic data, Staff Papers has adopted the subject classification scheme of the Journal of Economic Literature (Nashville, Tennessee).

023 Macroeconomic Theory

  • Tax Policy and Business Investment in the United States: Evidence from the 1980s. By Robert Corker, Owen Evans, and Lloyd Kenward 31

  • Stock Prices, Real Exchange Rates, and Optimal Capital Accumulation. By Robert G. Murphy 102

111 Economic Growth Theory and Models

  • Dynamics of Asian Savings: The Role of Growth and Age Structure. By Ashok K. Lahiri 228

  • Theoretical Aspects of Growth in Developing Countries: External Debt Dynamics and the Role of Human Capital. By Ichiro Otani and Delano Villanueva 307

112 Economic Development Models and Theories

  • The External Debt Problem of Sub-Saharan Africa. By Joshua Greene 836

113 Economic Planning Theory and Policy

  • Growth-Oriented Adjustment Programs: A Conceptual Framework. By Mohsin S. Khan and Peter J. Montiel 279

121 Economic Studies of Developing Countries

  • Dependency Rates and Private Savings Behavior in Developing Countries. By Nicola Rossi 166

  • Contractionary Devaluation in Developing Countries: An Analytical Overview. By J. Saul Lizondo and Peter J. Montiel 182

  • Dynamics of Asian Savings: The Role of Growth and Age Structure. By Ashok K. Lahiri 228

  • Theoretical Aspects of Growth in Developing Countries: External Debt Dynamics and the Role of Human Capital. By Ichiro Otani and Delano Villanueva 307

  • Oil Wealth and Economic Behavior: The Case of Venezuela, 1965–81. By Reza Vaez-Zadeh 343

  • The Impact of Macroeconomic Policies on the Level of Taxation and the Fiscal Balance in Developing Countries. By Vito Tanzi 633

  • The Stabilizing Role of the Compensatory Financing Facility: Empirical Evidence and Welfare Implications. By Manmohan S. Kumar 771

  • The External Debt Problem of Sub-Saharan Africa. By Joshua Greene 836

  • Devaluation Crises and the Macroeconomic Consequences of Postponed Adjustment in Developing Countries. By Sebastian Edwards and Peter J. Montiel 875

122 Economic Studies of Developed Countries

  • Tax Policy and Business Investment in the United States: Evidence from the 1980s. By Robert Corker, Owen Evans, and Lloyd Kenward 31

  • External Adjustment and the Strong Yen: Recent Japanese Experience. By Robert Corker 464

  • Export Pricing Behavior of Manufacturing: A U.S.-Japan Comparison. By Kenichi Ohno 550

  • The Recent Behavior of U.S. Trade Prices. By Daniel Citrin 934

131 Economic Fluctuations

  • Contractionary Devaluation in Developing Countries: An Analytical Overview. By J. Saul Lizondo and Peter J. Montiel 182

  • The Demand for International Reserves and Their Opportunity Cost. By J.M. Landell-Mills 708

  • The Stabilizing Role of the Compensatory Financing Facility: Empirical Evidence and Welfare Implications. By Manmohan S. Kumar 771

  • Devaluation Crises and the Macroeconomic Consequences of Postponed Adjustment in Developing Countries. By Sebastian Edwards and Peter J. Montiel 875

132 Forecasting; Econometric Models

  • Oil Wealth and Economic Behavior: The Case of Venezuela, 1965–81. By Reza Vaez-Zadeh 343

133 General Economic Outlook and Stabilization Theories and Policies

  • Trade Reform Under Partial Currency Convertibility: Some Suggestive Results. By Jagdeep S. Bhandari 494

134 Inflation and Deflation

  • Empirical Analysis of High-Inflation Episodes in Argentina, Brazil, and Israel. By Peter J. Montiel 527

  • Is Inflation Effective for Liquidating Short-Term Nominal Debt? By Guillermo A. Calvo 950

211 Econometric and Statistical Methods and Models

  • Dependency Rates and Private Savings Behavior in Developing Countries. By Nicola Rossi 166

  • Dynamics of Asian Savings: The Role of Growth and Age Structure. By Ashok K. Lahiri 228

212 Construction, Analysis, and Use of Econometric Models

  • External Adjustment and the Strong Yen: Recent Japanese Experience. By Robert Corker 464

  • Export Pricing Behavior of Manufacturing: A U.S.-Japan Comparison. By Kenichi Ohno 550

213 Mathematical Methods and Models

  • Foreign Borrowing and Export Promotion Policies. By Eduardo Borensztein and Atish Rex Ghosh 904

227 Prices

  • Export Pricing Behavior of Manufacturing: A U.S.-Japan Comparison. By Kenichi Ohno 550

  • The Recent Behavior of U.S. Trade Prices. By Daniel Citrin 934

311 Domestic Monetary and Financial Theory and Policy

  • Financial Deregulation, the Demand for Money, and Monetary Policy in Australia. By P.A.V.B. Swamy and George S. Tavlas 63

  • Monetary Policy Strategies. By Robert P. Flood and Peter Isard.. 612 Government Spending and Inflationary Finance: A Public Finance Approach. By Carlos A. Végh 657

  • Is Inflation Effective for Liquidating Short-Term Nominal Debt? By Guillermo A. Calvo 950

313 Capital Markets

  • Stock Prices, Real Exchange Rates, and Optimal Capital Accumulation. By Robert G. Murphy 102

  • Is Inflation Effective for Liquidating Short-Term Nominal Debt? By Guillermo A. Calvo 950

320 Fiscal Theory and Policy; Public Finance

  • The Impact of Macroeconomic Policies on the Level of Taxation and the Fiscal Balance in Developing Countries. By Vito Tanzi 633

  • Government Spending and Inflationary Finance: A Public Finance Approach. By Carlos A. Végh 657

321 Fiscal Theory and Policy

  • Tax Policy and Business Investment in the United States: Evidence from the 1980s. By Robert Corker, Owen Evans, and Lloyd Kenward 31

  • Are All Summary Indicators of the Stance of Fiscal Policy Misleading? By G.A. Mackenzie 743

  • Is Inflation Effective for Liquidating Short-Term Nominal Debt? By Guillermo A. Calvo 950

322 National Government Expenditures and Budgeting

  • How Resilient Are Military Expenditures? By Paula De Masi and Henri Lorie 130

  • Fiscal Restraint and Social Expenditure: Israel’s Experience in the 1980s. By Yaakov Kop 262

420 Trade Relations; Commercial Policy; International Economic Integration

  • Trade Reform Under Partial Currency Convertibility: Some Suggestive Results. By Jagdeep S. Bhandari 494

  • Export Pricing Behavior of Manufacturing: A U.S.-Japan Comparison. By Kenichi Ohno 550

  • The Recent Behavior of U.S. Trade Prices. By Daniel Citrin 934

430 International Finance

  • Stock Prices, Real Exchange Rates, and Optimal Capital Accumulation. By Robert G. Murphy 102

  • Growth-Oriented Adjustment Programs: A Conceptual Framework. By Mohsin S. Khan and Peter J. Montiel 279

  • Voluntary Debt Reduction: Incentives and Welfare. By Elhanan Helpman 580

  • The Stabilizing Role of the Compensatory Financing Facility: Empirical Evidence and Welfare Implications. By Manmohan S. Kumar 771

431 Open Economy Macroeconomics; Exchange Rates

  • Policy and Current Account Determination Under Floating Exchange Rates. By Hans Genberg and Alexander K. Swoboda 1

  • Contractionary Devaluation in Developing Countries: An Analytical Overview. By J. Saul Lizondo and Peter J. Montiel 182

  • The Currency Composition of Foreign Exchange Reserves. By Michael P. Dooley, J. Saul Lizondo, and Donald J. Mathieson 385

  • Economic Structure, the Exchange Rate, and Adjustment in the Federal Republic of Germany: A General Equilibrium Approach. By Thomas Mayer 435

  • External Adjustment and the Strong Yen: Recent Japanese Experience. By Robert Corker 464

  • Trade Reform Under Partial Currency Convertibility: Some Suggestive Results. By Jagdeep S. Bhandari 494

  • Export Pricing Behavior of Manufacturing: A U.S.-Japan Comparison. By Kenichi Ohno 550

  • The Impact of Macroeconomic Policies on the Level of Taxation and the Fiscal Balance in Developing Countries. By Vito Tanzi 633

  • Exchange Rate “Fundamentals” Versus Speculation in a Developing Economy: An Illustrative Example Using Lebanese Data. By Christopher M. Towe

  • The Demand for International Reserves and Their Opportunity Cost. By J.M. Landell-Mills 678

  • Evolution of Exchange Rate Regimes. By Jagdeep S. Bhandari, Robert P. Flood, and Jocelyn P. Horne 708

  • Devaluation Crises and the Macroeconomic Consequences of Postponed Adjustment in Developing Countries. By Sebastian Edwards and Peter J. Montiel 875

  • Is Inflation Effective for Liquidating Short-Term Nominal Debt? By Guillermo A. Calvo 950

  • The Recent Behavior of U.S. Trade Prices. By Daniel Citrin 934

432 International Monetary Arrangements

  • The Currency Composition of Foreign Exchange Reserves. By Michael P. Dooley, J. Saul Lizondo, and Donald J. Mathieson 385

  • Evolution of Exchange Rate Regimes. By Jagdeep S. Bhandari, Robert P. Flood, and Jocelyn P. Home 810

433 Private International Lending

  • Foreign Borrowing and Export Promotion Policies. By Eduardo Borensztein and Atish Rex Ghosh 904

440 International Investment and Foreign Aid

  • The Stabilizing Role of the Compensatory Financing Facility: Empirical Evidence and Welfare Implications. By Manmohan S. Kumar 771

443 International Lending and Aid (Public)

  • The External Debt Problem of Sub-Saharan Africa. By Joshua Greene 836

840 Demographic Economics

  • Dependency Rates and Private Savings Behavior in Developing Countries. By Nicola Rossi 166

920 Consumer Economics

  • Dependency Rates and Private Savings Behavior in Developing Countries. By Nicola Rossi 166

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