LEADER 04279nam 2200625Ia 450 001 9910463347303321 005 20200520144314.0 010 $a1-4843-9716-9 010 $a1-4843-5149-5 010 $a1-4843-0161-7 035 $a(CKB)2670000000420252 035 $a(EBL)1587890 035 $a(SSID)ssj0001076407 035 $a(PQKBManifestationID)11569156 035 $a(PQKBTitleCode)TC0001076407 035 $a(PQKBWorkID)11014901 035 $a(PQKB)10300175 035 $a(MiAaPQ)EBC1587890 035 $a(Au-PeEL)EBL1587890 035 $a(CaPaEBR)ebr10739491 035 $a(CaONFJC)MIL493123 035 $a(OCoLC)867928067 035 $a(EXLCZ)992670000000420252 100 $a20111102d2013 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFiscal sustainability$b[electronic resource] $ea 21st century guide for the perplexed /$fprepared by Evan Tanner 210 $aWashington, D.C. $cInternational Monetary Fund$d2013 215 $a1 online resource (93 p.) 225 0 $aIMF working paper ;$vWP/13/89 300 $aDescription based upon print version of record. 311 $a1-4843-8199-8 320 $aIncludes bibliographical references. 327 $aCover 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 Debt 327 $aV. 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) 327 $aVI. 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 bonds 327 $a7. 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; Footnotes 330 $aThis 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. 606 $aFiscal policy$xEconometric models 606 $aConvergence (Economics)$xEconometric models 608 $aElectronic books. 615 0$aFiscal policy$xEconometric models. 615 0$aConvergence (Economics)$xEconometric models. 700 $aTanner$b Evan$0921624 712 02$aInternational Monetary Fund. 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910463347303321 996 $aFiscal sustainability$92067631 997 $aUNINA