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That Squeezing Feeling : The Interest Burden and Public Debt Stabilization
Debrun, Xavier - 2013
The paper explores the extent to which the pressure of debt service on other spending items may push governments to embark on fiscal consolidation beyond what is strictly necessary to secure solvency. The empirical analysis identifies thresholds of interest bill indicators beyond which...
Persistent link: https://www.econbiz.de/10013080454
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Back to the Future : Fiscal Rules for Regaining Sustainability
Cevik, Serhan - 2019
This paper assesses the cyclicality and sustainability of fiscal policy in Belize and applies a stochastic simulation model to determine the optimal set of fiscal rules. The empirical analysis shows that fiscal policy in Belize has been significantly procyclical and unsustainable much of the...
Persistent link: https://www.econbiz.de/10012858382
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Advancing the Monetary Policy Toolkit Through Outright Transfers
Bützer, Sascha - 2022
This paper argues that in reserve currency issuing economies at the effective lower bound, outright transfers from the central bank to households are both more equitable and more effective in achieving monetary policy objectives than asset purchases or negative interest rates. It shows that...
Persistent link: https://www.econbiz.de/10014083502
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Stabilization, Debt, and Fiscal Policy in the Caribbean
Sahay, Ratna - 2021
Although Caribbean countries have been largely successful in bringing annual inflation down to single digits in recent …
Persistent link: https://www.econbiz.de/10013318090
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It's Never Different : Fiscal Policy Shocks and Inflation
Cevik, Serhan; Miryugin, Fedor - 2023
This paper investigates the impact of fiscal shocks on inflation, using a large panel of 139 countries over the period … 1970–2021. First, both headline and core measures of inflation increase in response to expansionary shifts in the fiscal … with care in aggregate demand management as it has significant effects on inflation, which are highly dependent on fiscal …
Persistent link: https://www.econbiz.de/10014354525
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Public Debt Dynamics and Intra-Year Exchange Rate Fluctuations
Acosta Ormaechea, Santiago - 2021
The public sector, in carrying out its operations, often incurs foreign currency denominated liabilities and, as such, is exposed to exchange rate fluctuations that could affect the value of public debt to GDP ratios over time. This paper shows that converting foreign currency denominated flows...
Persistent link: https://www.econbiz.de/10013250098
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Walking Hand in Hand : Fiscal Policy and Growth in Advanced Economies
Cottarelli, Carlo - 2012
Implementation of fiscal consolidation by advanced economies in coming years needs to take into account the short and long-run interactions between economic growth and fiscal policy. Many countries must reduce high public debt to GDP ratios that penalize longterm growth. However, fiscal...
Persistent link: https://www.econbiz.de/10013102268
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The Challenge of Debt Reduction During Fiscal Consolidation
Eyraud, Luc - 2013
Studies suggest that fiscal multipliers are currently high in many advanced economies. One important implication is that fiscal tightening could raise the debt ratio in the short term, as fiscal gains are partly wiped out by the decline in output. Although this effect is not long-lasting and...
Persistent link: https://www.econbiz.de/10013084149
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Fiscal Consolidation and the Cost of Credit : Evidence from Syndicated Loans
Agca, Senay - 2013
We examine how the cost of corporate credit varies around fiscal consolidations aimed at reducing government debt. Using a new dataset on fiscal consolidations and syndicated corporate loan data, we find that loan spreads increase with fiscal consolidations, especially for small firms, domestic...
Persistent link: https://www.econbiz.de/10013086310
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Debt Reduction, Fiscal Adjustment, and Growth in Credit-Constrained Economies
Baldacci, Emanuele - 2013
This paper assesses the effects of fiscal consolidations associated with public debt reduction on medium-term output growth during periods of private debt deleveraging. The analysis covers 107 countries and 79 episodes of public debt reduction driven by discretionary fiscal adjustments during...
Persistent link: https://www.econbiz.de/10013071366