Fiscal Sustainability in Heavily Indebted Countries Dependent
... next five years and to be depleted over the next 30 years. At the same time, Gabon faces a heavy debt burden that will continue to absorb about 40 percent of government revenue during the remainder of the decade. In view of these trends, it is necessary to assess Gabon’s long-term fiscal sustainabil ...
... next five years and to be depleted over the next 30 years. At the same time, Gabon faces a heavy debt burden that will continue to absorb about 40 percent of government revenue during the remainder of the decade. In view of these trends, it is necessary to assess Gabon’s long-term fiscal sustainabil ...
Fiscal Rules and Discretion in a World Economy
... deficit limit) can improve upon using only deficit limits. Surplus limits are never used in an optimal uncoordinated fiscal rule, as these limits force low government types which are overborrowing to borrow even more. However, surplus limits also serve to increase interest rates, and through this ch ...
... deficit limit) can improve upon using only deficit limits. Surplus limits are never used in an optimal uncoordinated fiscal rule, as these limits force low government types which are overborrowing to borrow even more. However, surplus limits also serve to increase interest rates, and through this ch ...
Regional Economic Outlook: Western Hemisphere
... improve. A permanent loss in potential output, weak private consumption, and much higher debt levels in the United States will be negative legacies of the crisis that could adversely affect the Latin America and Caribbean (LAC) region. The impact of the crisis on the LAC region was substantial, but ...
... improve. A permanent loss in potential output, weak private consumption, and much higher debt levels in the United States will be negative legacies of the crisis that could adversely affect the Latin America and Caribbean (LAC) region. The impact of the crisis on the LAC region was substantial, but ...
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... imbalances. But extensive fiscal consolidation and internal devaluation have come with substantial costs for society, which contributed to delays in reform implementation and to policy reversals since the last Article IV Consultation, culminating in a renewed crisis of confidence in 2015. Since then ...
... imbalances. But extensive fiscal consolidation and internal devaluation have come with substantial costs for society, which contributed to delays in reform implementation and to policy reversals since the last Article IV Consultation, culminating in a renewed crisis of confidence in 2015. Since then ...
What is the Risk of European Sovereign Debt Defaults? Fiscal
... sovereign debt crisis in Europe surfaced. Systematically large prediction errors may due to mispricing of risk or may be attributable to expectations of a future decline in fundamentals. Our analysis may help address a number of questions. Was risk in many markets (e.g. PIIGS) “underpriced” during ...
... sovereign debt crisis in Europe surfaced. Systematically large prediction errors may due to mispricing of risk or may be attributable to expectations of a future decline in fundamentals. Our analysis may help address a number of questions. Was risk in many markets (e.g. PIIGS) “underpriced” during ...
the elusive recovery
... We identify two promising reform paths for the SGP: the golden rule of public finance and a modified expenditure rule. The golden rule is a traditional public finance concept that deducts net public investment from both the headline and the structural deficit, so that net public investment would be ...
... We identify two promising reform paths for the SGP: the golden rule of public finance and a modified expenditure rule. The golden rule is a traditional public finance concept that deducts net public investment from both the headline and the structural deficit, so that net public investment would be ...
Lao People`s Democratic Republic: 2014 Article IV Consultation
... should be further strengthened to reduce vulnerabilities. The authorities have made progress on priorities outlined in the last Article IV consultation. Fiscal consolidation has commenced, mainly through curbs on civil service compensation and capital spending cuts. Public investment cuts have limit ...
... should be further strengthened to reduce vulnerabilities. The authorities have made progress on priorities outlined in the last Article IV consultation. Fiscal consolidation has commenced, mainly through curbs on civil service compensation and capital spending cuts. Public investment cuts have limit ...
ISS research paper template
... aimed at reducing debts burden of most low income countries, such initiatives includes the Heavily Indebted Poor Countries (HIPC) and the Multilateral Debt relief initiative by the World bank and the International Monetary fund (IMF). These initiatives have however, focussed mainly on external debts ...
... aimed at reducing debts burden of most low income countries, such initiatives includes the Heavily Indebted Poor Countries (HIPC) and the Multilateral Debt relief initiative by the World bank and the International Monetary fund (IMF). These initiatives have however, focussed mainly on external debts ...
Budget Blueprint: How Lessons from Canada`s
... reduced debt, which allow interest costs to decline, leading to yet more surpluses and less debt, and so on. The study also describes the vicious cycle that can emerge—and emerge quickly—when deficits are not dealt with: accumulating debt, which necessitates increased interest costs, which lead to y ...
... reduced debt, which allow interest costs to decline, leading to yet more surpluses and less debt, and so on. The study also describes the vicious cycle that can emerge—and emerge quickly—when deficits are not dealt with: accumulating debt, which necessitates increased interest costs, which lead to y ...
Rapid Growth Markets
... they offer and the challenges they pose. Businesses and governments are taking a fresh look at opportunities that can shape the future of their markets and people. There is a renewed push on governance and job creation. Following the modest slowdown in 2013, we expect overall growth in our 25 rapid- ...
... they offer and the challenges they pose. Businesses and governments are taking a fresh look at opportunities that can shape the future of their markets and people. There is a renewed push on governance and job creation. Following the modest slowdown in 2013, we expect overall growth in our 25 rapid- ...
Government Deficits and Debt - The Office of the Auditor General in
... After five years in a row of surpluses, the Province of Manitoba, similar to most provinces and impacted by the global recession, has incurred deficits since 2009/10. As a result of annual deficits and significant growth in borrowing in recent years, the Province of Manitoba's net debt has increased ...
... After five years in a row of surpluses, the Province of Manitoba, similar to most provinces and impacted by the global recession, has incurred deficits since 2009/10. As a result of annual deficits and significant growth in borrowing in recent years, the Province of Manitoba's net debt has increased ...
2013 Low-Income Countries Global Risks and Vulnerabilities
... ensuing impact on the funding costs and budgetary positions of a sub-group of frontier market LICs. This would have a significant fiscal impact only if sustained over a number of years, but a more immediate, if potentially shorter-lived, impact on domestic interest rates and/or the exchange rate. ...
... ensuing impact on the funding costs and budgetary positions of a sub-group of frontier market LICs. This would have a significant fiscal impact only if sustained over a number of years, but a more immediate, if potentially shorter-lived, impact on domestic interest rates and/or the exchange rate. ...
How the Fight Against HIV/AIDS
... spending too much money in their national economies, whether this comes from increased government spending and higher deficit spending or from increased foreign aid. Because inflation rates are correlated with how much money is put into the domestic economy, the IMF has sought to use its leverage ov ...
... spending too much money in their national economies, whether this comes from increased government spending and higher deficit spending or from increased foreign aid. Because inflation rates are correlated with how much money is put into the domestic economy, the IMF has sought to use its leverage ov ...
Self-Fulfilling Crises in the Eurozone: An Empirical Test
... It is striking to find that all these observations concern three countries (Greece, Portugal and Ireland) and that these observations are highly time dependent, i.e. the deviations start at one particular moment of time and then continue to increase in the next consecutive periods. Thus, the dramati ...
... It is striking to find that all these observations concern three countries (Greece, Portugal and Ireland) and that these observations are highly time dependent, i.e. the deviations start at one particular moment of time and then continue to increase in the next consecutive periods. Thus, the dramati ...
2-3 Chapter 2 – Sustainable Development: Definitions, Measures
... It is important to notice that once we adjust for differences in the stock of human and produced capital, the stock of natural capital does not have any explanatory power regarding differences in total income per capita. ...
... It is important to notice that once we adjust for differences in the stock of human and produced capital, the stock of natural capital does not have any explanatory power regarding differences in total income per capita. ...
here
... • Promote output growth to boost fiscal sustainability: “High output growth greatly facilitates fiscal consolidation. In the long run this requires growth-enhancing reforms. In the short run, the ability to achieve large real exchange rate depreciation, stimulating net exports, is of paramount impor ...
... • Promote output growth to boost fiscal sustainability: “High output growth greatly facilitates fiscal consolidation. In the long run this requires growth-enhancing reforms. In the short run, the ability to achieve large real exchange rate depreciation, stimulating net exports, is of paramount impor ...
Kingdom of Lesotho: 2015 Article IV Consultation -
... 10 percent of GDP—government expenditures have totaled about 60 percent of GDP or more every year. In addition, spending has become increasingly slanted toward recurrent expenditures, with the government wage bill increasing to 21½ percent of GDP in 2014/15—the highest in sub-Saharan Africa. A rebou ...
... 10 percent of GDP—government expenditures have totaled about 60 percent of GDP or more every year. In addition, spending has become increasingly slanted toward recurrent expenditures, with the government wage bill increasing to 21½ percent of GDP in 2014/15—the highest in sub-Saharan Africa. A rebou ...
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... Housing prices rose at an average pace of 7.5 percent y/y in 2016, even after nearly doubling in real terms since 2007. Housing loans grew at a similar pace, bringing household debt to a still modest 74 percent of disposable income. Residential investment has risen but completions remain below estim ...
... Housing prices rose at an average pace of 7.5 percent y/y in 2016, even after nearly doubling in real terms since 2007. Housing loans grew at a similar pace, bringing household debt to a still modest 74 percent of disposable income. Residential investment has risen but completions remain below estim ...
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... Chapter 5 presents evidence on the brain drain from European countries towards the US, identifying possible causes and costs for the economy, and looks at factors and policies that could reduce the net outflows of skilled people from Europe. ...
... Chapter 5 presents evidence on the brain drain from European countries towards the US, identifying possible causes and costs for the economy, and looks at factors and policies that could reduce the net outflows of skilled people from Europe. ...
Convergence of Government Bond Yields in the
... in 1999, long-term government bond yields across the euro zone had largely converged to that of Germany (the euro zone’s largest economy). In general, the convergence of national yields to a stable level with reduced risk aids the overall economy, by allowing cheaper access to debt financing with le ...
... in 1999, long-term government bond yields across the euro zone had largely converged to that of Germany (the euro zone’s largest economy). In general, the convergence of national yields to a stable level with reduced risk aids the overall economy, by allowing cheaper access to debt financing with le ...
EUROPEAN ECONOMY The Economic Adjustment Programme for Portugal Tenth Review
... post-Programme environment. In the event that some of the measures in the budget are found to be unconstitutional, the Government is committed to implementing compensatory measures of high quality to meet the agreed deficit target of 4 percent of GDP in 2014. As a prior action to the conclusion of t ...
... post-Programme environment. In the event that some of the measures in the budget are found to be unconstitutional, the Government is committed to implementing compensatory measures of high quality to meet the agreed deficit target of 4 percent of GDP in 2014. As a prior action to the conclusion of t ...
Presentation before the Planning and Budget Erdem Başçı Governor
... Latest Observations: December 2, 2011. ...
... Latest Observations: December 2, 2011. ...
Working Paper Series - unu-merit
... Bank (see Ratha et al. 2008; World Bank 2009) and the IMF (2009) some of the effects of the credit crisis on poor developing countries are discussed. However, they are analyzed and discussed in a non-integrated manner. In this paper we provide a model of difference equations that integrates many of ...
... Bank (see Ratha et al. 2008; World Bank 2009) and the IMF (2009) some of the effects of the credit crisis on poor developing countries are discussed. However, they are analyzed and discussed in a non-integrated manner. In this paper we provide a model of difference equations that integrates many of ...
Government Policy Responses to Financial Crises
... (Roubini and Setser 2004; Manasse and Roubini 2009). In this type of crisis, because a government cannot pay its debt, the consensus is that cutting expenses is necessary to balance deficits in the short term. Still, the usefulness of monetary policy to address sovereign debt crises is more inconclu ...
... (Roubini and Setser 2004; Manasse and Roubini 2009). In this type of crisis, because a government cannot pay its debt, the consensus is that cutting expenses is necessary to balance deficits in the short term. Still, the usefulness of monetary policy to address sovereign debt crises is more inconclu ...
NBER WORKING PAPER SERIES THE EFFECT OF FINANCIAL DEVELOPMENT ON CONVERGENCE:
... Most current theories of the cross-country distribution of per-capita income imply that all countries share the same long-run growth rate (of TFP or per-capita GDP). Yet the historical record shows that growth rates can differ substantially across countries for long periods of time. For example, Prit ...
... Most current theories of the cross-country distribution of per-capita income imply that all countries share the same long-run growth rate (of TFP or per-capita GDP). Yet the historical record shows that growth rates can differ substantially across countries for long periods of time. For example, Prit ...