Download or read book The Effects of Fiscal Consolidation in the OECD written by Warwick J. McKibbin and published by World Bank Publications. This book was released on with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Effects of Fiscal Consolidation in the OECD written by Warwick J. McKibbin and published by World Bank Publications. This book was released on 1994 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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.

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.

Download or read book The Macroeconomic Effects of Fiscal Consolidation in Emerging Economies Evidence from Latin America written by Mr.Yan Carriere-Swallow and published by International Monetary Fund. This book was released on 2018-06-13 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: We estimate the short-term effects of fiscal consolidation on economic activity in 14 countries in Latin America and the Caribbean. We examine contemporaneous policy documents to identify changes in fiscal policy motivated by a desire to reduce the budget deficit and not by responding to prospective economic conditions. Based on this narrative dataset, our estimates suggest that fiscal consolidation has contractionary effects on GDP, consistent with a multiplier of 0.9. We find these effects to be close to those in OECD countries based on a similarly constructed dataset (Devries and others, 2011). We also find similar estimation results for the two groups of economies for the effect of fiscal consolidation on the external current account balance, providing support for the twin deficits hypothesis.

Download or read book Effects of Fiscal Consolidation in 18 OECD Countries written by Kwang Jo Jeong and published by . This book was released on 2017 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates the effects of fiscal consolidation on economic growth using panel datasets from 18 Organization for Economic Cooperation and Development (OECD) countries. The estimates of dynamic panel data Generalized Method of Moment (GMM) analysis show that fiscal consolidation is unlikely to be expansionary for GDP growth. Both Arellano-Bond difference GMM estimation and Blundell-Bond system GMM estimation suggest that fiscal consolidation exert negative effects on economic growth. Results do not support the expansionary fiscal consolidation hypothesis. In particular, our analyses find that fiscal consolidations during high debt-to-GDP ratios, based on spending cuts, or with high sovereign default risk exert less negative effects on economic growth than those during low debt-to-GDP ratios, based on tax hikes, or with low sovereign default risk.

Download or read book Expansionary Austerity New International Evidence written by Mr.Daniel Leigh and published by International Monetary Fund. This book was released on 2011-07-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Fiscal Adjustments in OECD Countries written by Mr.Alberto Alesina and published by International Monetary Fund. This book was released on 1996-07-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

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.

Download or read book Fiscal Adjustments written by Daniel Leigh and published by International Monetary Fund. This book was released on 2007-07 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Strategies for Fiscal Consolidation in the Post Crisis World written by Mr.Mauricio Villafuerte and published by International Monetary Fund. This book was released on 2010-09-17 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to the global financial crisis, governments provided substantial support to the financial and other key sectors. Although this cushioned the adverse effects of the crisis, it is necessary now to articulate a strategy to ensure the sustainability of public finances. This paper discusses the scale and composition of fiscal adjustment that will need to occur once the recovery is securely under way. Although specific country-level circumstances will influence the composition of the adjustment and its political feasibility, in many cases restoring fiscal sustainability will require reforms to reduce spending and increase tax revenue.

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:

Download or read book A New Action based Dataset of Fiscal Consolidation in Latin America and the Caribbean written by Mr.Antonio David and published by International Monetary Fund. This book was released on 2018-04-26 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a new database of fiscal consolidations for 14 Latin American and Caribbean economies during 1989-2016. We focus on discretionary changes in taxes and government spending primarily motivated by a desire to reduce the budget deficit and long-term fiscal health 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, central bank reports, and IMF and OECD reports. The resulting series can be used to estimate the macroeconomic effects of fiscal consolidation for these economies

Download or read book OECD Public Governance Reviews Achieving Public Sector Agility at Times of Fiscal Consolidation written by OECD and published by OECD Publishing. This book was released on 2015-06-12 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication supports reforms towards greater strategic agility in the public sector through the use of budgeting policy levers, human resource management strategies and ICTs.

Download or read book The Global Financial Crisis and its Budget Impacts in OECD Nations written by John Wanna and published by Edward Elgar Publishing. This book was released on 2015-09-25 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis of 2007–09 constituted the biggest shock to the economies of the OECD nations since the Second World War and caused most of their governments to move into intense crisis mode. They made significant adjustments to their fiscal policy regimes, including massive interventions to stabilize markets and economies. But how they reacted to the crisis, and what measures they took to deal with it, still underpin their economic and budgetary positions. This singular shock provides the editors and authors of this book with an intriguing opportunity to examine how different OECD budgetary systems performed. Chapters cover the EU, North America and Asia, assessing how governments responded to the challenge and how their budget systems evolved in the aftermath.

Download or read book From Stimulus to Consolidation written by Mr.Benedict J. Clements 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.

Download or read book The State of Public Finances 2015 Strategies for Budgetary Consolidation and Reform in OECD Countries written by OECD and published by OECD Publishing. This book was released on 2015-11-06 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: Previous OECD publications have tracked the fiscal policy responses adopted by OECD governments during the early years of the crisis (2007-2012). This book takes stock of how these responses have evolved in recent years, up to 2014/15.