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|z 9781513528243
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|a 1018-5941
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|a End, Nicolas.
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|a Deflation and Public Finances :
|b Evidence from the Historical Records /
|c Nicolas End, Sampawende Tapsoba, G. Terrier, Renaud Duplay.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2015.
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|a 1 online resource (41 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 examines the impact of deflation on fiscal aggregates. With deflation relatively rare in modern history, it relies mostly on the historical records, using a dataset panel covering 150 years and 21 advanced economies. Empirical evidence shows that deflation affects public finances mostly through increases in public debt ratios, reflecting a worsening in interest rate-growth differentials. On average, a mild rate of deflation increases public debt ratios by almost 2 percent of GDP a year, this impact being larger during recessionary deflations. Using a simulation model that accounts for composition effects and price expectations, we also find that, for European countries, a 2 percentage point deflationary shock in both 2015 and 2016 would lead to a deterioration in the primary balance of as much as 1 percent of GDP by 2019.
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|a Mode of access: Internet
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|a Duplay, Renaud.
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|a Tapsoba, Sampawende.
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|a Terrier, G.
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|a IMF Working Papers; Working Paper ;
|v No. 2015/176
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2015/176/001.2015.issue-176-en.xml
|z IMF e-Library
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