Departmental Papers最新文献_第8页

Departmental Papers Pub Date : 2018-03-01 DOI: 10.5089/9781484330937.087.A001

J. Ostry, Jun Il Kim

{"title":"Boosting Fiscal Space","authors":"J. Ostry, Jun Il Kim","doi":"10.5089/9781484330937.087.A001","DOIUrl":"https://doi.org/10.5089/9781484330937.087.A001","url":null,"abstract":"Noting that the aftermath of the global financial crisis has left many advanced economies with very high sovereign debt ratios and some emerging markets with high debt, this report considers whether there are ways to expand fiscal space that do not involve countries paying down debt or promising to do so in the future, to make fiscal consolidation more growth-friendly. It explains that policymakers argue that their fiscal space is limited and that it would be difficult to take advantage of the opportunity of low interest rates to undertake fiscal expansion, and it considers a ways to raise fiscal space that does not require contractionary fiscal policy and whether there is a way to make fiscal consolidation more growth-friendly to produce larger gains in fiscal space. It argues that debt management policies may provide an answer to expanding fiscal space for a given path of primary fiscal balances by reducing the risk that a sovereign may default in bad states and generate a payoff in terms of reduced to real borrowing costs. It describes two debt management policies: issuance of GDP-linked debt and issuance of longer maturity bonds, as opposed to short-term debt. It focuses on the effect of these debt management policies on real borrowing costs and default risk for the sovereign and details the literature on GDP-linked debt and the maturity structure and how the report fills gaps in the literature; how uncertainty affects fiscal space and how debt management can play a role in increasing it, with estimates and simulations of potential gains in fiscal space flowing from debt management; and the sensitivity of the findings to underlying assumptions and policy implications.","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125776448","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Public Infrastructure in the Western Balkans 西巴尔干地区的公共基础设施

Departmental Papers Pub Date : 2018-02-01 DOI: 10.5089/9781484337189.087

R. Atoyan, Dóra Benedek, Ezequiel R. Cabezon, G. Cipollone, Jacques A Miniane, N. Nguyen, Martin Petri, J. Reinke, J. Roaf

引用次数: 18

Public Wage Bills in the Middle East and Central Asia 中东和中亚的公共工资账单

Departmental Papers Pub Date : 2018-01-01 DOI: 10.5089/9781484336731.087

Natalia T. Tamirisa, Christoph K. Duenwald

引用次数: 24

Strengthening the West African Economic and Monetary Union 加强西非经济和货币联盟

Departmental Papers Pub Date : 2015-10-01 DOI: 10.5089/9781513567334.087

Olivier Basdevant, P. Imam, Tidiane Kinda, A. Zdzienicka

{"title":"Strengthening the West African Economic and Monetary Union","authors":"Olivier Basdevant, P. Imam, Tidiane Kinda, A. Zdzienicka","doi":"10.5089/9781513567334.087","DOIUrl":"https://doi.org/10.5089/9781513567334.087","url":null,"abstract":"West African Economic and Monetary Union (WAEMU) countries face a well-known dilemma between the need to provide shock-smoothing mechanisms and the lack of adequate mechanisms to do so. WAEMU countries are subject to frequent and, to a large extent, asymmetric shocks. They have remained poorly diversified and vulnerable to external shocks, such as changing weather conditions. In addition to limited shock-smoothing mechanisms at the regional level, WAEMU members’ ability to respond to shocks through national policies is also constrained by limited fiscal space and the need to preserve external stability—not only at the national level but also at the union level. In this context, developing a well-defined fiscal rule framework at the national level would help to build the necessary fiscal space for shock-smoothing. In addition, the development of specific shock-smoothing mechanisms—including a more developed and integrated financial sector—would also be critical. In addition, promoting financial development is also a challenge, which needs to be addressed in tandem with an adequate surveillance system. Some of these challenges have been faced by other monetary unions, such as the euro area.","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115033892","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 6

Libya Beyond the Revolution 革命之后的利比亚

Departmental Papers Pub Date : 2012-04-01 DOI: 10.5089/9781475504392.872

引用次数: 1

Expenditure Composition and Economic Development in Benin 贝宁的支出构成和经济发展

Departmental Papers Pub Date : 2010-05-01 DOI: 10.5089/9781475507379.087

M. Pani, M. E. Harrak

引用次数: 0

Wage Policy and Fiscal Sustainability in Benin 贝宁的工资政策和财政可持续性

Departmental Papers Pub Date : 2010-05-01 DOI: 10.5089/9781462381821.871

C. Lundgren

引用次数: 2