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Fiscal Sustainability
Tanner, Evan - 2013
This paper critically reviews recent work regarding the sustainability of public debt. It argues that Debt … Sustainability Analyses (DSAs) should be more than mere mechanical simulation exercises. Instead, a DSA should be linked to some …
Persistent link: https://www.econbiz.de/10012689867
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The Fiscal Stance in Japan: A Model-based Analysis
Fournier, Jean-Marc - 2022
This paper assesses Japan's fiscal stance in the past and the future with a stochastic structural model called the Buffer-Stock Model of the Government. Our retrospective analysis suggests that the fiscal stance in the 1990s and the early 2000s was overall looser than the model recommendations....
Persistent link: https://www.econbiz.de/10015060166
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Walking hand in hand : fiscal policy and growth in advanced economies
Cottarelli, Carlo; Jaramillo, Laura - 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/10009615787
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Fiscal Sustainability in Remittance-Dependent Economies
Chami, Ralph - 2009
We investigate the impact of remittances on public debt sustainability and detail how the traditional debt-to-GDP ratio … can be modified to create a more accurate representation of debt sustainability for a country that receives significant … remittance inflows. The main result is that inclusion of remittances into the traditional debt sustainability analysis alters the …
Persistent link: https://www.econbiz.de/10012677866
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Bond yields in emerging economies : it matters what state you are in
Jaramillo, Laura; Weber, Anke - 2012
While many studies have looked into the determinants of yields on externally issued sovereign bonds of emerging economies, analysis of domestically issued bonds has hitherto been limited, despite their growing relevance. This paper finds that the extent to which fiscal variables affect domestic...
Persistent link: https://www.econbiz.de/10009621689
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Fiscal Deficits and Current Account Deficits
Kumhof, Michael - 2009
The effectiveness of recent fiscal stimulus packages significantly depends on the assumption of non-Ricardian savings behavior. We show that, under the same assumption, fiscal deficits can have worrisome implications if they turn out to be permanent. First, if they occur in large countries they...
Persistent link: https://www.econbiz.de/10012677897
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Fiscal Impulses and their Fiscal Impact
Chand, Sheetal K. - International Monetary Fund (IMF) - 1992
Fiscal impulse measures are used in the WEO and elsewhere to indicate the changing impact of the budget on the economy. Such measures are intended to provide more accurate indications of whether the budget is becoming more or less expansionary than would just observing moments in the actual...
Persistent link: https://www.econbiz.de/10005248137
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Pension Reform and the Fiscal Policy Stance
Gerson, Philip R.; Mackenzie, G. A.; Heller, Peter S.; … - International Monetary Fund (IMF) - 2001
The increased budget deficit caused by the privatization of a public pension plan does not imply a relaxation of the stance of fiscal policy. The reform's impact on the fiscal stance and national saving depends primarily on its effect on the sum of explicit and implicit public debt and on the...
Persistent link: https://www.econbiz.de/10005263836
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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
the fiscal consolidation and initial fiscal conditions, affects the sustainability of adjustment. Initial fiscal …
Persistent link: https://www.econbiz.de/10005264087
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Sovereign Risk, Fiscal Policy, and Macroeconomic Stability
Kuester, Keith; Mueller, Gernot J.; Corsetti, Giancarlo; … - International Monetary Fund (IMF) - 2012
This paper analyzes the impact of strained government finances on macroeconomic stability and the transmission of fiscal policy. Using a variant of the model by Curdia and Woodford (2009), we study a "sovereign risk channel" through which sovereign default risk raises funding costs in the...
Persistent link: https://www.econbiz.de/10009650633