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Expenditure Composition, Fiscal Adjustment, and Growth in Low-Income Countries

Clements, Benedict J.; Gupta, Sanjeev; Baldacci, Emanuele; … - International Monetary Fund (IMF) - 2002

This paper assesses the effects of expenditure composition as well as fiscal adjustment on economic growth in a sample of 39 low-income countries during the 1990s. The paper finds that strong budgetary positions and fiscal consolidation are generally associated with higher economic growth in...

Persistent link: https://www.econbiz.de/10005264087

Front-Loaded or Back-Loaded Fiscal Adjustments; What Works in Emerging Market Economies?

Clements, Benedict J.; Gupta, Sanjeev; Baldacci, Emanuele; … - International Monetary Fund (IMF) - 2004

This paper investigates the political and economic determinants of successful fiscal adjustment in 25 emerging market economies from 1980 to 2001. The results show that large and back-loaded fiscal adjustments have the highest likelihood of success. Fiscal consolidations based on expenditure...

Persistent link: https://www.econbiz.de/10005825965

Real and Distributive Effects of Petroleum Price Liberalization; The Case of Indonesia

Clements, Benedict J.; Gupta, Sanjeev; Jung, Hong-Sang - International Monetary Fund (IMF) - 2003

The impact of higher petroleum prices on the aggregate price level, real growth, and income distribution is appraised within a multisector computable general equilibrium (CGE) model. A reduction in the government subsidy raises petroleum prices and production costs throughout the economy....

Persistent link: https://www.econbiz.de/10005826502

Monetary and Fiscal Policy Options for Dealing with External Shocks; Insights from the GIMF for Colombia

Flores, Enrique; Leigh, Daniel; Clements, Benedict J. - International Monetary Fund (IMF) - 2009

This paper utilizes an open-economy New Keynesian overlapping generations model, the Global Integrated Monetary and Fiscal Model (GIMF), to assess the macroeconomic effects of external shocks and the impact of various monetary and fiscal policy responses. The simulations assess the effect of...

Persistent link: https://www.econbiz.de/10005826520

The Cyclical and Long-Term Behavior of Government Expenditures in Developing Countries

Inchauste, Gabriela; Akitoby, Bernardin; Clements, … - International Monetary Fund (IMF) - 2004

We examine the short- and long-term movements of government spending relative to output in 51 countries. We find that in the short term, the main components of government spending increase with output in about half of the sample countries, with some variation across spending categories and...

Persistent link: https://www.econbiz.de/10005826560

External Debt, Public Investment, and Growth in Low-Income Countries

Nguyen, Toan Quoc; Clements, Benedict J.; Bhattacharya, Rina - International Monetary Fund (IMF) - 2003

This paper examines the channels through which external debt affects growth in low-income countries. Our results suggest that the substantial reduction in the stock of external debt projected for highly indebted poor countries (HIPCs) would directly increase per capita income growth by about 1...

Persistent link: https://www.econbiz.de/10005768745

Rebuilding Fiscal Institutions in Postconflict Countries

Bhattacharya, Rina; Clements, Benedict J.; Gupta, Sanjeev; … - International Monetary Fund (IMF) - 2005

This paper discusses experiences in reestablishing fiscal management in postconflict countries. Building fiscal institutions in postconflict countries essentially entails a three-step process: (1) creating a legal or regulatory framework for fiscal management; (2) establishing or strengthening...

Persistent link: https://www.econbiz.de/10005590872

Fiscal Reforms in Low-Income Countries

Clements, Benedict J.; Ebrill, Liam P.; Gupta, Sanjeev; … - International Monetary Fund (IMF) - 1998

The reform of fiscal policies and institutions lies at the heart of structural adjustment in developing countries …. Although the immediate aim of such reform is to reduce fiscal imbalances to achieve macroeconomic stability, the long-term goal … is to secure more durable improvements in fiscal performance. This study reviews the fiscal reform experience of 36 low …

Persistent link: https://www.econbiz.de/10005590939

Public Expenditure in Latin America; Trends and Key Policy Issues

Clements, Benedict J.; Faircloth, Christopher; … - International Monetary Fund (IMF) - 2007

This paper examines trends in government spending in Latin America from the mid-1990s to 2006. It also examines key policy issues, including the cyclicality of spending, public investment, public employment, and social expenditures. It finds that primary expenditures have trended upward for the...

Persistent link: https://www.econbiz.de/10005599456

What Sustains Fiscal Consolidations in Emerging Market Countries?

Clements, Benedict J.; Gupta, Sanjeev; Tiongson, Erwin; … - International Monetary Fund (IMF) - 2003

This paper examines the factors affecting the persistence of fiscal consolidation in 25 emerging market countries during 1980-2001. It proposes a new approach for defining spells of fiscal consolidation. The results indicate that the probability of ending a fiscal adjustment is affected by the...

Persistent link: https://www.econbiz.de/10005604903