Financial Globalization and Fiscal Perfomance in Emerging Markets
IMF Working Papers, November 1, 2005
Source details
- Canonical URL
- Financial Globalization and Fiscal Perfomance in Emerging Markets
Other formats
Bibliographic details
- Authors: David Hauner, Manmohan S. Kumar
- Published: November 1, 2005
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451862317.001
Overview
- Title: Financial Globalization and Fiscal Perfomance in Emerging Markets
- Authors: David Hauner, Manmohan S. Kumar
- Date: November 1, 2005
- Publication: IMF Working Papers, Working Paper No. 2005/212, Issue: 212, Volume: 2005
- Pages: 30
- DOI: https://doi.org/10.5089/9781451862317.001
- ISBN: 9781451862317
- ISSN: 1018-5941
- Abstracted purpose: The paper examines three related issues:
- (i) the importance of the impact of the benign financial environment on fiscal performance;
- (ii) the likely fiscal impact of a reversal in this environment; and
- (iii) the potential contribution of fiscal reforms to maintaining favorable market access.
Key findings
- Financial globalization and benign global market conditions have helped emerging markets in their external financing and budgetary positions in recent years.
- The benefits from the benign environment have been substantial.
- A potential reversal of the favorable external conditions would have significant fiscal implications and underlines the need for further fiscal reforms.
Policy implications and recommendations
- Strengthen fiscal reforms to reduce vulnerability in the event of a reversal of favorable external financial conditions.
- Use fiscal reforms as a tool to help maintain favorable market access amid changing global financial conditions.
Subjects and thematic coverage
- Subject headings: Debt service, Emerging and frontier financial markets, Exchange rates, External debt, Financial markets, Fiscal transparency, Foreign exchange
- Keywords (as listed): a number of emerging markets, Africa, Asia and Pacific, asset, debt service, Debt service, debt stock, downside GDP growth scenario, Emerging and frontier financial markets, emerging market currency, Emerging markets, Europe, Exchange rates, financial market, fiscal performance, Global, global imbalances, interest rate effect, interest rate spreads, Middle East, models emerging market, U.S. dollar, U.S. Dollar depreciation, WP
IMF Working Paper No. 2005/212 — David Hauner and Manmohan S. Kumar (November 1, 2005).