Fiscal Consolidation in Israel : : A Global Fiscal Model Perspective

• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2006
• Descrizione fisica: 1 online resource (33 p.)
• Soggetto topico: Fiscal policy - Israel; Economic stabilization - Israel; Macroeconomics; Public Finance; Debt; Debt Management; Sovereign Debt; Fiscal Policy; National Government Expenditures and Related Policies: General; Public finance & taxation; Public debt; Fiscal consolidation; Expenditure; Government debt management; Fiscal policy; Debts, Public; Expenditures, Public
• Soggetto geografico: Israel
• Note generali: "November 2006."
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: ""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""
• Sommario/riassunto: Fiscal 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.
• Titolo autorizzato: Fiscal Consolidation in Israel
• ISBN: 1-4623-3667-1; 1-4527-1280-8; 1-283-51284-X; 1-4519-0966-7; 9786613825292
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910788408003321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2006/253