World Economic and Financial Surveys

Fiscal Monitor

Fiscal Exit: From Strategy to Implementation
November 2010

The Fiscal Monitor was launched in 2009 to survey and analyze the latest public finance developments, update fiscal implications of the crisis and medium-term fiscal projections, and assess policies to put public finances on a sustainable footing. It is prepared twice a year by the IMF’s Fiscal Affairs Department.

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Chapter 1. Fiscal Developments and Near-Term Outlook
Summing Up by the Acting Chair
Preface
Main Themes


	Fiscal Developments in 2010: The Beginning of the Fiscal Exit
	Outlook for 2011: Broader Fiscal Adjustment
	The Pace of Fiscal Consolidation: What Explains the Differences Across Advanced Economies?
	Public Debt Still Rising, with Some Central Bank Support
	Financial Sector Support and Recovery to Date

Chapter 2. Sovereign Financing and Government Debt Markets

	Sovereign Gross Financing Needs: Continuing at High Levels
	Government Bond Yields and Spreads: A More Polarized Market

Chapter 3. Fiscal Adjustment Plans and Medium-Term Fiscal Outlook

	Adjustment Plans: Time Frame and Commitment
	Size and Speed of Adjustment: Authorities’ Plans and IMF Staff Projections
	Composition of Adjustment
	Medium-Term Adjustment Needs and Structural Reforms
	Reform of Fiscal Institutions
	Medium-Term Fiscal Trends in Low-Income Countries

Chapter 4. Assessing Fiscal Risks

	Rollover Problems
	Risks of High Long-Term Public Indebtedness

Chapter 5. Selected Spending and Tax Issues

	The Effect of Pension Reforms on Growth
	Financial Sector Taxation: A Summary of the IMF Report
	Carbon Pricing: Issues in the Run Up to Cancun
	The VAT: Tapping Its Full Potential, not Only in the United States and Japan

Appendices
Glossary
References

Fiscal Monitor

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