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035   $a(IMF)WPIEA2006253
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100   $a20020129d2006      uf         0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
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183   $acr
200 10$aFiscal Consolidation in Israel : $eA Global Fiscal Model Perspective /$fNatan Epstein, Selim Elekdag, Marialuz Moreno Badia
205   $a1st ed.
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2006.
215   $a1 online resource (33 p.)
225 1 $aIMF Working Papers
300   $a"November 2006."
311   $a1-4518-6513-9 
320   $aIncludes bibliographical references.
327   $a""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""
330 3 $aFiscal consolidation has become an important policy prescription for many emerging market countries (EMCs), particularly for the highly indebted ones. Although prudent fiscal policies tend to reduce vulnerabilities, their implementation is usually postponed. This paper represents, to the best of our knowledge, one of the first attempts in the literature to quantify the costs of delaying fiscal consolidation in an EMC. In particular, using the IMF's Global Fiscal Model (GFM), we find that early consolidation through expenditure cuts would result in a substantial increase in Israel's long-term output growth relative to the case with delayed fiscal adjustment. Using an alternative fiscal instrument, we find that delaying tax cuts would result in cumulative real GDP that is much larger than otherwise.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2006/253
606   $aFiscal policy$zIsrael
606   $aEconomic stabilization$zIsrael
606   $aDebt Management$2imf
606   $aDebt$2imf
606   $aDebts, Public$2imf
606   $aExpenditure$2imf
606   $aExpenditures, Public$2imf
606   $aFiscal consolidation$2imf
606   $aFiscal Policy$2imf
606   $aFiscal policy$2imf
606   $aGovernment debt management$2imf
606   $aMacroeconomics$2imf
606   $aNational Government Expenditures and Related Policies: General$2imf
606   $aPublic debt$2imf
606   $aPublic finance & taxation$2imf
606   $aPublic Finance$2imf
606   $aSovereign Debt$2imf
607   $aIsrael$2imf
615  0$aFiscal policy
615  0$aEconomic stabilization
615  7$aDebt Management
615  7$aDebt
615  7$aDebts, Public
615  7$aExpenditure
615  7$aExpenditures, Public
615  7$aFiscal consolidation
615  7$aFiscal Policy
615  7$aFiscal policy
615  7$aGovernment debt management
615  7$aMacroeconomics
615  7$aNational Government Expenditures and Related Policies: General
615  7$aPublic debt
615  7$aPublic finance & taxation
615  7$aPublic Finance
615  7$aSovereign Debt
700   $aEpstein$b Natan$01771416
701   $aElekdag$b Selim$01104193
701   $aMoreno Badia$b Marialuz$01123353
801  0$bDcWaIMF
906   $aBOOK
912   $a9910816274303321
996   $aFiscal Consolidation in Israel$94259822
997   $aUNINA