Distributional Consequences Of Fiscal Consolidation And The Role Of Fiscal Policy

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Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy

Jaejoon Woo,Ms.Elva Bova,Mr.Tidiane Kinda,Ms.Yuanyan Sophia Zhang
Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy Book PDF

Author : Jaejoon Woo,Ms.Elva Bova,Mr.Tidiane Kinda,Ms.Yuanyan Sophia Zhang
Publisher : International Monetary Fund
Page : 37 pages
File Size : 46,5 Mb
Release : 2013-09-17
Category : Business & Economics
ISBN : 9781484390917

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Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy by Jaejoon Woo,Ms.Elva Bova,Mr.Tidiane Kinda,Ms.Yuanyan Sophia Zhang Pdf

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.

The Distributional Effects of Fiscal Consolidation

Laurence M. Ball,Davide Furceri,Mr.Daniel Leigh,Mr.Prakash Loungani
The Distributional Effects of Fiscal Consolidation Book PDF

Author : Laurence M. Ball,Davide Furceri,Mr.Daniel Leigh,Mr.Prakash Loungani
Publisher : International Monetary Fund
Page : 24 pages
File Size : 55,5 Mb
Release : 2013-06-21
Category : Business & Economics
ISBN : 9781475567205

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The Distributional Effects of Fiscal Consolidation by Laurence M. Ball,Davide Furceri,Mr.Daniel Leigh,Mr.Prakash Loungani Pdf

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.

Fiscal Consolidation: Taking Stock of Success Factors, Impact, and Design

Vybhavi Balasundharam,Olivier Basdevant,Dalmacio Benicio,Andrew Ceber,Yujin Kim,Luca Mazzone,Hoda Selim,Yongzheng Yang
Fiscal Consolidation Taking Stock of Success Factors Impact and Design Book PDF

Author : Vybhavi Balasundharam,Olivier Basdevant,Dalmacio Benicio,Andrew Ceber,Yujin Kim,Luca Mazzone,Hoda Selim,Yongzheng Yang
Publisher : International Monetary Fund
Page : 39 pages
File Size : 51,8 Mb
Release : 2023-03-17
Category : Electronic
ISBN : 9798400235221

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Fiscal Consolidation: Taking Stock of Success Factors, Impact, and Design by Vybhavi Balasundharam,Olivier Basdevant,Dalmacio Benicio,Andrew Ceber,Yujin Kim,Luca Mazzone,Hoda Selim,Yongzheng Yang Pdf

Fiscal Consolidation: Taking Stock of Success Factors, Impact, and Design

The Macroeconomic and Distributional Implications of Fiscal Consolidations in Low-income Countries

Adrian Peralta-Alva,Ms.Marina Mendes Tavares,Xuan S. Tam,Xin Tang
The Macroeconomic and Distributional Implications of Fiscal Consolidations in Low income Countries Book PDF

Author : Adrian Peralta-Alva,Ms.Marina Mendes Tavares,Xuan S. Tam,Xin Tang
Publisher : International Monetary Fund
Page : 49 pages
File Size : 49,9 Mb
Release : 2018-06-22
Category : Business & Economics
ISBN : 9781484364369

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The Macroeconomic and Distributional Implications of Fiscal Consolidations in Low-income Countries by Adrian Peralta-Alva,Ms.Marina Mendes Tavares,Xuan S. Tam,Xin Tang Pdf

We quantitatively investigate the macroeconomic and distributional impacts of fiscal consolidations in low-income countries (LICs) through value added tax (VAT), personal income tax (PIT), and corporate income tax (CIT). We extend the standard heterogeneous agents incomplete markets model by including multiple sectors and rural-urban distinction to capture salient features of LICs. We find that overall, VAT has the least efficiency costs but is highly regressive, while PIT impacts the economy in the opposite way with CIT staying in between. Cash transfers targeting rural households mitigate the negative distributional impacts of VAT most effectively, while public investment leads to little redistribution.

Excerpt: Inequality and Fiscal Policy

Mr.Benedict J. Clements,Ruud A. de Mooij,Mr.Sanjeev Gupta,Mr.Michael Keen
Excerpt Inequality and Fiscal Policy Book PDF

Author : Mr.Benedict J. Clements,Ruud A. de Mooij,Mr.Sanjeev Gupta,Mr.Michael Keen
Publisher : International Monetary Fund
Page : 32 pages
File Size : 46,7 Mb
Release : 2015-09-09
Category : Business & Economics
ISBN : 9781513521541

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Excerpt: Inequality and Fiscal Policy by Mr.Benedict J. Clements,Ruud A. de Mooij,Mr.Sanjeev Gupta,Mr.Michael Keen Pdf

This paper is an excerpt from Inequality and Fiscal Policy. 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 issues on equity and distribution to the top of the policy agenda. 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 household consumption directly and indirectly. 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 case studies demonstrate the diversity of challenges and the diverging ways to use fiscal policy for redistribution. The analysis presented in the book builds on work by IMF economists and leading academics.

Inequality and Fiscal Policy

Mr.Benedict J. Clements,Ruud A. de Mooij,Mr.Sanjeev Gupta,Mr.Michael Keen
Inequality and Fiscal Policy Book PDF

Author : Mr.Benedict J. Clements,Ruud A. de Mooij,Mr.Sanjeev Gupta,Mr.Michael Keen
Publisher : International Monetary Fund
Page : 450 pages
File Size : 45,7 Mb
Release : 2015-09-21
Category : Business & Economics
ISBN : 9781513567754

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Inequality and Fiscal Policy by Mr.Benedict J. Clements,Ruud A. de Mooij,Mr.Sanjeev Gupta,Mr.Michael Keen Pdf

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.

Income Inequality and Fiscal Policy (2nd Edition)

Ms.Francesca Bastagli,Mr.David Coady,Mr.Sanjeev Gupta
Income Inequality and Fiscal Policy 2nd Edition Book PDF

Author : Ms.Francesca Bastagli,Mr.David Coady,Mr.Sanjeev Gupta
Publisher : International Monetary Fund
Page : 37 pages
File Size : 48,9 Mb
Release : 2012-09-27
Category : Business & Economics
ISBN : 9781475510850

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Income Inequality and Fiscal Policy (2nd Edition) by Ms.Francesca Bastagli,Mr.David Coady,Mr.Sanjeev Gupta Pdf

This note will describe recent trends in income inequality in both advanced and developing economies and how tax and expenditure policies have impacted on these trends. It will discuss how tax and expenditure policies should be designed to bring about a more equitable distribution of income, as well as to protect the most vulnerable populations during periods of fiscal consolidation.

The Rewards of Fiscal Consolidation: Sovereign Spreads and Confidence Effects

Mr.Antonio David,Mr.Jaime Guajardo,Juan Yepez
The Rewards of Fiscal Consolidation Sovereign Spreads and Confidence Effects Book PDF

Author : Mr.Antonio David,Mr.Jaime Guajardo,Juan Yepez
Publisher : International Monetary Fund
Page : 28 pages
File Size : 44,5 Mb
Release : 2019-07-02
Category : Business & Economics
ISBN : 9781498317054

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The Rewards of Fiscal Consolidation: Sovereign Spreads and Confidence Effects by Mr.Antonio David,Mr.Jaime Guajardo,Juan Yepez Pdf

This paper investigates the effects of fiscal consolidation announcements on sovereign spreads in a panel of 21 emerging market economies during 2000-18. We construct a novel dataset using a global news database to identify the precise announcement date of fiscal consolidation actions. Our results show that sovereign spreads decline significantly following news that austerity measures have been approved by the legislature (congress or parliament), in periods of high sovereign spreads or in countries under an IMF program. In addition, consolidation announcements are less contractionary when sovereign spreads decline, with the reduction in output being half of the counterfactual case in which spreads do not respond to announcements. These results constitute direct evidence that confidence effects, in the form of lower sovereign spreads, are an important transmission channel of fiscal shocks. We also find that the role of confidence effects increases with the level of spreads such that countries with high spread levels stand to benefit the most from putting in place credible austerity packages.

Fiscal Policy and Income Inequality

International Monetary Fund
Fiscal Policy and Income Inequality Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 69 pages
File Size : 40,6 Mb
Release : 2014-07-03
Category : Business & Economics
ISBN : 9781498343671

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Fiscal Policy and Income Inequality by International Monetary Fund Pdf

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The Distributional Effects of Government Spending and Taxation

D. Papadimitriou
The Distributional Effects of Government Spending and Taxation Book PDF

Author : D. Papadimitriou
Publisher : Springer
Page : 310 pages
File Size : 46,6 Mb
Release : 2006-05-26
Category : Political Science
ISBN : 9780230378605

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The Distributional Effects of Government Spending and Taxation by D. Papadimitriou Pdf

This book focuses on the distributional consequences of the public sector and examines and documents, theoretically and empirically, the effects of government spending and taxation on personal distribution, and includes chapters investigating the relationship between the public sector and functional distribution of national income.

Economics, Politics and Budgets

C. Mulas-Granados
Economics Politics and Budgets Book PDF

Author : C. Mulas-Granados
Publisher : Springer
Page : 316 pages
File Size : 46,6 Mb
Release : 2006-08-30
Category : Business & Economics
ISBN : 9780230501638

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Economics, Politics and Budgets by C. Mulas-Granados Pdf

Motivated by the proliferation of fiscal consolidation episodes in the advent of Monetary Union, this book explains the causes and consequences of fiscal policy in Europe, using theory and empirical evidence from the last four decades.

Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy

Jaejoon Woo,Ms.Elva Bova,Mr.Tidiane Kinda,Ms.Yuanyan Sophia Zhang
Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy Book PDF

Author : Jaejoon Woo,Ms.Elva Bova,Mr.Tidiane Kinda,Ms.Yuanyan Sophia Zhang
Publisher : International Monetary Fund
Page : 37 pages
File Size : 54,8 Mb
Release : 2013-09-17
Category : Business & Economics
ISBN : 9781475536300

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Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy by Jaejoon Woo,Ms.Elva Bova,Mr.Tidiane Kinda,Ms.Yuanyan Sophia Zhang Pdf

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.

Fiscal Policy and Long-Term Growth

International Monetary Fund
Fiscal Policy and Long Term Growth Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 257 pages
File Size : 52,8 Mb
Release : 2015-04-20
Category : Business & Economics
ISBN : 9781498344654

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Fiscal Policy and Long-Term Growth by International Monetary Fund Pdf

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.

The Rise in Inequality After Pandemics: Can Fiscal Support Play a Mitigating Role?

Davide Furceri,Mr. Prakash Loungani,Mr. Jonathan David Ostry,Pietro Pizzuto
The Rise in Inequality After Pandemics Can Fiscal Support Play a Mitigating Role Book PDF

Author : Davide Furceri,Mr. Prakash Loungani,Mr. Jonathan David Ostry,Pietro Pizzuto
Publisher : International Monetary Fund
Page : 26 pages
File Size : 50,8 Mb
Release : 2021-04-30
Category : Business & Economics
ISBN : 9781513582405

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The Rise in Inequality After Pandemics: Can Fiscal Support Play a Mitigating Role? by Davide Furceri,Mr. Prakash Loungani,Mr. Jonathan David Ostry,Pietro Pizzuto Pdf

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.

What Sustains Fiscal Consolidations in Emerging Market Countries?

Mr. Benedict J. Clements,Mr. Sanjeev Gupta,Mr. Erwin Tiongson,Mr. Emanuele Baldacci
What Sustains Fiscal Consolidations in Emerging Market Countries Book PDF

Author : Mr. Benedict J. Clements,Mr. Sanjeev Gupta,Mr. Erwin Tiongson,Mr. Emanuele Baldacci
Publisher : International Monetary Fund
Page : 28 pages
File Size : 44,8 Mb
Release : 2003-11-01
Category : Business & Economics
ISBN : 9781451919943

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What Sustains Fiscal Consolidations in Emerging Market Countries? by Mr. Benedict J. Clements,Mr. Sanjeev Gupta,Mr. Erwin Tiongson,Mr. Emanuele Baldacci Pdf

This paper examines the factors affecting the persistence of fiscal consolidation in 25 emerging market countries during 1980-2001. It proposes a new approach for defining spells of fiscal consolidation. The results indicate that the probability of ending a fiscal adjustment is affected by the legacy of previous fiscal failures, the size of the deficit, the composition of spending, and level of total revenues. There is also some evidence that the initial debt stock, exchange rate developments, inflation, and the unemployment rate have an impact on the persistence of adjustments.