Fiscal Space:
In this note, the authors reexamine the issue of debt sustainability in a large group of advanced economies. Their hypothesis is that, when debt is in a moderate range, its dynamics are sustainable in the sense that increases in debt elicit sufficient increases in primary fiscal balances to stabiliz...
Saved in:
| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C
International Monetary Fund
2010
|
| Series: | IMF Staff Position Notes
Staff Position Note No. 2010/11 |
| Online Access: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Summary: | In this note, the authors reexamine the issue of debt sustainability in a large group of advanced economies. Their hypothesis is that, when debt is in a moderate range, its dynamics are sustainable in the sense that increases in debt elicit sufficient increases in primary fiscal balances to stabilize the debt-to-GDP ratio. At high debt levels, however, the dynamics may turn unstable, and the debt ratio may not converge to a finite level. Such a framework allows the authors to define a "debt limit" that is consistent with a country's historical track record of adjustment in the sense that, without an extraordinary fiscal effort, any debt increment beyond this limit would cause debt to increase without bound. This debt limit is not an absolute and immutable barrier, however, but rather defines a critical point above which a country's normal fiscal response to rising debt becomes insufficient to maintain debt sustainability. Nor should this debt limit be interpreted as being in any sense the optimal level of public debt. Indeed, since this limit delineates the point at which fiscal solvency is called into question-and the analysis abstracts entirely from liquidity/rollover risk-prudence dictates that countries will typically want to be well below their debt limit. Given a country's normal pattern of adjustment, "fiscal space" is then simply the difference between its debt limit and its current level of debt |
| Physical Description: | 1 Online-Ressource (25 p) |
| ISBN: | 145522801X 9781455228010 |
Staff View
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| 520 | 3 | |a In this note, the authors reexamine the issue of debt sustainability in a large group of advanced economies. Their hypothesis is that, when debt is in a moderate range, its dynamics are sustainable in the sense that increases in debt elicit sufficient increases in primary fiscal balances to stabilize the debt-to-GDP ratio. At high debt levels, however, the dynamics may turn unstable, and the debt ratio may not converge to a finite level. Such a framework allows the authors to define a "debt limit" that is consistent with a country's historical track record of adjustment in the sense that, without an extraordinary fiscal effort, any debt increment beyond this limit would cause debt to increase without bound. This debt limit is not an absolute and immutable barrier, however, but rather defines a critical point above which a country's normal fiscal response to rising debt becomes insufficient to maintain debt sustainability. Nor should this debt limit be interpreted as being in any sense the optimal level of public debt. Indeed, since this limit delineates the point at which fiscal solvency is called into question-and the analysis abstracts entirely from liquidity/rollover risk-prudence dictates that countries will typically want to be well below their debt limit. Given a country's normal pattern of adjustment, "fiscal space" is then simply the difference between its debt limit and its current level of debt | |
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| index_date | 2024-07-03T20:13:27Z |
| indexdate | 2024-07-10T09:35:36Z |
| institution | BVB |
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| physical | 1 Online-Ressource (25 p) |
| psigel | ZDB-1-IMF |
| publishDate | 2010 |
| publishDateSearch | 2010 |
| publishDateSort | 2010 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Staff Position Notes |
| spelling | Kim, Jun Il Verfasser aut Fiscal Space Kim, Jun Il Washington, D.C International Monetary Fund 2010 1 Online-Ressource (25 p) txt rdacontent c rdamedia cr rdacarrier IMF Staff Position Notes Staff Position Note No. 2010/11 In this note, the authors reexamine the issue of debt sustainability in a large group of advanced economies. Their hypothesis is that, when debt is in a moderate range, its dynamics are sustainable in the sense that increases in debt elicit sufficient increases in primary fiscal balances to stabilize the debt-to-GDP ratio. At high debt levels, however, the dynamics may turn unstable, and the debt ratio may not converge to a finite level. Such a framework allows the authors to define a "debt limit" that is consistent with a country's historical track record of adjustment in the sense that, without an extraordinary fiscal effort, any debt increment beyond this limit would cause debt to increase without bound. This debt limit is not an absolute and immutable barrier, however, but rather defines a critical point above which a country's normal fiscal response to rising debt becomes insufficient to maintain debt sustainability. Nor should this debt limit be interpreted as being in any sense the optimal level of public debt. Indeed, since this limit delineates the point at which fiscal solvency is called into question-and the analysis abstracts entirely from liquidity/rollover risk-prudence dictates that countries will typically want to be well below their debt limit. Given a country's normal pattern of adjustment, "fiscal space" is then simply the difference between its debt limit and its current level of debt Online-Ausg Ghosh, Atish R. Sonstige oth Ostry, Jonathan David Sonstige oth Qureshi, Mahvash Saeed Sonstige oth http://elibrary.imf.org/view/IMF004/10838-9781455228010/10838-9781455228010/10838-9781455228010.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Kim, Jun Il Fiscal Space |
| title | Fiscal Space |
| title_auth | Fiscal Space |
| title_exact_search | Fiscal Space |
| title_exact_search_txtP | Fiscal Space |
| title_full | Fiscal Space Kim, Jun Il |
| title_fullStr | Fiscal Space Kim, Jun Il |
| title_full_unstemmed | Fiscal Space Kim, Jun Il |
| title_short | Fiscal Space |
| title_sort | fiscal space |
| url | http://elibrary.imf.org/view/IMF004/10838-9781455228010/10838-9781455228010/10838-9781455228010.xml |
| work_keys_str_mv | AT kimjunil fiscalspace AT ghoshatishr fiscalspace AT ostryjonathandavid fiscalspace AT qureshimahvashsaeed fiscalspace |