Title Fiscal Adjustment in Eu Countries : a Balance Sheet Approach / Moriyama, Kenji

Published Washington, D.C. : International Monetary Fund, 2004

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Description 1 online resource (25 pages) Series IMF Working Papers, 2227-8885 ; Working Paper No. 04/143 IMF Working Papers ; Working Paper no. 04/143 Contents Contents -- I. INTRODUCTION -- II. FRAMEWORK OF ANALYSIS -- A. Government Balance Sheet -- B. Net Worth General Government Debt, and the Fiscal Balance -- C. The Valuation of Public Capital -- D. The Intertemporal Budget Constraint and Nonstructural Fiscal Measures -- III. A CLASSIFICATION OF NONSTRUCTURAL FISCAL MEASURES -- A. Capital Injections and Recapitalization -- B. Special Dividends -- C. Asset Sales (Privatization and Corporatization) -- D. Securitization -- E. Quasi-Fiscal Activities -- F. “Off-Budget� Items and Infrastructure Spending IV. ASSESSING THE IMPACT OF FISCAL ADJUSTMENT ON NET WORTHA. Fiscal Trends and Changes in Government Balance Sheets -- B. Changes in the Government Balance Sheet: The Evidence -- C. Fiscal Imbalances and Output Projections -- V. CONCLUDING REMARKS -- The Estimation of Public Capital -- REFERENCES Summary Several European Union countries have recently implemented or are envisaging fiscal that operations improve budgetary figures but have no structural impact on government finances. This paper evaluates some of these measures using a balance sheet approach. In particular, it examines the degree to which reductions in government debt in EU countries has been accompanied by a decumulation of government assets. In the run-up to Maastricht (1997) it finds a strong correlation between changes in government liabilities and government assets, and larger declines in government assets in countries starting from higher public debt levels Notes Available in PDF, ePUB, and Mobi formats on the Internet Subject Fiscal policy -- European Union countries Debts, Public -- European Union countries Finance, Public -- European Union countries Debts, Public Finance, Public Fiscal policy European Union countries Form Electronic book Author Moriyama, Kenji Milesi-Ferretti, Gian-Maria International Monetary Fund. ISBN 1451901542 9781451901542

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