04047oam 22010934 450 991078822400332120230721045709.01-4623-1641-797866128443861-4527-0667-01-4518-7384-01-282-84438-5(CKB)3170000000055378(SSID)ssj0000940822(PQKBManifestationID)11967053(PQKBTitleCode)TC0000940822(PQKBWorkID)10955591(PQKB)11297535(OCoLC)694140991(MiAaPQ)EBC1608858(IMF)WPIEE2009237(EXLCZ)99317000000005537820020129d2009 uf 0engurcn|||||||||txtccrFiscal Deficits and Current Account Deficits /Michael Kumhof, Douglas LaxtonWashington, D.C. :International Monetary Fund,2009.23 p. illIMF Working Papers"October 2009".1-4519-1802-X Includes bibliographical references.The effectiveness of recent fiscal stimulus packages significantly depends on the assumption of non-Ricardian savings behavior. We show that, under the same assumption, fiscal deficits can have worrisome implications if they turn out to be permanent. First, if they occur in large countries they significantly raise the world real interest rate. Second, they cause a short run current account deterioration equal to around 50 percent of the fiscal deficit deterioration. Third, the longer run current account deterioration equals almost 75 percent for a large economy such as the United States, and almost 100 percent for a small open economy.IMF Working Papers; Working Paper ;No. 2009/237Finance, PublicEconometric modelsDebts, PublicAccounts currentFiscal policyBanks and BankingimfExports and ImportsimfPublic FinanceimfInterest Rates: Determination, Term Structure, and EffectsimfDebtimfDebt ManagementimfSovereign DebtimfCurrent Account AdjustmentimfShort-term Capital MovementsimfFinanceimfPublic finance & taxationimfInternational economicsimfReal interest ratesimfGovernment debt managementimfPublic debtimfCurrent accountimfCurrent account deficitsimfInterest ratesimfDebts, PublicimfBalance of paymentsimfUnited StatesimfFinance, PublicEconometric models.Debts, Public.Accounts current.Fiscal policy.Banks and BankingExports and ImportsPublic FinanceInterest Rates: Determination, Term Structure, and EffectsDebtDebt ManagementSovereign DebtCurrent Account AdjustmentShort-term Capital MovementsFinancePublic finance & taxationInternational economicsReal interest ratesGovernment debt managementPublic debtCurrent accountCurrent account deficitsInterest ratesDebts, PublicBalance of paymentsKumhof Michael1472664Laxton Douglas1462103International Monetary Fund.Research Dept.DcWaIMFBOOK9910788224003321Fiscal Deficits and Current Account Deficits3741544UNINA