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International Evidence on Fiscal Solvency: Is Fiscal Policy "Responsible"?

International Evidence on Fiscal Solvency: Is Fiscal Policy Responsible? by Enrique G. Mendoza
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This paper looks at fiscal solvency and public debt sustainability in both emerging market and advanced countries. Evidence of fiscal solvency, in the form of a robust positive conditional relationship between public debt and the primary fiscal balance, is established in both groups of countries. Evidence of fiscal solvency is much weaker, however, at high debt levels. These findings suggest that many industrial and emerging market economies, including several where fiscal solvency has been the subject of recent debates, appear to conduct fiscal policy responsibly. Yet our results cannot reject the hypothesis of fiscal insolvency in groups of countries with high debt ratios.
International Monetary Fund; March 2007
30 pages; ISBN 9781452719856
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Title: International Evidence on Fiscal Solvency: Is Fiscal Policy "Responsible"?
Author: Enrique G. Mendoza; Jonathan David Ostry
 
ISBNs
1451910738
9781451866209
9781451910735
9781452719856