Strategies for Fiscal Consolidation in Japan:
Japan''s key fiscal challenge is to put public finances on a more sustainable footing. This paper investigates the macroeconomic implications of alternative fiscal strategies for Japan using the IMF''s Global Fiscal Model. The results suggest that: (i) an adjustment package that...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2007
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 07/37 |
| Online-Zugang: | BSB01 FAN01 FHA01 FKE01 FLA01 FNU01 LCO01 SBG01 SBR01 TUM01 UBA01 UBG01 UBM01 UBR01 UBT01 UBW01 UBY01 UEI01 UER01 UPA01 Volltext |
| Zusammenfassung: | Japan''s key fiscal challenge is to put public finances on a more sustainable footing. This paper investigates the macroeconomic implications of alternative fiscal strategies for Japan using the IMF''s Global Fiscal Model. The results suggest that: (i) an adjustment package that achieves primary balance through lower social transfers and government spending and a higher VAT is the most viable option and has a smaller negative impact on growth than other fiscal measures; (ii) achieving primary balance is not sufficient to stabilize the net debt ratio; (iii) prefunding future aging costs provides greater long-term benefits compared with less front-loaded strategies; (iv) tax reform involving shifting from corporate taxation to consumption taxation could mitigate the short-term output losses associated with fiscal consolidation; and (v) the spillovers to the rest of the world from consolidation in Japan are positive in the medium term, but modest |
| Beschreibung: | 1 Online-Ressource (22 p) |
| ISBN: | 1451866011 9781451866018 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:24Z |
| indexdate | 2024-07-10T09:35:32Z |
| institution | BVB |
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| series2 | IMF Working Papers |
| spelling | Botman, Dennis P. J. 1972- Verfasser (DE-588)171782836 aut Strategies for Fiscal Consolidation in Japan Botman, Dennis P. J Washington, D.C International Monetary Fund 2007 1 Online-Ressource (22 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 07/37 Japan''s key fiscal challenge is to put public finances on a more sustainable footing. This paper investigates the macroeconomic implications of alternative fiscal strategies for Japan using the IMF''s Global Fiscal Model. The results suggest that: (i) an adjustment package that achieves primary balance through lower social transfers and government spending and a higher VAT is the most viable option and has a smaller negative impact on growth than other fiscal measures; (ii) achieving primary balance is not sufficient to stabilize the net debt ratio; (iii) prefunding future aging costs provides greater long-term benefits compared with less front-loaded strategies; (iv) tax reform involving shifting from corporate taxation to consumption taxation could mitigate the short-term output losses associated with fiscal consolidation; and (v) the spillovers to the rest of the world from consolidation in Japan are positive in the medium term, but modest Online-Ausg Edison, Hali J. Sonstige (DE-588)124571123 oth N'Diaye, Papa M'B. P. 2003- Sonstige (DE-588)132752107 oth http://elibrary.imf.org/view/IMF001/06519-9781451866018/06519-9781451866018/06519-9781451866018.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Botman, Dennis P. J. 1972- Strategies for Fiscal Consolidation in Japan |
| title | Strategies for Fiscal Consolidation in Japan |
| title_auth | Strategies for Fiscal Consolidation in Japan |
| title_exact_search | Strategies for Fiscal Consolidation in Japan |
| title_exact_search_txtP | Strategies for Fiscal Consolidation in Japan |
| title_full | Strategies for Fiscal Consolidation in Japan Botman, Dennis P. J |
| title_fullStr | Strategies for Fiscal Consolidation in Japan Botman, Dennis P. J |
| title_full_unstemmed | Strategies for Fiscal Consolidation in Japan Botman, Dennis P. J |
| title_short | Strategies for Fiscal Consolidation in Japan |
| title_sort | strategies for fiscal consolidation in japan |
| url | http://elibrary.imf.org/view/IMF001/06519-9781451866018/06519-9781451866018/06519-9781451866018.xml |
| work_keys_str_mv | AT botmandennispj strategiesforfiscalconsolidationinjapan AT edisonhalij strategiesforfiscalconsolidationinjapan AT ndiayepapambp strategiesforfiscalconsolidationinjapan |