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De facto fiscal space and fiscal stimulus: Definition and assessment

Aizenman, Joshua; Jinjarak, Yothin - 2010

We define the notion of 'de facto fiscal space' of a country as the outstanding public debt relative to the de facto tax base, where the latter measures the realized tax collection, averaged across several years to smooth for business cycle fluctuations. We apply this concept to account for the...

Persistent link: https://www.econbiz.de/10010287767

De facto fiscal space and fiscal stimulus: Definition and assessment

Aizenman, Joshua; Jinjarak, Yothin - 2010

We define the notion of 'de facto fiscal space' of a country as the inverse of the outstanding public debt relative to the de facto tax base, where the latter measures the realized tax collection, averaged across several years to smooth for business cycle fluctuations. We apply this concept to...

Persistent link: https://www.econbiz.de/10010288141

The fiscal stimulus of 2009-10: Trade openness, fiscal space and exchange rate adjustment

Aizenman, Joshua; Jinjarak, Yothin - 2011

This paper studies the cross-country variation of the fiscal stimulus and the exchange rate adjustment propagated by the global crisis of 2008-9, identifying the role of economic structure in accounting for the heterogeneity of response. We find that greater de facto fiscal space prior to the...

Persistent link: https://www.econbiz.de/10010288159

What is the risk of European sovereign debt defaults? Fiscal space, CDS spreads and market pricing of ristk

Aizenman, Joshua; Hutchison, Michael; Jinjarak, Yothin - 2011

, focusing in particular on the five countries in the South-West Eurozone Periphery (Greece, Ireland, Italy, Portugal, and Spain … emergence of TED spread as a key pricing factor. However, risk-pricing of the South-West Eurozone Periphery countries is not …. We find that Eurozone periphery default risk is priced much higher than the matched countries in 2010, even allowing for …

Persistent link: https://www.econbiz.de/10010287785