00641nam0 2200217 450 00001015520180629141108.020080421d1951----km-y0itay50------baitaITaf------001yyRadioaiuti alla navigazioneEttore GennarelliMilanoRadio Industria1951111 p., [4] c. di tav.ill.22 cm629.89318Gennarelli,Ettore631005ITUNIPARTHENOPE20080421RICAUNIMARC000010155629.893/10010238PISTRadioaiuti alla navigazione1203756UNIPARTHENOPE06224oam 22012734 450 991096109210332120250426110107.0978148439716914843971699781484351499148435149597814843016161484301617(CKB)2670000000420252(EBL)1587890(SSID)ssj0001076407(PQKBManifestationID)11569156(PQKBTitleCode)TC0001076407(PQKBWorkID)11014901(PQKB)10300175(MiAaPQ)EBC1587890(Au-PeEL)EBL1587890(CaPaEBR)ebr10739491(CaONFJC)MIL493123(OCoLC)867928067(IMF)WPIEE2013089(IMF)WPIEA2013089WPIEA2013089(EXLCZ)99267000000042025220020129d2013 uf 0engurcn|||||||||txtccrFiscal Sustainability : A 21st Century Guide for the Perplexed /Evan Tanner1st ed.Washington, D.C. :International Monetary Fund,2013.1 online resource (93 p.)IMF Working PapersDescription based upon print version of record.9781484381991 1484381998 Includes bibliographical references.Cover Page; Title Page; Copyright Page; Contents; Tables; Figures; I. Introduction; 1. Government Debt/GDP, Selected Countries, Weighted Average; II. The Building Blocks of a Debt Sustainability Analysis (DSA); A. The Public Sector Budget Constraint; B. Ad-Hoc Targets For The Public Debt and/or The Primary Surplus; C. Alternative Scenarios in a Debt Sustainability Analysis; 1. Summary, Recent Research on Public Debt Sustainability, Stochastic Approach; III. The Government's Present Value Constraint: A Restatement; IV. Maximum Sustainable DebtV. Distributing Surpluses Over Time: A Fiscal Objective Function A. Objective: How To Distribute The Fiscal Burden Over Time; B. Objective Functions and Structural Surpluses-Further Considerations; C. Debt and Expenditure Smoothing-Evidence From the Recent Downturn; 2. Industrialized Countries: Change in Primary Government Spending (ratio to GDP) 2009 Minus 2008 (vertical axis), and Net Public Debt/GDP (horizontal axis); 3. Emerging Economies: Change in Primary Government Spending (ratio to GDP) 2009 minus 2008 (vertical axis), and Net Public Debt/GDP (horizontal axis)VI. Required Adjustment in an Uncertain Environment 2. Target Primary Surplus, Probabilistic Approach; 4. Target Primary Surplus, "Low" Volatility Case; 3. Example of Tax Smoothing with Uncertain Potential Output; 5. Target Primary Surplus, "High" Volatility Case; VIII. Prospective Liabilities; 4. Long-run Fiscal Imbalances in the United States; IX. The Net Worth Approach; X. Non-Renewable Resources; 5. Non-Renewable Resource Management: Permanent Income and "Bird-In-Hand" Approaches; 6. Approximate Sovereign Cumulative Default Probabilities: 5-year bonds7. Assessment of Fiscal Sustainability for a Hypothetical Economy: A Contingent Claims Approach XII. Summary and Conclusions; References; XI. Contingent Claims Analysis and Market Indicators of Default Risk; VII. Sustainability Over The Business Cycle; FootnotesThis paper critically reviews recent work regarding the sustainability of public debt. It argues that Debt Sustainability Analyses (DSAs) should be more than mere mechanical simulation exercises. Instead, a DSA should be linked to some objective regarding the distribution of fiscal burdens and distortions over time (in the tradition of Barro’s 1979 tax smoothing objective). The paper discusses objective functions that yield simple and transparent fiscal policy rules.IMF Working Papers; Working Paper ;No. 2013/089Fiscal policyEconometric modelsConvergence (Economics)Econometric modelsCommoditiesimfDebt ManagementimfDebtimfDebts, PublicimfEnergy: GeneralimfFiscal consolidationimfFiscal PolicyimfFiscal policyimfFiscal sustainabilityimfForecasts of Budgets, Deficits, and DebtimfInvestment & securitiesimfInvestments: EnergyimfMacroeconomicsimfNational Deficit SurplusimfOilimfPetroleum industry and tradeimfPolicy CoordinationimfPolicy Designs and ConsistencyimfPolicy ObjectivesimfPublic debtimfPublic finance & taxationimfPublic FinanceimfSovereign DebtimfUnited StatesimfFiscal policyEconometric models.Convergence (Economics)Econometric models.CommoditiesDebt ManagementDebtDebts, PublicEnergy: GeneralFiscal consolidationFiscal PolicyFiscal policyFiscal sustainabilityForecasts of Budgets, Deficits, and DebtInvestment & securitiesInvestments: EnergyMacroeconomicsNational Deficit SurplusOilPetroleum industry and tradePolicy CoordinationPolicy Designs and ConsistencyPolicy ObjectivesPublic debtPublic finance & taxationPublic FinanceSovereign Debt338.12689Tanner Evan1815982International Monetary Fund.DcWaIMFBOOK9910961092103321Fiscal Sustainability4372320UNINA