Fiscal Stimulus and Credibility in Emerging Countries:
Across a sample of thirty four emerging countries, the evidence shows the frequent existence of a pro-cyclical fiscal impulse. However, the scope for countercyclical policy increases with the availability of international reserves as it enhances credibility and mitigates concerns about the effect of...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2010
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 10/123 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | Across a sample of thirty four emerging countries, the evidence shows the frequent existence of a pro-cyclical fiscal impulse. However, the scope for countercyclical policy increases with the availability of international reserves as it enhances credibility and mitigates concerns about the effect of expansionary fiscal policy on the cost of borrowing and debt service. The paper also examines the effectiveness of the fiscal policy in emerging countries in the short- and long-run and its underlying conditions, which does not appear to be uniform. In some cases, contractionary fiscal policy could stimulate growth in the short-run, if fiscal tightness lowers the cost of borrowing and debt service, and mitigates concerns about debt sustainability. However, an increase in international reserves is evident to mitigate these concerns. On the other hand, high inflation increases concerns about the impact of fiscal spending on inflationary expectations and the cost of borrowing, countering the effectiveness of the fiscal stimulus on output growth in the short-run. Where the debt burden is high, fiscal expansion has a longlasting negative effect on real growth |
| Beschreibung: | 1 Online-Ressource (24 p) |
| ISBN: | 1455200824 9781455200825 |
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| index_date | 2024-07-03T20:13:28Z |
| indexdate | 2024-07-10T09:35:37Z |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Kandil, Magda E. Verfasser aut Fiscal Stimulus and Credibility in Emerging Countries Kandil, Magda E Washington, D.C International Monetary Fund 2010 1 Online-Ressource (24 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 10/123 Across a sample of thirty four emerging countries, the evidence shows the frequent existence of a pro-cyclical fiscal impulse. However, the scope for countercyclical policy increases with the availability of international reserves as it enhances credibility and mitigates concerns about the effect of expansionary fiscal policy on the cost of borrowing and debt service. The paper also examines the effectiveness of the fiscal policy in emerging countries in the short- and long-run and its underlying conditions, which does not appear to be uniform. In some cases, contractionary fiscal policy could stimulate growth in the short-run, if fiscal tightness lowers the cost of borrowing and debt service, and mitigates concerns about debt sustainability. However, an increase in international reserves is evident to mitigate these concerns. On the other hand, high inflation increases concerns about the impact of fiscal spending on inflationary expectations and the cost of borrowing, countering the effectiveness of the fiscal stimulus on output growth in the short-run. Where the debt burden is high, fiscal expansion has a longlasting negative effect on real growth Online-Ausg Morsy, Hanan Sonstige oth http://elibrary.imf.org/view/IMF001/10801-9781455200825/10801-9781455200825/10801-9781455200825.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Kandil, Magda E. Fiscal Stimulus and Credibility in Emerging Countries |
| title | Fiscal Stimulus and Credibility in Emerging Countries |
| title_auth | Fiscal Stimulus and Credibility in Emerging Countries |
| title_exact_search | Fiscal Stimulus and Credibility in Emerging Countries |
| title_exact_search_txtP | Fiscal Stimulus and Credibility in Emerging Countries |
| title_full | Fiscal Stimulus and Credibility in Emerging Countries Kandil, Magda E |
| title_fullStr | Fiscal Stimulus and Credibility in Emerging Countries Kandil, Magda E |
| title_full_unstemmed | Fiscal Stimulus and Credibility in Emerging Countries Kandil, Magda E |
| title_short | Fiscal Stimulus and Credibility in Emerging Countries |
| title_sort | fiscal stimulus and credibility in emerging countries |
| url | http://elibrary.imf.org/view/IMF001/10801-9781455200825/10801-9781455200825/10801-9781455200825.xml |
| work_keys_str_mv | AT kandilmagdae fiscalstimulusandcredibilityinemergingcountries AT morsyhanan fiscalstimulusandcredibilityinemergingcountries |