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180614 ||| eng |
| 020 |
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|a 9781513528243
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| 100 |
1 |
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|a End, Nicolas
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| 245 |
0 |
0 |
|a Deflation and Public Finances
|b Evidence from the Historical Records
|c Nicolas End, Sampawende Tapsoba, G. Terrier, Renaud Duplay
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2015
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| 300 |
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|a 41 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Fiscal stance
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| 653 |
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|a Inflation
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| 653 |
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|a Public debt
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| 653 |
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|a Economic recession
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| 653 |
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|a Public finance & taxation
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| 653 |
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|a Deflation
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| 653 |
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|a Debt Management
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| 653 |
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|a Debts, Public
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| 653 |
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|a Fiscal Policy
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| 653 |
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|a Debt
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| 653 |
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|a Recessions
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| 653 |
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|a Fiscal policy
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| 653 |
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|a Economic History: Macroeconomics and Monetary Economics
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| 653 |
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|a General Financial Markets: General (includes Measurement and Data)
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| 653 |
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|a Sovereign Debt
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| 653 |
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|a Price Level
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| 653 |
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|a Cycles
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| 653 |
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|a Growth and Fluctuations: General, International, or Comparative
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| 653 |
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|a Wages, Compensation, and Labor Costs: Other
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| 653 |
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|a Economic growth
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| 653 |
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|a Prices
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Business Fluctuations
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| 653 |
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|a Public Finance
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| 700 |
1 |
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|a Tapsoba, Sampawende
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| 700 |
1 |
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|a Terrier, G.
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| 700 |
1 |
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|a Duplay, Renaud
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
0 |
|a 10.5089/9781513528243.001
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| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2015/176/001.2015.issue-176-en.xml?cid=43132-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|a This paper examines the impact of deflation on fiscal aggregates. With deflation relatively rare in modern history, it relies mostly on the historical records, using a dataset panel covering 150 years and 21 advanced economies. Empirical evidence shows that deflation affects public finances mostly through increases in public debt ratios, reflecting a worsening in interest rate–growth differentials. On average, a mild rate of deflation increases public debt ratios by almost 2 percent of GDP a year, this impact being larger during recessionary deflations. Using a simulation model that accounts for composition effects and price expectations, we also find that, for European countries, a 2 percentage point deflationary shock in both 2015 and 2016 would lead to a deterioration in the primary balance of as much as 1 percent of GDP by 2019
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