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...

This paper presents an analysis of the social impact of the economic crisis and reform programs in three Asian countries: Indonesia, Korea, and Thailand. The focus is on changes in real consumption expenditures arising from higher inflation and unemployment