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Restoring Debt Sustainability After Crises
Mr.Emanuele BaldacciMr.Sanjeev GuptaMr.Carlos Mulas-Granados
其他書名
Implications for the Fiscal Mix
出版International Monetary Fund, 2010-10-01
主題Business & Economics / Finance / Financial Risk ManagementBusiness & Economics / Economics / MacroeconomicsBusiness & Economics / Public Finance
ISBN14552093259781455209323
URLhttp://books.google.com.hk/books?id=RyOJkQEACAAJ&hl=&source=gbs_api
註釋This paper analyzes the experience of 99 advanced and developing economies in restoring fiscal sustainability during 1980 - 2008 after banking crises, which led to large accumulation of public debt. It finds that successful debt reductions have relied chiefly on generation of large primary surpluses in post-crisis years through current expenditure cuts. These savings have been accompanied by growth-promoting measures and a supportive monetary policy stance. While these results are consistent with the existing literature, the paper finds that revenue-raising measures increased the likelihood of successful consolidation in countries that faced large adjustment needs after the crisis. This reflects the fall in effectiveness of spending cuts when deficit reduction needs are large independent of initial tax ratios.