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Author : Ryan Banerjee
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (958 download)
Download or read book What Drives the Short-run Costs of Fiscal Consolidation written by Ryan Banerjee and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kodjovi M. Eklou
Publisher : International Monetary Fund
ISBN 13 : 1513525840
Total Pages : 47 pages
Book Rating : 4.5/5 (135 download)
Download or read book The (Subjective) Well-Being Cost of Fiscal Policy Shocks written by Kodjovi M. Eklou and published by International Monetary Fund. This book was released on 2020-01-17 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do discretionary spending cuts and tax increases hurt social well-being? To answer this question, we combine subjective well-being data covering over half a million of individuals across 13 European countries, with macroeconomic data on fiscal consolidations. We find that fiscal consolidations reduce individual well-being in the short run, especially when they are based on spending cuts. In addition, we show that accompanying monetary and exchange rate policies (disinflation, depreciations and the liberalization of capital flows) mitigate the well-being cost of fiscal consolidations. Finally, we investigate the well-being consequences of the two well-knowns expansionary fiscal consolidations episodes taking place in the 80s (in Denmark and Ireland). We find that even expansionary fiscal consolidations can have well-being costs. Our results may therefore shed some light on why some governments may choose to consolidate through taxes even at the cost of economic growth. Indeed, if spending cuts are to generate a large well-being loss, they can trigger an opposition and protest against a fiscal consolidation plan and hence making it politically costly.
Author : Mr.Douglas Laxton
Publisher : International Monetary Fund
ISBN 13 : 1455201464
Total Pages : 35 pages
Book Rating : 4.4/5 (552 download)
Download or read book Budget Consolidation written by Mr.Douglas Laxton and published by International Monetary Fund. This book was released on 2010-07-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper evaluates the costs and benefits of fiscal consolidation using simulations based on the IMFs global DSGE model GIMF. Over the longer run, well-targeted permanent reductions in budget deficits lead to a considerable increase in both the growth rate and the level of output. The gains may be enhanced by shifting some of the tax burden from incomes to consumption. In the short run, credibility plays a crucial role in determining the size of initial output loses. Global current account imbalances would be significantly reduced if budget consolidation was larger in countries with current account deficits.
Author : Istv n Bencz‚s
Publisher : Central European University Press
ISBN 13 : 9789639776012
Total Pages : 282 pages
Book Rating : 4.7/5 (76 download)
Download or read book Trimming the Sails written by Istv n Bencz‚s and published by Central European University Press. This book was released on 2008-01-01 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal consolidation has significant short-term costs which can dampen economic growth. This widely shared consensus in the literature on political economy has made fiscal adjustment highly unpopular among rational politicians. By critically analyzing the international literature and building on evidence from European countries, Benczes conducts a systematic analysis to find out whether it is possible to experience fiscal consolidation and economic growth at the same time, even in the short run.
Author : Vybhavi Balasundharam
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.4/5 (2 download)
Download or read book Fiscal Consolidation: Taking Stock of Success Factors, Impact, and Design written by Vybhavi Balasundharam and published by International Monetary Fund. This book was released on 2023-03-17 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal Consolidation: Taking Stock of Success Factors, Impact, and Design
Author : Mr.Daniel Leigh
Publisher : International Monetary Fund
ISBN 13 : 1455264407
Total Pages : 92 pages
Book Rating : 4.4/5 (552 download)
Download or read book A New Action-Based Dataset of Fiscal Consolidation written by Mr.Daniel Leigh and published by International Monetary Fund. This book was released on 2011-06-01 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a new dataset of fiscal consolidation for 17 OECD economies during 1978-2009. We focus on discretionary changes in taxes and government spending primarily motivated by a desire to reduce the budget deficit and not by a response to prospective economic conditions. To identify the motivation and budgetary impact of the fiscal policy changes, we examine contemporaneous policy documents, including Budgets, Budget Speeches, central bank reports, Convergence and Stability Programs submitted by the authorities to the European Commission, and IMF and OECD reports. The resulting series can be used to estimate the macroeconomic effects of fiscal consolidation.
Author : Mr.Kevin Fletcher
Publisher : International Monetary Fund
ISBN 13 : 1484350804
Total Pages : 31 pages
Book Rating : 4.4/5 (843 download)
Download or read book How Delaying Fiscal Consolidation Affects the Present Value of GDP written by Mr.Kevin Fletcher and published by International Monetary Fund. This book was released on 2015-03-05 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a simple model to examine the conditions under which delaying fiscal consolidation can affect the present value of GDP via the fiscal stance’s effects on the output gap and hysteresis. We find that the absolute size of the fiscal multiplier—the focus of much empirical investigation and policy debate—is likely inconsequential in this regard. Rather, what matters is the degree to which the multiplier during the initial period of fiscal stimulus differs from the multiplier when the stimulus is withdrawn. If the multiplier is constant over time, delaying consolidation is unlikely to significantly boost the present value of GDP via effects on the output gap and hysteresis. The potential success of such efforts relies instead on exploiting time-variation in multipliers.
Author : Ray Barrell
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (786 download)
Download or read book Fiscal Consolidation: Part 2. Fiscal Multipliers and Fiscal Consolidations written by Ray Barrell and published by . This book was released on 2012 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper looks at various aspects of fiscal consolidation in 18 OECD economies. The prospects for fiscal consolidation depend upon the problems the country may face with its debt stock, the political will to deal with these problems and on the costs of consolidation. The analysis is based on a series of simulations using the National Institute Global Econometric Model, NiGEM. The properties of the NiGEM model are discussed first. Although the model is estimated it has a strong role for expectations and can be run under different modes of expectations formation. This allows a decomposition of the factors that might affect the results. Temporary and permanent shifts in fiscal policy are assessed as well as the potential impact of fiscal consolidation plans under different monetary and fiscal feedback rules and different modes of expectations formation. If fiscal policy is expected to be tightened in the future, then long rates will fall now, and perhaps even induce a short-term expansion of output. Expansionary fiscal contractions of this sort are rare, however, and none are anticipated with the programmes that are investigated.
Author : Mr.Sampawende J.-A. Tapsoba
Publisher : International Monetary Fund
ISBN 13 : 1484382250
Total Pages : 26 pages
Book Rating : 4.4/5 (843 download)
Download or read book Options and Strategies for Fiscal Consolidation in India written by Mr.Sampawende J.-A. Tapsoba and published by International Monetary Fund. This book was released on 2013-05-29 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper uses a multi-region DSGE model to quantify the macroeconomic implications of three adjustment scenarios for India: growth-friendly, social-friendly, and a benchmark case centered on bringing down unproductive spending and strengthening the consumption tax. Simulations indicate that fiscal consolidation yields considerable long-term benefits but also entails output costs in the near term. The scenarios in which deficit reduction is accompanied by greater investment and social spending lead to better results than the benchmark case. The consolidation package alone is not enough to maximize net gains. Other factors, such as the pace and the credibility of consolidation, the concomitant implementation of structural reforms, and global economic conditions, play a critical role in the success of fiscal consolidation.
Author : Mr.Cristiano Cantore
Publisher : International Monetary Fund
ISBN 13 : 1475590180
Total Pages : 44 pages
Book Rating : 4.4/5 (755 download)
Download or read book Optimal Fiscal and Monetary Policy, Debt Crisis and Management written by Mr.Cristiano Cantore and published by International Monetary Fund. This book was released on 2017-03-30 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The initial government debt-to-GDP ratio and the government’s commitment play a pivotal role in determining the welfare-optimal speed of fiscal consolidation in the management of a debt crisis. Under commitment, for low or moderate initial government debt-to-GPD ratios, the optimal consolidation is very slow. A faster pace is optimal when the economy starts from a high level of public debt implying high sovereign risk premia, unless these are suppressed via a bailout by official creditors. Under discretion, the cost of not being able to commit is reflected into a quick consolidation of government debt. Simple monetary-fiscal rules with passive fiscal policy, designed for an environment with “normal shocks”, perform reasonably well in mimicking the Ramsey-optimal response to one-off government debt shocks. When the government can issue also long-term bonds–under commitment–the optimal debt consolidation pace is slower than in the case of short-term bonds only, and entails an increase in the ratio between long and short-term bonds.
Author : Pelin Berkmen
Publisher : International Monetary Fund
ISBN 13 : 1455211915
Total Pages : 22 pages
Book Rating : 4.4/5 (552 download)
Download or read book The Impact of Fiscal Consolidation and Structural Reformson Growth in Japan written by Pelin Berkmen and published by International Monetary Fund. This book was released on 2011-01-01 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: With Japan’s public debt reaching historical levels, the need for fiscal consolidation and structural reforms have increased. As fiscal consolidation will require a sustained and large adjustment in the fiscal balance, its growth effect is a concern particularly for the short run. This paper uses the IMF’s Global Integrated Monetary and Fiscal Model to analyze the growth impact of fiscal consolidation and structural reforms. Although fiscal consolidation has short-term costs, the potential long-term benefits are considerable, and reforms that raise potential growth could support consolidation. Simulations show that the external environment also matters but domestic policies should be the priority.
Author : Tim Schwarzmüller
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (892 download)
Download or read book The Macroeconomic Effects of Fiscal Consolidation in Dynamic General Equilibrium written by Tim Schwarzmüller and published by . This book was released on 2014 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Günter Coenen
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (26 download)
Download or read book Fiscal Consolidation in the Euro Area written by Günter Coenen and published by . This book was released on 2008 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Richard Hemming
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (318 download)
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 : Javier Andrés
Publisher :
ISBN 13 :
Total Pages : 53 pages
Book Rating : 4.:/5 (129 download)
Download or read book When Fiscal Consolidation Meets Private Deleveraging written by Javier Andrés and published by . This book was released on 2016 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Dirk Muir
Publisher : International Monetary Fund
ISBN 13 : 1475534345
Total Pages : 19 pages
Book Rating : 4.4/5 (755 download)
Download or read book Fiscal Multipliers in Bulgaria written by Mr.Dirk Muir and published by International Monetary Fund. This book was released on 2013-02-25 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: With fiscal adjustment proceeding quickly in Bulgaria and given the weak economic growth environment, there is keen interest in making the budget composition more growth friendly. This paper quantifies the short-term impact of fiscal policy on economic activity in Bulgaria using econometric and model-based approaches. While fiscal multipliers have been modest in the past, as can be expected in a small open emerging economy, the effect on output is not independent of the speed of adjustment and the specific consolidation measures used. The impact of fiscal policy on economic activity is larger in downturns than in expansions and capital spending and direct taxes are associated with the largest effects on output, while non-targeted government transfers and indirect taxes are associated with a smaller impact. The results suggest that increased capital spending financed by higher indirect tax revenue collections through base broadening has sizeable growth effects over the medium and long-term.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498344658
Total Pages : 257 pages
Book Rating : 4.4/5 (983 download)
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.
