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What Sustains Fiscal Consolidations in Emerging Market Countries?

This paper examines the factors affecting the persistence of fiscal consolidation in 25 emerging market countries during 1980-2001. It proposes a new approach for defining spells of fiscal consolidation. The results indicate that the probability of ending a fiscal adjustment is affected by the legac...

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Bibliographic Details
Main Author: Clements, Benedict
Other Authors: Baldacci, Emanuele, Gupta, Sanjeev, Tiongson, Erwin
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2003
Series:IMF Working Papers
Subjects:
Public Debt
Finance
Debt Reduction
Public Finance & Taxation
Government Debt Management
Debt Management
Fiscal Policy
Debts, Public
Fiscal Consolidation
Debt
Asset And Liability Management
Debts, External
Sovereign Debt
Macroeconomics
Public Financial Management (pfm)
Financial Risk Management
Public Finance
Côte D'ivoire
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:This paper examines the factors affecting the persistence of fiscal consolidation in 25 emerging market countries during 1980-2001. It proposes a new approach for defining spells of fiscal consolidation. The results indicate that the probability of ending a fiscal adjustment is affected by the legacy of previous fiscal failures, the size of the deficit, the composition of spending, and level of total revenues. There is also some evidence that the initial debt stock, exchange rate developments, inflation, and the unemployment rate have an impact on the persistence of adjustments
Physical Description:27 pages
ISBN:9781451875348

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