Coverart for item
The Resource Economic Effects of Fiscal Consolidation with Debt Feedback, Marcello Estevão and Issouf Samake

Economic Effects of Fiscal Consolidation with Debt Feedback, Marcello Estevão and Issouf Samake

Label
Economic Effects of Fiscal Consolidation with Debt Feedback
Title
Economic Effects of Fiscal Consolidation with Debt Feedback
Statement of responsibility
Marcello Estevão and Issouf Samake
Creator
Contributor
Author
Issuing body
Subject
Genre
Language
eng
Summary
The past several years of recession and slow recovery have raised much interest on the effect of fiscal stimulus on economic activity, even as high public debts in many countries would call for fiscal consolidation. To evaluate the delicate balance between stimulus and consolidation requires measuring the size of fiscal multipliers, which often depends on having quarterly data so that exogenous fiscal policy shocks can be identified. We estimate fiscal multipliers using a novel methodology for identifying fiscal shocks within a structural vector autoregressive approach using annual data while controling for debt feedback effects. The estimation focuses on regions with scarce quarterly data (mostly low-income countries), and uses results for advanced economies, emerging market countries, and other broad groupings for which alternative estimates are available to validate the methodology. Differently from advanced and emerging market economies, fiscal consolidation in low-income countries has only a small temporary negative effect on growth while raising medium-term output. Shifting the composition of public spending toward capital expenditure further supports long-run growth
Member of
Cataloging source
IDEBK
http://bibfra.me/vocab/lite/collectionName
IMF eLibrary
http://library.link/vocab/creatorName
Estevão, Marcello M
Government publication
international or intergovernmental publication
Illustrations
illustrations
Index
no index present
LC call number
HJ192.5 ONLINE
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
http://library.link/vocab/relatedWorkOrContributorName
  • Samaké, Issouf
  • International Monetary Fund
Series statement
IMF Working Paper
Series volume
WP/13/136
http://library.link/vocab/subjectName
  • Fiscal policy
  • Debts, Public
  • Fiscal policy
  • Debts, Public
  • Fiscal policy
  • Fiscal policy
Label
Economic Effects of Fiscal Consolidation with Debt Feedback, Marcello Estevão and Issouf Samake
Instantiates
Publication
Note
"May 2013."
Bibliography note
Includes bibliographical references (pages 48-50)
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
  • Cover; Contents; I. Introduction; II. Past Attempts to Identify Discretionary Fiscal Policy Changes; III. Identifiying Fiscal Policy Shocks with Debt Feedback and Annual Data; IV. Estimation Results; A. Fiscal Policy in Central America as a case study; Figures; 1. Central America and Regional Peers: Selected Economic Indicators; B. Empirical Modeling Approach; C. Overall Results; D. Spending Multipliers; E. Tax Multipliers; F. Capital and Current Spending Multipliers
  • 11. Panama: Estimated Impact of Fiscal Consolidation of 1% of GDP on GDP Growth (Accumulated Responses, 1-Standard Deviation)12. VAR-Normality test; References
  • 2. Real GDP Growth Effects of a One-Percentage-Point Increase in Expenditure or Cut in Tax Revenue-A SVECM Approach with Debt Feedback (Impact)3. Real GDP Growth Effects of a One-Percentage-Point Increase in Expenditure or Cut in Tax Revenue -- A Structural VAR Approach with Debt Feedback (Cumulative); 4. Impact and Cumulative Output Multipliers of Capital and Current Expenditures -- A Structural VAR Approach with Debt Feedback; Tables; 1. Cumulative Output Multipliers with Debt Feedback and Financial Constraints: Current and Capital Expenditure; V. Concluding Remarks; 2a. Country Group
  • 7. El Salvador: Estimated Impact of Fiscal Consolidation of 1% of GDP on GDP Growth (Accumulated Responses, 1-Standard Deviation)8. Guatemala: Estimated Impact of Fiscal Consolidation of 1% of GDP on GDP Growth (Accumulated Responses, 1-Standard Deviation); 9. Honduras: Estimated Impact of Fiscal Consolidation of 1% of GDP on GDP Growth (Accumulated Responses, 1-Standard Deviation); 10. Nicaragua: Estimated Impact of Fiscal Consolidation of 1% of GDP on GDP Growth (Accumulated Responses, 1-Standard Deviation)
  • AppendixI. Country Grouping; 2b. Country Group; 2c. Country Group; 3. Optimal Lag Length; 4. Cointegration Equations of Revenue; 5. Cumulative Output Multipliers with Debt Feedback and Financial Constraints: Expenditure and Tax Shocks; 6. Summary of Selected Results of Fiscal Multipliers from Literature; 5. Costa Rica: Estimated Impact of Fiscal Consolidation of 1% of GDP on GDP Growth (Accumulated Responses, 1-Standard Deviation); 6. Dominican Republic: Estimated Impact of Fiscal Consolidation of 1% of GDP on GDP Growth (Accumulated Responses, 1-Standard Deviation)
Control code
851159568
Dimensions
unknown
Extent
1 online resource (50 pages)
Form of item
online
Isbn
9781299678415
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.5089/9781484363225.001
Other physical details
color illustrations
http://library.link/vocab/ext/overdrive/overdriveId
499091
Specific material designation
remote
System control number
  • imfWPIEA2013136
  • (IMF)WPIEA2013136
  • (OCoLC)851159568
Label
Economic Effects of Fiscal Consolidation with Debt Feedback, Marcello Estevão and Issouf Samake
Publication
Note
"May 2013."
Bibliography note
Includes bibliographical references (pages 48-50)
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
  • Cover; Contents; I. Introduction; II. Past Attempts to Identify Discretionary Fiscal Policy Changes; III. Identifiying Fiscal Policy Shocks with Debt Feedback and Annual Data; IV. Estimation Results; A. Fiscal Policy in Central America as a case study; Figures; 1. Central America and Regional Peers: Selected Economic Indicators; B. Empirical Modeling Approach; C. Overall Results; D. Spending Multipliers; E. Tax Multipliers; F. Capital and Current Spending Multipliers
  • 11. Panama: Estimated Impact of Fiscal Consolidation of 1% of GDP on GDP Growth (Accumulated Responses, 1-Standard Deviation)12. VAR-Normality test; References
  • 2. Real GDP Growth Effects of a One-Percentage-Point Increase in Expenditure or Cut in Tax Revenue-A SVECM Approach with Debt Feedback (Impact)3. Real GDP Growth Effects of a One-Percentage-Point Increase in Expenditure or Cut in Tax Revenue -- A Structural VAR Approach with Debt Feedback (Cumulative); 4. Impact and Cumulative Output Multipliers of Capital and Current Expenditures -- A Structural VAR Approach with Debt Feedback; Tables; 1. Cumulative Output Multipliers with Debt Feedback and Financial Constraints: Current and Capital Expenditure; V. Concluding Remarks; 2a. Country Group
  • 7. El Salvador: Estimated Impact of Fiscal Consolidation of 1% of GDP on GDP Growth (Accumulated Responses, 1-Standard Deviation)8. Guatemala: Estimated Impact of Fiscal Consolidation of 1% of GDP on GDP Growth (Accumulated Responses, 1-Standard Deviation); 9. Honduras: Estimated Impact of Fiscal Consolidation of 1% of GDP on GDP Growth (Accumulated Responses, 1-Standard Deviation); 10. Nicaragua: Estimated Impact of Fiscal Consolidation of 1% of GDP on GDP Growth (Accumulated Responses, 1-Standard Deviation)
  • AppendixI. Country Grouping; 2b. Country Group; 2c. Country Group; 3. Optimal Lag Length; 4. Cointegration Equations of Revenue; 5. Cumulative Output Multipliers with Debt Feedback and Financial Constraints: Expenditure and Tax Shocks; 6. Summary of Selected Results of Fiscal Multipliers from Literature; 5. Costa Rica: Estimated Impact of Fiscal Consolidation of 1% of GDP on GDP Growth (Accumulated Responses, 1-Standard Deviation); 6. Dominican Republic: Estimated Impact of Fiscal Consolidation of 1% of GDP on GDP Growth (Accumulated Responses, 1-Standard Deviation)
Control code
851159568
Dimensions
unknown
Extent
1 online resource (50 pages)
Form of item
online
Isbn
9781299678415
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.5089/9781484363225.001
Other physical details
color illustrations
http://library.link/vocab/ext/overdrive/overdriveId
499091
Specific material designation
remote
System control number
  • imfWPIEA2013136
  • (IMF)WPIEA2013136
  • (OCoLC)851159568

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