| Revista: | Journal of applied economics |
| Base de datos: | CLASE |
| Número de sistema: | 000430343 |
| ISSN: | 1667-6726 |
| Autores: | Baldacci, Emanuele1 Gupta, Sanjeev2 Mulas Granados, Carlos2 |
| Instituciones: | 1Istituto Nazionale di Statistica, Roma, Lazio. Italia 2International Monetary Fund, Washington, Distrito de Columbia. Estados Unidos de América |
| Año: | 2015 |
| Periodo: | May |
| Volumen: | 18 |
| Número: | 1 |
| Paginación: | 71-97 |
| País: | Argentina |
| Idioma: | Inglés |
| Tipo de documento: | Artículo |
| Enfoque: | Analítico |
| Resumen en inglés | 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 |
| Disciplinas: | Economía |
| Palabras clave: | Política económica, Desarrollo económico, Balanza de pagos y deuda externa, Deuda pública, Política fiscal, Crecimiento económico, Crédito |
| Texto completo: | Texto completo (Ver PDF) |
