Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries:
This paper studies fiscal policy effects in developing countries with external debt and sovereign default risks. State-dependent distributions of fiscal limits are simulated based on macroeconomic uncertainty and fiscal policy specifications. The analysis shows that expected future revenue plays an...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2014
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 14/49 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | This paper studies fiscal policy effects in developing countries with external debt and sovereign default risks. State-dependent distributions of fiscal limits are simulated based on macroeconomic uncertainty and fiscal policy specifications. The analysis shows that expected future revenue plays an important role in the low fiscal limits of developing countries, relative to those of developed countries. External debt carries additional risks since large devaluation of the real exchange rate can suddenly raise default probabilities. Consistent with majority views, fiscal consolidations are counterproductive in the short and medium runs. When an economy approaches its fiscal limits, government spending can be less expansionary than in a low-debt state. As more revenue is required to service debt in a high-debt state, higher tax rates raise the economic cost of increasing consumption, reducing the fiscal multiplier |
| Beschreibung: | 1 Online-Ressource (37 p) |
| ISBN: | 1475521669 9781475521665 |
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| index_date | 2024-07-03T20:13:35Z |
| indexdate | 2024-07-10T09:35:45Z |
| institution | BVB |
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| series2 | IMF Working Papers |
| spelling | Bi, Huixin Verfasser aut Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries Bi, Huixin Washington, D.C International Monetary Fund 2014 1 Online-Ressource (37 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 14/49 This paper studies fiscal policy effects in developing countries with external debt and sovereign default risks. State-dependent distributions of fiscal limits are simulated based on macroeconomic uncertainty and fiscal policy specifications. The analysis shows that expected future revenue plays an important role in the low fiscal limits of developing countries, relative to those of developed countries. External debt carries additional risks since large devaluation of the real exchange rate can suddenly raise default probabilities. Consistent with majority views, fiscal consolidations are counterproductive in the short and medium runs. When an economy approaches its fiscal limits, government spending can be less expansionary than in a low-debt state. As more revenue is required to service debt in a high-debt state, higher tax rates raise the economic cost of increasing consumption, reducing the fiscal multiplier Online-Ausg Shen, Wenyi Sonstige oth Yang, Shu-Chun S. Sonstige oth http://elibrary.imf.org/view/IMF001/21241-9781475521665/21241-9781475521665/21241-9781475521665.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Bi, Huixin Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries |
| title | Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries |
| title_auth | Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries |
| title_exact_search | Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries |
| title_exact_search_txtP | Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries |
| title_full | Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries Bi, Huixin |
| title_fullStr | Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries Bi, Huixin |
| title_full_unstemmed | Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries Bi, Huixin |
| title_short | Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries |
| title_sort | fiscal limits external debt and fiscal policy in developing countries |
| url | http://elibrary.imf.org/view/IMF001/21241-9781475521665/21241-9781475521665/21241-9781475521665.xml |
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