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Author/Editor:
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Hauner, David ; Kumar, Manmohan S.
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Publication Date:
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November 01, 2005
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Electronic Access:
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Free Full text
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
In recent years financial globalization and benign global market conditions have helped emerging markets in their external financing and budgetary positions. This paper examines three related issues: (i) the importance of the impact of the benign financial environment on fiscal performance; (ii) the likely fiscal impact of a reversal in this environment; and (iii) the potential contribution of fiscal reforms to maintaining favorable market access. The results suggest that the benefits from the benign environment have been substantial and that the potential reversal of the favorable external conditions underlines the need for further fiscal reforms.
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Order a print copy
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Series:
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Working Paper No. 05/212
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Subject(s):
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Emerging markets | Fiscal reforms | Fiscal management | Globalization | Interest rate differential | Financial stability
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Author's Keyword(s):
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Emerging markets | fiscal performance | global imbalances | interest rate spreads |
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