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Record Nr. |
UNINA9910816274303321 |
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Autore |
Epstein Natan |
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Titolo |
Fiscal Consolidation in Israel : : A Global Fiscal Model Perspective / / Natan Epstein, Selim Elekdag, Marialuz Moreno Badia |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2006 |
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ISBN |
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1-4623-3667-1 |
1-4527-1280-8 |
1-283-51284-X |
1-4519-0966-7 |
9786613825292 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (33 p.) |
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Collana |
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Altri autori (Persone) |
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ElekdagSelim |
Moreno BadiaMarialuz |
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Soggetti |
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Fiscal policy - Israel |
Economic stabilization - Israel |
Debt Management |
Debt |
Debts, Public |
Expenditure |
Expenditures, Public |
Fiscal consolidation |
Fiscal Policy |
Fiscal policy |
Government debt management |
Macroeconomics |
National Government Expenditures and Related Policies: General |
Public debt |
Public finance & taxation |
Public Finance |
Sovereign Debt |
Israel |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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""Contents""; ""I. INTRODUCTION""; ""II. FISCAL PERFORMANCE IN ISRAEL""; ""III. THE MODEL""; ""IV. FISCAL CONSOLIDATION: NOW VERSUS LATER""; ""V. TAX CUTS""; ""VI. CONCLUSION""; ""APPENDIX. CALIBRATION OF GFM""; ""REFERENCES"" |
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Sommario/riassunto |
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Fiscal consolidation has become an important policy prescription for many emerging market countries (EMCs), particularly for the highly indebted ones. Although prudent fiscal policies tend to reduce vulnerabilities, their implementation is usually postponed. This paper represents, to the best of our knowledge, one of the first attempts in the literature to quantify the costs of delaying fiscal consolidation in an EMC. In particular, using the IMF's Global Fiscal Model (GFM), we find that early consolidation through expenditure cuts would result in a substantial increase in Israel's long-term output growth relative to the case with delayed fiscal adjustment. Using an alternative fiscal instrument, we find that delaying tax cuts would result in cumulative real GDP that is much larger than otherwise. |
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