03756oam 22009134 450 991078840800332120230828232650.01-4623-3667-11-4527-1280-81-283-51284-X1-4519-0966-79786613825292(CKB)3360000000443521(EBL)3014399(SSID)ssj0000940819(PQKBManifestationID)11492020(PQKBTitleCode)TC0000940819(PQKBWorkID)10963536(PQKB)10353959(OCoLC)712989262(MiAaPQ)EBC3014399(IMF)WPIEE2006253(EXLCZ)99336000000044352120020129d2006 uf 0engur|n|---|||||txtccrFiscal Consolidation in Israel : A Global Fiscal Model PerspectiveWashington, D.C. :International Monetary Fund,2006.1 online resource (33 p.)IMF Working Papers"November 2006."1-4518-6513-9 Includes bibliographical references.""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""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.IMF Working Papers; Working Paper ;No. 2006/253Fiscal policyIsraelEconomic stabilizationIsraelMacroeconomicsimfPublic FinanceimfDebtimfDebt ManagementimfSovereign DebtimfFiscal PolicyimfNational Government Expenditures and Related Policies: GeneralimfPublic finance & taxationimfPublic debtimfFiscal consolidationimfExpenditureimfGovernment debt managementimfFiscal policyimfDebts, PublicimfExpenditures, PublicimfIsraelimfFiscal policyEconomic stabilizationMacroeconomicsPublic FinanceDebtDebt ManagementSovereign DebtFiscal PolicyNational Government Expenditures and Related Policies: GeneralPublic finance & taxationPublic debtFiscal consolidationExpenditureGovernment debt managementFiscal policyDebts, PublicExpenditures, PublicDcWaIMFBOOK9910788408003321Fiscal Consolidation in Israel3850051UNINA