A New Action-Based Dataset of Fiscal Consolidation

By Andrea Pescatori, Daniel Leigh, Jaime Guajardo, Pete Devries

June 1, 2011

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Andrea Pescatori, Daniel Leigh, Jaime Guajardo, and Pete Devries. A New Action-Based Dataset of Fiscal Consolidation, (USA: International Monetary Fund, 2011) accessed September 18, 2024

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

Summary

This paper presents a new dataset of fiscal consolidation for 17 OECD economies during 1978-2009. We focus on discretionary changes in taxes and government spending primarily motivated by a desire to reduce the budget deficit and not by a response to prospective economic conditions. To identify the motivation and budgetary impact of the fiscal policy changes, we examine contemporaneous policy documents, including Budgets, Budget Speeches, central bank reports, Convergence and Stability Programs submitted by the authorities to the European Commission, and IMF and OECD reports. The resulting series can be used to estimate the macroeconomic effects of fiscal consolidation.

Subject: Asset and liability management, Budget planning and preparation, Debt reduction, Expenditure, Fiscal consolidation, Fiscal policy, Government debt management, Public financial management (PFM)

Keywords: Budget deficit, Budget planning and preparation, Coalition government, Debt reduction, Debt service, Deficit reduction, Fiscal consolidation, Fiscal policy, Fiscal year, Global, Government debt management, Government expenditure, Income tax, Introduced tax hikes, Public finance, Tax measure, Tax side, Taxation, WP

Publication Details

Pages:

90
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2011/128
Stock No:

WPIEA2011128
ISBN:

9781455264407
ISSN:

1018-5941

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