Fiscal Adjustments In Oecd Countries

Author : Mr.Alberto Alesina,Mr.Roberto Perotti
Publisher : International Monetary Fund
Page : 52 pages
File Size : 51,9 Mb
Release : 1996-07-01
Category : Business & Economics
ISBN : 9781451960433

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Fiscal Adjustments in OECD Countries by Mr.Alberto Alesina,Mr.Roberto Perotti Pdf

This paper studies how the composition of fiscal adjustments influences their likelihood of “success”, defined as a long lasting deficit reduction, and their macroeconomic consequences. We find that fiscal adjustments which rely primarily on spending cuts on transfers and the government wage bill have a better chance of being successful and are expansionary. On the contrary fiscal adjustments which rely primarily on tax increases and cuts in public investment tend not to last and are contractionary. We discuss alterative explanations for these findings by studying both a full sample of OECD countries and by focusing on three case studies: Denmark, Ireland and Italy.

Author : Alberto F. Alesina
Publisher : Unknown
Page : 52 pages
File Size : 42,9 Mb
Release : 2006
Category : Electronic
ISBN : OCLC:1291214324

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Fiscal Adjustments in OECD Countries by Alberto F. Alesina Pdf

This paper studies how the composition of fiscal adjustments influences their likelihood of quot;successquot;, defined as a long lasting deficit reduction, and their macroeconomic consequences. We find that fiscal adjustments which rely primarily on spending cuts on transfers and the government wage bill have a better chance of being successful and are expansionary. On the contrary fiscal adjustments which rely primarily on tax increases and cuts in public investment tend not to last and are contractionary.We discuss alterative explanations for these findings by studying both a full sample of OECD countries and by focusing on three case studies: Denmark, Ireland and Italy.

Author : Alberto Alesina,Roberto Perotti
Publisher : Unknown
Page : 56 pages
File Size : 54,7 Mb
Release : 1995
Category : Banks and banking, Central
ISBN : UCSD:31822023409071

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Fiscal Expansions and Fiscal Adjustments in OECD Countries by Alberto Alesina,Roberto Perotti Pdf

This paper considers budget expansions and adjustments in OECD countries in the last three decades. Our main results are: i) on average fiscal expansions are the results of increases in expenditures, particularly of transfer programs, while contractions are typically due to tax increases; ii) however successful (i.e. long lasting), a minority of the total rely primarily on reduction of government wages and employment and cuts in transfer programs; iii) even major successful fiscal adjustments do not seem to have recessionary consequences, on average; iv) different types of governments show different degrees of success at implementing successful fiscal adjustment, with coalition governments showing the worst performance.

Author : Barbara Fakin,Alain de Crombrugghe
Publisher : World Bank Publications
Page : 38 pages
File Size : 48,7 Mb
Release : 1997
Category : Ajuste estructural
ISBN : 8210379456XXX

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Fiscal Adjustments in Transition Economies by Barbara Fakin,Alain de Crombrugghe Pdf

Author : Daniel Leigh,Alexander Plekhanov,Manmohan S. Kumar
Publisher : International Monetary Fund
Page : 44 pages
File Size : 47,9 Mb
Release : 2007-07
Category : Business & Economics
ISBN : UCSD:31822036518447

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Fiscal Adjustments by Daniel Leigh,Alexander Plekhanov,Manmohan S. Kumar Pdf

The paper analyzes the determinants of success of recent fiscal consolidations in the OECD countries as well as the short-run and long-run effects of fiscal adjustments on economic activity by looking at fourteen case studies, panel data for OECD countries, and the results of simulations using a non-Ricardian multi-country dynamic general equilibrium model. The study finds that while fiscal consolidations tend to have short-run contractionary effects, they can be expansionary in the long run, provided that they do not rely excessively on cuts in productive government expenditure. They can also create positive spillover effects for the rest of the world.

Author : Christoph A. Schaltegger,Martin Weder
Publisher : Unknown
Page : 37 pages
File Size : 40,7 Mb
Release : 2010
Category : Electronic
ISBN : OCLC:704864880

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Fiscal Adjustment and the Costs of Public Debt Service by Christoph A. Schaltegger,Martin Weder Pdf

Author : Mr.Francesco Caselli
Publisher : International Monetary Fund
Page : 23 pages
File Size : 53,7 Mb
Release : 1998-04-01
Category : Business & Economics
ISBN : 9781451969269

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Fiscal Discipline and the Cost of Public Debt Service by Mr.Francesco Caselli Pdf

Is there any systematic explanation of variations in the cost of debt servicing over time and across countries? This paper examines the influence of fiscal variables on borrowing costs in a panel of OECD countries, showing that these variables have a significant role. In particular, an improvement of the primary fiscal balance is associated with a significant reduction in debt-servicing costs, amplifying the effects of primary adjustment on the fiscal position. A significant country-specific component remains, however; several explanations for this component are discussed, including debt management and market infrastructure.

Author : Mr.C. John McDermott,Mr.Robert F. Westcott
Publisher : International Monetary Fund
Page : 26 pages
File Size : 48,8 Mb
Release : 1996-06-01
Category : Business & Economics
ISBN : 9781451965957

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An Empirical Analysis of Fiscal Adjustments by Mr.C. John McDermott,Mr.Robert F. Westcott Pdf

This study uses the fiscal expansion and consolidation experiences of the industrial countries over the period 1970 to 1995 to examine the interplay between fiscal adjustments and economic performance. A key finding is that fiscal consolidation need not trigger an economic slowdown. Fiscal consolidation that concentrates on the expenditure side, and especially on transfers and government wages, is more likely to succeed in reducing the public debt ratio than tax-based consolidation. Also, the greater the magnitude of the fiscal consolidation, the more likely it is to succeed in reducing the debt ratio.

Author : OECD
Publisher : OECD Publishing
Page : 166 pages
File Size : 41,6 Mb
Release : 2006-02-06
Category : Electronic
ISBN : 9789264022089

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Challenges to Fiscal Adjustment in Latin America The Cases of Argentina, Brazil, Chile and Mexico by OECD Pdf

This volume discusses progress made to date in Argentina, Brazil, Chile and Mexico in putting their finances in order, and points out the challenges ahead.

Author : Organisation for Economic Co-operation and Development
Publisher : Organisation for Economic Co-operation and Development ; [Washington, D.C. : OECD Publications and Information Centre
Page : 228 pages
File Size : 55,9 Mb
Release : 1989
Category : Business & Economics
ISBN : UOM:39015014944667

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Economies in Transition by Organisation for Economic Co-operation and Development Pdf

This report synthesises the annual country surveys on structural adjustments from 1984-1988 prepared by the OECD Economic and Development Review Committee, representing a contribution to the comparative analysis of structural change and adjustment.

Author : Laurence M. Ball,Davide Furceri,Mr.Daniel Leigh,Mr.Prakash Loungani
Publisher : International Monetary Fund
Page : 24 pages
File Size : 50,6 Mb
Release : 2013-06-21
Category : Business & Economics
ISBN : 9781475551945

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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.

Author : MissCatriona Purfield
Publisher : International Monetary Fund
Page : 23 pages
File Size : 53,5 Mb
Release : 2003-02-01
Category : Business & Economics
ISBN : 9781451845471

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Fiscal Adjustment in Transition Countries by MissCatriona Purfield Pdf

In the 1990s, transition countries underwent large adjustments to address fiscal imbalances. This paper examines whether the factors identified in the literature on advanced economies, the size and composition of adjustment, are important in transition economies. It finds that larger consolidations were more successful in addressing fiscal imbalances on a durable basis. Policies focusing on expenditure reductions were more successful than those relying on revenue increases. There is little evidence of expansionary fiscal contractions, but fiscal contractions did not have a significantly negative impact on growth either. Few fiscal stimuli succeeded in boosting growth.

Author : Vincent Belinga,Ms.Dora Benedek,Ruud A. de Mooij,Mr.John Norregaard
Publisher : International Monetary Fund
Page : 18 pages
File Size : 49,7 Mb
Release : 2014-06-19
Category : Business & Economics
ISBN : 9781498305075

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Tax Buoyancy in OECD Countries by Vincent Belinga,Ms.Dora Benedek,Ruud A. de Mooij,Mr.John Norregaard Pdf

By how much will faster economic growth boost government revenue? This paper estimates short- and long-run tax buoyancy in OECD countries between 1965 and 2012. We find that, for aggregate tax revenues, short-run tax buoyancy does not significantly differ from one in the majority of countries; yet, it has increased since the late 1980s so that tax systems have generally become better automatic stabilizers. Long-run buoyancy exceeds one in about half of the OECD countries, implying that GDP growth has helped improve structural fiscal deficit ratios. Corporate taxes are by far the most buoyant, while excises and property taxes are the least buoyant. For personal income taxes and social contributions, short- and long-run buoyancies have declined since the late 1980s and have, on average, become lower than one.

Author : Ms. Francesca Bastagli,David Coady,Mr. Sanjeev Gupta
Publisher : International Monetary Fund
Page : 37 pages
File Size : 54,5 Mb
Release : 2012-10-09
Category : Business & Economics
ISBN : 9781475512045

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Income Inequality and Fiscal Policy (2nd Edition) by Ms. Francesca Bastagli,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.

Author : Mr.Daniel Leigh,Mr.Andrea Pescatori,Mr.Jaime Guajardo
Publisher : International Monetary Fund
Page : 41 pages
File Size : 51,9 Mb
Release : 2011-07-01
Category : Business & Economics
ISBN : 9781455294695

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Expansionary Austerity New International Evidence by Mr.Daniel Leigh,Mr.Andrea Pescatori,Mr.Jaime Guajardo Pdf

This paper investigates the short-term effects of fiscal consolidation on economic activity in OECD economies. We examine the historical record, including Budget Speeches and IMFdocuments, to identify changes in fiscal policy motivated by a desire to reduce the budget deficit and not by responding to prospective economic conditions. Using this new dataset, our estimates suggest fiscal consolidation has contractionary effects on private domestic demand and GDP. By contrast, estimates based on conventional measures of the fiscal policy stance used in the literature support the expansionary fiscal contractions hypothesis but appear to be biased toward overstating expansionary effects.