Correcting "Beyond the Cycle:" Accounting for Asset Prices in Structural Fiscal Balances:
This paper outlines an operational approach for incorporating the impact of asset price cycles in the calculation of structural fiscal balances (SFBs). The global financial crisis demonstrated that movements in asset prices can have an important fiscal impact. Failing to account for the fiscal impac...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2015
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 15/109 |
| 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 outlines an operational approach for incorporating the impact of asset price cycles in the calculation of structural fiscal balances (SFBs). The global financial crisis demonstrated that movements in asset prices can have an important fiscal impact. Failing to account for the fiscal impact of asset price cycles can encourage a pro-cyclical policy stance if temporarily high revenues are passed through into expenditures. In addition, over-estimating the SFB may lead to inadequate fiscal buffers when cyclical revenues eventually dissipate. The paper proposes an empirical approach to correct for asset prices and provides illustrative country results for selected OECD countries. We find that asset price cycles are imperfectly synchronized with the business cycle and are quantitatively significant with an average pre-crisis fiscal impact ranging from about ½ to 2 percent of GDP in the sample. For a number of countries, the pre-crisis fiscal impact of high asset prices was larger at about 4 percent of GDP |
| Beschreibung: | 1 Online-Ressource (36 p) |
| ISBN: | 1513520555 9781513520551 |
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| index_date | 2024-07-03T20:13:36Z |
| indexdate | 2024-07-10T09:35:47Z |
| institution | BVB |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Liu, Estelle X. Verfasser aut Correcting "Beyond the Cycle:" Accounting for Asset Prices in Structural Fiscal Balances Liu, Estelle X Washington, D.C International Monetary Fund 2015 1 Online-Ressource (36 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 15/109 This paper outlines an operational approach for incorporating the impact of asset price cycles in the calculation of structural fiscal balances (SFBs). The global financial crisis demonstrated that movements in asset prices can have an important fiscal impact. Failing to account for the fiscal impact of asset price cycles can encourage a pro-cyclical policy stance if temporarily high revenues are passed through into expenditures. In addition, over-estimating the SFB may lead to inadequate fiscal buffers when cyclical revenues eventually dissipate. The paper proposes an empirical approach to correct for asset prices and provides illustrative country results for selected OECD countries. We find that asset price cycles are imperfectly synchronized with the business cycle and are quantitatively significant with an average pre-crisis fiscal impact ranging from about ½ to 2 percent of GDP in the sample. For a number of countries, the pre-crisis fiscal impact of high asset prices was larger at about 4 percent of GDP Online-Ausg Mattina, Todd Sonstige oth Poghosyan, Tigran Sonstige oth http://elibrary.imf.org/view/IMF001/22558-9781513520551/22558-9781513520551/22558-9781513520551.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Liu, Estelle X. Correcting "Beyond the Cycle:" Accounting for Asset Prices in Structural Fiscal Balances |
| title | Correcting "Beyond the Cycle:" Accounting for Asset Prices in Structural Fiscal Balances |
| title_auth | Correcting "Beyond the Cycle:" Accounting for Asset Prices in Structural Fiscal Balances |
| title_exact_search | Correcting "Beyond the Cycle:" Accounting for Asset Prices in Structural Fiscal Balances |
| title_exact_search_txtP | Correcting "Beyond the Cycle:" Accounting for Asset Prices in Structural Fiscal Balances |
| title_full | Correcting "Beyond the Cycle:" Accounting for Asset Prices in Structural Fiscal Balances Liu, Estelle X |
| title_fullStr | Correcting "Beyond the Cycle:" Accounting for Asset Prices in Structural Fiscal Balances Liu, Estelle X |
| title_full_unstemmed | Correcting "Beyond the Cycle:" Accounting for Asset Prices in Structural Fiscal Balances Liu, Estelle X |
| title_short | Correcting "Beyond the Cycle:" Accounting for Asset Prices in Structural Fiscal Balances |
| title_sort | correcting beyond the cycle accounting for asset prices in structural fiscal balances |
| url | http://elibrary.imf.org/view/IMF001/22558-9781513520551/22558-9781513520551/22558-9781513520551.xml |
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