Fiscal Consolidation in Israel: A Global Fiscal Model Perspective
Fiscal consolidation has become an important policy prescription for many emerging market countries (EMCs), particularly for the highly indebted ones. Although prudent fiscal policies tend to reduce vulnerabilities, their implementation is usually postponed. This paper represents, to the best of our...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2006
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 06/253 |
| 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: | Fiscal consolidation has become an important policy prescription for many emerging market countries (EMCs), particularly for the highly indebted ones. Although prudent fiscal policies tend to reduce vulnerabilities, their implementation is usually postponed. This paper represents, to the best of our knowledge, one of the first attempts in the literature to quantify the costs of delaying fiscal consolidation in an EMC. In particular, using the IMF''s Global Fiscal Model (GFM), we find that early consolidation through expenditure cuts would result in a substantial increase in Israel''s long-term output growth relative to the case with delayed fiscal adjustment. Using an alternative fiscal instrument, we find that delaying tax cuts would result in cumulative real GDP that is much larger than otherwise |
| Beschreibung: | 1 Online-Ressource (31 p) |
| ISBN: | 1451865139 9781451865134 |
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| spelling | Epstein, Natan P. Verfasser aut Fiscal Consolidation in Israel A Global Fiscal Model Perspective Epstein, Natan P Washington, D.C International Monetary Fund 2006 1 Online-Ressource (31 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 06/253 Fiscal consolidation has become an important policy prescription for many emerging market countries (EMCs), particularly for the highly indebted ones. Although prudent fiscal policies tend to reduce vulnerabilities, their implementation is usually postponed. This paper represents, to the best of our knowledge, one of the first attempts in the literature to quantify the costs of delaying fiscal consolidation in an EMC. In particular, using the IMF''s Global Fiscal Model (GFM), we find that early consolidation through expenditure cuts would result in a substantial increase in Israel''s long-term output growth relative to the case with delayed fiscal adjustment. Using an alternative fiscal instrument, we find that delaying tax cuts would result in cumulative real GDP that is much larger than otherwise Online-Ausg Elekdag, Selim Sonstige oth Moreno Badia, Marialuz Sonstige oth http://elibrary.imf.org/view/IMF001/02470-9781451865134/02470-9781451865134/02470-9781451865134.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Epstein, Natan P. Fiscal Consolidation in Israel A Global Fiscal Model Perspective |
| title | Fiscal Consolidation in Israel A Global Fiscal Model Perspective |
| title_auth | Fiscal Consolidation in Israel A Global Fiscal Model Perspective |
| title_exact_search | Fiscal Consolidation in Israel A Global Fiscal Model Perspective |
| title_exact_search_txtP | Fiscal Consolidation in Israel A Global Fiscal Model Perspective |
| title_full | Fiscal Consolidation in Israel A Global Fiscal Model Perspective Epstein, Natan P |
| title_fullStr | Fiscal Consolidation in Israel A Global Fiscal Model Perspective Epstein, Natan P |
| title_full_unstemmed | Fiscal Consolidation in Israel A Global Fiscal Model Perspective Epstein, Natan P |
| title_short | Fiscal Consolidation in Israel |
| title_sort | fiscal consolidation in israel a global fiscal model perspective |
| title_sub | A Global Fiscal Model Perspective |
| url | http://elibrary.imf.org/view/IMF001/02470-9781451865134/02470-9781451865134/02470-9781451865134.xml |
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