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|z 9781475516500
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|a 1018-5941
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|a Baldacci, Emanuele.
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|a Debt Reduction, Fiscal Adjustment, and Growth in Credit-Constrained Economies /
|c Emanuele Baldacci, Sanjeev Gupta, Carlos Mulas-Granados.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2013.
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|a 1 online resource (37 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper assesses the effects of fiscal consolidations associated with public debt reduction on medium-term output growth during periods of private debt deleveraging. The analysis covers 107 countries and 79 episodes of public debt reduction driven by discretionary fiscal adjustments during 1980-2012. It shows that expenditure-based, front-loaded fiscal adjustments can dampen growth when there are credit supply restrictions. Instead, fiscal adjustments that are gradual and rely on a mix of revenue and expenditure measures can support output expansion, while reducing public debt. In this context, protecting public investment is critical for medium-term growth, as is the implementation of supply-side, productivity-enhancing reforms.
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|a Mode of access: Internet
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|a Gupta, Sanjeev.
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|a Mulas-Granados, Carlos.
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|a IMF Working Papers; Working Paper ;
|v No. 2013/238
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2013/238/001.2013.issue-238-en.xml
|z IMF e-Library
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