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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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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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Public Debt in Advanced Economies and its Spillover Effectson Long-Term Yields
Alper, C. Emre; Forni, Lorenzo - International Monetary Fund (IMF) - 2011
Several models establish a positive association between public debt ratios and long-term real yields, but the empirical evidence is not always conclusive. We reconsider this issue, focusing in particular on possible spillover effects of large advanced economies' debt levels to other economies'...
Persistent link: https://www.econbiz.de/10009293780
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The Liquidation of Government Debt
Reinhart, Carmen; Sbrancia, M. Belen - International Monetary Fund (IMF) - 2015
High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or belowmarket real interest rates. After WWII, capital controls and regulatory restrictions created a captive audience for...
Persistent link: https://www.econbiz.de/10011144605
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Vertical Fiscal Imbalances and the Accumulation of Government Debt
Aldasoro, Inaki; Seiferling, Mike - International Monetary Fund (IMF) - 2014
Delegating fiscal decision making power to sub-national governments has been an area of interest for both academics and policymakers given the expectation that it may lead to better and more efficient provision of public goods and services. Decentralization has, however, often occurred on the...
Persistent link: https://www.econbiz.de/10011142062
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Inflation and Public Debt Reversals in the G7 Countries
Akitoby, Bernardin; Komatsuzaki, Takuji; Binder, Ariel J - International Monetary Fund (IMF) - 2014
This paper investigates the impact of low or high inflation on the public debt-to-GDP ratio in the G-7 countries. Our simulations suggest that if inflation were to fall to zero for five years, the average net debt-to-GDP ratio would increase by about 5 percentage points over the next five years....
Persistent link: https://www.econbiz.de/10011142153
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Macroeconomic and welfare costs of U.S. fiscal imbalances
Gruss, Bertrand; Torres, José L. - 2012
In this paper we use a general equilibrium model with heterogeneous agents to assess the macroeconomic and welfare consequences in the United States of alternative fiscal policies over the medium-term. We find that failing to address the fiscal imbalances associated with current federal fiscal...
Persistent link: https://www.econbiz.de/10009488208
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Systemic banking crises database : an update
Laeven, Luc; Valencia, Fabian - 2012
We update the widely used banking crises database by Laeven and Valencia (2008, 2010) with new information on recent and ongoing crises, including updated information on policy responses and outcomes (i.e. fiscal costs, output losses, and increases in public debt). We also update our dating of...
Persistent link: https://www.econbiz.de/10009618518
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Threshold effects of sovereign debt : evidence from the Caribbean
Greenidge, Kevin C. D.; Craigwell, Roland C.; Thomas, … - 2012
This paper addresses the issue of threshold effects between public debt and economic growth in the Caribbean. The main finding is that there exists a threshold debt to gross domestic product (GDP) ratio of 55-56 percent. Moreover, the debt dynamics begin changing well before this threshold is...
Persistent link: https://www.econbiz.de/10009618534
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Fiscal transparency, fiscal performance and credit ratings
Arbatli, Elif; Escolano, Julio - 2012
This paper investigates the effect of fiscal transparency on market assessments of sovereign risk, as measured by credit ratings. It measures this effect through a direct channel (uncertainty reduction) and an indirect channel (better fiscal policies and outcomes), and it differentiates between...
Persistent link: https://www.econbiz.de/10009618538