Financial Globalization and Fiscal Perfomance in Emerging Markets

November 1, 2005

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David Hauner, and Manmohan S. Kumar Financial Globalization and Fiscal Perfomance in Emerging Markets, (USA: International Monetary Fund, 2005) accessed December 23, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

In recent years financial globalization and benign global market conditions have helped emerging markets in their external financing and budgetary positions. This paper examines three related issues: (i) the importance of the impact of the benign financial environment on fiscal performance; (ii) the likely fiscal impact of a reversal in this environment; and (iii) the potential contribution of fiscal reforms to maintaining favorable market access. The results suggest that the benefits from the benign environment have been substantial and that the potential reversal of the favorable external conditions underlines the need for further fiscal reforms.

Subject: Debt service, Emerging and frontier financial markets, Exchange rates, External debt, Financial markets, Fiscal transparency, Foreign exchange

Keywords: A number of emerging markets, Africa, Asia and Pacific, Asset, Debt service, Debt service, Debt stock, Downside GDP growth scenario, Emerging and frontier financial markets, Emerging market currency, Emerging markets, Europe, Exchange rates, Financial market, Fiscal performance, Global, Global imbalances, Interest rate effect, Interest rate spreads, Middle East, Models emerging market, U.S. dollar, U.S. Dollar depreciation, WP

Publication Details

Pages:

30
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2005/212
Stock No:

WPIEA2005212
ISBN:

9781451862317
ISSN:

1018-5941

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