Modernizing The Framework For Fiscal Policy And Public Debt Sustainability Analysis PDF Download
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| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 59 |
| Release | : 2011-05-08 |
| Genre | : Business & Economics |
| ISBN | : 1498338631 |
Download Modernizing the Framework for Fiscal Policy and Public Debt Sustainability Analysis Book in PDF, ePub and Kindle
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.
| Author | : Internationaler Währungsfonds |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2011 |
| Genre | : |
| ISBN | : |
Download Modernizing the Framework for Fiscal Policy and Public Debt Sustainability Analysis Book in PDF, ePub and Kindle
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.
| Author | : Cansın Kemal Can |
| Publisher | : Cambridge Scholars Publishing |
| Total Pages | : 156 |
| Release | : 2021-06-09 |
| Genre | : Business & Economics |
| ISBN | : 1527570789 |
Download Quantifying the Sustainability of Public Debt Book in PDF, ePub and Kindle
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.
| Author | : Gabriel Di Bella |
| Publisher | : International Monetary Fund |
| Total Pages | : 32 |
| Release | : 2008-03 |
| Genre | : Business & Economics |
| ISBN | : |
Download A Stochastic Framework for Public Debt Sustainability Analysis Book in PDF, ePub and Kindle
This paper proposes a framework for public debt sustainability analysis (DSA) that is complementary to that generally used by IFIs. The DSA in this paper has three components: (i) an integrated and consistent accounting framework for the Consolidated Public Sector (CPS); (ii) the estimation of an appropriate, and country-specific debt threshold, following the approach proposed by Reinhart, Rogoff and Savastano (2003); and (iii) a method for the calculation of the CPS primary balance to achieve the desired debt targets, without resorting to ad-hoc assumptions for the values of the macroeconomic variables during the planning horizon, in the spirit of Garcia and Rigobon (2004) and Celasun, Debrun and Ostry (2006). The paper uses this approach to analyze the sustainability of the Dominican Republic's Public Debt.
| Author | : Benno Ferrarini |
| Publisher | : Routledge |
| Total Pages | : 226 |
| Release | : 2012-11-12 |
| Genre | : Business & Economics |
| ISBN | : 113619990X |
Download Public Debt Sustainability in Developing Asia Book in PDF, ePub and Kindle
Addressing the Global Financial Crisis required fiscal intervention on a substantial scale by governments around the world. The consequent build up of public debt, in particular its sustainability, have moved centre stage in the policy debate. If the Asia Pacific region is to continue to serve as an engine for global growth its public debt must be sustainable. The book addresses this issue for Asia Pacific as a whole as well as for three of the most dynamic economies in the region: China, India and Vietnam. The book begins with a discussion of the reasons why there is increased attention on debt related issues and outline the contents of the volume. The book also includes fiscal indicators for Developing Member Countries (DMCs) as categorized by the Asian Development Bank (ADB). Debt sustainability for these countries is assessed through extant approaches and with the most updated data sources. It also surveys the extant literature on debt sustainability, outlining the main issues related to debt sustainability and discusses the key implications for the application of debt sustainability analysis in developing Asia. The book highlights the importance of doing individual country studies in view of wide variations in definitions of public expenditure, revenues, contingent liabilities, government structures (e.g. federal), and the like as well as in the impact of debt on interest rates. It provides in-depth debt sustainability analyses of China, India and Vietnam. The book is a comprehensive analytical and empirical update of the sustainability public debt in developing Asia. It breakes new ground in that various characteristics of the sustainability that have not yet been explored in the literature which, nevertheless, are crucial to understanding it. As a consequence, the policy analysis is based on firmer footings than in the extant literature and should prove useful to graduate students, researchers as well as policymakers.
| Author | : Craig Burnside |
| Publisher | : World Bank Publications |
| Total Pages | : 312 |
| Release | : 2005 |
| Genre | : Business & Economics |
| ISBN | : 9780821358740 |
Download Fiscal Sustainability in Theory and Practice Book in PDF, ePub and Kindle
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.
| Author | : Barry W. Poulson |
| Publisher | : Rowman & Littlefield |
| Total Pages | : 389 |
| Release | : 2022-01-04 |
| Genre | : Business & Economics |
| ISBN | : 1666902578 |
Download Public Debt Sustainability Book in PDF, ePub and Kindle
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.
| Author | : George Kopits |
| Publisher | : OUP Oxford |
| Total Pages | : 300 |
| Release | : 2013-10-17 |
| Genre | : Business & Economics |
| ISBN | : 0191665428 |
Download Restoring Public Debt Sustainability Book in PDF, ePub and Kindle
Restoring Public Debt Sustainability: The Role of Independent Fiscal Institutions represents the first comprehensive survey of a new generation of independent fiscal institutions, established to promote transparency in public finances through real-time monitoring of the soundness of budgetary policymaking. The chapters, authored by heads of the institutions, as well as distinguished policy analysts and academics, explore the rationale and experience of these fiscal watchdogs. Consequently, useful lessons and implications are drawn for the design and practical operation of such institutions. The timeliness of the volume is underscored by the potential role of fiscal watchdogs in containing the public debt crisis that has engulfed a number of countries. Indeed, the recent proliferation of these institutions has been in response to the need for enhancing policy credibility of highly indebted governments in financial markets and, more generally, for strengthening the quality of economic governance. The first part of the book deals with key analytical and institutional issues: the political environment, the scope and limits of these institutions, the delegation of monetary policymaking to an independent body, and the implications of rising public indebtedness. The second part contains case studies of institutions that, for the most part, were born as a result of domestic political developments. The third part presents the experience of institutions whose origins can be traced directly or indirectly to an earlier or a recent financial crisis. The chapters are written from a multidisciplinary - economic, financial, political, legal - perspective, intended for academics, researchers, and practitioners alike.
| Author | : Mr.Evan Tanner |
| Publisher | : International Monetary Fund |
| Total Pages | : 49 |
| Release | : 2013-04-22 |
| Genre | : Business & Economics |
| ISBN | : 1484381998 |
Download Fiscal Sustainability Book in PDF, ePub and Kindle
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.
| Author | : Ms.Elena Loukoianova |
| Publisher | : International Monetary Fund |
| Total Pages | : 27 |
| Release | : 2008-02-01 |
| Genre | : Business & Economics |
| ISBN | : 1451869029 |
Download A Risk-Based Debt Sustainability Framework Book in PDF, ePub and Kindle
This paper proposes a new framework for the analysis of public sector debt sustainability. The framework uses concepts and methods from modern practice of contingent claims to develop a quantitative risk-based model of sovereign credit risk. The motivation in developing this framework is to provide a clear and workable complement to traditional debt sustainability analysis which-although it has many useful applications-suffers from the inability to measure risk exposures, default probabilities and credit spreads. Importantly, this new framework can be adapted for policy analysis, including debt and reserve management.
