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Public Debt Sustainability
Author: Barry W. Poulson
Publisher: Rowman & Littlefield
Published: 2022-01-04
Total Pages: 389
ISBN-13: 1666902578
DOWNLOAD EBOOK →As countries recover from the coronavirus pandemic, they are confronted with an even more challenging debt crisis. Xavier Debrun argues in the foreword that in deciding where we go from here that there is no longer a consensus regarding the optimum design and enforcement of fiscal rules. Rather we must address a series of questions and challenges to the conventional wisdom. This book provides an opportunity for scholars to explore these questions from an international perspective, with reference to European countries, and emerging nations as well as the United States.
Modernizing the Framework for Fiscal Policy and Public Debt Sustainability Analysis
Author: International Monetary Fund
Publisher: International Monetary Fund
Published: 2011-05-08
Total Pages: 59
ISBN-13: 1498338631
DOWNLOAD EBOOK →Modernizing the framework for fiscal policy and public debt sustainability analysis (DSA) has become necessary, particularly in light of the recent crisis and rising sustainability concerns in some advanced economies. While recognizing the inherently challenging nature of such analysis, this paper highlights areas where improvements are needed and makes both general and specific proposals on how this could be achieved. It also proposes to move to a risk-based approach to DSAs for all market-access countries, where the depth and extent of analysis would be commensurate with concerns regarding sustainability, while a reasonable level of standardization would be maintained.
Fiscal Rules—Anchoring Expectations for Sustainable Public Finances
Author: International Monetary Fund. Fiscal Affairs Dept.
Publisher: International Monetary Fund
Published: 2009-12-11
Total Pages: 73
ISBN-13: 1498335160
DOWNLOAD EBOOK →The sharp increase in fiscal deficits and public debt in most advanced and several developing economies has raised concerns about the sustainability of public finances and highlighted the need for a significant adjustment over the medium term. This paper assesses the usefulness of fiscal rules in supporting fiscal consolidation, discusses the design and implementation of rules based on a new data base spanning the whole Fund membership, and explores the fiscal framework that could be adopted as countries emerge from the crisis.
Quantifying the Sustainability of Public Debt
Author: Cansın Kemal Can
Publisher: Cambridge Scholars Publishing
Published: 2021-06-09
Total Pages: 156
ISBN-13: 1527570789
DOWNLOAD EBOOK →Despite its beneficial aspects, public debt can be hazardous for macroeconomic performance should it reach unrepayable levels as a consequence of snowballing explosive trends. Failure to monitor the existing trend in public debt in order to detect such divergences from the stable path, and the lack of an adaptive public financial management can potentially culminate in a public debt crisis whose disruptive economic impacts can permeate all sectors of the economy very swiftly. However, public debt sustainability is a vague concept with no straightforward operational definitions. In addition, its multi-faceted nature is an impediment for the implementation of real-world appraisal of the fiscal posture from a stability viewpoint. As such, quantifying the public debt sustainability is essential for overhauling the fiscal policies so as to avoid a potential debt crisis stemming from malfunctioning fiscal policies. This book provides the reader with a practical and straightforward framework that outlines a tool for undertaking public debt sustainability analysis. In order to guide further empirical investigations, the discussion in this book is underpinned by a real-world application of the model which highlights the practical aspects of the tool with reference to time-varying empirical evidence from a developing country.
Back to the Future: Fiscal Rules for Regaining Sustainability
Author: Mr.Serhan Cevik
Publisher: International Monetary Fund
Published: 2019-11-07
Total Pages: 22
ISBN-13: 1513519123
DOWNLOAD EBOOK →This paper assesses the cyclicality and sustainability of fiscal policy in Belize and applies a stochastic simulation model to determine the optimal set of fiscal rules. The empirical analysis shows that fiscal policy in Belize has been significantly procyclical and unsustainable much of the period since 1976. While the government’s recent commitment to maintain a primary surplus of at least 2 percent of GDP until 2021 is supporting debt reduction, stochastic simulations indicate that further improvement in the primary balance is necessary to reliably bring the debt-to-GDP ratio to a sustainable path. Given Belize’s history of large economic shocks, this paper proposes explicit fiscal rules designed for countercyclical policy and debt sustainability. It recommends integrating such rules into a well-designed fiscal responsibility law and establishing an independent fiscal council to improve accountability and transparency.
Monetary and fiscal rules for public debt sustainability *
Fiscal Sustainability
Author: Mr.Evan Tanner
Publisher: International Monetary Fund
Published: 2013-04-22
Total Pages: 49
ISBN-13: 1484351495
DOWNLOAD EBOOK →This paper critically reviews recent work regarding the sustainability of public debt. It argues that Debt Sustainability Analyses (DSAs) should be more than mere mechanical simulation exercises. Instead, a DSA should be linked to some objective regarding the distribution of fiscal burdens and distortions over time (in the tradition of Barro’s 1979 tax smoothing objective). The paper discusses objective functions that yield simple and transparent fiscal policy rules.
Staff Guidance Note for Public Debt Sustainability Analysis in Market-Access Countries
Author: International Monetary Fund. Fiscal Affairs Dept.
Publisher: International Monetary Fund
Published: 2013-05-06
Total Pages: 55
ISBN-13: 1498341845
DOWNLOAD EBOOK →The framework for fiscal policy and public debt sustainability analysis (DSA) in market-access countries (MACs) was reviewed by the Executive Board in August 2011.1 The review responded to shortcomings in identifying fiscal vulnerabilities and assessing risks to debt sustainability against the backdrop of increased concerns over fiscal policy and public debt sustainability in many advanced economies.
Fiscal Sustainability in Theory and Practice
Author: Craig Burnside
Publisher: World Bank Publications
Published: 2005
Total Pages: 312
ISBN-13: 9780821358740
DOWNLOAD EBOOK →Topics discussed in this publication include: an introduction to theoretical and practical aspects of fiscal sustainability; theoretical prerequisites for fiscal sustainability analysis; debt indicators in the measurement of vulnerability; cyclical adjustment of budget surplus; pro-cyclical fiscal policy using Mexico's fiscal accounts as a case study; fiscal rules and the experience of Chile; currency crises and models for deal with financing costs.
