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Título:
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Debt reduction, fiscal adjustment, and growth in credit-constrained economies
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Autores:
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Baldacci, Emmanuel ;
Gupta, Sanjeev ;
Mulas Granados, Carlos
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Tipo de documento:
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texto impreso
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Editorial:
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Elsevier, 2015-05
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Dimensiones:
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application/pdf
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Nota general:
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info:eu-repo/semantics/restrictedAccess
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Idiomas:
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Palabras clave:
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Estado = Publicado
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Materia = Ciencias Sociales: Economía: Desarrollo económico
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Tipo = Artículo
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Resumen:
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This paper assesses the effects of fiscal consolidations associated with public debt reduction on medium-term output growth during periods of private debt deleveraging. The analysis covers 107 countries and 79 episodes of public debt reduction driven by discretionary fiscal adjustments during the 1980-2012 period. It shows that expenditure-based, front-loaded fiscal adjustments can dampen growth when there are credit supply restrictions. Instead, fiscal adjustments that are gradual and rely on a mix of revenue and expenditure measures can support output expansion, while reducing public debt. In this context, protecting public investment is critical for medium-term growth, as is the implementation of supply-side, productivity-enhancing reforms.
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En línea:
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https://eprints.ucm.es/id/eprint/60498/1/Baldacci%2C%20E.%3B%20Gupta%2C%20S.-Debt%20reduction%2C%20fiscal%20adjustment....pdf
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