LEADER 04047oam 22010934 450 001 9910788224003321 005 20230721045709.0 010 $a1-4623-1641-7 010 $a9786612844386 010 $a1-4527-0667-0 010 $a1-4518-7384-0 010 $a1-282-84438-5 035 $a(CKB)3170000000055378 035 $a(SSID)ssj0000940822 035 $a(PQKBManifestationID)11967053 035 $a(PQKBTitleCode)TC0000940822 035 $a(PQKBWorkID)10955591 035 $a(PQKB)11297535 035 $a(OCoLC)694140991 035 $a(MiAaPQ)EBC1608858 035 $a(IMF)WPIEE2009237 035 $a(EXLCZ)993170000000055378 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFiscal Deficits and Current Account Deficits /$fMichael Kumhof, Douglas Laxton 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a23 p. $cill 225 1 $aIMF Working Papers 300 $a"October 2009". 311 $a1-4519-1802-X 320 $aIncludes bibliographical references. 330 3 $aThe effectiveness of recent fiscal stimulus packages significantly depends on the assumption of non-Ricardian savings behavior. We show that, under the same assumption, fiscal deficits can have worrisome implications if they turn out to be permanent. First, if they occur in large countries they significantly raise the world real interest rate. Second, they cause a short run current account deterioration equal to around 50 percent of the fiscal deficit deterioration. Third, the longer run current account deterioration equals almost 75 percent for a large economy such as the United States, and almost 100 percent for a small open economy. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/237 606 $aFinance, Public$xEconometric models 606 $aDebts, Public 606 $aAccounts current 606 $aFiscal policy 606 $aBanks and Banking$2imf 606 $aExports and Imports$2imf 606 $aPublic Finance$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aFinance$2imf 606 $aPublic finance & taxation$2imf 606 $aInternational economics$2imf 606 $aReal interest rates$2imf 606 $aGovernment debt management$2imf 606 $aPublic debt$2imf 606 $aCurrent account$2imf 606 $aCurrent account deficits$2imf 606 $aInterest rates$2imf 606 $aDebts, Public$2imf 606 $aBalance of payments$2imf 607 $aUnited States$2imf 615 0$aFinance, Public$xEconometric models. 615 0$aDebts, Public. 615 0$aAccounts current. 615 0$aFiscal policy. 615 7$aBanks and Banking 615 7$aExports and Imports 615 7$aPublic Finance 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aFinance 615 7$aPublic finance & taxation 615 7$aInternational economics 615 7$aReal interest rates 615 7$aGovernment debt management 615 7$aPublic debt 615 7$aCurrent account 615 7$aCurrent account deficits 615 7$aInterest rates 615 7$aDebts, Public 615 7$aBalance of payments 700 $aKumhof$b Michael$01472664 701 $aLaxton$b Douglas$01462103 712 02$aInternational Monetary Fund.$bResearch Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788224003321 996 $aFiscal Deficits and Current Account Deficits$93741544 997 $aUNINA