Deflation and Public Finances: Evidence from the Historical Records
In: IMF Working Paper No. 15/176
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In: IMF Working Paper No. 15/176
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In: IMF Working Paper, S. 1-54
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In: IMF Working Papers v.Working Paper No. 14/179
The sizeable fiscal consolidation required to stabilize the debt-to-GDP ratios in several countries in the aftermath of the global crisis raises a crucial question on its feasibility. To answer this question, we rely on historical evidence from a sample of 91 adjustment episodes of countries during 1945-2012 that needed and wanted to adjust in order to stabilize debt to GDP. We find that, in at least half the cases, countries improved their cyclically adjusted primary balances by close to 5 percent of GDP. We also observe that, while countries typically make substantial efforts to stabilize de
In: IMF Working Paper No. 14/179
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Working paper
In: IMF Working Papers, S. 1-113
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