Experience with Large Fiscal Adjustments

By Mark A Horton, George C. Tsibouris, Wojciech Maliszewski, Mark J Flanagan

June 14, 2006

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Format: Chicago

Mark A Horton, George C. Tsibouris, Wojciech Maliszewski, and Mark J Flanagan. Experience with Large Fiscal Adjustments, (USA: International Monetary Fund, 2006) accessed November 21, 2024

Summary

When policymakers have little option but to consider a sizable fiscal adjustment, they are confronted by the following questions: Can a large fiscal adjustment be implemented succesfully? How is a large adjustment best designed and implemented? What will be its impact on the economy? This Occasional Paper addresses these questions by describing the experience of countries that have undertaken large fiscal adjustments in the last three decades. It provides operational guidance to policymakers by identifying preconditions, common policy approaches, and institutional arrangements underlying successful and unsuccessful adjustment episodes.

Subject: Expenditure, Fiscal consolidation, Fiscal policy, Fiscal stance, Public debt, Revenue administration

Keywords: Adjustment design, Africa, Baltics, Consolidation episode, Country authorities, Event study technique, Expenditure measure, Fiscal consolidation, Fiscal stance, Global, IMF staff estimate, Macroeconomic outcome, OP, Western Europe

Publication Details

Pages:

51
Volume:

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DOI:

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Issue:

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Series:

Occasional Paper No. 2006/003
Stock No:

S246EA
ISBN:

9781589064584
ISSN:

0251-6365

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