Title The sources of fiscal fluctuations [electronic resource] / by Antoine Levy [and two others].
Imprint [Washington, D.C.] : International Monetary Fund, 2020.©2020
Author Levy, Antoine. author.
International Monetary Fund . issuing body.
Date 01-01-2020
Physical description 1 online resource (64 pages).
online resource
Series IMF working paper ; no. 20/220
IMF working paper ; no. 20/220.
Item WEB (Copy 1) INTRANET 1267887-1001 ONLINE
URL Available from internal network: http://err.parl.net/client/en_GB/search/asset/83472/0
Major subject Fiscal policy
Minor subject Economic models
Overseas item
Notes "October 2020"
Includes bibliographical references.
ISBN 9781513560168
Abstract This paper assesses the dynamic impact of global macroeconomic conditions, commodity price movements, shifts in portfolio preferences, and domestic shocks on fiscal outcomes - notably the budget deficit, its main components, and debt - across a wide range of countries. Heterogeneity is investigated across the level of development and other structural characteristics. Dynamics are explored via panel local projections, while robustness is assessed via dynamic panel and system GMM regressions. World growth, financial risk appetite, political events, and commodity export prices are key determinants of fiscal outcomes in EM, while domestic growth, commodity import prices, and banking crises appear to matter more in AE. Our estimates help quantify the amount of fiscal risk generated by various factors, and thus provide inputs for the design of potential insurance mechanisms or state-contingent debt instruments that could assist in smoothing fiscal fluctuations.
LCN 1267887
Item ID 1267887-1001
Database Library Catalogue