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The Distributional Effects Of Fiscal Consolidation In Nine Countries
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Book Synopsis The Economic Effects of Fiscal Consolidation with Debt Feedback by : Mr.Marcello M. Estevão
Download or read book The Economic Effects of Fiscal Consolidation with Debt Feedback written by Mr.Marcello M. Estevão and published by International Monetary Fund. This book was released on 2013-05-31 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past several years of recession and slow recovery have raised much interest on the effect of fiscal stimulus on economic activity, even as high public debts in many countries would call for fiscal consolidation. To evaluate the delicate balance between stimulus and consolidation requires measuring the size of fiscal multipliers, which often depends on having quarterly data so that exogenous fiscal policy shocks can be identified. We estimate fiscal multipliers using a novel methodology for identifying fiscal shocks within a structural vector autoregressive approach using annual data while controling for debt feedback effects. The estimation focuses on regions with scarce quarterly data (mostly low-income countries), and uses results for advanced economies, emerging market countries, and other broad groupings for which alternative estimates are available to validate the methodology. Differently from advanced and emerging market economies, fiscal consolidation in low-income countries has only a small temporary negative effect on growth while raising medium-term output. Shifting the composition of public spending toward capital expenditure further supports long-run growth.
Book Synopsis The Distributional Effects of Fiscal Consolidation by : Laurence M. Ball
Download or read book The Distributional Effects of Fiscal Consolidation written by Laurence M. Ball and published by International Monetary Fund. This book was released on 2013-06-21 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the distributional effects of fiscal consolidation. Using episodes of fiscal consolidation for a sample of 17 OECD countries over the period 1978–2009, we find that fiscal consolidation has typically had significant distributional effects by raising inequality, decreasing wage income shares and increasing long-term unemployment. The evidence also suggests that spending-based adjustments have had, on average, larger distributional effects than tax-based adjustments.
Book Synopsis The Rise in Inequality After Pandemics: Can Fiscal Support Play a Mitigating Role? by : Davide Furceri
Download or read book The Rise in Inequality After Pandemics: Can Fiscal Support Play a Mitigating Role? written by Davide Furceri and published by International Monetary Fund. This book was released on 2021-04-30 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Major epidemics of the last two decades (SARS, H1N1, MERS, Ebola and Zika) have been followed by increases in inequality (Furceri, Loungani, Ostry and Pizzuto, 2020). In this paper, we show that the extent of fiscal consolidation in the years following the onset of these pandemics has played an important role in determining the extent of the increase in inequality. Episodes marked by extreme austerity—measured using either the government’s fiscal balance, health expenditures or redistribution—have been associated with an increase in the Gini measure of inequality three times as large as in episodes where fiscal policy has been more supportive. We survey the evidence thus far on the distributional impacts of the COVID-19 pandemic, which suggests that inequality is likely to increase in the absence of strong policy actions. We review the case made by many observers (IMF 2020; Stiglitz 2020; Sandbu 2020b) that fiscal support should not be withdrawn prematurely despite understandable concerns about high public debt-to-GDP ratios.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1498344658 Total Pages :257 pages Book Rating :4.4/5 (983 download)
Book Synopsis Fiscal Policy and Long-Term Growth by : International Monetary Fund
Download or read book Fiscal Policy and Long-Term Growth written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-04-20 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
Book Synopsis Fiscal Policy after the Financial Crisis by : Alberto Alesina
Download or read book Fiscal Policy after the Financial Crisis written by Alberto Alesina and published by University of Chicago Press. This book was released on 2013-06-25 with total page 596 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.
Book Synopsis Income Inequality and Fiscal Policy by : Mr.David Coady
Download or read book Income Inequality and Fiscal Policy written by Mr.David Coady and published by International Monetary Fund. This book was released on 2012-06-28 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.
Book Synopsis Fiscal Redistribution and Social Welfare by : Mr.David Coady
Download or read book Fiscal Redistribution and Social Welfare written by Mr.David Coady and published by International Monetary Fund. This book was released on 2019-03-08 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal policy is a key tool for achieving distributional objectives in advanced economies. This paper embeds the discussion of fiscal redistribution within the standard social welfare framework, which lends itself to a transparent and practical evaluation of the extent and determinants of fiscal redistribution. Differences in fiscal redistribution are decomposed into differences in the magnitude of transfers (fiscal effort) and in the progressivity of transfers (fiscal progressivity). Fiscal progressivity is further decomposed into differences in the distribution of transfers across income groups (targeting performance) and in the social welfare returns to targeting due to varying initial levels of income inequality (targeting returns). This decomposition provides a clear distinction between the concepts of progressivity and targeting, and clarifies the relationship between them. For illustrative purposes, the framework is applied to data for 28 EU countries to determine the factors explaining differences in their fiscal redistribution and to discuss patterns in fiscal redistribution highlighted in the literature.
Book Synopsis Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy by : Jaejoon Woo
Download or read book Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy written by Jaejoon Woo and published by International Monetary Fund. This book was released on 2013-09-17 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2007-09 Great Recession has led to an unprecedented increase in public debt in many countries, triggering substantial fiscal adjustments. What are the distributional consequences of fiscal austerity measures? This is an important policy question. This paper analyzes the effects of fiscal policies on income inequality in a panel of advanced and emerging market economies over the last three decades, complemented by a case study of selected consolidation episodes. The paper shows that fiscal consolidations are likely to raise inequality through various channels including their effects on unemployment. Spending-based consolidations tend to worsen inequality more significantly, relative to tax-based consolidations. The composition of austerity measures also matters: progressive taxation and targeted social benefits and subsidies introduced in the context of a broader decline in spending can help offset some of the adverse distributional impact of consolidation. In addition, fiscal policy can favorably influence long-term trends in both inequality and growth by promoting education and training among low- and middle-income workers.
Book Synopsis Inequality and Fiscal Policy by : Mr.Benedict J. Clements
Download or read book Inequality and Fiscal Policy written by Mr.Benedict J. Clements and published by International Monetary Fund. This book was released on 2015-09-21 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sizeable increase in income inequality experienced in advanced economies and many parts of the world since the 1990s and the severe consequences of the global economic and financial crisis have brought distributional issues to the top of the policy agenda. The challenge for many governments is to address concerns over rising inequality while simultaneously promoting economic efficiency and more robust economic growth. The book delves into this discussion by analyzing fiscal policy and its link with inequality. Fiscal policy is the government’s most powerful tool for addressing inequality. It affects households ‘consumption directly (through taxes and transfers) and indirectly (via incentives for work and production and the provision of public goods and individual services such as education and health). An important message of the book is that growth and equity are not necessarily at odds; with the appropriate mix of policy instruments and careful policy design, countries can in many cases achieve better distributional outcomes and improve economic efficiency. Country studies (on the Netherlands, China, India, Republic of Congo, and Brazil) demonstrate the diversity of challenges across countries and their differing capacity to use fiscal policy for redistribution. The analysis presented in the book builds on and extends work done at the IMF, and also includes contributions from leading academics.
Book Synopsis Fiscal Policy and Income Inequality by : International Monetary Fund
Download or read book Fiscal Policy and Income Inequality written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-07-03 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Book Synopsis From Stimulus to Consolidation by : Juan Toro R.
Download or read book From Stimulus to Consolidation written by Juan Toro R. and published by International Monetary Fund. This book was released on 2010-10-06 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper identifies policy tools that could be used for fiscal consolidation in advanced and emerging economies in the years ahead. The consolidation strategy, particularly in advanced countries, should aim to stabilize age-related spending in relation to GDP, reduce non-age-related expenditure ratios, and increase revenues. Bold reforms are needed to offset projected increases in age-related spending, particularly health care. On the revenue side, measures could include improving tax compliance, for example through better international cooperation, as well as increasing the yield from VAT by eliminating exemptions and reduced rates, further developing property taxes, and increasing excise rates within the range of rates already applicable in comparable countries.
Book Synopsis The Effectiveness of Fiscal Policy in Stimulating Economic Activity by : Richard Hemming
Download or read book The Effectiveness of Fiscal Policy in Stimulating Economic Activity written by Richard Hemming and published by International Monetary Fund. This book was released on 2002-12 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1498399967 Total Pages :226 pages Book Rating :4.4/5 (983 download)
Book Synopsis Greece by : International Monetary Fund. European Dept.
Download or read book Greece written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2014-06-10 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses Greece’s Fifth Review Under the Extended Arrangement Under the Extended Fund Facility (EFF), and Request for Waiver of Nonobservance of Performance Criterion and Rephasing of Access. Greece has gone from having the weakest to the strongest cyclically adjusted fiscal position within the euro area in just four years. But more fiscal adjustment is needed to restore debt sustainability. Structural reforms are progressing, although unevenly. The redoubling of efforts to liberalize products and service markets are much welcomed. On the basis of reforms undertaken in the context of this review, and the government’s policy commitments going forward, the IMF staff supports the completion of the fifth review.
Book Synopsis In It Together: Why Less Inequality Benefits All by : OECD
Download or read book In It Together: Why Less Inequality Benefits All written by OECD and published by OECD Publishing. This book was released on 2015-05-21 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book highlights the key areas where inequalities are created and where new policies are required, including the consequences of current consolidation policies, structural labour market changes with rising non-standard work and job polarisation, persisting gender gaps...
Book Synopsis Society at a Glance 2014 OECD Social Indicators by : OECD
Download or read book Society at a Glance 2014 OECD Social Indicators written by OECD and published by OECD Publishing. This book was released on 2014-03-18 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt: The biennial OECD overview of social indicators.
Book Synopsis Fiscal Monitor, April 2014 by : Ms.Martine Guerguil
Download or read book Fiscal Monitor, April 2014 written by Ms.Martine Guerguil and published by International Monetary Fund. This book was released on 2014-04-09 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal risks are abating somewhat but remain elevated. In advanced economies, recent policy moves have broadly stabilized public debt ratios, but medium-term prospects are still uncertain, and debt remains at historic highs. Fiscal vulnerabilities are rising in both emerging market economies and low-income countries, although in most cases from relatively moderate levels. Across country groups, fiscal policy should aim at rebuilding policy space while supporting the recovery and long-term growth prospects.
Book Synopsis Fiscal Consolidation and Public Wages by : Juin-Jen Chang
Download or read book Fiscal Consolidation and Public Wages written by Juin-Jen Chang and published by International Monetary Fund. This book was released on 2019-06-10 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: A New Keynesian model with government production, public compensation, and unemployment is fit to U.S. data to study the macroeconomic and fiscal effects of public wage reductions. We find that accounting for the type of government spending is crucial for its macroeconomic implications. Although reductions in public wages and government purchases of goods have similar effects on total output and the fiscal balance, the former can raise private output slightly, in contrast to the substantial contractionary effects of the latter. In addition, the baseline estimation finds that exogenous public wage reductions decrease private wages. Model counterfactuals show that sufficiently rigid nominal private wages can reverse the response of private wages, as the rigidity dampens the labor reallocation effect from the public to private sector that exerts downward pressure on private wages.
