{
  "title": "IMF Fiscal Monitor -- Debt: Use it Wisely -- October 2016",
  "publication": "Fiscal Monitor, October 5, 2016",
  "sourceUrl": "https://www.imf.org/en/publications/fm/issues/2016/12/31/debt-use-it-wisely",
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  "summary": "International Monetary Fund, Fiscal Monitor, October 2016",
  "publishDate": "2016-10-05",
  "series": "Fiscal Monitor",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Publication: International Monetary Fund, Fiscal Monitor, October 2016\n- Chapter focus: \"Debt: Use it Wisely\"\n- Scope: \"Drawing on an expanded data set covering emerging markets and low-income countries as well as advanced economies, this chapter examines the extent and makeup of global debt and asks what role fiscal policy can play in facilitating the adjustment.\"\n- Analytical approach: \"The analytical framework explicitly models the interlinkages between private and public debt in analyzing the role of fiscal policy in the deleveraging process.\"\n- Empirical material: \"Country case studies provide useful insights on what fiscal policy should and should not do to facilitate deleveraging while minimizing the drag on the economy.\""
    },
    {
      "heading": "Contents and structure (chapter-level)",
      "content": "- Front Matter\n- Assumptions and Conventions\n- Preface\n- Executive Summary\n- Chapter 1: Debt: Use it Wisely\n  - Full Text\n    - Introduction\n    - How High Is Debt?\n    - Why Does the Level of Debt Matter?\n    - Fiscal Policy and Private Sector Deleveraging\n    - Deleveraging in Practice: What Does History Teach Us?\n    - Conclusion\n  - Boxes\n    - 1.1 China: What Do We Know about the General Government’s Balance Sheet?\n    - 1.2 The Role of Fiscal Policy during Financial Recessions\n    - 1.3 Brazil: Private Debt and the Strength of the Public Sector Balance Sheet\n    - 1.4 Benefits of Targeted Fiscal Intervention during Times of Private Deleveraging\n    - 1.5 How Much Do Financial Markets Value Government Balance Sheets?\n  - Annex\n    - Debt Data Set\n    - Private and Public Debt and the Pace of the Recovery\n    - Interlinkages between Public and Private Debt: Selected Summary of the Literature\n    - Private Deleveraging and the Role of Fiscal Policy\n    - Policies during Deleveraging Episodes\n    - References\n    - Methodological and Statistical Appendix\n      - Data and Conventions\n      - Fiscal Policy Assumptions\n      - Definition and Coverage of Fiscal Data\n      - Table A. Economy Groupings\n      - Table B. Advanced Economies: Definition and Coverage of Fiscal Monitor Data\n      - Table C. Emerging Market and Middle-Income Economies: Definition and Coverage of Fiscal Monitor Data\n      - Table D. Low-Income Developing Countries: Definition and Coverage of Fiscal Monitor Data\n      - Statistical of Tables\n      - Country Abbreviations and Glossary"
    },
    {
      "heading": "Key empirical materials and indicators (as listed)",
      "content": "- Figures and thematic listings include:\n  - Global Gross Debt\n  - Gross Debt by Country Groups\n  - Sectoral Changes in Debt\n  - Advanced Economies: Debt Developments\n  - Emerging Market Economies: Debt Developments\n  - Low-Income Countries: Debt Developments\n  - Debt Decomposition\n  - Selected Advanced Economies: Current Deleveraging Episodes\n  - Total Private Debt during Deleveraging Episodes\n  - Selected Advanced Economies: Leverage\n  - Public Debt in Normal and Financial Recessions\n  - Europe: Estimated Capital Impact of Immediate Nonperforming Loan Disposal, Density Function\n  - Contribution to Deleveraging\n  - Macroeconomic Policies and Deleveraging\n  - China and Other Emerging Market Economies: Estimates of Net Financial Worth at the End of 2015\n  - Fiscal Policy and the Nature of the Recovery after Financial Crises\n  - Change in Debt, 2005–15: Brazil versus Other Emerging Market Economies\n  - Impact of Targeted Interventions in a Deleveraging Phase\n  - Difference between Market-Implied and Accounting-Valued Net Worth, 2014\n  - Median Evolution of Market-Implied Net Worth, 2012–15\n  - Change in Market-Implied Expected Losses on Sovereign Debt, 2012–15\n  - Annex Figure 1.1.1. Nonfinancial Private Sector Debt: Country Coverage\n\n- Tables and annexes include:\n  - Private Sector Deleveraging Episodes: Basic Facts\n  - Selected Fiscal Policy Interventions during Deleveraging Episodes\n  - Costs of Selected Fiscal Policy Interventions\n  - Brazil: Public Sector Balance Sheet, 2014\n  - Annex Table 1.2.1 Advanced Economies: Local Projection Results from Equation (A1.2.1)\n  - Annex Table 1.2.2 Emerging Market Economies: Local Projection Results from Equation (A1.2.1)\n  - Annex Table 1.5.1 Private Sector Deleveraging Case Studies: Macroeconomic Conditions\n  - Annex Table 1.5.2 Costs of Selected U.S. Fiscal Interventions\n  - Comprehensive country and time-series tables A1–A25 covering 2007–21 and other groupings"
    },
    {
      "heading": "Analytical conclusions and policy implications (as stated)",
      "content": "- Fiscal policy can play a role in facilitating the adjustment during deleveraging by accounting for interlinkages between private and public debt.\n- Country case studies provide \"useful insights on what fiscal policy should and should not do to facilitate deleveraging while minimizing the drag on the economy.\"\n- The report explicitly examines \"the role of fiscal policy during financial recessions\" and the \"Benefits of Targeted Fiscal Intervention during Times of Private Deleveraging.\"\n\nIMF Fiscal Monitor: Debt: Use it Wisely, October 2016\n\n---\n\n Content in this bundle\n\n- ملخص واف:  الرا صد المالي 2016\n  - ملخص واف:  الرا صد المالي 2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - ملخص واف:  الرا صد المالي 2016 (PDF){rel=\"external\" type=\"application/pdf\"}\n- “大反派”：债务问题纵览, 作者：Vitor Gaspar和Marialuz Moreno Badia, iMFdirect, 2016年10月5日\n  - “大反派”：债务问题纵览, 作者：Vitor Gaspar和Marialuz Moreno Badia, iMFdirect, 2016年10月5日 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - “大反派”：债务问题纵览, 作者：Vitor Gaspar和Marialuz Moreno Badia, iMFdirect, 2016年10月5日 (PDF){rel=\"external\" type=\"application/pdf\"}\n- IMF2016年10月财政监测报告概要\n  - IMF2016年10月财政监测报告概要 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - IMF2016年10月财政监测报告概要 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Moniteur des finances publiques -- Résumé analytique-- Le 5 Octobre 2016\n  - Moniteur des finances publiques -- Résumé analytique-- Le 5 Octobre 2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Moniteur des finances publiques -- Résumé analytique-- Le 5 Octobre 2016 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 巨悪に立ち向かう：債務の世界的な情勢; ヴィトル・ガスパル、マリアルス・モレノ・バディア, iMFdirect; 2015年10月5日\n  - 巨悪に立ち向かう：債務の世界的な情勢; ヴィトル・ガスパル、マリアルス・モレノ・バディア, iMFdirect; 2015年10月5日 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 巨悪に立ち向かう：債務の世界的な情勢; ヴィトル・ガスパル、マリアルス・モレノ・バディア, iMFdirect; 2015年10月5日 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 財政モニター 2016年10月: 要約\n  - 財政モニター 2016年10月: 要約 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 財政モニター 2016年10月: 要約 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Debt: Use it Wisely, Fiscal Monitor, October 2016\n  - Debt: Use it Wisely, Fiscal Monitor, October 2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Debt: Use it Wisely, Fiscal Monitor, October 2016 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Debt: Use it Wisely, Fiscal Monitor, October 2016\n  - Debt: Use it Wisely, Fiscal Monitor, October 2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Debt: Use it Wisely, Fiscal Monitor, October 2016 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Assumptions and Conventions, Fiscal Monitor, October 2016\n  - Assumptions and Conventions, Fiscal Monitor, October 2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Assumptions and Conventions, Fiscal Monitor, October 2016 (PDF){rel=\"external\" type=\"application/pdf\"}\n- IMF Executive Board Discussion Summary, Fiscal Monitor, October 2016\n  - IMF Executive Board Discussion Summary, Fiscal Monitor, October 2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - IMF Executive Board Discussion Summary, Fiscal Monitor, October 2016 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 1. Debt: Use it Wisely, Fiscal Monitor, October 2016\n  - Chapter 1. Debt: Use it Wisely, Fiscal Monitor, October 2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Chapter 1. Debt: Use it Wisely, Fiscal Monitor, October 2016 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Country Abbreviations, Fiscal Monitor, October 2016\n  - Country Abbreviations, Fiscal Monitor, October 2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Abbreviations, Fiscal Monitor, October 2016 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Executive Summary, Fiscal Monitor, October 2016\n  - Executive Summary, Fiscal Monitor, October 2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary, Fiscal Monitor, October 2016 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Executive Summary, Fiscal Monitor, October 2016\n  - Executive Summary, Fiscal Monitor, October 2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary, Fiscal Monitor, October 2016 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Glossary, Fiscal Monitor, October 2016\n  - Glossary, Fiscal Monitor, October 2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Glossary, Fiscal Monitor, October 2016 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Preface, Fiscal Monitor, October 2016\n  - Preface, Fiscal Monitor, October 2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Preface, Fiscal Monitor, October 2016 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Fiscal Monitor, Selected Topics, Fiscal Monitor, October 2016\n  - Fiscal Monitor, Selected Topics, Fiscal Monitor, October 2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Fiscal Monitor, Selected Topics, Fiscal Monitor, October 2016 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Methodological and Statistical Appendix, Fiscal Monitor, October 2016\n  - Methodological and Statistical Appendix, Fiscal Monitor, October 2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Methodological and Statistical Appendix, Fiscal Monitor, October 2016 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Крупные негативные факторы: глобальный взгляд на долг\n  - Крупные негативные факторы: глобальный взгляд на долг (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Крупные негативные факторы: глобальный взгляд на долг (PDF){rel=\"external\" type=\"application/pdf\"}\n- Аналитическое резюме - Бюджетный вестник, октябрь 2016 года\n  - Аналитическое резюме - Бюджетный вестник, октябрь 2016 года (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Аналитическое резюме - Бюджетный вестник, октябрь 2016 года (PDF){rel=\"external\" type=\"application/pdf\"}\n- Monitor Fiscal: Resumen Ejecutivo - Octubre de 2016\n  - Monitor Fiscal: Resumen Ejecutivo - Octubre de 2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Monitor Fiscal: Resumen Ejecutivo - Octubre de 2016 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Opening Remarks by Vitor Gaspar during the Press Conference, October 5, 2016\n- News Article: Low Growth, Inflation Hamper Debt Reduction\n- Blog: Big Bad Actors: A Global View of Debt\n- Transcript of the Press Conference on the Release of the October 2016 Fiscal Monitor\n- Fiscal Monitor Reports\n- Fiscal Monitor Database\n- Ordering Information\n- Disclaimer\n- More Publications\n- Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.\n- Modify your profile\n- https://www.imf.org/en/publications/weo\n- Global Economy in Crosscurrents of War and Technology\n- https://www.imf.org/en/publications/gfsr\n- Global Financial Markets Confront the War in the Middle East and Amplification Risks\n- https://www.imf.org/en/publications/fm\n- Fiscal Policy under Pressure: High Debt, Rising Risks\n- https://www.imf.org/en/publications/reo\n- Asia and Pacific\n- Europe\n- Middle East and Central Asia\n- Sub-Saharan Africa\n- Western Hemisphere\n- https://www.imf.org/en/publications/areb\n- Getting to Growth in an Age of Uncertainty\n- https://www.imf.org/en/publications/finance-development\n- More Publications\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/fm/issues/2016/12/31/debt-use-it-wisely"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/fm/issues/2016/12/31/debt-use-it-wisely/index.md)",
    "[Structured JSON version](/en/publications/fm/issues/2016/12/31/debt-use-it-wisely/index.json)",
    "[Bundle manifest](/en/publications/fm/issues/2016/12/31/debt-use-it-wisely/bundle-manifest.json)",
    "Published: October 5, 2016",
    "Series: Fiscal Monitor",
    "Publication: International Monetary Fund, Fiscal Monitor, October 2016",
    "Chapter focus: \"Debt: Use it Wisely\"",
    "Scope: \"Drawing on an expanded data set covering emerging markets and low-income countries as well as advanced economies, this chapter examines the extent and makeup of global debt and asks what role fiscal policy can play in facilitating the adjustment.\"",
    "Analytical approach: \"The analytical framework explicitly models the interlinkages between private and public debt in analyzing the role of fiscal policy in the deleveraging process.\"",
    "Empirical material: \"Country case studies provide useful insights on what fiscal policy should and should not do to facilitate deleveraging while minimizing the drag on the economy.\"",
    "Front Matter",
    "Assumptions and Conventions",
    "Preface",
    "Executive Summary",
    "Chapter 1: Debt: Use it Wisely",
    "Figures and thematic listings include:",
    "Tables and annexes include:",
    "Fiscal policy can play a role in facilitating the adjustment during deleveraging by accounting for interlinkages between private and public debt.",
    "Country case studies provide \"useful insights on what fiscal policy should and should not do to facilitate deleveraging while minimizing the drag on the economy.\"",
    "The report explicitly examines \"the role of fiscal policy during financial recessions\" and the \"Benefits of Targeted Fiscal Intervention during Times of Private Deleveraging.\"",
    "**ملخص واف:  الرا صد المالي 2016**",
    "**“大反派”：债务问题纵览, 作者：Vitor Gaspar和Marialuz Moreno Badia, iMFdirect, 2016年10月5日**",
    "**IMF2016年10月财政监测报告概要**",
    "**Moniteur des finances publiques -- Résumé analytique-- Le 5 Octobre 2016**",
    "**巨悪に立ち向かう：債務の世界的な情勢; ヴィトル・ガスパル、マリアルス・モレノ・バディア, iMFdirect; 2015年10月5日**",
    "**財政モニター 2016年10月: 要約**",
    "**Debt: Use it Wisely, Fiscal Monitor, October 2016**",
    "**Debt: Use it Wisely, Fiscal Monitor, October 2016**",
    "**Assumptions and Conventions, Fiscal Monitor, October 2016**",
    "**IMF Executive Board Discussion Summary, Fiscal Monitor, October 2016**",
    "**Chapter 1. Debt: Use it Wisely, Fiscal Monitor, October 2016**",
    "**Country Abbreviations, Fiscal Monitor, October 2016**",
    "**Executive Summary, Fiscal Monitor, October 2016**",
    "**Executive Summary, Fiscal Monitor, October 2016**",
    "**Glossary, Fiscal Monitor, October 2016**",
    "**Preface, Fiscal Monitor, October 2016**",
    "**Fiscal Monitor, Selected Topics, Fiscal Monitor, October 2016**",
    "**Methodological and Statistical Appendix, Fiscal Monitor, October 2016**",
    "**Крупные негативные факторы: глобальный взгляд на долг**",
    "**Аналитическое резюме - Бюджетный вестник, октябрь 2016 года**",
    "**Monitor Fiscal: Resumen Ejecutivo - Octubre de 2016**",
    "[Opening Remarks by Vitor Gaspar during the Press Conference, October 5, 2016](http://www.imf.org/en/News/Articles/2016/10/06/AM16-SP100516-Debt-Use-It-Wisely-Opening-Remarks)",
    "[News Article: Low Growth, Inflation Hamper Debt Reduction](http://www.imf.org/en/News/Articles/2016/10/04/AM16NAFISCALMONITOR100416)",
    "[Blog: Big Bad Actors: A Global View of Debt](https://blog-imfdirect.imf.org/2016/10/05/big-bad-actors-a-global-view-of-debt/)",
    "[Transcript of the Press Conference on the Release of the October 2016 Fiscal Monitor](https://www.imf.org/en/News/Articles/2016/10/05/TR100516-Press-Conference-October-2016-Fiscal-Monitor)",
    "[Fiscal Monitor Reports](http://www.imf.org/external/ns/cs.aspx?id=262)",
    "[Fiscal Monitor Database](http://www.imf.org/external/datamapper/index.php?db=FM)",
    "[Ordering Information](https://www.imf.org/external/pubs/cat/longres.aspx?sk=43655.0)",
    "[Disclaimer](https://www.imf.org/external/terms.htm)",
    "[More Publications](https://www.imf.org/external/publications/index.htm)",
    "[Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.](https://www.imf.org/en/email-subscription/index)",
    "[Modify your profile](https://www.imf.org/en/email-subscription/login)",
    "[https://www.imf.org/en/publications/weo](https://www.imf.org/en/publications/weo)",
    "[Global Economy in Crosscurrents of War and Technology](https://www.imf.org/en/publications/weo/issues/2026/07/08/world-economic-outlook-update-july-2026)",
    "[https://www.imf.org/en/publications/gfsr](https://www.imf.org/en/publications/gfsr)",
    "[Global Financial Markets Confront the War in the Middle East and Amplification Risks](https://www.imf.org/en/publications/gfsr/issues/2026/04/14/global-financial-stability-report-april-2026)",
    "[https://www.imf.org/en/publications/fm](https://www.imf.org/en/publications/fm)",
    "[Fiscal Policy under Pressure: High Debt, Rising Risks](https://www.imf.org/en/publications/fm/issues/2026/04/15/fiscal-monitor-april-2026)",
    "[https://www.imf.org/en/publications/reo](https://www.imf.org/en/publications/reo)",
    "[Asia and Pacific](https://www.imf.org/en/publications/reo/apac)",
    "[Europe](https://www.imf.org/en/publications/reo/eu)",
    "[Middle East and Central Asia](https://www.imf.org/en/publications/reo/meca)",
    "[Sub-Saharan Africa](https://www.imf.org/en/publications/reo/ssa)",
    "[Western Hemisphere](https://www.imf.org/en/publications/reo/wh)",
    "[https://www.imf.org/en/publications/areb](https://www.imf.org/en/publications/areb)",
    "[Getting to Growth in an Age of Uncertainty](https://www.imf.org/en/publications/areb/issues/2025/09/24/annual-report-2025)",
    "[https://www.imf.org/en/publications/finance-development](https://www.imf.org/en/publications/finance-development)",
    "[More Publications](https://www.imf.org/en/publications)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
  ],
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