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Options for Fiscal Consolidation in the United Kingdom / / Dennis Botman, Keiko Honjo



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Autore: Botman Dennis Visualizza persona
Titolo: Options for Fiscal Consolidation in the United Kingdom / / Dennis Botman, Keiko Honjo Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2006
Descrizione fisica: 1 online resource (24 p.)
Soggetto topico: Fiscal policy - Great Britain - Econometric models
Finance, Public - Great Britain - Econometric models
Macroeconomics
Personal Finance -Taxation
Public Finance
Taxation
Personal Income and Other Nonbusiness Taxes and Subsidies
Debt
Debt Management
Sovereign Debt
Fiscal Policy
National Government Expenditures and Related Policies: General
Public finance & taxation
Welfare & benefit systems
Public debt
Fiscal consolidation
Labor taxes
Personal income tax
Expenditure
Income tax
Debts, Public
Fiscal policy
Expenditures, Public
Soggetto geografico: United Kingdom
Altri autori: HonjoKeiko  
Note generali: "March 2006."
Nota di bibliografia: Includes bibliographical references.
Nota di contenuto: ""Contents""; ""I. INTRODUCTION""; ""II. THE MODEL AND CALIBRATION""; ""III. MACROECONOMIC EFFECTS OF ALTERNATIVE FORMS OF FISCAL CONSOLIDATION""; ""IV. SENSITIVITY ANALYSIS AND FISCAL POLICIES IN THE REST OF THE WORLD""; ""V. COMBINING FISCAL ADJUSTMENT AND TAX REFORM""; ""VI. CONCLUSIONS""; ""REFERENCES""
Sommario/riassunto: This paper examines the macroeconomic effects of different timing and composition of fiscal adjustment in the United Kingdom using the IMF’s Global Fiscal Model. Early consolidation dampens aggregate demand in the short term, but increases output in the long term as smaller primary surpluses are needed as a result of lower interest payments. Reducing government transfers or current government spending provides larger gains than increasing taxes, in particular compared to raising corporate or personal income taxes. We show that these conclusions are robust under alternative behavioral assumptions and parameterizations. A reduction in global saving would make early consolidation more urgent from both cyclical and long-term perspectives. Finally, we show that tax reform aimed at increasing incentives to save could provide support to fiscal consolidation measures.
Titolo autorizzato: Options for Fiscal Consolidation in the United Kingdom  Visualizza cluster
ISBN: 1-4623-5283-9
1-4527-5014-9
1-283-51613-6
1-4519-0884-9
9786613828583
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910788698203321
Lo trovi qui: Univ. Federico II
Opac: Controlla la disponibilità qui
Serie: IMF Working Papers; Working Paper ; ; No. 2006/089