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Asset Booms and Structural Fiscal Positions The Case of Ireland

Asset booms and sectoral changes can distort traditional estimates of structural fiscal revenue, and could lead to serious fiscal policy errors. This paper extends the estimation of structural revenues to take account of asset prices and sectoral changes, and applies this to the case of Ireland, whe...

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Bibliographic Details
Main Author: Kanda, Daniel
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2010
Series:IMF Working Papers
Subjects:
Fiscal Stance
Inflation
Revenue Administration
Public Finance & Taxation
Output Gap
Deflation
Fiscal Policy
Production; Economic Theory
National Government Expenditures And Related Policies: General
Asset Prices
Expenditure
Macroeconomics: Production
Price Level
Taxation, Subsidies, And Revenue: General
Expenditures, Public
Prices
Macroeconomics
Public Finance
Revenue
Production And Operations Management
Ireland
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:Asset booms and sectoral changes can distort traditional estimates of structural fiscal revenue, and could lead to serious fiscal policy errors. This paper extends the estimation of structural revenues to take account of asset prices and sectoral changes, and applies this to the case of Ireland, where a property bust has revealed a large hole in the public finances. It is shown that excluding these factors led to a substantial bias in the estimation of structural revenues, and the structural balance prior to the crisis was much larger than earlier estimated
Physical Description:23 pages
ISBN:9781451963687

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