{
  "title": "Experience with Large Fiscal Adjustments",
  "publication": "Occasional Papers, June 14, 2006",
  "sourceUrl": "https://www.imf.org/en/publications/occasional-papers/issues/2016/12/31/experience-with-large-fiscal-adjustments-18309",
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  "summary": "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?",
  "sections": [
    {
      "heading": "Summary and research questions",
      "content": "- When policymakers have little option but to consider a sizable fiscal adjustment, they are confronted by the following questions:\n  - Can a large fiscal adjustment be implemented succesfully?\n  - How is a large adjustment best designed and implemented?\n  - What will be its impact on the economy?\n- This Occasional Paper addresses these questions by describing the experience of countries that have undertaken large fiscal adjustments in the last three decades.\n- The paper provides operational guidance to policymakers by identifying preconditions, common policy approaches, and institutional arrangements underlying successful and unsuccessful adjustment episodes."
    },
    {
      "heading": "Substantive findings, guidance, and themes",
      "content": "- Operational guidance centers on:\n  - Identifying preconditions for successful large fiscal adjustments.\n  - Common policy approaches used in adjustment episodes.\n  - Institutional arrangements correlated with successful and unsuccessful episodes.\n- Subject areas covered:\n  - Expenditure\n  - Fiscal consolidation\n  - Fiscal policy\n  - Fiscal stance\n  - Public debt\n  - Revenue administration\n- Keywords and methods signaled in the source:\n  - adjustment design, consolidation episode, expenditure measure, Fiscal consolidation, Fiscal stance\n  - regional/coverage tags: Africa, Baltics, Western Europe, Global\n  - analytic/technical tags: event study technique, IMF staff estimate, macroeconomic outcome, country authorities, OP"
    },
    {
      "heading": "Publication and metadata",
      "content": "- Title: Experience with Large Fiscal Adjustments\n- Authors: Mark A Horton, George C. Tsibouris, Wojciech Maliszewski, Mark J Flanagan\n- Date: June 14, 2006\n- Series: Occasional Paper No. 2006/003\n- Issue: 003\n- Volume: 2006\n- Pages: 51\n- DOI: https://doi.org/10.5089/9781589064584.084\n- ISBN: 9781589064584\n- ISSN: 0251-6365\n- Stock No: S246EA\n\nSource: Experience with Large Fiscal Adjustments, International Monetary Fund, 2006.\n\n---\n\n Content in this bundle\n\n- Experience with Large Fiscal Adjustments\n  - Experience with Large Fiscal Adjustments (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Experience with Large Fiscal Adjustments (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/occasional-papers/issues/2016/12/31/experience-with-large-fiscal-adjustments-18309"
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    "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",
    "When policymakers have little option but to consider a sizable fiscal adjustment, they are confronted by the following questions:",
    "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.",
    "Operational guidance centers on:",
    "Subject areas covered:",
    "Keywords and methods signaled in the source:",
    "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",
    "**Experience with Large Fiscal Adjustments**"
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