IMF Working Papers

An Updated Action-based Dataset of Fiscal Consolidation

By Gustavo Adler, Cian Allen, Giovanni Ganelli, Daniel Leigh

September 27, 2024

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Gustavo Adler, Cian Allen, Giovanni Ganelli, and Daniel Leigh. "An Updated Action-based Dataset of Fiscal Consolidation", IMF Working Papers 2024, 210 (2024), accessed November 23, 2024, https://doi.org/10.5089/9798400289811.001

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Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

This paper presents a dataset of fiscal consolidation for 17 OECD economies during 1978-2020 and 14 economies in Latin America and the Caribbean during 1989-2020. We focus on discretionary changes in taxes and government spending primarily motivated by a desire to reduce the budget deficit and not by a response to prospective economic conditions. To identify the motivation and budgetary impact of the fiscal policy changes, we examine contemporaneous policy documents, including central bank reports, Convergence Programmes and Stability Programmes submitted by the authorities to the European Commission, and IMF and OECD reports. The resulting series can be used to estimate the macroeconomic effects of fiscal consolidation.

Subject: Asset and liability management, Budget planning and preparation, Consumption taxes, Debt reduction, Expenditure, Fiscal consolidation, Fiscal performance assessment, Fiscal policy, Fiscal stance, Fiscal stimulus, Government debt management, Public debt, Public financial management (PFM), Taxes

Keywords: Argentina, Budget planning and preparation, Caribbean, Colombia, Consumption taxes, Debt reduction, Exceptional access, Fiscal consolidation, Fiscal performance assessment, Fiscal policy, Fiscal stance, Fiscal stimulus, Fiscal sustainability, Government debt management, Government expenditure, Revenue administration, Taxation

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