Fiscal And Social Impact of A Nominal Exchange Rate Devaluation In Djibouti:
Limited fiscal space limits Djibouti's ability to meet the Millennium Development Goals and improve the living conditions of its population. Djibouti's fiscal structure is unique in that almost 70 percent of government revenue is denominated in foreign currency (import taxes, foreign aid g...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2006
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| Schlagworte: | |
| Online-Zugang: | BSB01 EUV01 HTW01 FHI01 IOS01 Volltext |
| Zusammenfassung: | Limited fiscal space limits Djibouti's ability to meet the Millennium Development Goals and improve the living conditions of its population. Djibouti's fiscal structure is unique in that almost 70 percent of government revenue is denominated in foreign currency (import taxes, foreign aid grants, and military revenue) while over 50 percent of government expenditure is denominated in local currency (wages, salaries, and social transfers). Djibouti's economic structure is also unusual in that merchandise exports of local origin are insignificant, and the country relies heavily on imported goods (food, medicines, consumer and capital goods). A currency devaluation, by reducing real wages, could potentially generate additional fiscal space that would help meet Djibouti's fundamental development goals. Using macroeconomic and household level data, the authors quantify the impact of a devaluation of the nominal exchange rate on fiscal savings, real public sector wages, real income, and poverty under various hypothetical scenarios of exchange-rate pass-through and magnitude of devaluation. They find that a currency devaluation could generate fiscal savings in the short-term, but it would have an adverse effect on poverty and income distribution. A 30 percent nominal exchange rate devaluation could generate fiscal savings amounting between 3 and 7 percent of GDP. At the same time, a 30 percent nominal devaluation could cause nearly a fifth of the poorest households to fall below the extreme poverty line and pull the same fraction of upper middle-income households below the national poverty line. The authors also find that currency devaluation could generate net fiscal savings even after accounting for the additional social transfers needed to compensate the poor for their real income loss. However, the absence of formal social safety nets limits the government's readiness to provide well-targeted and timely social transfers to the poor |
| Beschreibung: | 1 Online-Ressource (42 Seiten)) |
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| 520 | 3 | |a Limited fiscal space limits Djibouti's ability to meet the Millennium Development Goals and improve the living conditions of its population. Djibouti's fiscal structure is unique in that almost 70 percent of government revenue is denominated in foreign currency (import taxes, foreign aid grants, and military revenue) while over 50 percent of government expenditure is denominated in local currency (wages, salaries, and social transfers). Djibouti's economic structure is also unusual in that merchandise exports of local origin are insignificant, and the country relies heavily on imported goods (food, medicines, consumer and capital goods). A currency devaluation, by reducing real wages, could potentially generate additional fiscal space that would help meet Djibouti's fundamental development goals. Using macroeconomic and household level data, the authors quantify the impact of a devaluation of the nominal exchange rate on fiscal savings, real public sector wages, real income, and poverty under various hypothetical scenarios of exchange-rate pass-through and magnitude of devaluation. They find that a currency devaluation could generate fiscal savings in the short-term, but it would have an adverse effect on poverty and income distribution. A 30 percent nominal exchange rate devaluation could generate fiscal savings amounting between 3 and 7 percent of GDP. At the same time, a 30 percent nominal devaluation could cause nearly a fifth of the poorest households to fall below the extreme poverty line and pull the same fraction of upper middle-income households below the national poverty line. The authors also find that currency devaluation could generate net fiscal savings even after accounting for the additional social transfers needed to compensate the poor for their real income loss. However, the absence of formal social safety nets limits the government's readiness to provide well-targeted and timely social transfers to the poor | |
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Datensatz im Suchindex
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| spelling | Anos Casero, Paloma Verfasser aut Fiscal And Social Impact of A Nominal Exchange Rate Devaluation In Djibouti Anos Casero, Paloma Washington, D.C The World Bank 2006 1 Online-Ressource (42 Seiten)) txt rdacontent c rdamedia cr rdacarrier Limited fiscal space limits Djibouti's ability to meet the Millennium Development Goals and improve the living conditions of its population. Djibouti's fiscal structure is unique in that almost 70 percent of government revenue is denominated in foreign currency (import taxes, foreign aid grants, and military revenue) while over 50 percent of government expenditure is denominated in local currency (wages, salaries, and social transfers). Djibouti's economic structure is also unusual in that merchandise exports of local origin are insignificant, and the country relies heavily on imported goods (food, medicines, consumer and capital goods). A currency devaluation, by reducing real wages, could potentially generate additional fiscal space that would help meet Djibouti's fundamental development goals. Using macroeconomic and household level data, the authors quantify the impact of a devaluation of the nominal exchange rate on fiscal savings, real public sector wages, real income, and poverty under various hypothetical scenarios of exchange-rate pass-through and magnitude of devaluation. They find that a currency devaluation could generate fiscal savings in the short-term, but it would have an adverse effect on poverty and income distribution. A 30 percent nominal exchange rate devaluation could generate fiscal savings amounting between 3 and 7 percent of GDP. At the same time, a 30 percent nominal devaluation could cause nearly a fifth of the poorest households to fall below the extreme poverty line and pull the same fraction of upper middle-income households below the national poverty line. The authors also find that currency devaluation could generate net fiscal savings even after accounting for the additional social transfers needed to compensate the poor for their real income loss. However, the absence of formal social safety nets limits the government's readiness to provide well-targeted and timely social transfers to the poor Online-Ausg Accounting Bank Policy Currencies and Exchange Rates Currency Devaluation Debt Markets Devaluation Developing Countries Economic Development Economic Stabilization Economic Theory and Research Emerging Markets Exchange Exchange Rate Expenditures Finance and Financial Sector Development Financial Literacy Fiscal and Monetary Policy Foreign Currency Goods Macroeconomics and Economic Growth Poverty Reduction Private Sector Development Public Sector Development Rural Development Rural Poverty Reduction Seshan, Ganesh Sonstige oth Anos Casero, Paloma Sonstige oth Anos Casero, Paloma Fiscal And Social Impact of A Nominal Exchange Rate Devaluation In Djibouti http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4028 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Anos Casero, Paloma Fiscal And Social Impact of A Nominal Exchange Rate Devaluation In Djibouti Accounting Bank Policy Currencies and Exchange Rates Currency Devaluation Debt Markets Devaluation Developing Countries Economic Development Economic Stabilization Economic Theory and Research Emerging Markets Exchange Exchange Rate Expenditures Finance and Financial Sector Development Financial Literacy Fiscal and Monetary Policy Foreign Currency Goods Macroeconomics and Economic Growth Poverty Reduction Private Sector Development Public Sector Development Rural Development Rural Poverty Reduction |
| title | Fiscal And Social Impact of A Nominal Exchange Rate Devaluation In Djibouti |
| title_auth | Fiscal And Social Impact of A Nominal Exchange Rate Devaluation In Djibouti |
| title_exact_search | Fiscal And Social Impact of A Nominal Exchange Rate Devaluation In Djibouti |
| title_exact_search_txtP | Fiscal And Social Impact of A Nominal Exchange Rate Devaluation In Djibouti |
| title_full | Fiscal And Social Impact of A Nominal Exchange Rate Devaluation In Djibouti Anos Casero, Paloma |
| title_fullStr | Fiscal And Social Impact of A Nominal Exchange Rate Devaluation In Djibouti Anos Casero, Paloma |
| title_full_unstemmed | Fiscal And Social Impact of A Nominal Exchange Rate Devaluation In Djibouti Anos Casero, Paloma |
| title_short | Fiscal And Social Impact of A Nominal Exchange Rate Devaluation In Djibouti |
| title_sort | fiscal and social impact of a nominal exchange rate devaluation in djibouti |
| topic | Accounting Bank Policy Currencies and Exchange Rates Currency Devaluation Debt Markets Devaluation Developing Countries Economic Development Economic Stabilization Economic Theory and Research Emerging Markets Exchange Exchange Rate Expenditures Finance and Financial Sector Development Financial Literacy Fiscal and Monetary Policy Foreign Currency Goods Macroeconomics and Economic Growth Poverty Reduction Private Sector Development Public Sector Development Rural Development Rural Poverty Reduction |
| topic_facet | Accounting Bank Policy Currencies and Exchange Rates Currency Devaluation Debt Markets Devaluation Developing Countries Economic Development Economic Stabilization Economic Theory and Research Emerging Markets Exchange Exchange Rate Expenditures Finance and Financial Sector Development Financial Literacy Fiscal and Monetary Policy Foreign Currency Goods Macroeconomics and Economic Growth Poverty Reduction Private Sector Development Public Sector Development Rural Development Rural Poverty Reduction |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4028 |
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