Fiscal Monitor
Fiscal Exit: From Strategy to Implementation
November 2010
World Economic and Financial Surveys
©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
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Fiscal Developments in 2010: The Beginning of the Fiscal Exit |
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Outlook for 2011: Broader Fiscal Adjustment |
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The Pace of Fiscal Consolidation: What Explains the Differences Across Advanced Economies? |
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Public Debt Still Rising, with Some Central Bank Support |
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Financial Sector Support and Recovery to Date |
Chapter 2. Sovereign Financing and Government Debt Markets
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Sovereign Gross Financing Needs: Continuing at High Levels |
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Government Bond Yields and Spreads: A More Polarized Market |
Chapter 3. Fiscal Adjustment Plans and Medium-Term Fiscal Outlook
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Adjustment Plans: Time Frame and Commitment |
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Size and Speed of Adjustment: Authorities’ Plans and IMF Staff Projections |
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Composition of Adjustment |
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Medium-Term Adjustment Needs and Structural Reforms |
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Reform of Fiscal Institutions |
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Medium-Term Fiscal Trends in Low-Income Countries |
Chapter 4. Assessing Fiscal Risks
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Rollover Problems |
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Risks of High Long-Term Public Indebtedness |
Chapter 5. Selected Spending and Tax Issues
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The Effect of Pension Reforms on Growth |
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Financial Sector Taxation: A Summary of the IMF Report |
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Carbon Pricing: Issues in the Run Up to Cancun |
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The VAT: Tapping Its Full Potential, not Only in the United States and Japan |