Experience with Large Fiscal Adjustments

Occasional Papers, June 14, 2006

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Experience with Large Fiscal Adjustments

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Bibliographic details

• Authors: Mark A Horton, George C. Tsibouris, Wojciech Maliszewski, Mark J Flanagan
• Published: June 14, 2006
• Series: Occasional Papers
• DOI: https://doi.org/10.5089/9781589064584.084

Summary and research questions

• When policymakers have little option but to consider a sizable fiscal adjustment, they are confronted by the following questions:
  • Can a large fiscal adjustment be implemented succesfully?
  • How is a large adjustment best designed and implemented?
  • What will be its impact on the economy?
• This Occasional Paper addresses these questions by describing the experience of countries that have undertaken large fiscal adjustments in the last three decades.
• The paper provides operational guidance to policymakers by identifying preconditions, common policy approaches, and institutional arrangements underlying successful and unsuccessful adjustment episodes.

Substantive findings, guidance, and themes

• Operational guidance centers on:
  • Identifying preconditions for successful large fiscal adjustments.
  • Common policy approaches used in adjustment episodes.
  • Institutional arrangements correlated with successful and unsuccessful episodes.
• Subject areas covered:
  • Expenditure
  • Fiscal consolidation
  • Fiscal policy
  • Fiscal stance
  • Public debt
  • Revenue administration
• Keywords and methods signaled in the source:
  • adjustment design, consolidation episode, expenditure measure, Fiscal consolidation, Fiscal stance
  • regional/coverage tags: Africa, Baltics, Western Europe, Global
  • analytic/technical tags: event study technique, IMF staff estimate, macroeconomic outcome, country authorities, OP

Publication and metadata

• Title: Experience with Large Fiscal Adjustments
• Authors: Mark A Horton, George C. Tsibouris, Wojciech Maliszewski, Mark J Flanagan
• Date: June 14, 2006
• Series: Occasional Paper No. 2006/003
• Issue: 003
• Volume: 2006
• Pages: 51
• DOI: https://doi.org/10.5089/9781589064584.084
• ISBN: 9781589064584
• ISSN: 0251-6365
• Stock No: S246EA

Source: Experience with Large Fiscal Adjustments, International Monetary Fund, 2006.

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