The Economic Effects of Fiscal Consolidation with Debt Feedback:
The past several years of recession and slow recovery have raised much interest on the effect of fiscal stimulus on economic activity, even as high public debts in many countries would call for fiscal consolidation. To evaluate the delicate balance between stimulus and consolidation requires measuri...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2013
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 13/136 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
| Zusammenfassung: | The past several years of recession and slow recovery have raised much interest on the effect of fiscal stimulus on economic activity, even as high public debts in many countries would call for fiscal consolidation. To evaluate the delicate balance between stimulus and consolidation requires measuring the size of fiscal multipliers, which often depends on having quarterly data so that exogenous fiscal policy shocks can be identified. We estimate fiscal multipliers using a novel methodology for identifying fiscal shocks within a structural vector autoregressive approach using annual data while controling for debt feedback effects. The estimation focuses on regions with scarce quarterly data (mostly low-income countries), and uses results for advanced economies, emerging market countries, and other broad groupings for which alternative estimates are available to validate the methodology. Differently from advanced and emerging market economies, fiscal consolidation in low-income countries has only a small temporary negative effect on growth while raising medium-term output. Shifting the composition of public spending toward capital expenditure further supports long-run growth |
| Beschreibung: | 1 Online-Ressource (51 p) |
| ISBN: | 1484304489 9781484304488 |
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| 520 | 3 | |a The past several years of recession and slow recovery have raised much interest on the effect of fiscal stimulus on economic activity, even as high public debts in many countries would call for fiscal consolidation. To evaluate the delicate balance between stimulus and consolidation requires measuring the size of fiscal multipliers, which often depends on having quarterly data so that exogenous fiscal policy shocks can be identified. We estimate fiscal multipliers using a novel methodology for identifying fiscal shocks within a structural vector autoregressive approach using annual data while controling for debt feedback effects. The estimation focuses on regions with scarce quarterly data (mostly low-income countries), and uses results for advanced economies, emerging market countries, and other broad groupings for which alternative estimates are available to validate the methodology. Differently from advanced and emerging market economies, fiscal consolidation in low-income countries has only a small temporary negative effect on growth while raising medium-term output. Shifting the composition of public spending toward capital expenditure further supports long-run growth | |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Estevão, Marcello M. Verfasser aut The Economic Effects of Fiscal Consolidation with Debt Feedback Estevão, Marcello M Washington, D.C International Monetary Fund 2013 1 Online-Ressource (51 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 13/136 The past several years of recession and slow recovery have raised much interest on the effect of fiscal stimulus on economic activity, even as high public debts in many countries would call for fiscal consolidation. To evaluate the delicate balance between stimulus and consolidation requires measuring the size of fiscal multipliers, which often depends on having quarterly data so that exogenous fiscal policy shocks can be identified. We estimate fiscal multipliers using a novel methodology for identifying fiscal shocks within a structural vector autoregressive approach using annual data while controling for debt feedback effects. The estimation focuses on regions with scarce quarterly data (mostly low-income countries), and uses results for advanced economies, emerging market countries, and other broad groupings for which alternative estimates are available to validate the methodology. Differently from advanced and emerging market economies, fiscal consolidation in low-income countries has only a small temporary negative effect on growth while raising medium-term output. Shifting the composition of public spending toward capital expenditure further supports long-run growth Online-Ausg Samaké, Issouf Sonstige oth http://elibrary.imf.org/view/IMF001/20541-9781484304488/20541-9781484304488/20541-9781484304488.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Estevão, Marcello M. The Economic Effects of Fiscal Consolidation with Debt Feedback |
| title | The Economic Effects of Fiscal Consolidation with Debt Feedback |
| title_auth | The Economic Effects of Fiscal Consolidation with Debt Feedback |
| title_exact_search | The Economic Effects of Fiscal Consolidation with Debt Feedback |
| title_exact_search_txtP | The Economic Effects of Fiscal Consolidation with Debt Feedback |
| title_full | The Economic Effects of Fiscal Consolidation with Debt Feedback Estevão, Marcello M |
| title_fullStr | The Economic Effects of Fiscal Consolidation with Debt Feedback Estevão, Marcello M |
| title_full_unstemmed | The Economic Effects of Fiscal Consolidation with Debt Feedback Estevão, Marcello M |
| title_short | The Economic Effects of Fiscal Consolidation with Debt Feedback |
| title_sort | the economic effects of fiscal consolidation with debt feedback |
| url | http://elibrary.imf.org/view/IMF001/20541-9781484304488/20541-9781484304488/20541-9781484304488.xml |
| work_keys_str_mv | AT estevaomarcellom theeconomiceffectsoffiscalconsolidationwithdebtfeedback AT samakeissouf theeconomiceffectsoffiscalconsolidationwithdebtfeedback |