Restoring Public Debt Sustainability

Restoring Public Debt Sustainability Book in PDF, ePub and Kindle version is available to download in english. Read online anytime anywhere directly from your device. Click on the download button below to get a free pdf file of Restoring Public Debt Sustainability book. This book definitely worth reading, it is an incredibly well-written.

Restoring Public Debt Sustainability

Author : George Kopits
Publisher : OUP Oxford
Page : 304 pages
File Size : 43,9 Mb
Release : 2013-10-17
Category : Business & Economics
ISBN : 9780191665424

Get Book

Restoring Public Debt Sustainability by George Kopits Pdf

Restoring Public Debt Sustainability: The Role of Independent Fiscal Institutions represents the first comprehensive survey of a new generation of independent fiscal institutions, established to promote transparency in public finances through real-time monitoring of the soundness of budgetary policymaking. The chapters, authored by heads of the institutions, as well as distinguished policy analysts and academics, explore the rationale and experience of these fiscal watchdogs. Consequently, useful lessons and implications are drawn for the design and practical operation of such institutions. The timeliness of the volume is underscored by the potential role of fiscal watchdogs in containing the public debt crisis that has engulfed a number of countries. Indeed, the recent proliferation of these institutions has been in response to the need for enhancing policy credibility of highly indebted governments in financial markets and, more generally, for strengthening the quality of economic governance. The first part of the book deals with key analytical and institutional issues: the political environment, the scope and limits of these institutions, the delegation of monetary policymaking to an independent body, and the implications of rising public indebtedness. The second part contains case studies of institutions that, for the most part, were born as a result of domestic political developments. The third part presents the experience of institutions whose origins can be traced directly or indirectly to an earlier or a recent financial crisis. The chapters are written from a multidisciplinary - economic, financial, political, legal - perspective, intended for academics, researchers, and practitioners alike.

Restoring Public Debt Sustainability

Author : George Kopits
Publisher : Unknown
Page : 128 pages
File Size : 54,7 Mb
Release : 2014
Category : Financial services industry
ISBN : 0191749109

Get Book

Restoring Public Debt Sustainability by George Kopits Pdf

A comprehensive survey of a new generation of independent fiscal institutions, established to promote transparency in public finances. The chapters, written by heads of the institutions, as well as distinguished policy analysts and academics, explore the rationale and experience of these fiscal watchdogs.

Public Debt Sustainability

Author : Barry W. Poulson,John Merrifield,Steve H. Hanke
Publisher : Rowman & Littlefield
Page : 389 pages
File Size : 52,7 Mb
Release : 2022-01-04
Category : Business & Economics
ISBN : 9781666902570

Get Book

Public Debt Sustainability by Barry W. Poulson,John Merrifield,Steve H. Hanke Pdf

As countries recover from the coronavirus pandemic, they are confronted with an even more challenging debt crisis. Xavier Debrun argues in the foreword that in deciding where we go from here that there is no longer a consensus regarding the optimum design and enforcement of fiscal rules. Rather we must address a series of questions and challenges to the conventional wisdom. This book provides an opportunity for scholars to explore these questions from an international perspective, with reference to European countries, and emerging nations as well as the United States.

Restoring Debt Sustainability After Crises

Author : Emanuele Baldacci,Sanjeev Gupta,Carlos Mulas-Granados
Publisher : Unknown
Page : 166 pages
File Size : 49,9 Mb
Release : 2010-10-01
Category : Electronic
ISBN : OCLC:670507771

Get Book

Restoring Debt Sustainability After Crises by Emanuele Baldacci,Sanjeev Gupta,Carlos Mulas-Granados Pdf

This paper analyzes the experience of 99 advanced and developing economies in restoring fiscal sustainability during 1980 - 2008 after banking crises, which led to large accumulation of public debt. It finds that successful debt reductions have relied chiefly on generation of large primary surpluses in post-crisis years through current expenditure cuts. These savings have been accompanied by growth-promoting measures and a supportive monetary policy stance. While these results are consistent with the existing literature, the paper finds that revenue-raising measures increased the likelihood of successful consolidation in countries that faced large adjustment needs after the crisis. This reflects the fall in effectiveness of spending cuts when deficit reduction needs are large independent of initial tax ratios.

Public Debt Sustainability Under Uncertainty

Author : Rossen Rozenov
Publisher : International Monetary Fund
Page : 28 pages
File Size : 45,9 Mb
Release : 2017-03-13
Category : Business & Economics
ISBN : 9781475586251

Get Book

Public Debt Sustainability Under Uncertainty by Rossen Rozenov Pdf

The paper offers an approach to assessing the sustainability of public debt taking into account the effect of fiscal policy on output, as well as uncertainty in the model parameters and system dynamics. Uncertainty is specified in general terms, and the analysis is based on the notion of invariant sets. Examples are provided to illustrate how the method can be applied in practice.

Quantifying the Sustainability of Public Debt

Author : Cansın Kemal Can,Necmiddin Bağdadioğlu
Publisher : Cambridge Scholars Publishing
Page : 156 pages
File Size : 55,9 Mb
Release : 2021-06-09
Category : Business & Economics
ISBN : 9781527570788

Get Book

Quantifying the Sustainability of Public Debt by Cansın Kemal Can,Necmiddin Bağdadioğlu Pdf

Despite its beneficial aspects, public debt can be hazardous for macroeconomic performance should it reach unrepayable levels as a consequence of snowballing explosive trends. Failure to monitor the existing trend in public debt in order to detect such divergences from the stable path, and the lack of an adaptive public financial management can potentially culminate in a public debt crisis whose disruptive economic impacts can permeate all sectors of the economy very swiftly. However, public debt sustainability is a vague concept with no straightforward operational definitions. In addition, its multi-faceted nature is an impediment for the implementation of real-world appraisal of the fiscal posture from a stability viewpoint. As such, quantifying the public debt sustainability is essential for overhauling the fiscal policies so as to avoid a potential debt crisis stemming from malfunctioning fiscal policies. This book provides the reader with a practical and straightforward framework that outlines a tool for undertaking public debt sustainability analysis. In order to guide further empirical investigations, the discussion in this book is underpinned by a real-world application of the model which highlights the practical aspects of the tool with reference to time-varying empirical evidence from a developing country.

Modernizing the Framework for Fiscal Policy and Public Debt Sustainability Analysis

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 59 pages
File Size : 40,8 Mb
Release : 2011-05-08
Category : Business & Economics
ISBN : 9781498338639

Get Book

Modernizing the Framework for Fiscal Policy and Public Debt Sustainability Analysis by International Monetary Fund Pdf

Modernizing the framework for fiscal policy and public debt sustainability analysis (DSA) has become necessary, particularly in light of the recent crisis and rising sustainability concerns in some advanced economies. While recognizing the inherently challenging nature of such analysis, this paper highlights areas where improvements are needed and makes both general and specific proposals on how this could be achieved. It also proposes to move to a risk-based approach to DSAs for all market-access countries, where the depth and extent of analysis would be commensurate with concerns regarding sustainability, while a reasonable level of standardization would be maintained.

Argentina

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 19 pages
File Size : 41,8 Mb
Release : 2020-03-20
Category : Business & Economics
ISBN : 9781513537962

Get Book

Argentina by International Monetary Fund. Western Hemisphere Dept. Pdf

This Technical Assistance report on Argentina sets out IMF staff’s views on a feasible macroeconomic framework that could underpin a debt restructuring operation that would restore debt sustainability with high probability. Given that the authorities are in the process of elaborating the precise content of their policy agenda, the feasible macroeconomic framework is anchored around the authorities’ broad policy announcements and predicated on the IMF staff’s view that a set of policies could be fully developed and implemented to render the macroeconomic framework achievable. However, there are important downside risks to the feasible macroeconomic framework, especially if the adverse global and domestic economic effects of the fast-moving COVID-19 pandemic are larger and more prolonged than assumed in this note. Economic conditions are rapidly worsening, and financial conditions are characterized by very high volatility. This greatly increases the uncertainty about the macroeconomic framework, with potential implications for the IMF staff’s assessment of debt sustainability.

Greece

Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 23 pages
File Size : 51,5 Mb
Release : 2016-05-23
Category : Business & Economics
ISBN : 9781484362099

Get Book

Greece by International Monetary Fund. European Dept. Pdf

This paper provides preliminary debt sustainability analysis (DSA) of Greece. Debt was deemed sustainable, but not with high probability, when the first program was adopted in May 2010. The much deeper-than-expected recession necessitated significant debt relief in 2011–12 to maintain the prospect of restoring sustainability. Serious implementation problems caused a sharp deterioration in sustainability, raising fresh doubts about the realism of policy assumptions, especially from mid–2014. Developments since last summer suggest that a realignment of critical policy, and DSA assumptions can no longer be deferred if the DSA is to remain credible. Staff believes that revised program targets remain sufficiently ambitious to warrant continued support from Greece’s European partners.

Staff Guidance Note for Public Debt Sustainability Analysis in Market-Access Countries

Author : International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 55 pages
File Size : 55,6 Mb
Release : 2013-05-06
Category : Business & Economics
ISBN : 9781498341844

Get Book

Staff Guidance Note for Public Debt Sustainability Analysis in Market-Access Countries by International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

The framework for fiscal policy and public debt sustainability analysis (DSA) in market-access countries (MACs) was reviewed by the Executive Board in August 2011.1 The review responded to shortcomings in identifying fiscal vulnerabilities and assessing risks to debt sustainability against the backdrop of increased concerns over fiscal policy and public debt sustainability in many advanced economies.

Public Debt Sustainability in Developing Asia

Author : Benno Ferrarini,Arief Ramayandi,Raghbendra Jha
Publisher : Routledge
Page : 227 pages
File Size : 45,8 Mb
Release : 2012-11-12
Category : Business & Economics
ISBN : 9781136199899

Get Book

Public Debt Sustainability in Developing Asia by Benno Ferrarini,Arief Ramayandi,Raghbendra Jha Pdf

Addressing the Global Financial Crisis required fiscal intervention on a substantial scale by governments around the world. The consequent build up of public debt, in particular its sustainability, have moved centre stage in the policy debate. If the Asia Pacific region is to continue to serve as an engine for global growth its public debt must be sustainable. The book addresses this issue for Asia Pacific as a whole as well as for three of the most dynamic economies in the region: China, India and Vietnam. The book begins with a discussion of the reasons why there is increased attention on debt related issues and outline the contents of the volume. The book also includes fiscal indicators for Developing Member Countries (DMCs) as categorized by the Asian Development Bank (ADB). Debt sustainability for these countries is assessed through extant approaches and with the most updated data sources. It also surveys the extant literature on debt sustainability, outlining the main issues related to debt sustainability and discusses the key implications for the application of debt sustainability analysis in developing Asia. The book highlights the importance of doing individual country studies in view of wide variations in definitions of public expenditure, revenues, contingent liabilities, government structures (e.g. federal), and the like as well as in the impact of debt on interest rates. It provides in-depth debt sustainability analyses of China, India and Vietnam. The book is a comprehensive analytical and empirical update of the sustainability public debt in developing Asia. It breakes new ground in that various characteristics of the sustainability that have not yet been explored in the literature which, nevertheless, are crucial to understanding it. As a consequence, the policy analysis is based on firmer footings than in the extant literature and should prove useful to graduate students, researchers as well as policymakers.

Cross-Country Experience with Restructuring of Sovereign Debt and Restoring Debt Sustainability

Author : International Monetary Fund. Legal Dept.,International Monetary Fund. Research Dept.,International Monetary Fund. Statistics Dept.,International Monetary Fund. European Dept.,International Monetary Fund. African Dept.,International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. Finance Dept.,International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 59 pages
File Size : 43,5 Mb
Release : 2006-08-29
Category : Business & Economics
ISBN : 9781498332279

Get Book

Cross-Country Experience with Restructuring of Sovereign Debt and Restoring Debt Sustainability by International Monetary Fund. Legal Dept.,International Monetary Fund. Research Dept.,International Monetary Fund. Statistics Dept.,International Monetary Fund. European Dept.,International Monetary Fund. African Dept.,International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. Finance Dept.,International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

The paper is organized as follows: Section II provides a cross-country overview of the economic conditions, including the composition of sovereign debt and its dynamics prevailing prior to the debt operations, and a discussion of the scope and outcomes—in terms of the debt relief provided by creditors—of the debt restructurings. Section III analyzes the debt profile, liquidity position, DSAs and accompanying stress tests, and an EWS to assess whether debt sustainability has been restored in each country case. Conclusions are set out in Section IV.

Debt Sustainability

Author : Ludger Schuknecht
Publisher : Cambridge University Press
Page : 176 pages
File Size : 40,9 Mb
Release : 2022-09-15
Category : Business & Economics
ISBN : 9781009218498

Get Book

Debt Sustainability by Ludger Schuknecht Pdf

This study presents the facts, arguments and scenarios around public debt from a global perspective. Especially the largest economies feature record debt and fiscal risks, including from population ageing and financial imbalances. Given low interest rates, there is no imminent problem. But at some point, debt will have to come down. There are four possible scenarios how debt could come down. First, governments could economise and reform. Second, governments could default. Third, governments could erode the real value of debt via inflation and negative real interest rates. However, this scenario cannot continue forever. Policy errors can prompt a loss of confidence, destabilisation and crisis. This fourth scenario last included the largest economies in the 1970s. It would become a major global challenge if it were to happen again in today's interconnected world.

A Stochastic Framework for Public Debt Sustainability Analysis

Author : Gabriel Di Bella
Publisher : International Monetary Fund
Page : 32 pages
File Size : 49,8 Mb
Release : 2008-03
Category : Business & Economics
ISBN : UCSD:31822036950061

Get Book

A Stochastic Framework for Public Debt Sustainability Analysis by Gabriel Di Bella Pdf

This paper proposes a framework for public debt sustainability analysis (DSA) that is complementary to that generally used by IFIs. The DSA in this paper has three components: (i) an integrated and consistent accounting framework for the Consolidated Public Sector (CPS); (ii) the estimation of an appropriate, and country-specific debt threshold, following the approach proposed by Reinhart, Rogoff and Savastano (2003); and (iii) a method for the calculation of the CPS primary balance to achieve the desired debt targets, without resorting to ad-hoc assumptions for the values of the macroeconomic variables during the planning horizon, in the spirit of Garcia and Rigobon (2004) and Celasun, Debrun and Ostry (2006). The paper uses this approach to analyze the sustainability of the Dominican Republic's Public Debt.

Debt Sustainability Analyses for Low-Income Countries: An Assessment of Projection Performance

Author : Mr.Henry Mooney,Constance de Soyres
Publisher : International Monetary Fund
Page : 48 pages
File Size : 44,7 Mb
Release : 2017-10-30
Category : Business & Economics
ISBN : 9781484326152

Get Book

Debt Sustainability Analyses for Low-Income Countries: An Assessment of Projection Performance by Mr.Henry Mooney,Constance de Soyres Pdf

This paper develops new error assessment methods to evaluate the performance of debt sustainability analyses (DSAs) for low-income countries (LICs) from 2005-2015. We find some evidence of a bias towards optimism for public and external debt projections, which was most appreciable for LICs with the highest incomes, prospects for market access, and at ‘moderate’ risk of debt distress. This was often driven by overly-ambitious fiscal and/or growth forecasts, and projected ‘residuals’. When we control for unanticipated shocks, we find that biases remain evident, driven in part by optimism regarding government fiscal reaction functions and expected growth dividends from investment.