05017oam 22010214 450 991077920200332120230802005439.01-4755-8971-91-4755-3723-9(CKB)2550000000107091(EBL)1606756(SSID)ssj0000944119(PQKBManifestationID)11485778(PQKBTitleCode)TC0000944119(PQKBWorkID)10983258(PQKB)10179068(MiAaPQ)EBC1606756(Au-PeEL)EBL1606756(CaPaEBR)ebr10574684(OCoLC)870244955(IMF)WPIEE2012137(IMF)WPIEA2012137(EXLCZ)99255000000010709120020129d2012 uf 0engurcn|||||||||txtccrWalking Hand in Hand : Fiscal Policy and Growth in Advanced Economies /Laura Jaramillo, Carlo CottarelliWashington, D.C. :International Monetary Fund,2012.1 online resource (30 p.)IMF Working Papers"Fiscal Affairs Department.""May 2012."1-4755-6544-5 1-4755-0391-1 Includes bibliographical references.Cover; Abstract; Contents; I. Introduction; II. Short-run interactions between growth and fiscal policy; Figures; 1. Historical Public Debt; 2. Impact on the Deficit to GDP of a 1 Percent of GDP Discretionary Fiscal Tightening in the First Year Relative to Baseline; 3. Impact of the Debt Ratio of a 1 Percent of GDP Discretionary Fiscal Tightening in the First Year; 4. GDP Growth and CDS Spreads; III. Long-term interactions between growth and fiscal policy; Table; 1. Determinants of CDS Spreads in Advanced Economies, Cross Section Analysis 20115. Fiscal Adjustment and CDS Spreads with Alternative Fiscal Multipliers 6. Effect on Growth of Higher Debt to GDP Ratio; 7. Potential Revenue Increases in Advanced G7 Countries; 8. Public Sector Wages in Selected G7 Countries; 9. Pension Spending Increase, 2010-30; IV. Policy Conclusions; 10. Long-term Average of Primary Balance and Real GDP Growth; 11. Effect of Growth on Debt Stabilizing Primary Surplus; Introduction; Background; Appendix; Short-run Determinants of CDS Spreads in Advanced Economies; Empirical Model Estimation; Estimation Results; Conclusions; ReferencesImplementation of fiscal consolidation by advanced economies in coming years needs to take into account the short and long-run interactions between economic growth and fiscal policy. Many countries must reduce high public debt to GDP ratios that penalize longterm growth. However, fiscal adjustment is likely to hurt growth in the short run, delaying improvements in fiscal indicators, including deficits, debt, and financing costs. Revenue and expenditure policies are also critical in affecting productivity and employment growth. This paper discusses the complex relationships between fiscal policy and growth both in the short and in the long run.IMF Working Papers; Working Paper ;No. 2012/137Economic developmentDeveloped countriesFiscal policyDeveloped countriesDebts, PublicDeveloped countriesMacroeconomicsimfPublic FinanceimfInterest Rates: Determination, Term Structure, and EffectsimfFiscal PolicyimfFiscal Policies and Behavior of Economic Agents: GeneralimfEconomic Growth and Aggregate Productivity: GeneralimfDebtimfDebt ManagementimfSovereign DebtimfPublic finance & taxationimfFiscal consolidationimfFiscal policyimfPublic debtimfFiscal stanceimfFiscal multipliersimfDebts, PublicimfItalyimfEconomic developmentFiscal policyDebts, PublicMacroeconomicsPublic FinanceInterest Rates: Determination, Term Structure, and EffectsFiscal PolicyFiscal Policies and Behavior of Economic Agents: GeneralEconomic Growth and Aggregate Productivity: GeneralDebtDebt ManagementSovereign DebtPublic finance & taxationFiscal consolidationFiscal policyPublic debtFiscal stanceFiscal multipliersDebts, PublicJaramillo Laura1094952Cottarelli Carlo118928DcWaIMFBOOK9910779202003321Walking Hand in Hand3801171UNINA