05636oam 22012974 450 991096088550332120251116163711.097866128439909781462356775146235677X978145270566814527056669781451873375145187337997812828439981282843990(CKB)3170000000055343(EBL)1608816(SSID)ssj0000940831(PQKBManifestationID)11495552(PQKBTitleCode)TC0000940831(PQKBWorkID)10955483(PQKB)11078899(OCoLC)539117923(IMF)WPIEE2009190(MiAaPQ)EBC1608816(IMF)WPIEA2009190WPIEA2009190(EXLCZ)99317000000005534320020129d2009 uf 0engurcnu||||||||txtccrFiscal Sustainability in Remittance-Dependent Economies /Ralph Chami, Yasser Abdih, Amine Mati, Michael Gapen1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (42 p.)IMF Working Papers"September 2009".Includes bibliographical references.9781451917611 1451917619 Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Implication of Remittances for Public Debt Sustainability; III. An Application: Lebanon; 1. Lebanon: Debt Dynamics; 1. Debt Dynamics and Primary Surpluses that Stabilize the Debt Ratio for Lebanon; 2. Lebanon: Primary Surpluses that Stabilize the Debt Ratio; A. Stabilizing the Debt at Current Levels; B. Targeting a Lower Debt Level; 2. Primary Surplus Required to Reduce the Debt Ratio to a Given Target; IV. Conclusion; I. Traditional Model of Debt Sustainability; A. The law of motion of the government debt-to-GDP ratioB. The primary surplus-to-GDP ratio that stabilizes the debt-to-GDP ratio C. The primary surplus-to-GDP ratio that reduces debt-to-GDP to a given target; II. Debt Sustainability in the Presence of Remittances; A. The law of motion of the government debt-to-GDP plus remittances ratio; B. The primary surplus-to-GDP ratio that stabilizes debt-to-GDP plus remittances; C. The primary surplus-to-GDP ratio that reduces debt-to-GDP plus remittances to a given target; References; FootnotesWe investigate the impact of remittances on public debt sustainability and detail how the traditional debt-to-GDP ratio can be modified to create a more accurate representation of debt sustainability for a country that receives significant remittance inflows. The main result is that inclusion of remittances into the traditional debt sustainability analysis alters the amount of fiscal adjustment required to place debt on a sustainable path. While preliminary, these results are indicative of how a one-size-fits-all stability analysis may be inappropriate when evaluating the stance of fiscal policy for countries with different balance of payments characteristics.IMF Working Papers; Working Paper ;No. 2009/190Fiscal policyDebts, PublicBanks and BankingimfDebt ManagementimfDebt sustainabilityimfDebtimfDebts, ExternalimfDebts, PublicimfExports and ImportsimfFinanceimfFiscal consolidationimfFiscal PolicyimfFiscal policyimfInterest ratesimfInterest Rates: Determination, Term Structure, and EffectsimfInternational economicsimfInternational financeimfInternational Lending and Debt ProblemsimfMacroeconomicsimfPublic debtimfPublic finance & taxationimfPublic FinanceimfReal interest ratesimfRemittancesimfSovereign DebtimfLebanonimfFiscal policy.Debts, Public.Banks and BankingDebt ManagementDebt sustainabilityDebtDebts, ExternalDebts, PublicExports and ImportsFinanceFiscal consolidationFiscal PolicyFiscal policyInterest ratesInterest Rates: Determination, Term Structure, and EffectsInternational economicsInternational financeInternational Lending and Debt ProblemsMacroeconomicsPublic debtPublic finance & taxationPublic FinanceReal interest ratesRemittancesSovereign Debt336.3336.309172Chami Ralph1815826Abdih Yasser1815983Gapen Michael1815894Mati Amine1815918International Monetary Fund.Middle East and Central Asia Department.DcWaIMFBOOK9910960885503321Fiscal Sustainability in Remittance-Dependent Economies4372617UNINA