Cover of the IMF Fiscal Monitor
World Economic and Financial Surveys

Fiscal Monitor

Fiscal Exit: From Strategy to Implementation
November 2010

©2010 International Monetary Fund
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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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Contents

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