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  • 1
    Book
    Book
    Washington, DC :Internat. Monetary Fund,
    UID:
    almafu_BV012620665
    Format: V, 43 S. : graph. Darst.
    ISBN: 1-55775-800-X
    Series Statement: International Monetary Fund: Occasional paper 177
    Language: English
    Subjects: Economics
    RVK:
    RVK:
    Keywords: Regionale Arbeitslosigkeit ; Regionale Disparität ; Graue Literatur ; Aufsatzsammlung
    Author information: Spilimbergo, Antonio
    Author information: Prasad, Eswar S. 1965-
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  • 2
    UID:
    almafu_BV039121373
    Format: XXV, 278 S. : , graph. Darst.
    ISBN: 978-1-11-804338-7
    Language: English
    Subjects: Economics
    RVK:
    Keywords: Fiskalpolitik ; Öffentliche Schulden ; Haushaltskontrolle ; Konsolidierung ; Finanzplanung ; Internationaler Vergleich ; Aufsatzsammlung ; Aufsatzsammlung ; Aufsatzsammlung
    URL: Cover
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  • 3
    Online Resource
    Online Resource
    Hoboken, N.J. :John Wiley & Sons, Inc.,
    UID:
    almafu_9959328538502883
    Format: 1 online resource (xxv, 278 pages) : , illustrations
    ISBN: 9781118113042 , 1118113047 , 9781118113059 , 1118113055 , 9781118113066 , 1118113063 , 9781119202523 , 1119202523
    Content: Written and researched by a team of experts from the International Monetary Fund, other policy-making institutions, and academia, this timely book looks at fiscal adjustment plans in advanced economies, comparing the planned or projected reductions in debts and deficits to the actual outcomes, and explaining why objectives were met in some cases but missed in others. An overview reveals pitfalls to avoid and lessons learned for securing successful fiscal adjustment.-Written by experts in the field -Addresses public concern about skyrocketing government debts -Contains cutting edge research that changes the way we look at fiscal adjustment -Presents meticulous archival research in compelling and engaging case studies -Explores lessons learned and policy implications going forward -Includes country coverage of all G7 and European Union economies Educating and informing investors, economists, and the general public, this important book looks at why some attempts to curb debts and deficits succeed whereas others fail, as well as how to ensure successful fiscal adjustment in the period ahead. Video link: Chipping Away at Public Debt: Sources of Failure and Keys to Success in Fiscal Adjustment - "Chipping Away at Public Debt: Sources of Failure and Keys to Success in Fiscal Adjustment" looks at past fiscal adjustment plans, through case studies for each of the G-7 countries and statistical analysis for the EU member countries.
    Note: 1. Canada: a success story / Cemile Sancak, Lucy Qian Liu, and Taisuke Nakata -- 2. United States: the quest for fiscal discipline / Jiri Jonas -- 3. France: virtue and fortune / Edouard Martin, Irina Tytell, and Irina Yakadina -- 4. Germany: fiscal adjustment attempts with and without reforms / Christian Breuer, Jan Gottschalk, and Anna Ivanova -- 5. United Kingdom: four chancellors facing challenges / Toni Ahnert, Richard Hughes, and Keiko Takahashi -- 6. Italy: medium-term fiscal planning under frequent government changes / Fabrizio Balassone, Sandro Momigliano, and Pietro Rizza -- 7. Japan: fiscal adjustment plans and macroeconomic shocks / Keiko Takahashi and Kiichi Tokuoka -- 8. The performance of large fiscal adjustment plans in the European Union: a cross-country statistical analysis / S. Ali Abbas [and others] -- 9. Conclusion.
    Additional Edition: Print version: Chipping away at public debt. Hoboken, N.J. : Wiley, ©2011 ISBN 9781118043387
    Language: English
    Keywords: Electronic books. ; Electronic books. ; Electronic books. ; Electronic books. ; Aufsatzsammlung ; Aufsatzsammlung ; Electronic books.
    URL: Volltext  (URL des Erstveröffentlichers)
    URL: Volltext  (URL des Erstveröffentlichers)
    URL: Volltext  (URL des Erstveröffentlichers)
    URL: Volltext  (URL des Erstveröffentlichers)
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  • 4
    Online Resource
    Online Resource
    [Washington, D.C.] :International Monetary Fund, Research Dept.,
    UID:
    edocfu_9958124463002883
    Format: 1 online resource (43 p.)
    Edition: 1st ed.
    ISBN: 1-4623-4475-5 , 1-4527-8041-2 , 1-283-51807-4 , 1-4519-8695-5 , 9786613830524
    Series Statement: IMF working paper ; WP/06/172
    Content: Output drops are usually associated with major disruption for the residents of affected countries, both directly and often through ensuing, prolonged growth slowdowns. Using a century of data, we document that output drops are more frequent in countries at a lower stage of economic development. We then turn to a more in-depth analysis of the post-1970 era, examining output drops in a large panel of countries, and systematically relating them to a variety of shocks. We compute the expected cost of each type of shock as a function of the shock's frequency, the likelihood that the shock will be associated with a drop in output, and the size of the output drop. The largest costs are associated with external financial shocks (notably, sudden stops in financial flows) for emerging markets, and with real external shocks (in particular, terms-of-trade shocks) for developing countries.
    Note: "July 2006". , ""Contents""; ""I. MOTIVATION AND RELATED STUDIES""; ""II. OUTPUT DROPS""; ""III. SHOCKS""; ""IV. MULTIVARIATE PROBIT ANALYSIS""; ""V. ROBUSTNESS AND EXTENSIONS""; ""VI. CONCLUSIONS""; ""APPENDIX TABLES AND FIGURES""; ""APPENDIX I. HODRICK-PRESCOTT-FILTER BASED DEFINITION OF EVENTS""; ""APPENDIX II. KERNEL DENSITY PLOTS: OUTPUT DROPS AND 1970 PER CAPITA GDP""; ""APPENDIX III. DATA SOURCES AND DEFINITIONS""; ""REFERENCES"" , English
    Additional Edition: ISBN 1-4518-6432-9
    Language: English
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  • 5
    Online Resource
    Online Resource
    [Washington, D.C.] :International Monetary Fund,
    UID:
    edocfu_9958104850002883
    Format: 1 online resource (54 p.)
    ISBN: 1-4755-4090-6 , 1-61635-877-7 , 1-299-26393-3
    Series Statement: IMF working paper ; WP/13/5
    Content: We draw on a newly collected historical dataset of fiscal variables for a large panel of countries—to our knowledge, the most comprehensive database currently available—to gauge the degree of fiscal prudence or profligacy for each country over the past several decades. Specifically, our dataset consists of fiscal revenues, primary expenditures, the interest bill (and thus both the primary and the overall fiscal deficit), the government debt, and gross domestic product, for 55 countries for up to two hundred years. For the first time, a large cross country historical data set covers both fiscal stocks and flows. Using Bohn’s (1998) approach and other tests for fiscal sustainability, we document how the degree of prudence or profligacy varies significantly over time within individual countries. We find that such variation is driven in part by unexpected changes in potential economic growth and sovereign borrowing costs.
    Note: "Fiscal Affairs Department." , "January 2013." , Cover; Contents; I. Introduction; II. Data Sources and Basic Statistics; A. Data Sources for Fiscal and Other Macroeconomic Variables; B. Summary Statistics for Main Fiscal Aggregates; C. Data Sources for Other Variables; III. Measuring Fiscal Prudence/Profligacy; A. Bohn's Fiscal Reaction Function and Policymakers' Criterion; B. Methods to Gauge Variation in Prudence/Profligacy Over Time; C. The Drivers of Changes in Fiscal Prudence/Profligacy; IV. Estimates of Fiscal Prudence/Profligacy; A. Bohn (1998) Tests for Whole Sample Periods and Long Sub-Samples, Individual Countries , B. Structural BreaksC. Search for Influential Observations; D. Rolling (Fixed-Length) Windows and Increasing Sample Periods; E. Summarizing the Historical Assessment of Prudence and Profligacy; V. The Drivers of Changes in Fiscal Prudence/Profligacy; VI. Conclusion; Tables; 1. Country Coverage of Main Variables in this Study; 2. Summary Statistics for Full Sample (1800 - 2011); 3. Summary Statistics for Post-WWII (1950-2011); 4. Summary Statistics for Advanced Economies; 5. Decomposition of Variance of Debt Changes, Advanced Economies (1950-2011) , 6. Decomposition of Variance of Debt Changes, Emerging Economies (1950-2011)7. Bohn (1998) Test for Fiscal Policy Sustainability; 8. Bohn Regression Results Iterated Over Twenty-Five Year Rolling Windows; 9. Bohn (1998) Fiscal Reaction Function with Expanding Sample; 10. Structural Breaks in Bohn (1998) Sustainability Test, Post-War; 11. Structural Breaks in Bohn (1998) Sustainability Test, Full Sample; 12. Influential Years in Recursive Bohn (1998) Test; 13. Times of Strong Prudence and Profligacy; 14. Panel Results, Fiscal Response as a Function of Growth and Borrowing Costs; Figures , 1. Government Debt and Primary Fiscal Balance, 1850-2011, in percent of GDP2. Fiscal Variables (Top Chart) and Rolling Regression Results for Japan, 1875-2011; 3. Periods of Prudence and Profligacy, 1800-2011; 4. Periods of Prudence and Profligacy, 1850-2011; 5. Periods of Prudence and Profligacy, 1850-2011; 6. Periods of Prudence and Profligacy, 1880-2011; 7. Periods of Prudence and Profligacy, 1880-2011; 8. Periods of Prudence and Profligacy, 1900-2011; 9. Periods of Prudence and Profligacy, 1900-2011; 10. Periods of Prudence and Profligacy, 1950-2011 , 11. Periods of Prudence and Profligacy, 1960-2011References
    Additional Edition: ISBN 1-61635-782-7
    Language: English
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  • 6
    Online Resource
    Online Resource
    [Washington, D.C.] :International Monetary Fund, Research Dept.,
    UID:
    edocfu_9958098513702883
    Format: 1 online resource (52 p.)
    ISBN: 1-4623-8206-1 , 1-4519-9135-5 , 1-283-51689-6 , 9786613829344 , 1-4519-1149-1
    Series Statement: IMF working paper ; WP/07/132
    Content: In this paper, we identify the groups of countries where international risk-sharing opportunities are most attractive. We show that the bulk of risk-sharing gains can be achieved in groups consisting of as few as seven members, and that further marginal benefits quickly become negligible. For many such small groups, the welfare gains associated with risk sharing can amount to one order of magnitude larger than Lucas's classic calibration suggested for the United States, under similar assumptions on utility. Why do we not observe more arrangements of this type? Large welfare gains can only be achieved within groups where contracts are probably seen as relatively difficult to enforce. International diversification can thus yield substantial gains, but these may remain untapped owing to potential partners' weak institutional quality and a history of default on international obligations. Noting that existing risk sharing arrangements often have a regional dimension, we speculate that shared economic interests such as common trade may help sustain such arrangements, though risk-sharing gains are smaller when membership is constrained on a regional basis.
    Note: "June 2007". , Contents; I. Introduction; II. Methodology; A. Risk Sharing, Volatility, and Welfare; B. Combinatorial Analysis; III. Results; A. Data; B. A Simple Example; Figures; 1. Chile: Benefits of Diversification Under Various Restrictions; Tables; 1. Components Accounting for the Variance of the Best Pool of Seven Countries For Chile; 2. Components Accounting for Chile's Variance in the Best Pools of Each Size; C. Global Diversification; 3. Is Chile's Minimum Volatility Pool Stable?; 2. Standard Deviation of Poolwide Growth-Best Pools Versus Best Stable Pools , 4. Lowest Poolwide Volatility Envelopes for Samples Constrained by Level of Development5. Pooling Gains; IV. Choosing Partners Within Subsamples; 3. Welfare Gains Allowing for "Entry Transfers"; 4. Gains from Risk Pooling Among Countries; A. Level of Development and Country Size; B. Institutional Quality and Past Payment Record; C. International Financial Integration; D. Regional Constraints; E. Trade Integration; F. Existing Arrangements; 6. Trade and Diversification Benefits; V. Extensions; A. Pooling Growth Rates; 5. Poolwide Volatility for Selected Groups; B. Best Marginal Contract , 6. Welfare Gains Allowing for "Entry Transfers" and Differences in Expected Growth7. Standard Deviation of Arithmetic Mean Growth Rate; C. Liquidity-Crisis Based Criteria; 7. Frequency of Common Crises in Pools of Various Sizes, 1975-2004; VI. Conclusion; Appendix: "Stable" Pools Based on Volatility Criterion; Appendix Tables; 1. Country Samples; 2. Lowest Standard Deviation of Poolwide Growth Choosing Pools Under Various Constraints; 3. Welfare Gains for Different Groups of Countries Under Various Constraints; Appendix Figure 1. Stable Groups for Fixed Pool Sizes; References , English
    Additional Edition: ISBN 1-4518-6696-8
    Language: English
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  • 7
    Online Resource
    Online Resource
    [Washington, D.C.] :International Monetary Fund, Research Dept.,
    UID:
    edoccha_9958114578902883
    Format: 1 online resource (31 p.)
    Edition: 1st ed.
    ISBN: 1-4623-9001-3 , 1-4527-0260-8 , 1-283-55441-0 , 9786613866868 , 1-4519-2031-8
    Series Statement: IMF working paper ; WP/04/236
    Content: A widespread view holds that countries that finance themselves through foreign direct investment (FDI) and portfolio equity, rather than bonds and loans, are less prone to crises. But what determines countries' external capital structures? In a cross section of emerging markets and developing countries, we find that equity-like liabilities (FDI and, especially, portfolio equity) as a share of countries' total external liabilities (or as a share of GDP) are positively and significantly associated with indicators of educational attainment, natural resource abundance, and especially, institutional quality. These relationships are robust to attempts to control for possible endogeneity, suggesting that better institutional quality may help improve countries' capital structures. The results might also provide an explanation for the observed correlation between institutional quality and the frequency of crises.
    Note: "December 2004." , ""Contents""; ""I. INTRODUCTION""; ""II. EXISTING THEORIES AND HYPOTHESES""; ""III. EMPIRICAL ANALYSIS""; ""IV. CONCLUSION""; ""Sources and Description of the Variables""; ""REFERENCES"" , English
    Additional Edition: ISBN 1-4518-7571-1
    Language: English
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  • 8
    Online Resource
    Online Resource
    Washington, D.C. :International Monetary Fund,
    UID:
    edocfu_9958074016302883
    Format: 1 online resource (26 p.)
    ISBN: 1-4623-5587-0 , 1-4527-1686-2 , 1-283-51205-X , 9786613824509 , 1-4519-0771-0
    Series Statement: IMF working paper ; WP/05/216
    Content: Growth-indexed bonds have been suggested as a way of reducing the procyclicality of emerging-market countries' fiscal policies and the likelihood of costly debt crises. Investor attitude surveys suggest that pricing difficulties are seen as a considerable obstacle. In an effort to reduce such concerns, this article presents a simple way of pricing growth-indexed bonds. As a pleasant by-product, the analysis tracks the quantitative implications of an increase in the share of growth-indexed bonds in total debt, measuring the ensuing decline in the probability of default and the reduction in the spreads at which standard bonds can be issued.
    Note: "November 2005." , ""Contents""; ""I. INTRODUCTION""; ""II. EXISTING DEBT STRUCTURES""; ""III. ADVANTAGES OF GROWTH-INDEXED BONDS AND RELATED OBSTACLES""; ""IV. PRICING GROWTH-INDEXED BONDS""; ""V. CONCLUSIONS""; ""REFERENCES"" , English
    Additional Edition: ISBN 1-4518-6235-0
    Language: English
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  • 9
    Online Resource
    Online Resource
    [Washington, District of Columbia] :International Monetary Fund,
    UID:
    edocfu_9958098553302883
    Format: 1 online resource (62 p.)
    Edition: 1st ed.
    ISBN: 1-4623-0937-2 , 1-4527-2687-6 , 1-282-84196-3 , 1-4518-7103-1 , 9786612841965
    Series Statement: IMF working paper ;
    Content: Contingent liabilities have gained prominence in the analysis of public finance. Indeed, history is full of episodes in which the financial position of the public sector is substantially altered-or its true nature uncovered-as a result of government bailouts of financial or nonfinancial entities, in both the private and the public sector. The paper discusses theoretical and practical issues raised by contingent liabilities, including the rationale for taking them on, how to safeguard against the fiscal risks associated with them, how to account and budget for them, and how to disclose them. Country experiences are used to illustrate ways these issues are addressed in practice and challenges faced. The paper also points to good practices related to the mitigation, management and disclosure of risks from contingent liabilities.
    Note: Description based upon print version of record. , Contents; I. Introduction; II. Background; III. Mitigating Risks Associated with Contingent Liabilities; A. Frameworks for Dealing with Risks from Contingent Liabilities; B. When to take on Contingent Liabilities?; Boxes; 1. Market Failure and Terrorism Insurance; 2. When Are Guarantees Preferable to Other Forms of Support?; C. Strategies to Transfer Risk or Costs Related to Contingent Liabilities; Figures; 1. Typical Infrastructure PPP Project Risks and Hypothetical Allocation; 3. Estimating the Expected Cost and Market Value of Guarantees , D. Other Safeguards against Risks Related to Contingent LiabilitiesIV. Managing Retained Risk from Contingent Liabilities; A. Instruments for Managing Low Impact Liabilities; B. Instruments for Managing High Impact Liabilities; Tables; 1. Contingency Funds to Meet Calls on Contingent Liabilities: Selected Examples; V. Disclosing Contingent Liabilities; 2. IPSAS: When to Recognize and Disclose Contingent Liabilities; 3. Accounting/Statistical Standards and Transparency Initiatives: What to Disclose; 4. Legislative Requirements to Disclose Fiscal Risks: Selected Country Examples , VI. Institutional Arrangements for Managing Contingent Liability Risks5. Disclosing the Magnitude of Contingent Liabilities: Selected Country Examples; VII. Conclusion; 4. Institutional Arrangements for Managing PPP Risks; A1. Accounting Standards and Standard Setters; Annexes; I. Accounting/Statistical Standards and Contingent Liabilities; A1. Summary of the Main Requirements for Recognition and Disclosures of Contingent Liabilities; II. Measuring the Value of Contingent Liabilities; A1. The Swedish Debt Office Simulation Model; References , English
    Additional Edition: ISBN 1-4519-1556-X
    Language: English
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  • 10
    Online Resource
    Online Resource
    [Washington, District of Columbia] :International Monetary Fund,
    UID:
    almahu_9948319571902882
    Format: 1 online resource (62 pages) : , illustrations, tables.
    Series Statement: IMF working paper ;
    Language: English
    Keywords: Electronic books.
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